Tallinn Stock Exchange               NEWS RELEASE                  31.05.2005



LISTING OF SHARES OF AS TALLINNA VESI



The Listing and Surveillance Committee of the Tallinn Stock Exchange decided 

on May 13, 2005 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. 



The decision was to 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. 





The requirements set in the conditional listing decision of May 13, 2005 are 

met as of 31.05.2005. The offering has been completed, the sold shares are 

transferred to the securities accounts and the required free float has been 

reached. AS Tallinna Vesi and AS Hansapank have concluded a market making 

agreement that stipulates the maximum spread between the buy and sell offer 

price at 0.5% and the size of such buy and sell orders at not less than 2000 

shares. The term of the agreement is 2 years.



Thus the 20,000,000 A-shares of AS-i Tallinna Vesi are listed on the Main 

List of Tallinn Stock Exchange as of tomorrow, June 1, 2005.





Information related to AS Tallinna Vesi in the trading system:

Issuer's full name - AS Tallinna Vesi

Issuer's short name - TVE

Instrument and orderbook short name - TVEAT

Orderbook number - 29785

List - Main List

Minimum quantity - 1

Standard quantity - 1000

Number of listed shares - 20,000,000

ISIN - EE3100026436





Tallinn Stock Exchange

Market Services

+372 640 8800