S

1
SN and HartwallA Major International Brewing
Group

• 14 February 2002

Not for release, publication or distribution in
whole or in part in or into the United States
Canada Australia or Japan
2
Brian Stewart

• Chairman

3
Running Order

• Brian Stewart, Chairman
• SN strategy
• Compelling strategic rationale
• Hartwall
• BBH
• Ian McHoul, Group Finance Director
• Hartwall financials
• The transaction in detail
• Funding and pro-forma balance sheet
• Outlook
• Brian Stewart, Chairman
• Summary and questions

4
SN Strategy

• To further expand our market position in Western
  Europe based upon focused brand-building and
  pursuit of cost efficiency
• To use this as a platform for selective
  developments into high-growth emerging markets
• To enter new markets with experienced partners
  holding strong market positions

5
Compelling Strategic Rationale
Why Hartwall?

• Hartwall is Finlands largest beverages company
  and holds 50 of BBH
• BBH is the market leader in Russia, one of the
  largest and fastest growing markets in the world
• The combination of SN and Hartwall will result
  in a group with
• leading European market positions
• leading positions in high growth markets
• an outstanding brand portfolio, and
• a proven and highly experienced international
  management team

6
Compelling Strategic Rationale
Leading European market positions
45
30
49
45
45
28
16
18
41
40
Source Plato Logic Ltd/ Trade Associations/
Company Sales Data
7
Compelling Strategic Rationale
Leading positions in high growth markets
Market Market Growth share Market Size
2001 Since 2001 () position (m hl) 1998 ()

• Russia 30 1 61.5 69
• Ukraine 18 3 12.0 76
• Estonia
• Latvia 45 1 4.2 59
• Lithuania

Source Hartwall estimates
Ukraine CAGR for 1998-2001
8
Compelling Strategic Rationale
Leading European brands
m
hls 1. Heineken 12.5 2. Amstel 8.9 3. Baltika 8.0
4. Kronenbourg 7.9 5. Carlsberg 6.9 6. Stella
Artois 6.7 7. Carling 6.5 8. Fosters 5.9 9. Tubo
rg 5.8 10. Efes-Pilsner 5.6 Source Plato
Logic Ltd, Y2000 estimate
9
Compelling Strategic Rationale
Experienced international management

• Hartwalls management adds to SNs existing
  international expertise
• Two Hartwall directors to be appointed as
  non-executive directors of SN
• Erik Hartwall
• Henrik Therman
• Hartwall MD to be appointed to the Group
  Management Board and report to SN MD
• Hartwall and BBH JV to continue to be managed
  ex-Helsinki

10
Hartwall
Market leader in total beverages
Total Market 2001
Market Share 2001
Mineral waters
Cider
Others
Olvi
0
0.5
0.6
11
Soft drinks
Hartwall
45
2.9
Beer
4.1
Sine-
brychoff
Long drinks
44
0.2
Total market size 8.3 m hl
Source Panimoliitto
11
Hartwall
Strong beer brands
Finnish beer top six 2001
Million/Litres
Source Panimoliitto
12
Hartwall
Pursuit of cost efficiency

• Ongoing rationalisation of production and
  distribution
• Major investment in a state-of-the-art production
  and distribution centre to be completed in 2003

13
BBH
Spectacular volume growth 1991 - 2001
BBHs aggregate sales volume (consolidated, m hl)
23.84
25
30
20
18.29
15
12.78
9.13
10
6.18
5
3.18
2.02
1.51
0.75
0.33
0.14
Source Extracted from Hartwall Annual Accounts
to 2000 and Management Accounts 2001
14
BBH
BBH success factors

• Through early market entry BBH has created a
  market leadership position
• Spectacular volume growth through acquisitions
  and capacity expansion
• Has invested in and modernised breweries
• Developed a brand strategy with a focus on the
  main-stream quality segment
• Baltika is the number one brand in Russia
• beer of western quality using modern technology
• Committed to improving the distribution system

15
BBH
Russian beer market overview
Per Capita Consumption in W Europe vs Russia
(litres)
Market growth (m hl)
Country Litres Czech Rep 158 Germany 131 Austria 1
11 Denmark 104 UK 96 Netherlands 85 Finland 80 Hun
gary 73 Poland 68 Russia 41 Source
Euromonitor, Plato Logic Ltd
Source Hartwall estimates
Per capita consumption (litres)
Source Hartwall estimates
16
BBH
Russian beer market overview
The Russian beer market 2001
Foreign ownership of beer assets
Company Ownership BBH 50 Hartwall 50 Carlsberg
Breweries Sun Interbrew 66 Interbrew 17 Sun
Trade 17 Others Bravo 100 Heineken Source
UBS Warburg
Total beer market 61.5 m hl
Source Hartwall estimates
17
BBH
Russian beer market - growth drivers

