At the request and on behalf of Carlsberg Estonia Holding OÜ Saku Õlletehase AS makes the following announcement: NOTICE OF TAKEOVER BID As at 9 May 2008, the majority shareholder of Saku Õlletehase Aktsiaselts (hereinafter Saku Õlletehas) was Baltic Beverages Holding AB, which held 6,000,841 shares of Saku Õlletehas representing approximately 75.01% of all shares of Saku Õlletehas. Until 9 May 2008, 50% of the shares of Baltic Beverages Holding AB had been held by Carlsberg A/S (hereinafter Carlsberg) group and the remaining 50% shareholding had been held by Scottish & Newcastle PLC. On 9 May 2008 Carlsberg Breweries A/S, a 100% subsidiary of Carlsberg, acquired the remaining 50% of the shares of Baltic Beverages Holding AB. As a result of this transaction Carlsberg acquired control over Saku Õlletehas within the meaning of Article 167 of the Securities Market Act. According to Article 166(1) of the Securities Market Act, a person who has acquired control over an issuer of shares listed on the Tallinn Stock Exchange (the target issuer), either directly or together with other persons acting in concert, is under the obligation to make a takeover bid for all shares of the target issuer within 20 days as of the acquisition of control. Carlsberg hereby makes, through its 100% subsidiary Carlsberg Estonia Holding OÜ, a mandatory takeover bid for the acquisition of shares of Saku Õlletehas held by the shareholders of Saku Õlletehas on the following terms (hereinafter the Bid). OFFEROR, PERSONS ACTING IN CONCERT, TARGET ISSUER The offeror is Carlsberg Estonia Holding OÜ, registry code 11506582, registered address at Tallinna mnt 2, Saku 75501, the Republic of Estonia (hereinafter the Offeror). Persons acting in concert with the Offeror are Carlsberg A/S (registry code 61056416, address Ny Carlsberg Vej 100, DK-1760, Copenhagen V, Denmark), Carlsberg Breweries A/S (registry code 25508343, address Ny Carlsberg Vej 100, DK-1760, Copenhagen V, Denmark) and Oy Sinebrychoff AB (registry code 0113951-4, address Sinebrychoffinaukio 1, 04250 Kerava, Finland). The target issuer is Saku Õlletehase Aktsiaselts, registry code 10030278, registered address at Tallinna mnt 2, Saku 75501, the Republic of Estonia. SHARES OF SAKU ÕLLETEHAS HELD BY OFFEROR AND PERSONS ACTING IN CONCERT As at 29 May 2008, the Offeror owns 6,000,841 shares of Saku Õlletehas, representing approximately 75.01% of all shares of Saku Õlletehas and of votes represented by such shares. As at 29 May 2008, the persons acting in concert with the Offeror and other entities controlled by Carlsberg do not own any shares of Saku Õlletehas. DESCRIPTION OF SHARES BEING THE OBJECT OF THE BID Saku Õlletehas has issued a total of 8,000,000 registered common shares with the nominal value of 10 kroons each share. All shares of Saku Õlletehas are listed on the Tallinn Stock Exchange. The Bid is made for all shares of Saku Õlletehas which are not owned by the Offeror, i.e. 1,999,159 shares in total which represent approximately 24.99% of all shares of Saku Õlletehas. PURCHASE PRICE 194.06 Estonian kroons (i.e. 12.40 euros) per share (hereinafter the Purchase Price). TERM OF THE BID The time period for accepting the Bid shall commence on 29 May 2008 and end on 26 June 2008. Shareholders wishing to accept the Bid must submit transaction instructions to their securities accounts' custodians by such deadline on 26 June 2008 as specified by the custodians to their clients that will enable the custodians to register the instructions in the Estonian Central Register of Securities (hereinafter ECRS) 17:00 on 26 June 2008 at the latest. PAYMENT OF PURCHASE PRICE AND TRANSFER OF SHARES Payment of Purchase Price and transfer of shares shall be executed on 3 July 2008 through delivery-versus-payment method. On 3 July 2008 the Offeror shall pay to each shareholder who has accepted the Bid the Purchase Price according to the number of shares sold by such shareholder against the transfer of the relevant shares. PROCEDURE FOR ACCEPTANCE OF THE BID AND PLACES OF DISTRIBUTION OF THE PROSPECTUS Each shareholder wishing to accept the Bid and sell the shares must contact the relevant custodian of its securities account that has opened the ECRS securities account on which the shares of Saku Õlletehas belonging to such shareholder are held and register with the custodian a transaction instruction for the sale of shares in accordance with the terms set forth in the prospectus of the takeover bid. The prospectus setting out the terms of the Bid has been published in electronic form on the web page of Tallinn Stock Exchange (www.baltic.omxnordicexchange.com) and the web page of Estonian Financial Supervision Authority (www.fi.ee). The prospectus is available on paper at the offices of SEB Pank at Tornimäe 2, Tallinn. The notice and prospectus of the Bid have been approved by the Estonian Financial Supervision Authority on 28 May 2008. Carlsberg Estonia Holding OÜ