The management board of Tallinna Kaubamaja AS (registry code 10223439, address 2 Gonsiori St, 10143 Tallinn) calls the annual general meeting of shareholders to be held at 15.00 on 20 May 2009 at the meeting room of Tallinna Kaubamaja AS, 2 Gonsiori St, Tallinn (administrative entrance from Laikmaa St). The supervisory board of Tallinna Kaubamaja AS composed the following agenda of the general meting and makes the following proposals: 1. Approval of the annual report of Tallinna Kaubamaja AS for 2008. To approve the annual report as prepared by the management board and approved by the supervisory board of Tallinna Kaubamaja AS for 2008, according to which the consolidated balance sheet total of Tallinna Kaubamaja AS was 4,334,233 thousand kroons as of 31.12.2008, the revenue for the financial year was 6,531,420 thousand kroons and the net profit was 83,129 thousand kroons. 2. Distribution of profit To approve the proposal for the distribution of the profit of Tallinna Kaubamaja AS for 2008 as submitted by the management board and approved by the supervisory board as follows: Retained profit 622,590 thousand kroons Net profit for 2008 83,129 thousand kroons Total distributable profit as of 31.12.2008 705,719 thousand kroons Dividends of EEK 0.4 to be paid per share 16,292 thousand kroons Retained profit after the distribution of profit 689,427 thousand kroons The list of shareholders entitled to dividends shall be closed at 23.59 hours on 3 June 2009. The dividends are to be paid out to the shareholders on 4 June 2009 by transfer to the shareholders' bank accounts. 3. Appointment of the auditor and determination of the procedure for remuneration In 2008 the previous three year fixed-term contract with the auditor Ernst & Young Baltic AS expired. The Group organised a competition to find a firm of auditors and as a result AS PricewaterhouseCoopers was chosen. The supervisory board makes a proposal to appoint AS PricewaterhouseCoopers, commercial registry code 10142876, as the auditor of Tallinna Kaubamaja AS for the financial years 2009-2011. Consent obtained. Remuneration of the auditor will be decided by the management of the public limited company. 4. Removal of the members of the supervisory board In connection with the expiry of the authority of the members of the supervisory board, the board makes a proposal to remove all of the members: Andres Järving, Jüri Käo, Enn Kunila, Meelis Milder and Gunnar Kraft. 5. Election of the members of the supervisory board The supervisory board makes a proposal to re-elect Andres Järving, Jüri Käo, Enn Kunila, Meelis Milder and Gunnar Kraft as the members of the supervisory board of Tallinna Kaubamaja AS for the three year period until the annual general meeting of shareholders in 2012. The annual report of Tallinna Kaubamaja AS is available for examination at the company's website www.kaubamaja.ee and at the secretariat of Tallinna Kaubamaja AS at 2 Gonsiori St, 2nd Floor, Tallinn, from 10.00 to 15.00 on working days from 5 May 2009. Questions about the items on the agenda of the general meeting may be sent by e-mail to sekretar.gonsiori@kaubamaja.ee or by letter to the company's address or by telephone to +372 667 3300. Registration of participants in the meeting begins at 14.45 on 20 May 2009. For registration we ask that you please present: shareholders who are natural persons are required to present an identity document; representatives of such shareholders are required to present a written authorisation document and an identity document; representatives of shareholders who are legal persons are requested to present a valid attested transcript of the registry card indicating the person's right to represent the shareholder, and the representative's identity document, or a duly formalized authorisation document and an identity document. The documents of legal persons registered abroad should be legalised or apostilled prior to presentation. Passports and ID cards are acceptable as identity documents. According to § 297 (5) of the Commercial Code, the list of shareholders entitled to vote at the meeting will be fixed at 23.59 on 10 May 2009. Management Board of Tallinna Kaubamaja Aktsiaselts Raul Puusepp Chairman of the Board Phone +372 731 5000