Tallinna Kaubamaja            NEWS RELEASE                      03/07/2002



CHANGES IN EXECUTIVE BOARD



Today, on March 7 the Supervisory Council of Tallinna Kaubamaja Ltd. nominated

Raul Puusepp as Chairman of the Executive Board. Up to now Raul Puusepp worked

as Chairman of the Executive Board of Tartu Kaubamaja Ltd. and he will

continue to hold this position simultaneously.

Kati Kusmin who had been named as acting Member of the Executive Board will

continue working as Director of Tallinna Kaubamaja.



Raul Puusepp has been holding the position of Chairman of the Executive Board

of Tartu Kaubamaja Ltd. since August 2000. Prior to that he worked as Chairman

of the Executive Board of the Tartu Subsidiary of the insurance company Leks

Kindlustus Ltd. Raul Puusepp is a graduate of Tartu University majoring in

Applied Mathematics.



Raul Puusepp does not own shares in Tallinna Kaubamaja AS.





Katrin Mühls

CFO

+372 6 673 200