AS Tallinna Vesi               STOCK EXCHANGE RELEASE                  08.11.2005



RE-FINANCING OF EXISTING LOAN FACILITY



AS Tallinna Vesi is in the final stages of negotiations to partially re-finance its

existing loan facility with a new loan taken from commercial bank as well as 

amendments made to the existing loan agreement.



The company is expecting to gain through a reduction in interest costs, and by postponing

loan repayments in order to maintain current leverage. The loan agreement is

expected to be signed in the fourth quarter of 2005.



Eteri Harring

Head of Treasury and IR

Ph: + 372 6262 225

eteri.harring@tvesi.ee



Karita Sall

PR manager

Ph: + 372 6262 209

karita.sall@tvesi.ee