• GDP growth and increase in personal incomes
• Improved quality - pasteurisation and packaging
• Improved availability - capacity, transport,
  shelf life
• Increased marketing spend
• Pricing/duty relative to vodka
• Change in consumption culture
• Favourable demographic trends

18
Brand shares in Russia
BBH
BBH
SUN Interbrew
Others
Source Hartwall
19
BBH
Strong Russian population coverage
8,5 m people
15 m people
Baltika
Vena
St. Petersburg
Yarpivo
35 m people
N.Novgorod
Moscow
Perm
Tula
20 m people
Kazan
Rostov-na-Donu
Ekaterinburg
Samara
Ufa
Zolotoy Ural
Baltika-Don
Voronezh
Volgograd
Chelyabinsk
Krasnoyarsk
15 m people
Omsk
Pikra
Novosibirsk
10 m people
Population over 1 M
BBH Breweries
Source Hartwall
20
BBH
Ukrainian beer market overview
Market growth (m hl)
The Ukraine beer market 2001
Other
29
Source Hartwall estimates
BBH
18
Per capita consumption (litres)
Obolon
22
SUN
Interbrew
31
Total beer market 12.0 m hl
Source Hartwall estimates
Source Hartwall estimates
21
BBH
Baltic countries beer market overview
Latvia
Market growth (m hl)
Estonia
Source Hartwall estimates
Source Hartwall estimates
Source Hartwall estimates
Per capita consumption (litres)
Lithuania
Utenos Alus
17
Other
25
Imports
2
Vilniaus
Taurus
12
Svyturys
28
Kalnapilis
Source Hartwall estimates
16
Source Hartwall estimates
22
Ian McHoul

• Group Finance Director

23
Hartwall - Historic Performance

• 1999 2000 2001 Growth
• 2000 2001
• Volumes (m hl) 10.5 13.2 16.0 26 22
• Sales (Eur m) 467 612 808 31 32
• EBITDA (Eur m) 116 155 225 34 45
• EBITDA margin 24.8 25.3 27.9
• EBIT (Eur m) 77 103 162 34 58
• EBIT margin 16.4 16.8 20.1

(i) Numbers include 50 of BBH. (ii) Sales
numbers exclude duty.
24
Hartwall - 2001 Profile
Net sales (Eur m)
Operating profit (Eur m)
319
23
Volume (m hl)
489
139
4.2
Hartwall Finland
11.9
BBH (50)
25
Hartwall - Historic Performance

• Eur m 1999 2000 2001 Growth
• 2000 2001
• EBIT 77 103 162 34 58
• Interest (4) (8) (11)
• EBT 73 95 151 30 59
• Tax (15) (25) (26)
• Minorities (12) (18) (32)
• Net profit 46 52 93 12 81
• EPS 0.76 0.80 1.40 5 75
• Tax rate 21 26 17

26
The Transaction

• Agreed terms
• Pro-forma combined group
• Outlook for the combined group
• Timetable

27
The Transaction - Price

• SN has agreed with Hartwall that it will make an
  offer for shares in Hartwall at a consideration
  of 3.152 SN shares for each Hartwall share. This
  offer will be recommended by the Hartwall Board.
• SN has received irrevocable undertakings from
  the Hartwall family to accept the share offer for
  83.5 of the voting rights and 48.5 of the
  economic value
• At SNs closing price yesterday of 579p, this
  represents Eur 29.9 per Hartwall share,
  equivalent to a 17.8 premium to the Hartwall
  closing price yesterday on the Helsinki Stock
  Exchange
• The offer values Hartwall at Eur 2.0 bn (1.2bn)
• A mandatory cash offer for the remaining shares
  will be required - this will include a share
  alternative

28
Transaction Multiples

• Historic Prospective
• 2001 2002
• EBITDA 10.1x 8.2x - 9.3x
• EBIT 14.0x 11.1x - 12.5x

Prospective multiples based on range of
analysts forecasts for 2002
29
The Transaction - Other Terms

• Launch of the offer conditional on BBH due
  diligence
• The offer is conditional on, inter alia
• SN shareholder approval
• regulatory approval
• Lock-up until 28 February 2003 for all
  shareholders who have given irrevocables
• Subject to de minimis disposals

30
Funding

• Funding split between equity and cash cannot be
  predicted at this stage
• SN will review its capital structure in the
  light of take-up of the initial share offer and
  the mandatory offer

31
Group Balance Sheet Pre Transaction

• bn Dec 01 (a) Post Market
• Put (b) Value (c)
• Operating assets 3.5 4.7 6.4
• Debt (1.3) (2.7) (2.7)
• 2.2 2.0 3.7
• Sholders funds 2.0 2.0 3.7
• Minorities 0.2 - -
• 2.2 2.0 3.7
• Equity/Op assets 58 43 57
• Debt/Equity 65 135 75

