8/31/2005 13:00 

Chang and Carlsberg have today made a joint press release stating that they have agreed on an amicable settlement of the matters in dispute between them, including the arbitrations in London and Bangkok. The press release is attached as part of this stock exchange release.

The total payment by Carlsberg to Chang in connection with the apportionment of assets described in the press release is approximately US$ 120m, of which approximately US$ 40m will be included in Carlsberg's income statement for 2005 under special items.

The US$ 40m covers a fair value adjustment to the purchase price of shares in Lao Brewery and those shares in Hite Brewery acquired in 2002, which according to international accounting standards (IFRS) has to be expensed in the income statement as the shares were acquired more than 12 months ago.

The remaining US$ 80m covers Carlsberg's purchase of 50% of Brewery Invest Pte Limited, which includes a 2.6% holding in Hite Brewery - and consequently Carlsberg now holds 25% of the shares in Hite Brewery - as well as a purchase of 49% of Carlsberg Brewery Hong Kong.

Read the joint press release here..


Mikael Bo Larsen, +45 33 27 1223

Jens Peter Skaarup, +45 3327 1417