Tallinna Kaubamaja            NEWS RELEASE                      12/06/2002



ISSUE OF COMMERCIAL PAPERS



Today, on December 6, 2002 Tallinna Kaubamaja AS will issue commercial 

papers in the amount of 31,5 million EEK (EUR 2 million) with the term of 

one year and maturity date on December 19, 2003. The face value of the 

commercial papers is 10 000 EEK (EUR 640). The commercial papers are 

discounted and the interest rate is 4,89 per cent per annum.



The interest rate was formed on the basis of offers presented

in subscription forms. There were 22 subscribers and offers amounted to 99,8

million EEK (EUR 6,4 million).



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



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





Katrin Mühls

finantsdirektor

6 673 200