Tallinn Stock Exchange  CORRECTIVE ANNOUNCEMENT     27.05.2005



There was a small mistake in the original notice with respect 

to the percentage of A-shares that will be held by the City of 

Tallinn on 31 May 2005. Instead of 37.7 per cent. the correct 

percentage should be 34.7 per cent.



The corrected announcement follows:



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Tallinn Stock Exchange     ANNOUNCEMENT             27.05.2005



    FINAL PRICE OF THE PUBLIC OFFERING OF THE A-SHARES OF

AKTSIASELTS TALLINNA VESI AND APPROVAL OF THE ALLOCATION LIST

                               

The public offering (the “Public Offering”) of the A-shares of

aktsiaselts Tallinna Vesi (“A-Shares”) ended on 26 May 2005.



In   the  course  of  the  Public  Offering  United  Utilities

(Tallinn)  B.V.  and  the  City of  Tallinn  (the  “Offerors”)

jointly offered for sale up to 1,200,000 A-Shares, i.e. up  to

6%  of  all  A-Shares  (the  “Offer Shares”).  The  terms  and

conditions of the Public Offering have been available  in  the

Offering Circular of the A-Shares (the “Offering Circular”).



In  the  course  of  the Public Offering  investors  submitted

purchase  offers complying with the requirements set forth  in

Section 8.2 of the terms and conditions of the Public Offering

(the  “Complying Offers”) for the acquisition of the total  of

1,961,206  A-Shares, i.e. the total demand  for  the  A-Shares

exceeded  approx. 1.6343 times the total amount of  the  Offer

Shares.



After the expiry of the term for submission of purchase offers

the  Offerors determined, on the basis of book-building in the

Institutional  Offering (see below) and the  Public  Offering,

the final sale price of the Offer Share to be 144.73105 kroons

which  is equal to the final sale price of the A-Share in  the

Institutional  Offering  (9.25  euros)  (if  the   latter   is

converted to Estonian kroons on the basis of the exchange rate

of EEK 15.6466=EUR 1).



There  were  purchase  offers in respect of  134,657  A-Shares

where  the  price of the A-Share fixed by the investor  turned

out  to be lower than the final sale price of the Offer Share.

In  accordance with Section 8.3 of the terms and conditions of

the Public Offering, such purchase offers were disregarded.



The  Offerors accepted the Complying Offers as provided  below

and  approved the allocation of the Offer Shares  between  the

investors  who had submitted Complying Offers (“the Allocation

List”).



In  accordance  with the terms and conditions  of  the  Public

Offering, the Offerors accepted each Complying Offer with  the

transaction  amount of up to EEK 20,117.61595 in full  extent.

Each Complying Offer with the transaction amount exceeding EEK

20,117.61595  was accepted by the Offerors in  the  amount  of

EEK  20,117.61595  in  full extent  and,  to  the  extent  the

Complying Offer exceeded EEK 20,117.61595, the Complying Offer

was accepted proportionally in accordance with Section 10.3 of

the  terms and conditions of the Public Offering. No Complying

Offer was accepted to the extent it exceeded 5,500 A-Shares.



The  total amount of A-Shares distributed in the course of the

Public Offering is 1,200,000.



Information  about the acceptance of purchase offer  submitted

in  the  course of the Public Offering and the  amount  of  A-

Shares  to be sold to the investor or about non-acceptance  of

the  purchase  offer  may be obtained  by  the  investor  from

his/her/its securities’ account operator on the basis  of  the

investor’s  inquiry and according to the terms and  conditions

established by the securities account operator.



The  A-Shares  to  be sold to the investors according  to  the

Allocation   List  shall  be  transferred  to  the  investors’

securities  accounts  on 31 May 2005 simultaneously  with  the

transfer of the purchase price therefore to the joint  account

of  the Offerors (delivery versus payment) in accordance  with

the terms and conditions of the Public Offering.



Simultaneously with the Public Offering an offering of the  A-

Shares  to institutional investors outside the United  States,

including   to   institutional  investors  in   Estonia   (the

“Institutional  Offering”) took place (see  page  138  of  the

Offering  Circular  for  details). The  total  demand  of  the

investors  in  the Institutional Offering exceeded  approx.  7

times  the total amount of A-Shares distributed in the  course

of the Institutional Offering. The total of 4,800,000 A-Shares

was distributed in the course of the Institutional Offering.



Therefore, the total of 6,000,000 A-Shares was distributed  in

the course of the Institutional Offering and Public Offering.



After the settlement of transactions executed in the course of

the  Institutional Offering and Public Offering on 31 May 2005

United  Utilities  (Tallinn) B.V. will own 7,060,870  A-Shares

(i.e.  approx. 35.3 per cent of all A-Shares) and the City  of

Tallinn  will  own 6,939,130 A-Shares (i.e. approx.  34.7  per

cent of all A-Shares) and the B-Share.



Provided  that  the conditions precedent for  the  entry  into

force  of  the  resolution  of  the  Listing  and  Supervision

Committee  of the Tallinn Stock Exchange, dated 13  May  2005,

are  fulfilled, the trading with the A-Shares on  the  Tallinn

Stock Exchange will commence on 1 June 2005.



The Offerors wish to thank all investors for participating  in

the Public Offering!