ADR Program 

The American Depositary Receipt (ADR) facilitates investment in the Carlsberg A/S by North American (and other U$D) investors.   

What is an American Depositary Receipt (Level I ADR)?

An ADR is a negotiable U.S. certificate representing ownership of shares in a non-U.S. corporation.  ADRs are quoted and traded in U.S. dollars in the U.S. securities market.  Also, dividends are paid to investors in U.S. dollars.

Where do Carlsberg ADRs trade?
The ADRs trade Over-The-Counter.

Carlsberg Profile on BNY Mellon's website - click here

How can I buy an ADR?
You can buy an ADR through a broker just as you would a U.S. security.

How do I convert my ordinary shares into ADRs?
Converting ordinary shares into ADRs must be done through a broker or an investment advisor. 

Can I purchase ADRs directly from Carlsberg?
No. 

How are ADR dividends paid and taxed?
Dividends are paid in U.S. dollars and are generally taxable like dividends on U.S. shares.  In addition, taxes may be withheld by the ADR Company’s local government.  Depending on individual circumstances, foreign taxes withheld might be applied as credit against U.S. taxes or tax reclaim opportunities may be offered.

How can I find out dividend and corporate action information on Carlsberg ?
For dividend and corporate action information, please visit www.bnymellonadr.com.  Go to DR Corporate Actions or DR Dividends and Distribution buttons on the vertical scroll bar on the left and enter the company name, CUSIP or symbol. 

What is the difference between a Registered holder and a Beneficial ADR holder?
A registered holder is one whose name appears on the books of the depositary as a registrar; the registered holder is considered the owner of record.  A beneficial holder is one whose holdings are held in a name other than their own, such as the name of a broker, bank or nominee.

Is it easy to get information and updates on an ADR company?
ADR issuers have full information in English about themselves on their websites and are better tracked by the main U.S. financial websites.

For questions on creating ADRs:

Institutional Investors/Broker Desk:

United Kingdom

Mark Lewis – Tel. +44 (0) 20 7964 6089;
mark.lewis@bnymellon.com

United States

Michael Ludwig – Tel. + 1 212 815 2213; michael.ludwig@bnymellon.com

Hong Kong

Joe Oakenfold – Tel. + 1 852 2840 9717;
joe.oakenfold@bnymellon.com

Retail Investors:

Domestic Toll Free Tel. -- 1-888-BNY-ADRS (269-2377)

International Callers Tel. --  +1.201.680.6825

Address:

BNY Mellon Shareowner Services
PO Box 358516
Pittsburgh, PA 15252-8516

Email: shrrelations@bnymellon.com

Website: www.bnymellon.com/shareowner