Tallinna Kaubamaja            NEWS RELEASE                      03/12/2002



REGULAR ANNUAL GENERAL MEETING OF SHAREHOLDERS



The regular annual general meeting of shareholders of Tallinna Kaubamaja Ltd.

(with the legal address at Gonsiori 2, 10143 Tallinn) will take place at 3

p.m. on 5th of April 2002 in the meeting room of the Headquarters of Tallinna

Kaubamaja Ltd., Pärnu mnt. 238, 4th Floor of the Järve Selver building. The

registration of participants will be carried out from 2.45 to 3 p.m.



The agenda of the annual general meeting of shareholders is as follows:

1. Approval of the Annual Report of Tallinna Kaubamaja Ltd. for the year 2001

2. Profit allocation

3. Selection of the auditing company and its remuneration

4. Recall of a member of the Supervisory Board and election of a new member



Participants are kindly asked to take along an identification document (either

passport or ID card) and in case of representing a shareholder a written power

of attorney or a document proving the right for representation.



Those interested may read the Annual Report for the year 2001 since 21th of

March 2002 on working days from 9 a.m. to 3 p.m. at the reception on 4th Floor

at Pärnu mnt. 238, Tallinn



Raul Puusepp

Chairman of the Management Board





Katrin Mühls

CFO

+372 6 673 200