Tallinna Kaubamaja            NEWS RELEASE                      04/08/2004



COMMENT ON AN ARTICLE IN "ÄRIPÄEV"



As a comment on an article in business newspaper "Äripäev" we issue the

following information: A-Selver, subsidiary of Tallinna Kaubamaja, has not

made a purchase offer to ETK (Estonian Consumers Cooperative) with an aim to

obtain three Maksimarket hypermarkets. A-Selver has more than once discussed

various potential ways of cooperation with ETK in the field of purchases and

logistics as well as marketing. Possible merger with Maksimarket has also

been discussed. There are no binding agreements between A-Selver and

Maksimarket. A-Selver is continuously analyzing various ways for expansion,

cooperation with ETK is one of the possibilities.





Katrin Mühls

CFO

+372 6 673 200