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Restructuration of the Group

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Tallinna Kaubamaja Grupp plans to conduct the following intragroup restructuring
in  2022 in  which  two  subsidiaries  of  the  Group merge and the provision of
financial services is assembled into a single subsidiary.

The merger of Selver AS and TKM King AS

Tallinna  Kaubamaja Grupp published  in a company  announcement on 20 July 2020
that  with the aim of reorganising the  structure of the companies of the Group,
retail  sale and  wholesale of  footwear, among  others, will  be separated into
separate companies. Tallinna Kaubamaja Grupp published in a company announcement
on  10 September 2021 that the  Group's subsidiary TKM  King AS gradually closes
ABC  King's and SHU's physical shoestores during 2022. TKM King AS retail stores
have  been closed by  now and TKM  King AS existing  wholesale business shall be
merged  with  Selver  AS.  Due  to  said  circumstance,  it  is not necessary to
establish the originally planned TKM Hulgikaubanduse OÜ.
The assets, rights and obligations of TKM King AS will transfer wholly to Selver
AS. The aim of the merger is to assemble the import of footwear as well as other
industrial goods intended mainly for the supermarket segment into Selver AS. The
merging companies Selver AS (the acquiring company) and TKM King AS (the company
being  acquired)  are  both  100% subsidiaries  of Tallinna Kaubamaja Grupp. The
merger  is planned to be carried out in 2022. Kristi Lomp, the current member of
the  management board of Selver AS, will  continue as a member of the management
board  of  Selver  AS.  The  supervisory  board  of Selver AS will continue with
members  Andres Järving (Chairman), Jüri Käo, Enn Kunila and Raul Puusepp. Anne-
Liis  Ostov, a member of the management board of TKM King AS, will continue as a
member  of the management board of the Group's cosmetics companies TKM Beauty OÜ
and TKM Beauty Eesti OÜ and as the Group's marketing director.

The transfer of part of enterprise of the monthly card to TKM Finants AS

Currently  the Group's loyalty program  Partnerkaart offers customers a personal
purchase  limit, which allows  Partnercard and Partner  bank card owners to make
purchases in the Group's companies' stores and e-shops by paying for the current
month's purchase at the beginning of the next month (Kuukaart). The provision of
the  Group's  financial  services  will  be  assembled into one subsidiary - TKM
Finants AS. In relation to that, Tallinna Kaubamaja Grupp will transfer the part
of  enterprise  related  to  the  monthly  card  service  to TKM Finants AS. The
transfer  of the part of  enterprise is planned for  August 2022 and it will not
involve any changes to the terms of the agreements with customers of Kuukaart.
The  Group's 100% owned subsidiary TKM Finants AS is a licenced creditor and the
planned transfer will expand the portfolio of financial services provided by TKM
Finants  AS.  Additional  financial  services  are  currently  being prepared to
provide even more convenient shopping to customers. TKM Finants AS plans to also
offer installment payment services to private persons.

The  reorganisation  of  the  Group's  structure  will  have  no  effect  on the
consolidated  financial results of the Group. The transfer of financial services
part  of enterprise is not deemed to  be qualifying acquisition of a holding for
the purposes of the part 'Requirements for issuers' of the Rules and Regulations
of  the NASDAQ OMX Tallinn  Stock Exchange and it  will not significantly impact
the  activity of the Tallinna Kaubamaja Grupp  AS. The members of the management
board  and the supervisory  board of Tallinna  Kaubamaja Grupp AS  have no other
personal interests in these transactions.

Raul Puusepp
Chairman of the Management Board
Tel +372 731 5000