Bond issue


On 2 October 2008 Port of Tallinn signed an agreement with Danske Bank A/S      
Estonian Branch for issuing a short-term bond. The bond issue consist of 1 bond 
in nominal value of EUR 30.0 million (EEK 469.398 million) with value date of 20
October 2008 and maturity of 6 months. Port of Tallinn has the right to call    
back the issue before maturity date. The owner of the bond is Danske Bank A/S   
Estonian Branch. The bond will not be listed on stock exchange nor registered in
the Estonian Central Register of Securities. The bond will have a floating      
interest rate based on the 1 month Euribor. The additional interest margin will 
be 0.30% per year.                                                              

The funds will be used for bridge financing of company's current investments, of
which the biggest are the extension of container terminal in Muuga Harbour and  
building of quays no 8/9 in Paldiski South Harbour until the signing of long    
term financing agreements. To assure long term financing for the extension of   
container terminal in Muuga Harbour and building of quays no 8/9 in Paldiski    
South Harbour, Port of Tallinn is negotiating with European Investment Bank.    
According to present schedule the financing agreement should be signed in       
December 2008.                                                                  
(http://www.eib.org/projects/pipeline/2008/20080393.htm)                        



Marju Zirel                                                                     
Treasurer                                                                       
+372 631 8048                                                                   

Sven Ratassepp                                                                  
Public Relations Manager                                                        
+372 631 8064