2003.04.15, Tallinna Farmaatsiatehas, TLN

Tallinna Farmaatsiatehas      NEWS RELEASE                      04/15/2003



RESOLUTIONS OF ANNUAL GENERAL MEETING



The Shareholders´ General Meeting of Tallinna Farmaatsiatehase AS was

held on April 14, 2003, beginning at 11 a.m. at the conference centre of

Radisson SAS Hotel (Rävala St. 3, Tallinn).



The Shareholders´ General Meeting (SGM) was attended by 15

shareholders/represenantives, representing 1 020 343 shares or 81,627 %

of the share capital, thus the SGM was eligible to pass resolutions.



The SGM made resolutions as follows:



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

   Elect Ms. Aiki Veenpere as the Protocoller of the meeting.

   Elect Mr. Indrek Vaheoja as the member of Commission for Counting

the Votes.



2. Confirm the Rules of the General Meeting.



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. Amendment to License Agreement between Tallinn Pharmaceutical

         Company and PJSC Grindeks.

      5. Report of the Director.

      6. Approval of the annual financial statement of 2002 and the conclusion

         of the auditor.

      6. Approval of the profit distribution proposal for the year 2002.

      7. Recall of the members of the supervisory board.

      8. Election of the members of the supervisory board.

      8. Election of the auditor.

      9. Other.



4. To approve the amendment of clause 4.1 of License Agreement between

Tallinn Pharmaceutical Company and PJSC Grindeks in the wording by Director.



5. To approve the annual report for 2002 and the conclusion of the auditor.



6. To approve the proposal for distribution of net profit of 2002 as follows:

to allocate the net profit of the year 2002 in the amount of 4 995 115 EEK to

retained earnings.



7. To recall a member of the Supervisory Board Lipman Zeligman, personal code

200147-10109, residing in Riga, Latvia.



8. To recall the member of the Supervisory Board Andres Toome personal code

37201090298, residing in Tallinn, Estonia.



9. To recall the member of the Supervisory Board Alar Kiilmaa, personal code

36903132742, residing in Tallinn, Estonia.



10. To recall the member of the Supervisory Board Marcel Vichman, personal

code 36501172715, residing in Tallinn, Estonia.



11. To elect Valdis Jakobsons, personal code 040638-10106, residing in

Tallinn, Estonia, a new member of the Supervisory Board of Tallinna

Farmaatsiatehase AS.



12. To elect Villu Vaino (personal code 37112180215, residing in Tallinn,

Estonia, auditor license No. 404, representing the audit enterprise AS

Deloitte & Touche Eesti) to audit the financial reports of Tallinna

Farmaatsiatehase AS in 2003.





Raivo Unt

CFO

+372 6120201