3/31/2004 14:00 

According to the Danish Securities Trading Act, sections 28a and 29, Carlsberg A/S announces that the company has sold 174,399 B shares equivalent to a 29.07% shareholding in Harboes Bryggeri A/S for DKK 252 million at an average share price of 1450. Thus, Carlsberg A/S is no longer shareholder in Harboes Bryggeri. The sales will not impact Carlsberg's operating profit because the investment has been a solely financial investment. Carlsberg sells the shares as part of increasing the financial flexibility of the company.

Carlsberg acquired the shares in 1980 at the request of the Harboe family who wanted Carlsberg's support in the implementation of a generational change and at the same time a seat for a single member of the Board of Directors was provided for Carlsberg. Following Harboes Bryggeri's listing at the Copenhagen Stock Exchange in 1989, the attitude of the family changed towards Carlsberg which at later stage led to Carlsberg withdrawing from the Board of Directors and have since had no special insight into the operations of the company.

In spite of the fact Carlsberg has never influenced the day to day operations the Danish competition authorities have at several occasions called on Carlsberg to sell its shareholding in Harboes Brygger. Following the sales of the Harboe shares Carlsberg has no shareholding in other Danish breweries.

Contact

Investors:
Mikael Bo Larsen, +45 33 27 1223

Media:
Margrethe Skov, +45 33 27 1410