Amendments to the loan agreements

AS Tallink Grupp together with its subsidiaries (thereafter:Tallink) and all    
it´s 15 lending banks have today jointly signed amendments to all of Tallink's  
loan agreements.                                                                

Accordingly, the loan repayment schedules have been changed. During the         
2009/2010 and 2010/2011 financial years the loan principal repayments will occur
only in the first and fourth financial quarter and no repayments will occur in  
the second and third financial quarter which is the low season for Tallink      
operations. The change means that the initially agreed loan principal repayments
will be reduced by 50% for the next two years. The reduced portion will be      
deferred until August 2012 and will be thereafter repaid during the remaining   
tenor of the loans. The loans' final maturities and interest payment frequencies
remain unchanged. The interest margins were increased, but it is estimated that 
Tallink's interest expenses in 2009/2010 financial year will still be lower     
compared to the 2008/2009 financial year.                                       

As a result of the repayment restructuring, Tallink will repay bank loans in    
amount of 60 million EUR (944 million EEK) during the current 2009/2010         
financial year.                                                                 

In conjunction with the above, the availability of current overdraft credit     
lines to Tallink were granted for a further two years.                          

The repayment restructuring improves significantly  Tallink's liquidity position
and gives more flexibility for Tallink to maintain sufficient working capital   
for meeting present and future needs.                                           

It was agreed with the lenders that Tallink the loan repayments and reduction of
the overall group's debt will be kept as high priority. The focus will be also  
retained on selling or chartering Tallink's older and non performing vessels.   
When reasonable and possible for Tallink, early prepayment of the deferred loan 
portions will be applied. Until the deferred portions are repaid, Tallink shall 
require the approval from the current lenders for new investments, dividend     
distribution and new commitments out of ordinary course of business. At present 
no such investments, distributions or commitments are planned by Tallink.       
                                                                                

Janek Stalmeister                                                               
CFO                                                                             
AS Tallink Grupp                                                                
Tel. +372 6409 800                                                              
Fax. +372 6409 810                                                              
E-mail: janek.stalmeister@tallink.ee