The opinion of the Supervisory Board of Saku Õlletehase Aktsiaselts on mandatory takeover bid

This opinion has been prepared in accordance with Article 171(2) of the
Securities Market Act and Article 21 of the Takeover Rules in connection with
the mandatory takeover bid made by Carlsberg Estonia Holding OÜ (the “Offeror”)
for the acquisition of shares of Saku Õlletehase Aktsiaselts. 

The Supervisory Board of Saku Õlletehase Aktsiaselts is of the following
opinion: 

1.Apart from their service in the Supervisory Board and Management Board of
Saku Õlletehase Aktsiaselts, the members of the Supervisory Board and
Management Board of Saku Õlletehase Aktsiaselts have no contracts or other
relationships with Carlsberg Estonia Holding OÜ or any other Carlsberg A/S
(“Carlsberg”) group company except that: 

1.1. Tomas Kucinskas (chairman of the Supervisory Board) 
1) has the employment contract with UAB BBH Baltic, which is 100% owned by
Baltic Beverages Holding AB which, following Carlsberg group's acquisition of
50% shareholding that had been ultimately held by Scottish & Newcastle PLC, is
100% owned by Carlsberg group; 
2) is a Chairman of the Supervisory Board of Latvian brewing company AS Aldaris
which is 85% owned by Baltic Beverages Holding AB; 
3) is a Chairman of the Supervisory Board of Lithuanian brewing company UAB
“Svyturys-Utenos alus” which is 75% owned by Baltic Beverages Holding AB. 

1.2. Saulius Galadauskas (member of the Supervisory Board)
1) has the employment contract with UAB “Svyturys-Utenos alus” which is 75%
owned by Baltic Beverages Holding AB which is 100% owned by Carlsberg group; 
2) is a Member of the Supervisory Board of Latvian brewing company AS Aldaris
which is 85% owned by Baltic Beverages Holding AB; 
3) is a Member of the Supervisory Board of Lithuanian brewing company UAB
“Svyturys-Utenos alus” which is 75% owned by Baltic Beverages Holding AB. 

1.3. Andrew Tokely (member of the Supervisory Board)
1) has the employment contract with UAB BBH Baltic, which is 100% owned by
Baltic Beverages Holding AB which is 100% owned by Carlsberg group; 
2) is a Member of the Supervisory Board of Latvian brewing company AS Aldaris
which is 85% owned by Baltic Beverages Holding AB; 
3) is a Member of the Supervisory Board of Lithuanian brewing company UAB
“Svyturys-Utenos alus” which is 75% owned by Baltic Beverages Holding AB. 

1.4. Nicholas Johnston (member of the Supervisory Board)
1) has the employment contract with UAB BBH Baltic, which is 100% owned by
Baltic Beverages Holding AB which is 100% owned by Carlsberg group; 
2) is a Member of the Supervisory Board of Latvian brewing company AS Aldaris
which is 85% owned by Baltic Beverages Holding AB; 
3) is a Member of the Supervisory Board of Lithuanian brewing company UAB
“Svyturys-Utenos alus” which is 75% owned by Baltic Beverages Holding AB. 

1.5. Ireneusz Piotr Smaga (chairman of the Management Board)  
1) has the expatriation contract with Carlsberg Poland SA;
2) owns the shares of Carlsberg A/S.   

2.Tomas Kucinskas, Saulius Galadauskas, Andrew Tokely and Nicholas Johnston
have been elected to the Supervisory Board of Saku Õlletehase Aktsiaselts upon
the proposal of Carlsberg group. Ireneusz Piotr Smaga and Inga Kuusik have been
elected to Management Board of Saku Õlletehase Aktsiaselts by the Supervisory
Board of Saku Õlletehase Aktsiaselts. 

3.The members of the Supervisory Board and Management Board of Saku Õlletehase
Aktsiaselts have no conflicts of interest arising from the takeover bid. 

4.The Supervisory Board, including the independent member of the Supervisory
Board Cardo Remmel, estimate that the takeover bid does not have effect on the
interests of Saku Õlletehase Aktsiaselts and on the employment relationships of
Saku Õlletehase Aktsiaselts as, to the knowledge of the Supervisory Board,
Carlsberg has no intentions to make changes in main fields of operations of
Saku Õlletehase Aktsiaselts nor any material changes in the employment
policies. 

5.The chairman of the Supervisory Board Tomas Kucinskas owns 22,946 shares of
Saku Õlletehase Aktsiaselts and he intends to accept the takeover bid. The
other members of the Supervisory Board and the Management Board of Saku
Õlletehase Aktsiaselts do not own, directly or indirectly, the shares of Saku
Õlletehase Aktsiaselts. 

6.There are no agreements between Saku Õlletehase Aktsiaselts and any member
of the Management Board or the Supervisory Board of Saku Õlletehase Aktsiaselts
that provide for payment of compensation by Saku Õlletehase Aktsiaselts or any
third party or termination of such agreements in case of a takeover bid
concerning the shares of Saku Õlletehase Aktsiaselts. 

This opinion has been adopted by the Supervisory Board on 11 June 2008.

Tomas Kucinskas 

Saulius Galadauskas

Andrew Tokely 

Nicholas Johnston	 

Cardo Remmel