3/2/2006 8:15 

Today, Carlsberg has signed an agreement to sell the shopping centre Waterfront at present under construction. The shopping centre is expected to be completed and handed over to the buyer by the end of 2007.

The sale of Carlsberg's share of the shopping centre is expected to mean a gain of approximately DKK 120m in 2007 while the previously expected annual rental income of approx. DKK 15m will no longer figure in the accounts due to the sale. Carlsberg's share of the sales proceeds will amount to approx. DKK 350m. The sale of the shopping centre was not included in the comments on profit expectations in the announcement to the Copenhagen Stock Exchange of February 21, 2006.

Currently, agreements have been entered into on the delivery of properties/apartments at Tuborg Syd (Hellerup, Copenhagen) in the period 2006-08. The financial consequences of these agreements are that in 2006-2008 around DKK 410m, DKK 400m and DKK 20m, respectively, will be invested, while sales proceeds in 2006-2008 will be around DKK 105m, DKK 770m and DKK 780m, respectively.

Thus, the development of these properties will have a negative impact on free cash flow in 2006 as a result of investments which will not lead to sales until the following years. Gain on sales in 2006-2008 is expected to amount to around DKK 85m, DKK 275m and DKK 285m, respectively.

Contact

Investor Relations:
Mikael Bo Larsen, +45 33 27 1223

Media Relations:
Jens Peter Skaarup, +45 3327  1417