Tallinna Börs                 NEWS RELEASE                      12/11/2002



LISTING COMMITTEE DECISION ON SAKU ÕLLETEHAS



On 09.12.2002 the Listing Committee of Tallinn Stock Exchange (hereinafter: 

TSE) discussed the possible breach of TSE Rules and Regulations (hereinafter: 

TSE Rules) by a member of the Management Board of Saku Õlletehas Ltd. 

(hereinafter: Saku Õlletehas).



Proceeding from article 2.7.2 of "Requirements for Issuers" (hereinafter: RFI)

of TSE Rules members of the Management Board and the Supervisory Board of the 

issuer, the auditors, procurators and persons connected to them, are not 

allowed to effect transactions in the issuer’s securities for their own 

account or through an intermediary, during the time which starts one week 

before to the end of the reporting period until one day after the publication 

of the financial results of the reporting period of the issuer. Where the 

issuer is obliged to submit consolidated statements to the Exchange according 

to the current terms of the requirements, the mentioned time ends on the day 

following the day of disclosing the consolidated statements. For the purposes 

of the present rules a reporting period shall be the period during which an 

issuer shall regularly forward to the Exchange the balance sheet and/or the 

income statement about the issuer or its significant subsidiary.



Pursuant to article 2.4.1. of RFI an issuer is required to keep a list of 

persons who, in accordance with the provisions of article 2.2., are in 

possession of inside information. Upon request from the Exchange, an issuer 

is required to submit such a list to the Exchange.



Pursuant to article 2.4.2 an issuer is required to inform all persons, who, 

pursuant to article 2.2. of RFI, are in possession of inside information, of 

the provisions of RFI and to require such persons to act in accordance with 

RFI.



In accordance with disclosure of Saku Õlletehas interim report 2002 the 

article 2.7.2 of RFI was continuously applicable from 24.06.2002 to 

27.08.2002. A member of the Management Board of Saku Õlletehas made a sales 

transaction in Saku Õlletehas shares during the aforementioned period.



Having examined the presented materials, the Listing Committee of TSE decided 

as follows: 



1. Actions of the Saku Õlletehas Management Board member have been in 

conflict with the provisions of article 2.7.2 of RFI. The Listing Committee 

observes that the Saku Õlletehas Management Board member should have made 

the given transaction with anticipated accuracy in order to fulfil the 

provisions of the Rules, i.e. by informing the Client Administrator as one's 

representative of applicable restrictions. Also notifying that on the 

occasion of the representative's operations in accordance with guidelines of 

the person being represented, the latter may not rely on representative's 

unawareness of circumstances the person being represented knew or should 

have known;



2. Measures for internal audit of Saku Õlletehas (in order to ensure 

fulfillment of obligations proceeding from article 2 of RFI) shall be deemed 

adequate;



3. Use of confidential information has not been identified in actions of the 

member of Saku Õlletehas Management Board.



Proceeding from the above the Listing Committee decided to issue a warning 

for violation of article 2.7.2 of RFI.





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