VALBY, Denmark, Jan. 20, 2003 (PRIMEZONE) -- In an announcement to the Copenhagen Stock Exchange on December 20, 2000, share options were introduced in Carlsberg (Other OTC:CABHF) for the Executive Board and a number of managers. The program was established for a two-year period covering 2001 and 2002. It has now been decided to establish a new program for 2003.
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.
-- To be granted in connection with the publication of the
preliminary profit statement for the previous year.
-- 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.
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.
The theoretical market value of the option program for 2003 is estimated to be approx. DKK 11m. This is mainly based on the present share price level, a money market rate of 3.8%, and a volatility of 26. Further, the Black-Scholes model has been used for the calculation.
The purpose of the program is to strengthen the alignment between the interests of the company's management and the shareholders even further.
Yours sincerely,
Carlsberg A/S