8/23/2004 14:00 

According to section 37 of the Danish Securities Trading Act, Carlsberg A/S hereby reports the following changes in shareholdings held by insiders:

ID code

Trading period

Net number of shares traded

Value of net number of shares traded in DKK

Total shareholding Number of shares

Market value of total shareholding in DKK

Carlsberg A
DK0010181676

20.8.2004

+785

200.175,00

5,289

1,359,273.-

Further information:

Niels Eyde Madsen, General Manager:   +45 33 27 14 16