## AuditorsGLYPH<213> Report 

We have audited the financial statements for 2001 presented by the Board of Directors and the Executive Board of the Carlsberg Group and the Parent Company. 

## Basis of opinion 

We have planned and conducted our audit in accordance with generally accepted Danish auditing principles and international standards on auditing to obtain reasonable assurance that the financial statements are free from material mis- statements or omissions. Based on an evaluation of materiality and risk, we have, during the audit, tested the basis and documentation for the amounts and the disclosures in the financial statements. Our audit included an assessment of 

Copenhagen, 14 February 2002 

PricewaterhouseCoopers 

Morten Iversen State Authorised Public Accountant 

Fin T. Nielsen State Authorised Public Accountant 

the accounting policies applied and the estimates made by the Board of Directors and the Executive Board. In addition, we have evaluated the overall adequacy of the presentation in the financial statements. 

Our audit has not resulted in any qualifications. 

## Opinion 

In our opinion, the financial statements of the Group and the Parent Company have been prepared in accordance with the accounting provisions of Danish legislation and give a true and fair view of the GroupGLYPH<213>s and the Parent CompanyGLYPH<213>s assets and liabilities, financial position and profit for the year. 

KPMG C.Jespersen 

Finn L. Meyer State Authorised Public Accountant 

Poul Erik Olsen State Authorised Public Accountant 

