Tallinna Börs                 TRADING                           11/12/2003



FARMAATSIATEHAS - WATCH NOTATION GROUNDS ADDED



The management board of Tallinn Stock Exchange decided on november 3, 2003:



1. 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.



2. Add the following text as a supplementary ground to the watch notation of 

AS Tallinna Farmaatsiatehas:



"Tallinna Farmaatsiatehase AS has announced a extraordinary general meeting 

of shareholders on October 31 2003 (the meeting will take place on November 

10, 2003). On agenda is the change of agreements with AS Grindeks. The 

transactions with AS Grindeks are considered to be significant transactions 

with a person connected to the issuer. When performing significant 

transactions with a person conneceted to the issuer, the issuer is required 

to submit the information stipulated in clause 7.9.3 of these Requirements 

to the general meeting of shareholders along with the auditor’s opinion that 

the transaction does not damage the interests of the shareholders not 

concerned by the transaction.



Tallinna Farmaatsiatehase AS has presented the auditor's opinion to the 

general meeting, which does not confirm, that the transaction does not damage 

the interests of the shareholders not concerned by the transaction. The 

auditors opinion is available on HEX Tallinn's web page 

<a href='http://www.hex.ee/index.php?id=2934' target='_blank'>http://www.hex.ee/index.php?id=2934</a>



Based on the above, TSE has reason to believe, that there is an "another 

situation of the issuer that may materially damage theinterests of investors 

in the opinion of the Exchange" as stipulated in the article 3.5.4.6 of 

the "Supervision" chapter of TSE rules.



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

the watch notation without delay.





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