Tallinn Stock Exchange started trading with shares of Tallinna Vesi

01.06.2005 TLN

Tallinn Stock Exchange Press Release
1st June of 2005

Today Tallinn Stock Exchange started trading with shares of Tallinna Vesi. 6 million shares of Tallinna Vesi were sold by public and institutional offering at the price of 9.25 EUR. Tallinna Vesi is the first company to be listed on the main list of Tallinn Stock Exchange after the break of six years.

“Tallinna Vesi and its advising parties did a great job in preparation of listing and gave good example for the next enterprises. I believe that additional IPO-s will activate the securities market this year,” said Kaidi Oone, Chairman of the Management Board of Tallinn Stock Exchange. The first step has been made, she added.

384 transactions were made with the share of Tallinna Vesi on the first trading day and the turnover was 9 868 021 EUR with the share closing price of 10.60 EUR that means 14,6% rise in comparison with the issue price. 942 859 shares found new owner during the exchange transactions of Tallinna Vesi. Market capitalization of Tallinna Vesi after the first trading day is 212 million EUR that places the company to seventh place among Baltic security market companies proceeding from Hansapank, Eesti Telekom, Lietuvos Telekomas, Lativjas Gāze, Merko Ehitus and Ventspils nafta.

“I am glad that the listing process of Tallinna Vesi has been successfully completed and that the first trading day has been active. It has been a new experience for us and we are looking to bring real value to the Tallinn Stock Exchange. I would once again like to thank everyone who has helped us to achieve this listing, in particular our employees, our advisors and the Tallinn Stock Exchange for their help and dedication without which this would not have been possible. I am pleased that a wide range of our employees have purchased the company shares, thus demonstrating their dedication and support for the strategy that the company has chosen,” said Bob Gallienne, CEO of Tallinna Vesi.

The list of shareholders is available on the website of Estonian CSD http://www. e-register.ee. Tallinna Vesi has the total of 2329 shareholders.

“We hope that listing of Tallinna Vesi increases even more the openness, transparency and internationality of the company. It is good to have professional estimations for company operations from investors and analysts – that helps also the city to make better decisions,” commented Tallinn City Mayor Tõnis Palts about the share trading of Tallinna Vesi.

The last initial public offering took place six years ago on the 11th of February 1999 when Tallinn Stock Exchange started trading with the shares of Estonian Telecom. The next IPO is expected to be AS Starman, company handed in the listing application on the 23rd of May.