Comment on the Estonian Government’s decision to postpone the cruise ships calls until 01.05.2020

Today, the Estonian Government introduced special measures to prevent the spread of the COVID-19 virus, including postponing the acceptance of cruise ship calls until May 1, 2020. The management of Tallinna Sadam estimates that this decision will not significantly affect the Group's financial results, as the cruise season begins in April and the restriction concerns cancellation of only four cruise ship calls. We have not received any other cancellations from cruise companies until now, but we will continue monitoring the situation. During the 2019 cruise season from April to October, the total number of cruise ship calls was 345 and the number of cruise passengers was 660 thousand. The Government’s restrictions do not concern international passenger lines or ferry lines between Estonian mainland and largest islands.

Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2019 serviced 10.64 million passengers and 19.9 million tons of cargo. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and construction services in Estonia and offshore projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services. According to unaudited financial results, Tallinna Sadam group's sales in 2019 totaled EUR 130.5 million, adjusted EBITDA EUR 74.3 million and net profit EUR 44.4 million.

Valdo Kalm

Chairman of the Management Board

Additional information:

Marju Zirel

Head of Investor Relations

AS Tallinna Sadam