09.09.2004, Tallinna Farmaatsiatehas, TLN

Tallinna Farmaatsiatehas      NEWS RELEASE                      09/09/2004



ARBITRATION PROCEEDINGS



Today, on 09/09/2004, the second hearing of arbitration proceedings was held

with regard to the dispute between Tallinna Farmaatsiatehase AS and AS

Tallinna Börs, initiated by Tallinna Farmaatsiatehase AS for annulment of the

decision of the Listing and Surveillance Committee of Tallinn Stock Exchange

as of 25 May 2004. The merits of the matter were adjudicated immediately as

a continuation of the preliminary hearing. The parties kept their positions

as previously presented in writing. The arbitration court shall make the

judgement within seven days.





Raivo Unt

CFO

+3726120201