4/1/2004 12:00 


NOT FOR GENERAL RELEASE IN THE UNITED STATES

Today, the Carlsberg Foundation has today informed Carlsberg A/S that the Foundation has sold its 12,423,346 surplus rights.

Carlsberg A/S has been informed by the Joint Book Runners that these surplus rights have been exercised and the corresponding 3,105,836 new Series B Shares of Carlsberg A/S with a nominal value of DKK 20 each, have been sold to institutional investors in Denmark and internationally.

This announcement does not constitute an offer or invitation to subscribe for or purchase any securities for sale in the United States. Securities in respect of the proposed capital increase may not be offered or sold in the United States absent registration or an exemption from registration. The securities in respect of the proposed capital increase have not been and will not be registered under the Securities Act of 1933 or under the securities laws of any state of the United States. Carlsberg does not intend to make a public offering of securities in the United States.

No money, securities or other consideration is being solicited, and, if sent in
response to the information contained herein, will not be accepted.

This announcement must not be mailed, or otherwise forwarded, distributed or sent in, into or from the United States, and persons receiving this announcement (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send it in, into or from the United States.

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This announcement is available in Danish and English. In case of doubt the Danish version shall prevail.

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Carlsberg's Series A Shares and Series B Shares are listed on the CSE under the symbol DK0010181676 for Series A Shares (CARL A), and DK0010181759 for Series B Shares (CARL B). The new Series B Shares are listed on the CSE under the symbol DK001030477-3 (CARL N).

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Contact

Investors:
Mikael Bo Larsen, +45 33 27 1223

Media:
Margrethe Skov, +45 33 27 1410