12/20/2000 9:10 

The Supervisory Board of Carlsberg A/S has decided to establish a share option programme for the Executive Board and a number of managers within the Carlsberg Group. The programme will be established for a two-year period and will then be evaluated.

Carlsberg A/S's obligations will be covered by its portfolio of own shares and purchase of own shares.

The programme entitles the Executive Board and a number of managers to purchase B-shares in Carlsberg A/S during a period from three to eight years after the option right has been granted. The exercise rate will be determined as the average of the first five stock exchange business days following publication of the preliminary profit statement of Carlsberg A/S, the first time following the publication of the preliminary profit statement of the present financial year.

Initially, the programme will include about 40 people, who will be granted approx. 100,000 share options a year in 2001 and 2002.

The option programme will be supplemented with an annual bonus scheme for the Executive Board. Other managers are already covered by bonus schemes.

The incentive programme as a whole will thus ensure that a larger part of total compensation will depend on performance.

The purpose of the programme is to create an even greater alignment of the interests of the company's management and the shareholders. In addition, the programme will have a favourable influence on both short and long-term goals.

Further information
Group Managing Director Jørn P. Jensen Public Affairs Manager Margrethe Skov Phone: +45 33 27 33 27