Tallinna Börs                  NEWS RELEASE                       13.05.2005



CONDITIONAL LISTING OF SHARES OF AS TALLINNA VESI



On May 13, 2005, the Listing and Surveillance Committee of the Tallinn 

Stock Exchange (hereinafter: the Committee) reviewed the application by 

AS Tallinna Vesi, filed with the Committee for listing the shares of 

AS Tallinna Vesi on the Main List of TSE.



The Committee decided: 



1. To satisfy the listing application and to list the 20,000,000 A-shares 

of AS Tallinna Vesi conditionally on the Main List of the Stock Exchange. 



2. The decision will enter into force after the following conditions are met:



- the initial public offering has been completed according to the principles 

described in the offering prospectus, the results of the offering are 

disclosed and the sold shares are transferred to the securities accounts of 

new investors in Estonian CSD;



- after the offering at least 25% of the share capital represented with 

the A-shares of the company is in the public hands (incl. 

professional investors who participate in the Institutional Offering 

and will be allocated less than 5% of the total number of shares);



- the company has concluded a market making agreement with a trading member 

of TSE that will provide sufficient liquidity for the listed shares during 

a period of at least 1 year after the shares are admitted to trading. The 

spread between the buy and sell offer price should not exceed 1% and the size 

of such buy and sell orders should be at least 1000 shares;



- after meeting the aforementioned conditions, the company shall submit 

the respective report to TSE. 





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