The Management Board of Tallinn Stock Exchange (TSE) reviewed the application by AS Tallink Grupp for the exempt from the option exercise price. Tallink Grupp applied for an approval for exempt on the option exercise price in connection with the fact that on the same annual general meeting for shareholders where the option conditions were confirmed, the meeting also decided to increase the share capital of Tallink Grupp by bonus issue and in accordance with that TSE decreased the reference price by four times. I.e. on January 16, 2007, that was the last trading day, before the option conditions were confirmed, the weighted average price of Tallink Grupp share was 5,52 EUR. On January 26, 2007 TSE decreased the reference price of Tallink Grupp share from 5,37 EUR to 1,43 EUR. Tallink Grupp found that on basis of that the option exercise price should be lowered to 1,38 EUR. On July 11, 2007 the Management Board of TSE decided to give consent to AS Tallink Grupp to change the fixed option exercise price because it is necessitated by the effect of a corporate event (a bonus issue) on the issuer's share price. Tallinn Stock Exchange Market Services +372 640 8800