Tallinn Stock Exchange               NEWS RELEASE                  17.05.2005



ABOUT CONDITIONAL LISTING OF SHARES OF AS TALLINNA VESI



With regard to the public offer that began today, the Tallinn Stock Exchange 

hereby discloses the full text of the resolution made by the Listing and 

Surveillance Committee (hereinafter: the Committee) on May 13, 2005.





On May 13, 2005, 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 on June 1, 2005, 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. 



3. When the conditions described in clause 2 are met, the first listind day 

will be June 1, 2005.



4. Taking into account the written intention expressed by representatives of 

AS Tallinna Vesi in the listing prospectus to nominate independent members to 

supervisory board during year 2005, based on clause 7.5.3 of the "Listing 

Requirements", the Committee decided to set the deadline for fulfilling the 

requirements regarding the supervisory board members on December 31, 2005.





Tallinn Stock Exchange

Market Services

+372 640 8800