3/22/2004 12:00 

Pursuant to section 37 of the Danish Securities Trading Act, Carlsberg A/S
shall notify the Copenhagen Stock Exchange each quarter on company
shareholdings held by insiders and their close relatives.

Insiders in Carlsberg A/S include members of the company's Board of Directors
and the Executive Board as well as a number of the Group's employees with access
to inside infor-mation. The insider register includes approximately 80 individuals as
well as their spouses/ cohabitants and their children under the age of 18, etc.

According to the company's internal rules, the individuals in the insider register may only trade in Carlsberg A/S shares during a 4-week period following the publication of the Prelimi-nary Profit Statement, the Quarterly Financial Statements or any similar announcement re-garding financial issues.

As of 22 March 2004, the statement of trading in shares for the persons in question shows the following (split into Carlsberg A shares and Carlsberg B shares).

Carlsberg A/S A
ID code/ISIN: DK 00101811676

Shareholding
(Number of shares)

Market value
(DKK)

 

 

 

 

Executive Board

1,080

288,360

Board of Directors

609

162,603

All persons in the insider register

4,504

1,202,568

Carlsberg A/S B
Fondskode DK 0010181759

Beholdning
(Antal aktier)

Kursværdi
(Beløb I DKK)

 

 

 

Executive Board

5,405

1,589,070

Board of Directors

2,430

714,420

All persons in the insider register

14,848

4,365,312

 

Further information:

Hans Henrik Schmidt, Legal Counsel:   +45 33 27 12 06