The Board of Directors of Carlsberg A/S (“Carlsberg” or the “Company”) announces the launch of a fully underwritten DKK 30.5 billion 1:1 Rights Issue (the “Rights Issue”). The proceeds of the Rights Issue will be used to repay part of the debt facilities put in place to finance the acquisition of certain assets of Scottish & Newcastle plc ("S&N"). The Rights Issue is intended to secure Carlsberg's investment grade credit rating and financial flexibility while providing a step change in the free float of the Company and the liquidity of the series B shares. The Board of Directors of Carlsberg resolved on Thursday 15 May 2008 to issue 76,278,403 new series B shares (the "Offered Shares") of DKK 20 nominal value per share. To improve the liquidity of the Company's shares, only series B shares will be offered, on a preemptive basis to all existing shareholders of series A shares and series B shares (the "Existing Shares") in Carlsberg. The Rights Issue ratio will be one preemptive right for each Existing Share and one new share per preemptive right. The Offered Shares are offered at DKK 400 per Offered Share (free of brokerage fees), representing a 40% discount to the closing price of the ordinary series B shares of DKK 666 on Wednesday 14 May 2008 (being the latest practicable date prior to the publication of the Offering Circular) (a 25% discount to the Theoretical Ex-Rights Price (“TERP”) of DKK 533). Carlsberg expects to receive net proceeds of approximately DKK 30.1 billion (after deduction of estimated expenses payable by the Company) and will use the net proceeds to repay the equity bridge facility of DKK 28.7 billion and partially repay a term loan facility that were entered into by Carlsberg in order to finance the acquisition of certain assets of S&N. The Rights Issue is fully underwritten by BNP Paribas, Danske Markets (division of Danske Bank A/S), Lehman Brothers International (Europe) and Nordea Bank Danmark A/S (the “Joint Global Coordinators”). Subject to the satisfaction of certain conditions, the Joint Global Coordinators have agreed with Carlsberg to subscribe for any Offered Shares in respect of which preemptive rights have not been exercised at or before 5:00 p.m. (CET) on 10 June 2008. Such shares will be subscribed at the subscription price. See attached document for full announcement