5/3/2004 11:00 

With reference to the Stock Exchange Announcement of 2 September 2003 regarding the Carlsberg Asia arbitration commenced by Chang Beverages Pte Ltd against Carlsberg Breweries A/S, Carlsberg Breweries has now received a Statement of Case from Chang Beverages. Chang Beverages claims damages for a sum which has not been quantified, but which is presently estimated by Chang Beverages to be between US$1.75billion and US$2billion. At the same time, Chang Beverages has waived its claim that Carlsberg continue the planned joint venture in Asia.

It is still Carlsberg's belief, that it holds a strong case against Chang and that Chang's claim for damages is unfounded. The estimated amount of damages lacks any factual basis and therefore Carlsberg has made no financial provisions.

Contact

Investors:
Mikael Bo Larsen, +45 33 27 1223

Media:
Margrethe Skov, +45 33 27 1410