3/23/2004 16:10 

57.02% of Holsten's shareholders accepted Carlsberg's takeover offer.
Mandatory extension of the offer from 24 March to 7 April 2004

Following the closing of the public takeover offer to all Holsten-Brauerei's shareholders on 18 March 2004, Carlsberg has secured a total shareholding of 97.55% in Holsten-Brauerei, including the shares, which Carlsberg previously agreed to acquire. 6% of the secured shareholding of Holsten is subject to a call option, which Carlsberg might exercise at a later stage. The title to 91.55% of the share capital is expected to be transferred to Carlsberg on 25 March 2004.

By obtaining the above shareholding, the last of the conditions precedent for Carlsberg's offer to acquire Holsten-Brauerei has been fulfilled. Carlsberg will now proceed with the acquisition of the Holsten business as planned.

The result of the public offer showed that a total of 7,839,838 Holsten shares were tendered. The payment for these shares totals approximately € 298 million is expected to be effected on 25 March 2004.

Any Holsten shareholders who did not tender their shares during the first offer period will be given the chance to sell their shares during the mandatory two weeks extended offer period starting 24 March and closing 7 April 2004. During the extended period the price remains € 38 per share.

Contact

Investors:
Mikael Bo Larsen, +45 33 27 1223

Media:
Margrethe Skov, +45 33 27 1410