CHANGES IN SUBSTANTIAL SHAREHOLDINGS


As of 02.07.2007 the following significant changes have taken place in the 
ownership structure of the companies listed on the Tallinn Stock Exchange, 
compared with the standings disclosed earlier.
 
The levels of 5%, 10%, 20%, 33%, 50% and 66% are considered to be 
significant.

 
Issuer                       Previously     Per cent of 
                     disclosed per cent    shares as of
   Shareholder                of shares     02.07.2007
--------------------------------------------------------------
Tallinna Vesi (20 000 000 shares)
 
NORDEA BANK FINLAND PLC/ NON-RESIDENT LEGAL ENTITIES
                               
                               7.97             below 5 
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Arco Vara (67 784 150 shares)

MORGAN STANLEY + CO INCORPORATED EQUITY CLIENT ACCOUNT  
             
                                -               7.61

SKANDINAVISKA ENSKILDA BANKEN AB CLIENTS

                                7.29           below 5

DEUTSCHE BANK AG LONDON PRIME BROKERAGE/ CLIENTS FULL TAX ACCOUNT

                               below 5          9.59

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION ON BEHALF OF UK RESIDENTS

                               -               6.08

JPMORGAN CHASE BANK , NATIONAL ASSOCIATION ON BEHALF OF NON-TREATY CLIENTS
                        
                              9.13             below 5
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