Tallinna Kaubamaja            NEWS RELEASE                      07/22/2002



CONSTRUCTION AGREEMENT CONCLUDED



Tallinna Kaubamaja Kinnisvara Ltd., a daughter company of Tallinna Kaubamaja

Ltd, concluded a construction agreement on July 19th with the company

Estconde-E to construct a building for the Torupilli Selver at Vesivärava 37,

Tallinn. The construction will be completed by the end of November this year.

The gross area of the building will be ca 4500 sq m and the sales area of

the Selver supermarket 1660 sq m. The construction will include a parking lot

with 178 parking places.





Katrin Mühls

CFO

6 673 200