9/2/2003 10:00 

Through a press release issued by Chang Beverages Pte Ltd., Carlsberg has today learned that Chang Beverages has initiated arbitration proceedings against Carlsberg Breweries A/S. The proceedings will take place in London. According to the press release, Chang Beverages demands that Carlsberg Asia continue as a joint venture and claims damages. No amount is specified in Chang's claim for damages.

As previously announced in Announcement to the Copenhagen Stock Exchange 9/2003, Carlsberg Breweries has terminated the joint venture. This termination is maintained and Carlsberg Breweries rejects Chang Beverages' demand, which the court of arbitration must now consider.

Contact:

Investors:
Mikael Bo Larsen, +45 33 27 1223
IR Manager

Media:
Margrethe Skov, +45 33 27 1410
Public Affairs Director