Market announcement

Title

Saku Õlletehase AS Stock exchange release 29.05.2008

Message

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