CHANGES IN SUBSTANTIAL SHAREHOLDINGS


As of 22.09.2008 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%, 15%, 20%, 25%, 33%, 50% and 66% are considered to be 
significant.

 
Issuer                          Previously       Per cent of 
r                        disclosed per cent      shares as of
   Shareholder                   of shares        22.09.2008
--------------------------------------------------------------
Arco Vara (95 284 150 shares)

FREIER PROJEKT OÜ                  7.04              15.16

OÜ GREATWAY                        8.12                -

Silvano Fashion Group (40 000 000 shares)

KRAJOWY DEPOZYT PAPIEROW WARTOŠCIOWYCH S.A. [J]

                                   20.01             19.65
Tallinna Vesi (20 000 000 shares)

CREDIT SUISSE SECURITIES (EUROPE) LTD PRIME BROKERAGE A/C PRIME BROKERAGE
CLIENTS 

                                   -                5.76

MORGAN STANLEY & CO INTERNATIONAL PLC/ MSIL IPB CLIENT ACCOUNT
            
                                   5.76              -
--------------------------------------------------------------


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