Carlsberg A/S — Director's Dealing 2016

Aug 26, 2016

1. Details of the person discharging managerial responsibilities/person closely
   associated

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a) Name Heine Dalsgaard

2. Reason for the notification

a) Position/status Member of the Executive Board
(CFO)

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b) Initial notification/Amendment Initial notification

1. Details of the issuer, emission allowance market participant, auction
   platform, auctioneer or auction monitor

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a) Name Carlsberg A/S

b) LEI[1]

1. Details of the transaction(s): section to be repeated for (i) each type of
   instrument; (ii) each type of transaction; (iii) each date; and (iv) each
   place where transactions have been conducted

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a) Description of the financial instrument, Financial instrument (conditional
type of instrument share award)
Identification code DK0010181759

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b) Nature of the transaction Acquisition of conditional right
to shares

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c) Price(s) and volume(s) Price: 629.2 DKK per share
Volume: 24,197 shares

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d) Aggregated information N/A
- Aggregated volume
- Price

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e) Date of the transaction 2016-08-26,4:30pm UTC (2:30pm, DK
time)

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f) Place of the transaction Nasdaq Copenhagen (XCSE)

[1] LEI codes are currently not a mandatory field

     Contact:

     Monica Gregers Smith
     Group Legal
     +45 3327 2198