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Notice to convene the Annual General Meeting of Shareholders

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The  Management  Board  of  AS  TALLINNA  VESI  (registry  code  10257326, Ädala
10, 10614 Tallinn)  (hereinafter also  "the Company")  announces that the Annual
General  Meeting of Shareholders of the Company will be held on Thursday, 3 June
2021 at  09.00 (GMT+3) at Paljassaare Wastewater  Treatment Plant of AS Tallinna
Vesi, in the Gym (Address: Paljassaare põik 14, Tallinn, Estonia).

The  list of shareholders who have the  right to vote will be established 7 days
prior  to the Annual General Meeting, i.e. at  the end of the working day of the
settlement system of Nasdaq CSD Eesti on 27 May 2021.

The  agenda for the Annual General Meeting  has been approved by the Supervisory
Council with the following proposals:

1.        Approval of the 2020 Annual Report

Supervisory Council's proposal:

To  approve  the  2020 Annual  Report  including  the balance sheet total in the
amount  of  EUR255,665,000  (two  hundred  and  fifty-five million six hundred and
sixty-five  thousand)  and  net  profit  in  the  amount of EUR16,732,000 (sixteen
million seven hundred and thirty-two thousand).

2.        Distribution of profit

Supervisory Council's proposal:

The  net profit  of the  Company in  2020 is EUR16,732,000  (sixteen million seven
hundred  and thirty-two thousand). To  distribute EUR13,000,000 (thirteen million)
of AS Tallinna Vesi's retained earnings of EUR74,243,000 (seventy-four million two
hundred and forty-three thousand) as of 31/12/2020, incl. from the net profit of
EUR16,732,000 (sixteen million seven hundred and thirty-two thousand) for the year
2020, as  dividends, of which  EUR0.65 (zero point  sixty-five) per share shall be
paid to the owners of A-shares.

The  rest of retained earnings will remain undistributed and no allocations will
made from the net profit to the reserve capital.

Based  on the  dividend proposal  made by  the Management Board, the Supervisory
Council  proposes to the Annual  General Meeting to decide  to pay the dividends
out  to the shareholders  on 29 June 2021. The  list of shareholders entitled to
receive  dividends  will  be  established  as  at 18 June 2021 at the closure of
business  day of the settlement  system. Consequently, the day  of change of the
rights related to the shares (ex-dividend date) is set to 17 June 2021. A person
acquiring  the shares from 17 June 2021 onwards shall not be entitled to receive
the dividends determined by this decision.

3.        Amendment to the Articles of Association

Supervisory Council's proposal:

The Articles of Association shall be amended in connection with the cancellation
of the B share and the Company shall have only one type of shares.

RESOLUTION:  To amend the Articles of Association of the Company and approve the
new wording of the Articles of Association as presented to the shareholders. The
Articles  of  Association  shall  not  be  amended  with  this resolution if the
resolution  within  the  Agenda  Item  No  4 is  not  adopted. In such case, the
Articles of Association shall remain in their current form.

4.        Reduction of  the share capital by cancelling the B share owned by the
Company

Supervisory Council's proposal:

The  share capital shall be reduced due to the cancellation of one B share owned
by the Company.

RESOLUTION:  To cancel the one B share owned by the Company and reduce the share
capital  of the Company accordingly. To reduce  the share capital of the Company
by EUR60 (sixty euros) from EUR12,000,060.00 to EUR12,000,000.00, by way of cancelling
the  B share with a nominal value of EUR60 (sixty euros). The share capital of the
Company shall be EUR12,000,000.00 after the reduction of share capital.

5.        Extension of the terms of office of Supervisory Council members

     5.1. Extension of Mr Allar Jõks' term as a Supervisory Council member of AS
Tallinna Vesi from 3 June 2021

Supervisory Council's proposal:

To  extend Mr  Allar Jõks'  term as  a member  of the  Supervisory Council of AS
Tallinna  Vesi  from  3 June  2021 by  three  (3) years. The Supervisory Council
member  shall receive remuneration  for his activities  as a Supervisory Council
member  in  accordance  with  the  Item  3 of  the minutes of the Annual General
Meeting of the Company held on 22 November 2005.

