Tallinna Börs                 TRADING                           11/17/2003



FARMAATSIATEHAS - WATCH NOTATION GROUNDS CHANGED



The management board of Tallinn Stock Exchange decided on November 11, 2003:



1. To discontinue the use of the watch notation on supplementary grounds 

added to shares of Farmaatsiatehase AS on November 3, 2003, based on the 

article 3.5.8 of the "Supervision" chapter of TSE Rules, as the grounds 

ceased to be.



2. To supplement the grounds of the watch notation added to the shares of AS 

Farmaatsiatehas on January 27, 2003, based on the article 3.5.4.6 of the 

"Supervision" chapter of TSE Rules.



3. To add the following text as a supplementary ground to the watch notation 

of AS Tallinna Farmaatsiatehas:



"Tallinna Farmaatsiatehas disclosed a news release on november 11, 2003 in 

which it announced, that "The representative of majority shareholder PJSC 

Grindeks Mr. Valdis Jakobsons, the Chairman of the Board mentioned that 

simultaneous participation of the parent and subsidiary companies on stock 

exchanges is not common practice. In short run PJSC Grindeks will make a 

decision to buy out the shares of Tallinna Farmaatsiatehase AS held by 

minority shareholders, relevant offer will be made."



The information disclosed in the news release refers unequivocally to "the 

filing of an application to delist the issuer’s securities or a potential 

commencement of the delisting procedure within the following six (6) months" 

stipulated in article 3.5.4.5 of the "Supervision" chapter of TSE Rules. The 

news release is available on HEX Tallinn's web page."



The Exchange shall publish a notice on the discontinuance of the grounds for 

the watch notation without delay.





Tallinn Stock Exchange

Market Services

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