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AS Tallink Grupp, Stock Exchange Release
10.10.2006
Increase of crew wages.
AS Tallink Grupp announces that in addition to the 5 % wage increases implemented from the beginning of this financial year as previously agreed with the Estonian Seamen Union, the company further increasedwages of many crew members working on Estonian flagged vessels as from October 2006. In order to continue to provide the top level service our passengers desire, the wage level of service personnel including cooks, waiters and bar staff was increased.
Compared to the financial year 2005/06 that ended in August, the wages of service personelincreased by an average of 15 %. Depending on the position the increase was from 5% to 30%. The lowest starting salary for service personel such as a stuardess without extras is 7 200 EEK per month and 10 100 EEK per month for a starting seaman.
The average payroll of a crew member onboard AS Tallink Grupp vessels flying under the Estonian flag in the latest financial year 2005/06 was 12 500 EEK per month.
As a result of the increased wages, the proportion of the personel cost from the overall expenses is increasing according to our projections. However, the increase of wages reflects the differentiation of wages in different job categories which should stabilise the overall workforce situation onboard our Tallink branded vessels and lead to an overall environment of improved services and a better motivated employees. This will further help to achieve better effectiveness and revenue growth.
The announced wage increase does not include the crew of the Superfast vessels whose wage increases have already been agreed with the Finnish Seamen's Union. The wage increase as announced previously for the crew working on the Superfast ferries has been paid out retroactively from the 1st of June 2006.
Janek Stalmeister
Financial Director
AS Tallink Grupp
Tel. +372 6409 800
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