Tallinna Kaubamaja               ANNOUNCEMENT                   11.04.2005



Issue of commercial papers



On April 8th Tallinna Kaubamaja AS issued commercial papers in the amount 

of 35 million EEK (EUR 2,24 million) with the term of  12 months and 

maturity date on April 7th 2006. The face value of the commercial papers 

is 10 000 EEK (EUR 640). The commercial papers are discounted and the 

interest rate is 3,25 per cent per annum.



The interest rate of the emission was formed on the basis of offers 

presented in subscription forms. The arranger of the emission was Eesti 

Ühispank (Estonian Union Bank).



The funds will be used to finance the working capital of the Group.





Raul Puusepp

Chairman of the Board

+372 6 673 200