Tallinna Kaubamaja               STOCK EXCHANGE RELEASE             21.06.2005



DECISIONS OF THE AGM OF SHAREHOLDERS



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

21 June 2005 at 2 p.m. The decisions of the General Meeting were as follows:



1. Approval of the annual report of Tallinna Kaubamaja AS for 2004.

"Approve the Annual Report for the year 2004 of Tallinna Kaubamaja AS, including

the balance sheet with assets of the parent company in the amount of 839 558

thousand EEK (EUR 53 657 thousand) and consolidated assets of the Group in the

amount of 1 034 561 thousand EEK (EUR 66 120 thousand) as at 31.12.2004 and

profit and loss statement with a net profit of 98 733 thousand EEK (EUR 6 310

thousand) for 2004."



2. Profit allocation

"Retained earnings of previous years of Tallinna Kaubamaja AS were 212 251

thousand kroons (EUR 13 565 thousand).

The net profit for 2004 was 98 733 thousand EEK (EUR 6 310 thousand).

Total undistributed profit was 310 984 thousand EEK (EUR 19 875 thousand).

Not to allocate the net profit and include it to retained earnings.



3. Selection of the auditing company and its remuneration

"Appoint AS PricewaterhouseCoopers to be the auditors of Tallinna Kaubamaja AS

for the fiscal year of 2005. Remuneration issues will be decided by the

Management Board of the company."





Raul Puusepp

The Chairman of Board

Phone: +372 7 315 000