2004.09.17, Tallinna Farmaatsiatehas, TLN

Tallinna Farmaatsiatehas      NEWS RELEASE                      09/17/2004



ARBITRATION PROCEEDINGS



Today, on 17/09/2004, Tallinna Farmaatsiatehase AS received the ruling of

the arbitration court that finalised the dispute between Tallinna

Farmaatsiatehase AS and AS Tallinna Börs regarding the annulment of the

decision of the Listing and Surveillance Committee of Tallinn Stock Exchange

as of 25 May 2004. The arbitration court satisfied the claim of Tallinna

Farmaatsiatehase AS partly and annulled the penalty of EEK 250.000 imposed

by the decision of the Listing and Surveillance Committee.





Ibraim Muhtsi

Director

+3726120201