(a) Balance sheet at Oct 2001 adjusted for the
sale of tenanted pubs to RBS (b) Assumes Danone
put exercised (c) Based on 5.75 per share
32
Pro-forma Balance Sheet
bn Post Put (a) Post Market Pre Hartwall
Hartwall (b) Value (c)

• Operating assets 4.7 6.1 7.7
• Debt (2.7) (3.3) (3.3)
• 2.0 2.8 4.4
• Shareholders funds 2.0 2.8 4.4
• Minorities - - -
• 2.0 2.8 4.4
• Equity/Op assets 43 45 57
• Debt/Equity 135 121 76

(a) Brought forward from previous
slide (b) Assumes funding in line with SNs post
put capital structure (approx. 60 equity/40
debt) (c) Based on 5.75 per share
33
Outlook

• Russian political macro-economic environment
• Political stability
• Structural reform
• corporate governance
• tax regime
• legal systems
• Economic outlook improving
• real GDP growth
• inflation falling
• Rouble appreciating in real terms
• strong foreign currency reserves
• real growth in personal incomes

34
Outlook

• Russia
• Market volumes - double digit growth
• - economic trends
• - quality
• - social trends
• - demographic
• BBHs Share - 25 in 2000 30 in 2001
• - further growth through acquisitions and
• competitive gains
• Pricing - positive outlook
• - Baltika
• - domestic premium opportunity

Sustainable Competitive Advantage
35
Outlook

• Ukraine
• Double digit market growth
• Share growth
• Baltic Countries
• Strong market growth
• Very strong market position
• Finland
• Stable underlying market volumes
• Benefit from prospective duty reduction

36
Outlook

• Assuming funding in line with SNs post put
  capital structure (60 equity/40 cash) we expect
  the transaction to
• exceed WACC by second full year
• enhance earnings by second full year
• Synergies expected are from
• purchasing
• implementation of best practice
• brand distribution

37
Expected timetable

• Finalise due diligence Early April
• Dispatch of documents April
• E.G.M. Late April/Early May
• Launch share offer Late April
• Launch mandatory offer Late May

38
Brian Stewart

• Chairman

39
Summary

• Compelling strategic rationale
• The combination of SN and Hartwall will result
  in a group with
• leading positions in high growth markets
• leading European market positions
• an outstanding brand portfolio, and
• a proven and highly experienced international
  management team
• Hartwall family committed to participating in the
  development of a global brewer

40
Combined Group
41
Appendix
42
Hartwall - Geographic Spread
Vena
Voronezh
Source Hartwall
43
Hartwall
Strong brands in cider, soft drinks and water
Finnish soft drinks top ten 2001
Finnish ciders top five 2001
Finnish mineral waters top five 2001
Source Panimoliitto
44
BBH - Structure
h
Oyj Hartwall Abp
Carlsberg Breweries A/S
BBH AB
BALTICS
UKRAINE
RUSSIA

• Baltika (75)
• Baltika-Don (63)1)
• Tula (74)1)
• Yarpivo (60)
• Zolotoy Ural (75)
• Pikra (60)
• Vena (49,9)

Slavutich (81) Lviviska Pivovarnia (99) Slavuta
Malt House (84)2)
Estonia Saku (75) Latvia Aldaris
(75) Lithuania Utenos Alus (99) 3)
1) Baltika-Don is majority owned through Baltika.
Tula is owned 50.01 by Baltika and 35,9 by
BBH. 2) Slavuta is the only malthouse owned
directly by BBH, the four others are owned by the
breweries. 3) Svutyrus to be merged into BBH in
spring 2000
Source Hartwall
45
Russian demographics
Aged between
Population (000s)
0 and 4
6,561
5 and 9
8,064
10 and 14
11,840
15 and 19
11,891
20 and 24
10,876
25 and 29
10,223
30 and 34
9,497
Source US Census Bureau, International Database
46
The offer is not being made directly or
indirectly in or into or by use of the mails or
by any means or instrumentally (including without
limitation facsimile transmission,telex,
telephone and the internet) of interstate or
foreign commerce, or any facilities of a national
securities exchange of the United States nor is
it being made directly or indirectly in or into
Canada, Australia or Japan. This document and
the accompanying documents are not being, and
must not be, mailed or otherwise distributed or
sent in or into the United States, Canada,
Australia or Japan. The SN shares to be issued
pursuant to the offer have not been and will not
be registered under the U.S. Securities Act of
1933 or under the relevant securities laws of any
state or other jurisdiction of the United States,
and the relevant clearances have not been and
will not be obtained from the Securities Commissio
n of any province or territory of Canada, and no
prospectus in relation to the North shares has
been lodged with or registered by the Australian
Securities Commission or any securities
authority in Japan. The SN shares may not be
offered sold or delivered directly or indirectly
in or into the United States, Canada, Australia
or Japan or in any other country outside the
United Kingdom where such distribution may lead
to a breach of any law or regulatory requirement.