SAKU ÕLLETEHASE AS                 NEWS RELEASE                       Feb 28, 2005



NOTICE OF THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS OF SAKU ÕLLETEHASE

AKTSIASELTS



The annual general meeting of the  shareholders  of  Saku  Õlletehase  Aktsiaselts

will take place on 7  April  2005  from  12.00  to  14.00  in  the  administration

building of Saku Õlletehase Aktsiaselts in Saku.



Agenda of the annual general meeting:

   1. Approval of the annual report.

   2. Allocation of profits.

   3. Election and recall of members of supervisory board.

   4. Remuneration of members of the supervisory board (amount of remuneration and

      procedure of payment).

   5. Appointment of auditors until the next annual  general  meeting  (number  of

      auditors, their appointment and procedure of remuneration).



Motions to be presented to the general meeting:



1.  Approval of the annual report

Shareholders will be made a proposal to approve the annual report for 2004.



2. Allocation of profits

2.1. Shareholders will be  made  a  proposal  to  approve  the  profit  allocation

proposal presented by the management board: declare a net dividend (the  share  of

profit payable to  shareholders)  of  EEK  56,000,000  (E3,579,043),  i.e.  EEK  7

(E0.45) per share.



2.2. Shareholders will be made  a  proposal  to  approve  the  following  dividend

distribution procedure:

in accordance with the rules of Tallinn Stock Exchange, shareholders who  will  be

entitled to a dividend for 2004 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,  April  28,2005.

Dividends will be paid out on 16 May 2005 at the latest.



3. Election and recall of members of supervisory board

3.1. Shareholders will be made  a  proposal  to  recall  before  term  members  of

supervisory  board  Jaak  Leimann,  Saulius  Endriuska  and  Mauri  Jouni  Petteri

Pelkonen.



3.2. Shareholders will be made a proposal  to  elect  three  new  members  to  the

supervisory  board  -  Cardo  Remmel,  Janno  Veskimäe  and  Pjotr  Sanetra.   The

shareholders will be made a proposal to elect them for three (3) years  until  the

annual general meeting held in 2008.  A  new  members,  which  will  be  proposed,

their last 3 years working experience is following:



Cardo Remmel

1995 - 2004 as a Chairman of Executive Board in Saku Õlletehase AS



Janno Veskimäe

Since 2004 July as a Business Controller in BBH Baltics

2002 July - 2004 July BBH Ukraine Business Analyst

2001 June - 2002 July BBH Baltics Business Analysts



Pjotr Sanetra

Since 2005 Feb BBH Baltics Business Vice President in sale

2004 Apr - 2005 Feb BBH Baltics Market development Vice President

2002 Jan -  2004 Jan Pepsi Americas, Poland. Market Development Director,  members

of the PAS Poland Executive Boar



4. Remuneration of members  of  supervisory  board  (amount  of  remuneration  and

procedure of payment)



Shareholders will be made a proposal to pay members of the supervisory  board  for

performance of their duties in the 2005  financial  year  similarly  to  the  2004

financial  year,  i.e.  EEK  100,000  (one   hundred   thousand)   in   aggregate.

Remuneration terms  and  conditions  will  be  determined  at  a  meeting  of  the

supervisory board.



5. Appointment of auditors until  the  next  annual  general  meeting  (number  of

auditors, their appointment and procedure of remuneration)



5.1. Shareholders will be made a proposal to appoint two (2) auditors for one  (1)

year (until the next annual general meeting) and to  nominate  Andris  Jegers  and

Andres Root for the positions.



5.2. Shareholders  will  be  made  a  proposal  to  remunerate  the  auditors  for

performance of the audit of 2005 in accordance with the  audit  engagement  letter

which will be concluded with AS KPMG Estonia.





Kristina Seimann

Communication Manager

+372 6 508 303