02 July, 2004

Denmark’s Carlsberg A/S announced on 30 June 2004 that it sells properties at the former premises of Tuborg Breweries in Hellerup north of Copenhagen. 30 June 2004, Carlsberg has sold two business properties at the former premises of Tuborg Breweries in Hellerup north of Copenhagen. When including the sum arising from the sale of a number of condominiums in the same area, the amount totals about DKK 1 billion. The sale entails a pre-tax accounting profit of approximately DKK 400 million of which about half was included in the previously announced expectations to the 2004 annual results. The properties sold were included in operating profit with a profit (a net rental income) of approximately DKK 50 million a year.

At present it is expected that the additional profit will be set off by restructuring costs and similar non-recurring costs, which means that the expectations to Carlsberg's share of profit for the year remain unchanged. The sale is part of - and in accordance with - the plan to reduce the loans raised in connection with the acquisition of the entire shareholding in Carlsberg Breweries A/S.

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