In an announcement to the Copenhagen Stock Exchange on December 20, 2000, share options were introduced in Carlsberg for the Executive Board and a number of managers. The program was established for a two-year period covering 2001 and 2002, Carlsberg Breweries A/S stated in a report.

The program for 2003 will follow the same principles as the prior program: - To be granted to the Executive Board and other managers in Carlsberg A/S and Carlsberg Breweries A/S; in total, approx. 40 individuals in 2003; - The exercise price is calculated as the average listed share price during the 5 listing days following immediately after the publication of the preliminary profit statement for the previous year; - The share options become exercisable 3 years after the grant date and must be exercised no later than 8 years after the grant date, the company reported.

For 2003, approximately 130,000 options will be granted of which 40,000 will be granted to the Executive Board in Carlsberg A/S and Carlsberg Breweries A/S. This is mainly based on the present share price level, a money market rate of 3.8%, and a volatility of 26.