    5.2. Extension of Mr Priit Rohumaa's term as a Supervisory Council member of
AS Tallinna Vesi from 3 June 2021

Supervisory Council's proposal:

To  extend Mr Priit Rohumaa's term as a  member of the Supervisory Council of AS
Tallinna  Vesi  from  3 June  2021 by  three  (3) years. The Supervisory Council
member  shall receive remuneration  for his activities  as a Supervisory Council
member  in  accordance  with  the  Item  3 of  the minutes of the Annual General
Meeting of the Company held on 22 November 2005.

6.        Election of the Auditor

Supervisory Council's proposal:

To  appoint AS  PricewaterhouseCoopers as  the auditor  for the  financial years
2021 and  2022. To pay the fee to the auditor  as per the contract to be entered
into with the auditor.

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Measures taken at the Annual General Meeting because of COVID-19

Due  to the  COVID-19 situation in  the Republic  of Estonia  and the consequent
measures taken to protect the health of all shareholders and participants in the
general  meeting,  AS  Tallinna  Vesi  urges  the  shareholders, if possible, to
participate  in the general  meeting either by  appointing a proxy  or by voting
electronically  before the general meeting. We  recommend you appoint Mrs Mailis
Kullerkupp,  Chief Lawyer of AS  Tallinna Vesi, as the  proxy, whom you can give
precise instructions to vote on your behalf on each agenda item. Please find the
proxy  form: AS  Tallinna  Vesi's  website "Investor->Shareholders Meeting->[?]-
>"Measures  taken in  the general  meeting due  to COVID-19". This allows you to
vote  as you  desire without  convening in  one room  with many other people and
reduces the risk of catching a disease.

To  minimise the risk of infection spreading,  no coffee or refreshments will be
provided to the participants.

If you deem it important to participate in the general meeting in person, please
notify  us  definitely  of  your  intention  by  e-mail to [email protected]
(mailto:[email protected]) no later than 31/05/2021, to allow us to make the
necessary  preparations to comply  with all requirements  established due to the
COVID-19 situation and ensure the safety of all participants.

The  shareholders participating in the general meeting in person must follow the
instructions  and orders given for the protection of the health of participants.
The  persons who have virus symptoms (cough, cold, fever) will not be allowed to
attend the meeting.

Accepting additional items to the agenda of the Annual General Meeting

Shareholders,  whose shareholding represents at least 1/20 of the share capital,
may  request adding extra  items to the  agenda of the  general meeting provided
that the relevant request is submitted in writing no later than 15 days prior to
the  general meeting,  i.e. by  19 May 2021 at  the latest.  Shareholders, whose
shareholding  represents at  least 1/20 of  the share  capital, may submit their
draft  resolutions in writing for  each agenda item no  later than 3 days before
the  general meeting, i.e. by the end of the day (23:59 GMT+3) on 31 May 2021 at
the  latest. The process of exercising those  rights is published in more detail
on      AS      Tallinna      Vesi's      website     at     www.tallinnavesi.ee
(http://www.tallinnavesi.ee),  where  also  the  draft resolutions and reasoning
submitted by shareholders will be published after the receipt thereof.

Requesting information from the Management Board and background information

After  the agenda items of the  general meeting, including any additional items,
have  been  discussed,  the  shareholders  may  inquire  information  about  the
Company's  activities from the Management Board in accordance with the procedure
published     on     the     Company's     website     at    www.tallinnavesi.ee
(http://www.tallinnavesi.ee). Shareholders have the right to request information
from  the  Company's  Management  Board  also  by e-mail sending their questions
before  the general meeting. Background information  about the agenda, the 2020
Annual Report of AS Tallinna Vesi, the Supervisory Council report, the Auditor's
report,  the  proposal  for  distribution  of  profit,  the  draft  Articles  of
Association  where  the  amendments  have  been  pointed  out, draft resolutions
presented  and shareholders' clarifications provided about the additional agenda
items  along with  the relevant  draft resolutions  as well as other information
subject to disclosure under other legal acts, and other important data regarding
the  agenda,  incl.  information  about  the  candidates  of Supervisory Council
members,  are  available  on  AS  Tallinna Vesi's website at www.tallinnavesi.ee
(http://www.tallinnavesi.ee). The website also provides an overview of documents
that  the  shareholders  are  required  to  take  along  in  order to be able to
participate in the general meeting (either in person or by proxy).

