The Annual General Meeting of Shareholders of Tallinna Kaubamaja AS was held on 16 May 2006 at 12 a.m. The decisions of the General Meeting were as follows: 1. Approval of the annual report of Tallinna Kaubamaja AS for 2006 Shareholders decided to approve the year 2006 annual report of Tallinna Kaubamaja AS, according to which the consolidated balance sheet total of Tallinna Kaubamaja AS was EEK 2 536 490 000 as of 31.12.2006, the net turnover for the financial year was EEK 4 239 130 000 and the net profit was EEK 274 666 000. 2. Distribution of profit Shareholders decided distribute the year 2006 profit as presented: Retained profit EEK 62 549 000 Net profit for 2006 EEK 274 666 000 Total distributable profit as of 31.12.2006 EEK 337 215 000 Transfer to the legal reserve EEK 33 460 000 Dividends of EEK 1.00 to be paid per share EEK 40 729 200 Retained profit after the distribution of profit EEK 263 026 000 The list of shareholders entitled to dividends shall be closed at 23.59 hours on 30 May 2007. The dividends are to be paid out to the shareholders on 31 May 2007 by transfer to the shareholders' bank accounts. 3. Removal of a supervisory board member In connection with expiry of the term of office of board member Gunnar Kraft on 21 June 2007, the shareholders decided to remove Gunnar Kraft from the supervisory board. 4. Election of a supervisory board member Shareholders decided to re-elect The Gunnar Kraft as a supervisory board member for a term of three years until the 2010 annual meeting of shareholders. 5. Remuneration of the work of supervisory board members Shareholders decided to approve the remuneration of the chairman of the supervisory board in the amount of EEK 18 000 a month and the remuneration of a supervisory board member in the amount of EEK 15 000 a month. The remuneration is to be paid once a month by transfer to the supervisory board members' bank accounts on the company's established payday. Raul Puusepp The Chairman of Board Phone: +372 7 315 000