Tallinn Stock Exchange           TRADING                   27.09.2004



REMOVING TWO GROUNDS FROM TFA WATCH NOTATION



On January 27, 2003 Tallinn Stock Exchange Managing Director decided 

to add a watch notation to Tallinna Farmaatsiatehase AS share, 

proceeding from prescription by the Financial Supervision Authority.



On November 11, 2003 Tallinn Stock Exchange Management Board decided 

to supplement the grounds of the watch notation added to Tallinna 

Farmaatsiatehase AS shares, based on the article 3.5.4.5 of the 

"Supervision" chapter of TSE Rules. 



In connection with convening Tallinna Farmaatsiatehase AS Extraordinary 

General Meeting, Tallinn Stock Exchange Management Board decided on 

July 27, 2004 to supplement the grounds of the watch notation added to 

Tallinna Farmaatsiatehase AS shares, based on the articles 3.5.4.5 and 

3.5.4.6. of the "Supervision" chapter of TSE Rules.



On September 22, 2004, Tallinn Stock Exchange Management Board decided 

to discontinue using the grounds added to the watch notation on 

November 11, 2003 and July 27, 2004, as the circumstances for 

supplementary grounds ceased to be. 



Tallinn Stock Exchange Management Board did not remove the watch 

notation that was added to Tallinna Farmaatsiatehase AS share on 

January 27, 2003, proceeding from prescription by the Financial 

Supervision Authority.





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