Tallinna Vesi AS Class A · OMXTSE:TVE1T

Tallinna Vesi AS Class A — AS Tallinna Vesi — H1 2008 Earnings Presentation

9 slides from Tallinna Vesi AS Class A's earnings presentation, July 2008

1. Slide 1: AS Tallinna Vesi Interim results 6 months ended 30 June 2008

   AS Tallinna Vesi Interim results 6 months ended 30 June 2008 July 2008 Tallinna Vesi —

2. Slide 2: Speakers

   Speakers Roch Cheroux CEO, Chairman of the Management Board Siiri Lahe CFO, Member of the Management Board Tallinna Vesi —

3. Slide 3: + , - $ . : " ; $ " $ / ( $$

   + , - $ . : " ; $ " $ / ( 9 $$ $ & , * --2 3 & / & 012 3 < & $ *$ * --2 3 - 204 5216 78 ,

4. Slide 4: Sales and net profit, 6 months 2008 vs 2007

   ) =& & 1 6 months 6 months mln EEK 2008 2007 Increase Change Sales 445,1 381,8 63,4 16,6% Main operating activities 363,2 325,5 37,7 11,6% Other operating activities 81,9 56,3 25,6 45,6% Net profit 113,9 119,2 -5,3 -4,4% Underlying Net profit 113,9 105,9 8,0 7,6%

5. Slide 5: > > / , !!+ @ -1 # - #6 -4#- 6# # -

   > > / , !!+ @ -1 # - #6 -4#- 6# 03 # - 6# - 6# - - #1 #3 # - # # #6 01#3 ", 1# - 0# 6 #- 0 # -3 ! ! @ -0# 4 -0# . # . # -3 # 4# 4#- . # . # 43 # -# 1 -#- # 4 0 # -3 !! ! " * , 2- !!+#* 426 !!+ 13 & . . $ *&& - 4 5 / ? / & 8

6. Slide 6: A "# $ %$& ' $ %( & (% )' # & ": B

   A 1 "# $ %$& ' $ %( & (% )' # & ": B & , * -213 20 !!+ & . . < & ": B & , * - 243 -62- !!+ & . . 1 !, - 2 !!+ / , / .* % & 2- !!+ / 2 !!+ / *, & $ $ / & A ; 1 . 2 3#$ $ B - 3 1. 203#$ $ . -43 1 . - 213 " , -26 !!+ / ) 2 !!+ & 5 ! * 8

7. Slide 7: Operating profit, profit before taxes and net profit

   A; $ * $" 250 201,9 195,5 200 182,2 180,1 174,5 161,2 150 mln EEK 113,9 119,2 105,9 100 50 0 Operating profit Profit before taxes Net profit 6 months 2008 6 months 2007 6 months 2007 underlying < & & $ -26 !!+ #- 2 3 . . < & $ *$ - 2- !!+ #--2 3 . . < & $ -- 26 !!+ #12 3 . .

8. Slide 8: Quarterly results Q1 2007 to Q2 2008

   ; 350 327,1 300,1 300 250 200,5 191,9 mln EEK 200 150 100 50 0 Q1 2007 Q2 2007 Q1 2008 Q2 2008 $ * -6 C!!+ - 20 C!!+ & % # 20 C!!+ % 1

9. Slide 9: Thank You!

   Thank You! AS Tallinna Vesi Adala 10 Ph: +372 6262 200 Email: tvesi@tvesi.ee Tallinna Vesi —

AS Tallinna Vesi — H1 2008 Earnings Presentation on 6ix