Tallinna Kaubamaja              Announcement                21.04.2005



CHANGE IN THE MANAGEMENT OF PARENT COMPANY



As of April 27, CFO and Sales Director Katrin Mühls will leave the company, due

to new employment as a Member of the Board of E.L.L. Kinnisvara.



The functions of the CFO will be distributed within the Tallinna Kaubamaja Group;

the main responsibilities will be overtaken by Kai Reimann, Head Accountant of

the parent company Tallinna Kaubamaja AS.



For the management of the flagship store in Tallinn, the position of Sales and

Marketing Director will be formed. Present Marketing Director Enn Parel will fill

this position.



Buying Director Edward Köster and HR and Service Director Janika Kuusik will

continue as members of the Management Board of the parent company.





Raul Puusepp

Chairman of the Board

phone: +372 731 5000