According to the organizers, 80-year-old Rein Raamat, founder of the Estonian animated film movement, is among the chosen recipients.
The second laureate is Estonia's Rein Maran, a director who has produced numerous nature films and has also held the chairmanship of the nation's Filmmakers' Union.
Iceland native Fridrik Thor Fridriksson, 58, has been named as the third award recipient. His career started in the early 1980s with a number or experimental and documentary films. He is the founder of the Icelandic Film Corporation, currently the nation's most influential film studio.
Another award will be given to Russian filmmaker Aleksander Sokurov, who has directed a number of award-winning fiction films and documentaries. His most recent feature-length film "Faust" won the Golden Lion at the Venice Film Festival.
The Tallinn Black Nights Film Festivaltakes place for the 15th time.