Labatt offer for Lakeport Brewing Income Fund successful - Labatt acquires all of the trust units of Lakeport

    TORONTO and HAMILTON, ON, March 29 /CNW/ - Labatt Brewing Company Limited
("Labatt") and Lakeport Brewing Income Fund (TSX: TFR.UN) ("Lakeport") jointly
announced today that holders ("Unitholders") of trust units of Lakeport
("Units") holding in the aggregate 6,578,080 Units, representing approximately
91.43% of the Units on a fully-diluted basis, have tendered their Units under
Labatt's offer dated February 21, 2007, for all of the Units of Lakeport (the
    "Today's sale represents overwhelming faith in Labatt to continue the
tradition of Lakeport and an over 91% uptake on the offer indicates just how
strongly unitholders valued the offer. We look forward to growing the Lakeport
brands today and into the future," said Miguel Patricio, Zone President North
America, Labatt. Teresa Cascioli added, "Unitholders are also our drinkers and
they have resoundingly validated the fact that Lakeport continues to represent
'Great Beer at Fair Prices'."
    The Offer provided, among other things, that the execution of the Letter
of Transmittal provides Labatt with the power of attorney from and after the
expiry time for the Offer to vote the Units deposited under the Offer to
approve written special resolutions that, among other things, amend Lakeport's
Declaration of Trust to (i) reduce the Compulsory Acquisition threshold to
66 2/3% of the Units calculated on a fully-diluted basis; and (ii) provide
that Units held by non-tendering Unitholders will be deemed to have been
transferred to Labatt immediately on the giving of the Offeror's Notice in
respect of the Compulsory Acquisition in accordance with the terms of the
Declaration of Trust. Pursuant to the Declaration of Trust, a special
resolution may be passed in writing if executed by Unitholders holding over
66 2/3% of the Units eligible to vote on such a resolution. As more than
66 2/3% of the Units were deposited under the Offer, Labatt was able to vote
the Units to effect the foregoing amendments.
    All of the conditions of the Offer having been satisfied, Labatt has
taken up and paid for the Units deposited under the Offer. Labatt thereafter
delivered the appropriate Offeror's Notice to CDS & Co. as the sole registered
Unitholder and acquired the remaining Units not deposited under the Offer
pursuant to the amended Compulsory Acquisition provisions of the Declaration
of Trust. Upon delivery of such notice, Units held by non-tendering
Unitholders are deemed to have been immediately transferred to Labatt and such
non-tendering Unitholders have ceased to have any rights as Unitholders from
that time, other than the right to be paid the same consideration ($28.00 in
cash per Unit) that Labatt would have paid to the non-tendering Unitholders if
they had tendered their Units to the Offer. Payment of the $28.00 per Unit
consideration has been delivered by Labatt to the Depositary to be forwarded
to the non-tendering Unitholders of Lakeport.
    As a result of the above transactions, Lakeport is now wholly-owned by
Labatt. Accordingly, Lakeport will be making application to have the Units
delisted from the Toronto Stock Exchange and will be taking steps to give
notice and obtain appropriate orders to permit it to cease being a reporting
issuer under Canadian securities legislation.
    Lakeport and Labatt also announced the resignation of the trustees of
Lakeport and the appointment of new trustees. Lakeport and Labatt further
announced that, effective today, Miguel Patricio has been appointed as the
Chief Executive Officer of Lakeport, replacing Teresa Cascioli.

    About Labatt

    Founded in London, Ontario in 1847 and the proud brewer of more than 60
quality beer brands, Labatt is Canada's largest brewery.

    About Lakeport

    Lakeport Brewing Income Fund is an Ontario-based brewery focused on
producing value-priced quality beer for the Ontario market. Lakeport produces
nine proprietary beer brands, two of which, Lakeport Honey Lager and Lakeport
Pilsener, are among the top selling brands in the province. Lakeport has
approximately 200 full-time employees at its production facility in Hamilton,
Ontario. Lakeport's trust units trade on the TSX under the symbol TFR.UN (TFR
stands for 'two-four').

For further information:

For further information: Freda Colbourne, Edelman Canada, (416)

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