Tallinna Börs                 NEWS RELEASE                      09/15/2003



COMMITTEE'S DECISION ON FARMAATSIATEHAS



On 10.09.2003 the TSE Listing and Surveillance Committee discussed the 

possible breach of TSE Rules and Regulations (TSE Rules) by Tallinna 

Farmaatsiatehase AS (TFT).



TSE Listing and Surveillance Committee, having investigated the circumstances 

established in the supervisory operations, and examined the presented 

materials, has come to the following conclusion:



1. TFT has repeatedly violated the information disclosure requirements as 

stipulated in the articles 1.2.1, 1.2.3, 1.2.4, 2.1.8, 2.1.10 and 4.1.4 

of "Requirements for Issuers" (RFI) section of TSE Rules, and also the 

statutory regulations (§ 135 clause 1, § 142 clauses 1,2 of the "Securities 

Market Act"; § 46 clauses 1, 2,  § 47 clauses 1-4, § 52 clause 1, § 53 clause 

1, p. 4, § 53 clause 3, § 55 clauses 3, 4 of the Regulation No. 14 of the 

Minister of Finance of 21 January 2003 "Requirements of listing").



2. The violation of it's obligations by TFT has been repetitive, significant 

and, by TSE Listing and Surveillance Committee's judgement, also proven by 

established circumstances and collected materials during the surveillance 

proceedings carried out by Tallinn Stock Exchange.



3. No objective circumstances have been identified to have precluded TFT to 

meet it's obligations to disclose information concerning the decrease in 

export turnover; TFT's profit expectations and profitability prognosis for 

2003; and the matters discussed in the extraordinary general meeting of the 

shareholders, that took place on July 25, 2003.



4. The imposing of legal means in TSE's jurisdiction upon TFT is 

substantiated.



Considering what is said above and based on the "Agreement for listing 

securities on Tallinn Stock Exchange" between Tallinna Farmaatsiatehase AS 

and Tallinn Stock Exchange, and pursuant to § 160 of the "Securities Market 

Act";  articles 10.1, 10.2 of the "Requirements for Issuers" section, 

articles 4.1.2.1, 4.3.1, 4.8.1, 4.8.2 of the "Supervision" section and 

article 2.1 of the "Rates of Fines" section of TSE Rules and Regulations, TSE 

Listing and Surveillance Committee has decided to:



1. Fine Tallinna Farmaatsiatehase AS in the amount of 50 000 (fifty thousand) 

Estonian kroons, for violating the provisions of articles 1.2.1, 1.2.3, 

1.2.4, 2.1.8, 2.1.10 and 4.1.4 of the RFI.



2. The amount mentioned in clause 1 is liable for payment by September 20, 

2003 (at latest).



3. Oblige TFT to immediately take relevant measures to ensure the promptness, 

accuracy and completeness of the information disclosure as required in TSE 

Regulations and the legislation.



4. Oblige TFT to present the measures mentioned in clause 3 to TSE by 

November 1, 2003 (at latest) in writing.





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