Morgan Stanley 2012 Global Consumer Conference Jørn P. Jensen, Deputy CEO and CFO

Agenda Group overview and strategy Regional update Commercial Update

The Carlsberg Group today No. 4 largest international brewer 500 beer brands No. 1 in Eastern Europe No. 2 in Northern & Western Europe 119,000,000 hl. of beer sold in 2011 +17% EBIT growth (CAGR) from 2007 to 2011 +9% EPS growth (CAGR) from 2007 to 2011 Morgan Stanley Consumer Conference - November 2012 Page 3

Transformational changes since 2000... Beer volume development 160 140 137 137 140 127 120 115 101 100 93 82 80 72 69 57 60 40 20 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Value management Brand portfolio activation and scoping Step change innovations Business process standardization Next level group efficiency Back-end centralization and integration Winning people Corporate Social Responsibility S&N acquisition & integration Accelerate efficiencies and execute synergies Drive revenue growth Acquisition of 100% of Carlsberg Breweries Excellence programs Establishment of Carlsberg Breweries 2000 2005 2010 2015 Structure Morgan Stanley Consumer Conference - November 2012 Operations Page 4

Carlsberg regions a good mix WE EE ASIA GROUP 2011 % of total beer volume 42 40 18 2011 % of EBIT 49 39 12 Morgan Stanley Consumer Conference - November 2012 Page 5

2009-2011 financial achievements Total volume m. hl. Pro rata Net revenue DKKbn EBIT DKKbn Average trade working capital % of net revenue 135.7 137.9 2009 2011 CAGR +0.8% +3.5% +2.2% -3.8pp Morgan Stanley Consumer Conference - November 2012 Page 6

Western Europe Continued profit improvements Operating profit (DKKbn) Operating profit margin 6.000 20% 5.000 15% 4.000 3.000 10% 2.000 5% 1.000 0 2008 2009 2010 2011 0% 2008 2009 2010 2011 Source: Company accounts Morgan Stanley Consumer Conference - November 2012 Page 8

Business standardisation An enabler to further efficiency and transparency - A vital part of further supply chain integration Standardising in a balanced way - Covers the common parts of the value chain in different market models Clear strategy fully aligned with all other group initiatives - Greater level of cross functionality - Greater cross border alignment Roll-out started in Switzerland in May 2011 A few examples: - From 800 different IT systems to 200 - From 3,000 operational reports to 180 - From 323 order taking reports to 23 - From 15 different ways of naming the same customer to 1 Morgan Stanley Consumer Conference - November 2012 Page 9

Supply chain integration will drive flexibility and reduce costs Today Future Country A Sales Region Country Sales A Country Sales B Country B Sales Central supply org Country Sales C Country Sales D Country C Sales Country Sales Morgan Stanley Consumer Conference - November 2012 10

The Eastern European market leader BELARUS* (1 brewery, Minsk) Market position: No. 2 2011 market share: 27% UKRAINE (3 breweries, Lviv, Kiev, Zaparozhye) Market position: No. 2 2011 market share: 29% AZERBAIJAN (1 brewery: Baku) Market position: No. 1 2011 market share: 67% RUSSIA (10 breweries: St. Petersburg, Yaroslavl, Voronezh, Tula, Rostov, Novosibirsk, Krasnoyarsk, Khabarovsk, Chelyabinsk, Samara) Market position: No. 1 2011 market share: 37% UZBEKISTAN (1 brewery, Tashkent) Market position: No. 1 2011 market share: 31% KAZAKHSTAN (1 brewery, Almaty) Market position: No. 2 2011 market share: 39% Volume break-down 2011 6% 17% 77% Others Ukraine Russia Morgan Stanley Consumer Conference - November 2012 11

Eastern Europe volume growth opportunities Per capita beer consumption (litres) Beer share of throat (% of pure alcohol consumption) 112 70 96 60 80 50 64 40 48 30 32 20 16 10 0 0 Source: Canadean and Carlsberg estimates Morgan Stanley Consumer Conference - November 2012 12

Strong Russian brand portfolio Excellent mix of international, national and regional brands Baltika has 4 of the top ten brands in Russia Baltika segment position Baltika market share H1 12 Largest brand Super premium # 1 34% Tuborg Premium # 1 37% Baltika 7 Mainstream # 1 50% Baltika 3 Lower mainstream # 1 28% Arsenalnoe Discount # 1 37% Bolshaya Kruzhka Non-beer brands Morgan Stanley Consumer Conference - November 2012 Source: Nielsen 13

Russian market shares starting to trend upwards Carlsberg Russian market share 40% 39% 38% 37% 36% 35% Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Source: Nielsen retail audit Morgan Stanley Consumer Conference - November 2012 Page 14

Asia A strongly growing region Beer volumes (m hl) Operating profit (DKKbn) 25 1.250 20 1.000 15 750 10 500 5 250 0 2008 2009 2010 2011 0 2008 2009 2010 211 Source: Company accounts Morgan Stanley Consumer Conference - November 2012 Page 15

Asia footprint Western China* Market share ~ 55-60% China Premium beer Market share ~7% Nepal Market share 71% Ownership share 90% Laos Market share 99% Ownership share 51% India Market share 6% Ownership share 100% Hong Kong Market share 19% Sri Lanka Market share n.a. Ownership share 17.4% Vietnam Market share 34% Ownership share: SEAB 60% Hue 100% Hanoi Brewery 16% Halong Beer & Bev. 31% Singapore Market share 20% Ownership share 51% Cambodia Market share 38% Ownership share 50% Malaysia Market share 44% Ownership share 51% * Please see separate map for ownership share Morgan Stanley Consumer Conference - November 2012 Page 16

Local Premium International Premium Flagship Rational Carlsberg Brand Portfolio Beer category Adjacent categories Carlsberg International Premium Brands Local `Power Brands NB: Selection from Carlsberg Group portfolio of 500 brands Morgan Stanley Consumer Conference - November 2012 Page 18

UEFA EURO 2012: the biggest commercial opportunity for Carlsberg in 2012 TOURNAMENT HIGHLIGHTS Stadia beer sales up 40% compared to 2008 6,688,676 visitors to tournament fan zones Unprecedented television audiences for the final resulting in higher visibility of Carlsberg perimeter advertising Over 1,000,000 cups of beer sold at half-time during the Final 20 tonnes of plastic cups recycled in Polish fan zones 375,000 pledge to drink responsibly and wear the 'Drink Responsibly wristbands 19

Tuborg Open for more MUSIC IS IN TUBORG S DNA Sponsor of music festivals all over Europe EXPORTED TO MORE THAN 70 COUNTRIES And available since 1888 DENMARK S LEADING BEER BRAND And continuing to grow internationally - especially in Eastern Europe and Asia 20

Kronenbourg 1664 A SIP OF FRANCE genuine lager with French taste traditions EXPORTED TO MORE THAN 60 COUNTRIES and still expanding MARKET LEADER FOR HIGH- END PREMIUM BEER a brewing expertise inherited since 1664 SUCCESSFUL EXTENSIONS with Kronenbourg 1664 Blanc flavoured wheat beer

Forward-looking statements This presentation contains forward-looking statements, including statements about the Group s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward-looking statements. Prospective information is based on management s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of market value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results. Morgan Stanley Consumer Conference - November 2012 Page 23