Carlsberg A/S — Director's Dealing 2017

Aug 22, 2017

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

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a) Name Hanne Lisbeth Holst Bache

2. Reason for the notification

a) Position/status Related party to Carlsberg A/S due to spouse
Carl Bache’s position as member of the
Carlsberg A/S Supervisory Board

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b) Initial Initial notification
notification/Amendment

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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 5299001O0WJQYB5GYZ19

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 B shares
financial instrument, DK0010181759
type of instrument
Identification code

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b) Nature of the transaction Sale of shares

c) Price(s) and volume(s) Price: 703.5 DKK per share
Volume: 100 shares

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

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e) Date of the transaction 2017-08-22, 10:15 am UTC (12:15 DK time)

f) Place of the transaction Nasdaq Copenhagen (XCSE)