Tallinna Kaubamaja            NEWS RELEASE                      05/02/2003



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 28th of May 2003 in the meeting room of Tallinna Kaubamaja Ltd.at

Gonsiori 2, Tallinn (staff entrance at Laikmaa Street). 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 2002

2. Profit allocation

3. Selection of the auditing company and its remuneration

4. Recall of members of the Supervisory Board in connection with the

expiration of mandate

5. Election of members of the Supervisory Board



The voting right of shareholders will be fixed according to the register of

shareholders as at 8 a.m. on 28th of May.



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 2002 since 6th of

May 2003 on working days from 10 a.m. to 3 p.m. at the reception in Gonsiori

2, Tallinn (2nd Floor).





Katrin Mühls

CFO

+372 6 673 200