TALLINNA SADAM                 STOCK EXCHANGE RELEASE                21.12.2004



PORT OF TALLINN postponing changes in port dues and charges



On 16.11.2004, the Management Board of AS Tallinna Sadam (Port of Tallinn) has

turned to Maritime Administration for the acceptance of changes in the port rules

of Port of Tallinn (incl. new port dues and charges). Maritime Administration,

pursuant to law obligated to approve the port rules (incl. port dues and

charges), has not yet provided the corresponding decision.



On 03.11.2004, the Management Board of Port of Tallinn filed an application to

the Competition Board for the evaluation of the compliance of the new port rules

with the Competition Act. On 30.11.2004 Port of Tallinn has received an initial

evaluation, which does not provide a final answer on compliance of port dues and

charges to the Act, but highlights circumstances to be analyzed in more detail

using a respective administrative procedure. Port of Tallinn considers analyzing

these issues very important. The aim is to reach a mutual understanding as to in

which cargo market Port of Tallinn is defined as a company in a dominant position

or controls an essential facility in the meaning of the Competition Act and if

yes, then do the structure and rates of the new port dues and charges of Port of

Tallinn comply with the requirements of the Competition Act.



In the given situation the planned changes in the structure and rates of the port

dues and charges of the Port of Tallinn starting from 01.01.2005 will be

postponed until the evaluation of the Competition Board and approval from the

Maritime Administration are received.





Erik Sakkov

Marketing Director

+372 631 8067