Tallinna Börs                 TRADING                           01/28/2003



ADDING WATCH NOTATION TO FARMAATSIATEHAS SHARE



On January 27, 2003 Tallinn Stock Exchange Ltd. Managing Director decided to 

add a watch notation to Tallinna Farmaatsiatehas Ltd. share, proceeding from 

prescription of the Financial Supervision Authority:



1. Tallinna Farmaatsiatehas Ltd. is required to promptly apply measures for 

immediate implementation of articles 1.2.2-1.2.4, 2.2, 2.4.1 and 6.4 of 

chapter "Requirements for Issuers" of the Rules and Regulations of Tallinn 

Stock Exchange Ltd., operator of regulated securities market, but no later 

than within 14 days from the date of this prescription. Tallinna Farmaatsia-

tehas Ltd. is instructed to present an explanation about persons who have 

acquired holding in Solem LLC-s that holds a stake of 45% of PA/S-s Grindeks 

that in turn holds over 50% stake in Tallinna Farmaatsiatehas Ltd., as well 

as about a person or persons or absence of persons who de facto control 

Solem LLC;



2. To disclose this prescription through regulated securities market operated 

by the Tallinn Stock Exchange Ltd., and promptly add the watch notation to 

Tallinna Farmaatsiatehas Ltd. share in regulated securities market trading 

system operated by the Tallinn Stock Exchange Ltd., and to trading 

information page on Tallinn Stock Exchange Internet Homepage at least until 

disclosure of information through regulated securities market operated by 

the Tallinn Stock Exchange Ltd. regarding stakeholders of Solem LLC, and 

about a person or persons who de facto control Solem LLC, or about absence 

of such persons.



In order to allow an investor evaluate share's true market value, 

transparency of regulated securities market has to be guaranteed pursuant 

to Securities Market Act.



On 27.11.2002 Tallinna Farmaatsiatehas Ltd. announced through Tallinn Stock 

Exchange regulated market that Sampo Pank Ltd. informed BNS on 26.11.2002 

that SIA Arials, controlled by Sampo Pank Ltd., sold its stake in Latvian 

medicines company PA/S Grindeks to two new investors. Solem LLC, a company 

of the USA, acquired 45 per cent of PA/S Grindeks shares, and 20.7 per cent 

of PA/S Grindeks shares were sold to private person Anna Lipmane. Tallinn 

Stock Exchange Ltd. has not disclosed information through the regulated 

securities market regarding stakeholders of Solem LLC, and about a person 

or persons who de facto control Solem LLC, or about absence of such persons. 



Solem LLC is a company registered in Oklahoma of the United States. As of 

20.11.2002 the Financial Supervision Authority obtained information of 

T&J Consulting Ltd. publicly advertising Solem LLC as a "shell corporation", 

established in August 2002, on its Internet Homepage. The Financial 

Supervision Authority suspects proceeding from information compiled during 

the supervision procedure that begun on 27.11.2002 in cooperation with the 

Latvian Supervision Institution (Finansu un Kapitala Tirgus Komisija) that 

Kirovs Lipmans, resident of Latvia, controls Solem LLC. According to the 

Financial Supervision Authority information sources PA/S Grindeks is a 

Latvian company, Kirovs Lipmans and Anna Lipmane spouses living at the same 

address. PA/S Grindeks holds over 50% stake in Tallinna Farmaatsiatehas Ltd. 

Thus, proceeding from above, the Financial Supervision Authority has a 

reasonable doubt that Kirovs Lipmans has obtained control over PA/S Grindeks 

in cooperation with person acting in concert.





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