Carlsberg A/S — Director's Dealing 2011

Feb 22, 2011

Pursuant to section 28(a) of the Danish Securities Trading Act Carlsberg A/S
shall report the transactions in Carlsberg A/S shares of managerial staff and
connected persons. Following the two below-mentioned transactions, Jørn P.
Jensen's Carlsberg share holding has increased by 808 shares corresponding to a
market price of DKK 447,188 (at the share price of the latter transaction).

Name: Jørn P. Jensen

Reason: Member of Carlsberg A/S Executive Board

Issuer: Carlsberg A/S

ISIN code: DK0010181759

Type: Shares

Transaction: Exercise of share options granted in 2003 (exercised in
connection with expiry)

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Trading date: 21 February 2011

Market: OMX Nordic Exchange

Number: 13,008

Market price in DKK 2,251,945
DKK:

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Name: Jørn P. Jensen

Reason Member of Carlsberg A/S Executive Board
:

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Issuer Carlsberg A/S
:

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ISIN DK0010181759
code:

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Type: Shares

Transa Sale of shares (partial sale of shares acquired in connection with
ction: expiry of share options granted in 2003)

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Tradin 21 February 2011
g
date:

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Market OMX Nordic Exchange
:

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Number 12,200
:

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Market DKK 6,752,041
price
in
DKK:

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 Contacts: Helle Bjørnskov Fischer, Group Legal, +45 3327 2189