2003.04.15, Tallinna Farmaatsiatehas, TLN

Tallinna Farmaatsiatehas      NEWS RELEASE                      04/15/2003



AMENDING THE LICENSE AGREEMENT



The Shareholders´ General Meeting of Tallinna Farmaatsiatehase AS decided

on April 14, 2003 to approve the Amendment of clause 4.1 of License Agreement

between Tallinn Pharmaceutical Company and PJSC Grindeks in the wording by

Director.



Between Tallinna Farmaatsiatehase AS (TFT) and parent company PJSC Grindeks

has been concluded License Agreement, in which the Tallinna Farmaatsiatehase

AS has a right for royalty for License which equals to 23 % per year net

sales turnover of the products manufactured by parent company. According to

License Agreement in year 2002 TFT had a right for minimum royalty for

3 000 000 EEK, from which has been received 877 594 EEK. The shareholders of

TFT decided to approve the amendment of License Agreement and disclaim

the minimum royalty request, which in year 2002 is loss of profit in the

amount of 2,122,406 EEK. Named profit hasn´t been included in gross profit

of Annual Report for the Financial Year Ended 31 December 2002. The Amendment

of License Agreement is approved by Director and Board.



According to § 303 of Commercial Code the restraint of voting right was

applied for majority shareholder Grindeks regarding present decision

approval, because the transaction was made between shareholder and join-stock

company.



Altogether 15 shareholders (1 020 343 shares) attended the meeting, 

the present decision was voted by 13 shareholders (64 395 shares)

Amendment of clause 4.1 of License Agreement between Tallinn Pharmaceutical

Company and PJSC Grindeks:

	For:		7 shareholders with 63 818 shares (99,104 %)

	Against:		2 shareholders with 135 shares     (0,210%)

	Unbiased: 	3 shareholders with 422 shares     (0,655%)

	Didn´t vote:	1 shareholder with 20 shares       (0,031%)





Raivo Unt

CFO

+372 6120201