07.06.2004, Tallinna Farmaatsiatehas, TLN

Tallinna Farmaatsiatehas      NEWS RELEASE                      06/07/2004



INFORMATION REGARDING TAKEOVER BID



At the extraordinary general meeting of shareholders of Tallinna

Farmaatsiatehase AS (hereinafter TFT) on 10 November 2003 Mr. Valdis

Jakobsons, the chairman of the management board of the majority shareholder

of TFT, Grindeks, announced possible making of the decision by Grindeks to

buy out the shares held by minority shareholders of TFT and making of

relevant offer. The aforesaid information was also contained in the news

release of TFT on 11 November 2003 concerning the decisions of the

extraordinary general meeting.



TFT hereby informs that in reply to the respective inquiry of TFT, in regard

to the possible takeover bid by Grindeks, Grindeks has stated that currently

it has no intention to make a takeover bid for acquiring the shares of

minority shareholders of TFT, since the respective management bodies of

Grindeks have not adopted a positive resolution on implementing this plan.

Grindeks has clarified that as the announcement made by Mr. Valdis Jakobsons

at the general meeting of shareholders of 10 November 2003 was merely aimed

to notify that Grindeks was intending to make a decision on this issue such

announcement was not, as such, legally binding for Grindeks to make the

respective takeover bid.



Grindeks has, however, informed TFT of its continuing willingness to quit

with TFT rom Tallinn Stock Exchange. Grindeks is therefore weighing the other

possibilities of quitting with TFT from Tallinn Stock Exchange.





Valdis Jakobsons

Member of the Council

+372 6120201