TALLINNA KAUBAMAJA

ANNOUNCEMENT



MANAGEMENT BOARD CHAIRMAN TO LEAVE OFFICE



On 23.01.2002, Tallinna Kaubamaja AS Supervisory Board released Toomas Tamsar

from his duties as chairman of the Management Board, effective January 26, 

2002. Employment contract will be terminated by agreement of the parties.



Ms. Kati Kusmin, current director of Tallinna Kaubamaja, was elected deputy

chairperson of the Management Board. Ms. Kati Kusmin (33), former director of 

development of Reval Hotelligrupi AS, was appointed director of Tallinna 

Kaubamaja in September 2001. 



The main objective of Tallinna Kaubamaja and Tartu Kaubamaja is to continue 

making the assortment more suitable to target group's expectations. Tallinna 

Kaubamaja is considering expanding its activities to trading premises planned 

on Viru Väljak.



Development of Selver chain stores continues. In May Mai Selver store in Pärnu

will be opened, and Merimetsa Selver store will be opened in Tallinn.





Katrin Mühls

CFO

+372 667 3200