Tallinna Kaubamaja            NEWS RELEASE                      04/05/2002



DECISIONS OF THE AGM, 05.04.02



1. Approval of the annual report of Tallinna Kaubamaja Ltd.

"Approve the Annual Report for the year 2001 of Tallinna Kaubamaja  Limited,

including balance sheet in the amount of 542 590 000 EEK (EUR 34 678 000)  and

profit and loss statement with a net profit of 35 758 000 EEK (EUR 2 285  000)

in 2001."



2. Profit allocation

"The net profit of Tallinna Kaubamaja Limited in 2001 was 35 758 000 EEK (EUR

2  285  000). Retained earnings of previous years were 127 040 000 EEK (EUR  8

119 000) as of 31.12.2000. Total undistributed profit was 162 798 000 EEK (EUR

10 405 000).

To  pay  out dividends to shareholders in the amount of 67 882 000 EEK (EUR  4

339 000), i.e. 10 EEK (EUR 0,64) per share

Dividend to be paid out on 22 April 2002.

Dividend  is  to be paid out to persons who are registered as shareholders  or

usufructuaries in the Estonian Central Depository for Securities  as  of  8:00

AM, 22 April 2002."



3. Selection of the auditing company and its remuneration

"Appoint  Urmas Kaarlep of PricewaterhouseCoopers Ltd. to be the auditor  of

Tallinna Kaubamaja Limited for the fiscal year of 2002.

Remuneration issues will be decided by the Management Board of the company."



4. Recall of a Member of the Supervisory Board and election of a new Member.

"Recall  Toomas  Luman  from  the Supervisory Board  of  Tallinna  Kaubamaja

Limited.  Appoint Jaan Kallas as Member of the Supervisory Board  of  Tallinna

Kaubamaja Limited."





Katrin Mühls

CFO

6 673 200