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## Management Statement 

The Board of Directors and the Executive Board have today discussed and approved the annual accounts of the Carlsberg Group and the Parent Company for 2001. 

The annual accounts have been prepared in accordance with the Danish Company Accounts Act and the reporting requirements of the Copenhagen Stock Exchange, which include current Danish accounting standards. 

In our opinion, the financial statements have been prepared in accordance with appropriate accounting policies and give a true and fair view of the GroupGLYPH<213>s and the Parent CompanyGLYPH<213>s assets and liabilities, financial position, profit for the financial year and cash flow. 

We recommend that the Annual General Meeting approve the accounts. 

Copenhagen, 14 February 2002 

## Executive Board of Carlsberg A/S 

J¿rn P. Jensen Chief Executive Officer 

## Board of Directors of Carlsberg A/S 

<img src='content_image/26639.jpg'>

