Carlsberg Asia, the 50/50 joint venture between Carlsberg
Breweries A/S and the Chang Beverages Limited, is to change its top management team when the present CEO Michael C. Iuul reaches retirement age in January 2003.

The new management, which will be responsible for the day-to-day operations of the company, will include a chief investment officer, two chief operations officers (COO), and a chief administrative officer.

Ooi Boon Aun, presently vice chairman of T.C.C. Group of Companies and a board director of Carlsberg Asia will be appointed chief investment officer. Jørgen Bornhøft, CEO of Carlsberg Brewery Malaysia Berhad, will be appointed COO responsible for the activities in South East Asia, Jesper Bjørn Madsen, CEO of Carlsberg Hong Kong Ltd, will also be appointed COO responsible for the northern regions, and Michael Chye, CFO of PSG Group Ltd. will be appointed new chief administrative officer of Carlsberg Asia.

A four member executive committee will be established as part of the new management of Carlsberg Asia. Carlsberg Breweries' partner in Asia, Khun Charoen Sirivadhanabhakdi, chairman of the board of directors of Carlsberg Asia and Chang Beverages Ltd will chair the executive committee.

Paul Bergqvist, executive vice president of Carlsberg Breweries and Narong Srisa-An, chairman of the executive Board of Beer Thai, will be appointed deputy chairmen. Bjørn Erik Næss, chief financial officer of Carlsberg Breweries, will be the fourth member.

Michael C. Iuul retires as CEO of Carlsberg Asia as per 31 December 2002. The new management of Carlsberg Asia takes over on 1 October 2002 in order to provide a suitable period of overlap between the existing and the new management of Carlsberg Asia. During the autumn of 2002, Michael C. Iuul will be phasing out his board memberships of the Carlsberg Asia group companies. His positions and directorships within Carlsberg Breweries group companies will be phased out during the first quarter of 2003.