Tallinna Kaubamaja            NEWS RELEASE                      05/19/2003



ISSUE OF COMMERCIAL PAPERS



On May 15th Tallinna Kaubamaja AS issued commercial papers in the amount of

10 million EEK (EUR 0,6 million) with the term of 7 months and maturity date

on December 19th 2003. The face value of the commercial papers was 10 000 EEK

(EUR 640). The commercial papers were discounted and the interest rate was

3,95 per cent per annum.



The interest rate of the emission was formed on the basis of offers presented

in subscription forms. There were 7 subscribers and offers amounted to 23

million EEK (EUR 1,5 million).



The arranger of the emission was Eesti Ühispank (Estonian Union Bank).



With the funds of the emission Tallinna Kaubamaja AS partly refinanced its

short-term loan in the amount of 20 million EEK (EUR 1,3 million) due on May

15th this year.



The funds will be used to finance the working capital of the Group.





Katrin Mühls

CFO

6 673 200