REGULAR ANNUAL GENERAL MEETING OF THE SHAREHOLDERS

The management board of Tallinna Kaubamaja AS (registry code 10223439, seat 2
Gonsiori St, 10143 Tallinn) calls the annual general meeting of shareholders to
be held at 12.00 on 16 May 2007 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 2006
To approve the annual report as prepared by the management board and approved
by the supervisory board of Tallinna Kaubamaja AS for 2006, 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
To approve the proposal for the distribution of the profit of Tallinna
Kaubamaja AS for 2006 as submitted by the management board and approved by the
supervisory board as follows: 
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 supervisory board proposes to remove Gunnar Kraft from the
supervisory board. 

4. Election of a supervisory board member
The supervisory board proposes to elect 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
The supervisory board proposes 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. 

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 30 April 2007. 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 66 73 300. 

Registration of participants in the meeting begins at 11.45 on 16 May 2007. 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 formalised
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 6 May 2007. 

Management Board of Tallinna Kaubamaja Aktsiaselts

Raul Puusepp
The Chairman of Board
Phone: +372 7 315 000