Saku Õlletehas                NEWS RELEASE                      03/05/2004



NOTICE OF THE ANNUAL GENERAL MEETING



The  annual general meeting of the shareholders of Saku  Brewery

Ltd  will  take place on 2 April 2004 at 11.00 a.m. in the  

office building of Saku Brewery Ltd at Tallinn Road 2, 

Saku alevik, Saku vald, Harjumaa.



The  annual general meeting of the shareholders of Saku  Brewery

Ltd  can be attended by shareholders who are registered  in  the

share  register of Saku Brewery Ltd at the date  of  the  annual

general  meeting,  i.e. on 2 April 2004, at 8 a.m.  Shareholders

may  be represented at the general meeting by proxies presenting

corresponding written authorization. Attendance of a proxy  does

not  deprive the shareholder of the right to attend  the  annual

general meeting.



Registration  of the participants of the annual general  meeting

of the shareholders of Saku Brewery Ltd begins at 10.30 and ends

at 10.55 a.m. on 2 April 2004.



At  the  annual  general  meeting of the  shareholders  of  Saku

Brewery  Ltd  shareholders  who  are  natural  persons  will  be

requested to produce an identity document with a photo.  Proxies

of  shareholders  who are natural persons will be  requested  to

produce a document verifying their authorization and an identity

document with a photo.



At  the  annual  general  meeting of the  shareholders  of  Saku

Brewery Ltd legal representatives of shareholders who are  legal

persons  will  be  requested  to produce  a  transcript  of  the

registry card of the legal person and an identity document  with

a  photo. Proxies of shareholders who are legal persons will  be

requested  to  produce a document verifying their authorization,

an  identity  document  with a photo and  a  transcript  of  the

registry card of the legal person.



Agenda of the ordinary annual general meeting:

1.  Approval of the annual report.

2.  Allocation of profits.

3.  Remuneration of members of the supervisory board (amount and

procedure of payment).

4.  Appointment of auditors until the next annual general

meeting (number of auditors, their appointment and procedure of

remuneration).



Materials of the annual general meeting:



1.  Approval of the annual report

The  chairman of the meeting moves that shareholders approve the

annual report for 2003.

Shareholders can acquaint themselves with the annual  report  of

Saku  Brewery Ltd at the secretary’s office on floor  1  of  the

office  building  of  Saku Brewery  Ltd(address: Tallinn Road 2,  

Saku alevik, Saku vald, Harjumaa 75501) from 9 a.m.  to

4  p.m.  on business days or in the Internet at <a href='http://www.saku.ee' target='_blank'>http://www.saku.ee</a>  and

<a href='http://www.hex.ee.' target='_blank'>http://www.hex.ee.</a>



2. Allocation of profits

2.1. The chairman of the meeting moves that shareholders approve

the following profit allocation proposal:

Net  profit amounts to EEK 54,770,000 (fifty-four million  seven

hundred  seventy  thousand) (€3,500,000), the share  of  profits

distributed  to  shareholders amounts to EEK  40,000,000  (forty

million)  (€2,556,000) and net dividend amounts to EEK 5  (five)

(€0.32) per (1) share.



2.2. The chairman of the meeting moves that shareholders approve

the following dividend distribution procedure:

In   accordance  with  the  rules  of  Tallinn  Stock  Exchange,

shareholders  who are entitled to a dividend for  2003  will  be

determined  on  the  basis of the list of  shareholders  at  the

Estonian Central Depository for Securities at 8 a.m. on the 15th

stock exchange day from the day of the general meeting, i.e.  on

26  April 2004. Dividends will be paid out on 10 May 2004 at the

latest.



3.  Remuneration of members of the supervisory board (amount and

procedure of payment)

The  chairman of the meeting moves that shareholders pay members

of the supervisory board for performance of their duties in 2004

similarly to their remuneration for 2003, i.e. up to EEK 100,000

(one  hundred  thousand) in aggregate. The terms of remuneration

will be determined in a meeting of the supervisory board.



4. Appointment of auditors until the next annual general meeting

(number   of  auditors,  their  appointment  and  procedure   of

remuneration)

4.1. The chairman of the meeting moves that shareholders appoint

two (2) auditors for one (1) year (until the next annual general

meeting) and that the auditors be Andris Jegers and Andres Root.

4.2.  The  chairman of the meeting moves that  shareholders  pay

auditors  a  fee  for  the audit of the  accounts  for  2004  in

accordance  with  the  audit  engagement  letter  that  will  be

concluded with AS KPMG Estonia.





Kristina Seimann

Communication Manager

+372 6 508 303