Tallinna Kaubamaja            NEWS RELEASE                      04/22/2002



LOAN AGREEMENTS



On 19 April two loan agreements were concluded between Hansabank and

enterprises of the Tallinna Kaubamaja Group in the amount of 113 million EEK

(EUR 7,22 million).

The parent company of the Group, Tallinna Kaubamaja Ltd., concluded a short-

term loan agreement in the amount of 35 million EEK (EUR 2,2 million) with the

maturity on 15 September 2002. The loan amount will be used to finance the

equipment of Mai Selver and Merimetsa Selver and for working capital.



Tallinna Kaubamaja Kinnisvara Ltd. concluded a loan agreement in the amount of

78 million EEK (EUR 5 million) with the term of 8 years. Out of this amount 55

million EEK (EUR 3,5 million) is additional financing and 23 million EEK (EUR

1,47 million) will be used to refinance the existing two loans to be repaid

within 2003 the interest rate of which was 0,25 per cent higher than the new

loan.



The long-term loan will replace the decrease of long-term financing of the

Group in connection with the payout of dividends. The amount of dividends was

67,9 million EEK (EUR 4,34 million).





Katrin Mühls

CFO

6 673 200