2000.06.05, Tallinna Farmaatsiatehas, TLN

TALLINNA FARMAATSIATEHAS

ANNOUNCEMENT



RESOLUTIONS OF SHAREHOLDERS' ANNUAL GENERAL MEETING



The annual eneral meeting of Tallinna Farmaatsiatehase AS shareholders was held 

on June 3, 2000, beginning at 12 a.m. at the conference centre of Central Hotel

(Narva St. 7C, Tallinn).



At AGM, there was participating 9 shareholders, representing 689560 shares, i.e.

55,1648  % of the stock capital.



RESOLUTIONS



1.Elect Ms. Anu Uritam as the Chairman of the meeting.

  Elect Mrs. Ireen Veltbach as the Protocollor of the meeting.

  Elect Mr. Mait Kivimets as the member of Commission for Counting the Votes.



2.Confirm the Rules of the General Meeting in the wording by Management Board.



3.Confirm the Agenda of the General Meeting according to the published

announcement:



      1.Opening the Meeting. Election of the Chairman of the meeting, the

      Secretary of the meeting and the Commission for Counting the Votes.

      2.Confirmation of the Rules of the General Meeting.

      3.Confirmation of the Agenda of the General Meeting.

      4.Report of the Chairman of the Management Board on annual financial

      statement and profit distribution.

      5.Report of the Supervisory Council.

      6.Approval of the annual financial statement of 1999 and the conclusion

      of the auditor.

      7.Approval of the profit distribution proposal for the year 1999.

      8.Recall of the Members of the Supervisory Council.

      9.Election of new Members of the Supervisory Council.

     10.Election of the auditor.



4.Approve the annual report for1999 and the conclusion of the auditor.



5.Approve the proposal for allocation of net profit of 1999 in following

wording:



Distribute the profit with the total amount of 5 781 787 (five million seven

hundred eighty-one thousand seven hundred eighty-seven) kroons to accumulated

deficit forming 8 560 442 (eight million five hundred sixty thousand four

hundred forty-two) kroons by state of December 31,1999.



The Balance of the accumulate deficit after the annual report has been signed

2 778 655 (two million seven hundred seventy-eight thousand six hundred fifty-

five) kroons.



6.Recall Mr. Vitaljis Skrivelis (identity code 250859-11840, residing in Riga,

Latvia) the Chairman of the Supervisory Council since June 3, 2000.



7.Elect Mr. Ivo Beikmanis (identity code 060971-10609, residing in Riga,

Latvia) a new Member of the Supervisory Council since June 3, 2000.



8.Elect Mr. Lipman Zeligman (identity code 200147-10109, residing in Riga,

Latvia) a new Member of the Supervisory Council since June 3, 2000.



9.Elect Mr. Marcel Vichman (identity code 36501172715, residing in Tallinn,

Estonia) a new Member of the Supervisory Council since June 3, 2000.



10.Elect Mr. Villu Vaino (identity code 37112180215, residing in Tallinn,

Estonia, auditor licence No. 404, representing the audit enterprise 

AS Deloitte & Touche Eesti) an auditor for the year 2000 for annual report

of Tallinna Farmaatsiatehase AS.



The AGM was ended at 1.35 p.m.





Raivo Unt

Director of Finance

+372 6120 201