Tallinna Kaubamaja            NEWS RELEASE                      06/04/2003



DECISIONS OF ANNUAL GENERAL MEETING



The Annual General Meeting of Shareholders of Tallinna Kaubamaja AS was held

on 28 May 2003 at 3 p.m.



1. Approval of the annual report of Tallinna Kaubamaja AS for 2002

  "Approve  the  Annual  Report for the year 2002 of  Tallinna  Kaubamaja  AS,

including the balance sheet with assets of the parent company in the amount of

529  527  thousand EEK (EUR 33 843 thousand) and consolidated  assets  of  the

Group  in the amount of 776 443 thousand EEK (EUR 49 624 thousand) and  profit

and  loss  statement  with  a net profit of 45 012 thousand  EEK  (EUR  2  877

thousand) in 2002."



2. Profit allocation

 "The net profit of Tallinna Kaubamaja Limited in 2002 was 45 012 thousand EEK

(EUR 2 877 thousand). Retained earnings of previous years were 99 390 thousand

EEK  (EUR  6  352 thousand) as of 31.12.2002. Total undistributed  profit  was

144 402 thousand EEK (EUR 9 229 thousand).

Pay  out  dividends  to  shareholders in the amount of  6  788  200  EEK  (EUR

433 845), i.e. 1 EEK (EUR 0,064)per share.

Dividend to be paid out on 27 June 2003.

Dividend  is  to be paid out to persons who are registered as shareholders  or

usufructuaries in the Estonian Central Depository for Securities as on 27 June

2003 at 8:00 a.m."



3. Selection of the auditing company and its remuneration

  "Appoint Urmas Kaarlep and Kersti Liibert of PricewaterhouseCoopers Ltd.  to

be the auditors of Tallinna Kaubamaja AS for the fiscal year of 2003.

Remuneration issues will be decided by the Management Board of the company."



4. Recall of Members of the Supervisory Board in connection with the

expiration of mandate



"Recall  Andres Järving, Jüri Käo, Indrek Vanaselja, Enn Kunila and Meelis

Milder from the Supervisory Board of Tallinna Kaubamaja AS."



5. Election of Members of the Supervisory Board



äElect  Andres  Järving, Jüri Käo, Indrek Vanaselja,  Enn  Kunila  and  Meelis

Milder as Members of the Supervisory Board of Tallinna Kaubamaja AS"





Katrin Mühls

CFO

+372 6 673 200