Tallinna Kaubamaja            NEWS RELEASE                      05/05/2004



ANNUAL GENERAL MEETING OF SHAREHOLDERS



The regular annual General Meeting of Shareholders of Tallinna Kaubamaja AS

(with the legal address at Gonsiori 2, 10143 Tallinn) will take place at 2

p.m. on 26th of May 2004 in the meeting room of Tallinna Kaubamaja AS at

Gonsiori 2, Tallinn (staff entrance at Laikmaa Street). The registration of

participants will be carried out from 1.45 to 2 p.m.



The agenda of the annual general meeting of shareholders is as follows:

1. Approval of the Annual Report of Tallinna Kaubamaja Ltd. for the year

2003

2. Profit allocation

The  management  board  of  AS Tallinna Kaubamaja proposes  to  the  General

Meeting of Shareholders not to allocate the net profit for 2003.

3. Selection of the auditing company and its remuneration.

4. Recall of a member of the Supervisory Board and election of a new member.

5. Amendment of the Charter.

The Management Board of AS Tallinna Kaubamaja proposes to the General

Meeting of Shareholders to amend the Charter and give the Supervisory Board

the right for three years to increase the share capital to be paid for by

additional funds. The purpose of the increase in equity is to finance

extension plans of Tallinn and Tartu Department Stores and pave the way for

further development of the Selver chain.

The increase in equity will be carried out by the issue of new shares. The

amount of shares to be issued, the record date for determining the

shareholders with pre-emptive rights, the subscription period and other

conditions of the issue will be decided by the Supervisory Board. The

respective resolution of the Supervisory Board will be sent to shareholders

to the address recorded in the share register.



The voting right of shareholders will be fixed according to the register of

shareholders as at 8 a.m. on 26th of May 2004.



Participants are kindly asked to take along an identification document

(either passport or ID card) and in case of representing a shareholder a

written power of attorney or a document proving the right for

representation.



Those interested may read the Annual Report for the year 2003 since 10th of

May 2004 on working days from 10 a.m. to 3 p.m. at the reception in Gonsiori

2, Tallinn (2nd Floor).





Katrin Mühls

CFO

+372 6 673 200