Tallinna Kaubamaja             STOCK EXCHANGE RELEASE                 25.05.2005



REGULAR ANNUAL GENERAL MEETING OF SHAREHOLDERS



The regular Annual General Meeting of Shareholders of Tallinna Kaubamaja AS (with

the legal address at Gonsiori 2, 10143 Tallinn) will take place at 2 p.m. on 21st

of June 2005 in the meeting room of Tallinna Kaubamaja AS at Gonsiori 2, Tallinn

(staff entrance at Laikmaa Street). The registration of participants will be

carried out from 1.45 to 2 p.m.



The agenda of the annual general meeting of shareholders is as follows:

1. Approval of the Annual Report of Tallinna Kaubamaja Ltd. for the year 2004

2. Profit allocation

The management board of AS Tallinna Kaubamaja proposes to the General Meeting of

Shareholders not to allocate the net profit for 2004.

3. Selection of the auditing company and its remuneration.



The voting right of shareholders will be fixed according to the register of

shareholders as at 8 a.m. on 21st of June 2005.



Participants are kindly asked to take along an identification document (either

passport or ID card) and in case of representing a shareholder a written power of

attorney or a document proving the right for representation.



Those interested may read the Annual Report for the year 2004 since 1st of June

2005 on working days from 10 a.m. to 3 p.m. at the reception in Gonsiori 2,

Tallinn (2nd Floor).





Raul Puusepp

The Chairman of Board

Phone: +372 7 315 00000