The Company's 2020 Annual Report, Supervisory Council's report and the Auditor's
report     are     also     available     on     Nasdaq     Baltic's     website
http://www.nasdaqbaltic.com.

Please  e-mail the questions  about the Annual  General Meeting of Shareholders,
its agenda, electronic voting or the appointment of a shareholder representative
to Ms Laura Korjus, Head of Communications of the Company ([email protected]
(mailto:[email protected]),   telephone:   +372 62 62 271). The   questions,
answers  and minutes of the  general meeting will be  published on the Company's
website. Written notices of appointing shareholder representatives or notices of
withdrawal of authorizations of representatives can also be sent to the above e-
mail address no later than during the working day preceding the general meeting,
i.e. on 2 June 2021 at the latest.

Appointing a proxy

We  ask everybody, who  are going to  appoint a proxy  for themselves, inform us
about  their intent by 2 June 2021 at the latest and e-mail the digitally signed
proxies  to  [email protected]  (mailto:[email protected]).  In  the  absence  of  the
opportunity  of a digital signature, we ask a scanned copy of the proxy to be e-
mailed  to [email protected] (mailto:[email protected])  and the original  proxy to be
sent by post to the Company at: Ädala 10, 10614 Tallinn, Estonia. The proxy form
is available on AS Tallinna Vesi's website "Investor->Shareholders Meeting->[?]-
>Identification documents required for attending the General Meeting".

Procedure and Instructions for electronic voting

According to the clause 6.2.9 of the Articles of Association of the Company, the
shareholders  are able to vote  on the draft resolutions  of the agenda items of
the general meeting using electronic means as follows:

   i. Voting can be performed as from the publication of the notice of the
      general meeting until 17:00 ((GMT+3) on 2 June 2021;
  ii. The ballot form prepared for electronic voting is available on AS Tallinna
      Vesi's website under the section "Ballot Form for Electronic Voting";
 iii. For electronic voting, a shareholder shall fill out the ballot in
      accordance with the instructions therein, shall sign it digitally (using
      ID-card, digi-ID or Mobile-ID) and shall e-mail the digitally signed
      ballot to the e-mail address [email protected] (mailto:[email protected]);
  iv. A shareholder, who has voted using electronic means, shall be deemed as
      having participated in the general meeting and his/her votes represented
      by shares shall be counted in the quorum of the general meeting.

Registration for the general meeting

Registration of the shareholders, who wish to participate in the general meeting
in  person,  will  start  at  08.30 (GMT+3)  on  3 June 2021 at the place of the
general   meeting.   Registration   will   end   at  09.00 (GMT+3).  Shareholder
representatives  are kindly asked to bring along a valid identification document
and  a valid written  proxy. In the  case of legal  persons, we request you also
bring  a valid  copy of  the registry  card. Each  document issued  by a foreign
country's  official must  be either  legalized or  authenticated with a document
certificate apostille and have a notarised translation into Estonian attached.

The  notice  of  calling  the  general  meeting  will  be published in the daily
newspaper Eesti Päevaleht on 12 May 2021.

AS Tallinna Vesi reserves the right to cancel the general meeting if holding the
meeting  does not  appear to  be reasonably  possible or  there is too much risk
involved  due  to  the  COVID-19 situation,  either  because  of  the  number of
participants or for other reasons.

Laura Korjus
Head of Communications
AS Tallinna Vesi
(+327) 622 2271
[email protected]