Tallinna Kaubamaja            NEWS RELEASE                      06/11/2003



INVESTMENTS TO DEVELOPMENT PROJECT



The parent company of Tallinna Kaubamaja Group - Tallinna Kaubamaja - will

invest 70 million kroons (EUR 4,5 million) under the project äNew Kaubamaja

2004". For the implementation of the project Tallinna Kaubamaja has

concluded a long-term lease agreement for the operation of additional sales

area in Viru Centre. Altogether the sales area of Tallinna Kaubamaja will

increase by 1.5 times.

"New Kaubamaja 2004" implies a redesign of merchandising and retail concept

of Tallinna Kaubamaja as a whole.

Viru Centre will be opened in early spring 2004.





Katrin Mühls

CFO

+372 6 673 200