Carlsberg A/S — Director's Dealing 2022

Feb 8, 2022

Notification and public disclosure of transactions in Carlsberg A/S shares by persons discharging managerial responsibilities and persons closely associated with them

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Cees 't Hart
2.	Reason for the notification
a)	Position/status	Member of the Executive Board (CEO)
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Carlsberg A/S
b)	LEI	5299001O0WJQYB5GYZ19
4. 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
a)	Description of the financial instrument, type of instrument	B-shares
	Identification code	DK0010181759
b)	Nature of the transaction	Sale of shares
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		Please see specification in Appendix 1
d)	Aggregated information
- Aggregated volume
- Price	Total number of shares: 20,000
Total price: DKK 21,491,235.50
Average price per share: DKK 1,074.56
e)	Date of the transaction	2022-02-04 between 14:15 and 15:28 UTC (between 15:15 and 16:28 CET)
f)	Place of the transaction	Nasdaq Copenhagen A/S (XCSE, AQEU, BEUP, CEUD, CEUX, TQEM, TQEX, XOFF)
4. 2	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
a)	Description of the financial instrument, type of instrument	B-shares
	Identification code	DK0010181759
b)	Nature of the transaction	Sale of shares
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		Please see specification in Appendix 2
d)	Aggregated information
- Aggregated volume
- Price	Total number of shares: 6,000
Total price: DKK 6,504,010.75
Average price per share: DKK 1,084.00

---

e)	Date of the transaction	2022-02-07 between 09:54 and 11:30 UTC (between 10:54 and 12:30 CET)
f)	Place of the transaction	Nasdaq Copenhagen A/S (XCSE, AQEU, CEUD, CEUX, EUCC, HREU, TQEX, XTXE)
4. 3	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
a)	Description of the financial instrument, type of instrument	B-shares
	Identification code	DK0010181759
b)	Nature of the transaction	Exercise of stock options granted in 2015. 45.020 shares of total volume retained by Carlsberg A/S to cover exercise price.
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		503 DKK per share	97.334 shares
d)	Aggregated information	Total price: DKK 48.959.002
	- Aggregated volume
	- Price
e)	Date of the transaction	2022-02-07 16:00 UTC (17:00 CET)
f)	Place of the transaction	Outside a trading venue
4. 4	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
a)	Description of the financial instrument, type of instrument	B-shares
	Identification code	DK0010181759
b)	Nature of the transaction	Sale of shares
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		Please see specification in Appendix 3
d)	Aggregated information	Total number of shares: 20,000
	- Aggregated volume	Total price: DKK 21,617,600.00
	- Price	Average price per share: DKK 1,080.88
e)	Date of the transaction	Between 2022-02-07 at 16:07 UTC (17:07 CET) and 2002-02-08 at 08:31 UTC (09:31 CET)
f)	Place of the transaction	Nasdaq Copenhagen A/S (XCSE, AQEU, BEUP, CEUD, CEUX, EUCC, HREU, MESI, SGMV, TQEM, TQEX, XPOS)

---

Appendix 1 - list of trades

2022-02-04

Volume	Price
75	1,071.00
68	1,071.00
51	1,071.25
1095	1,071.50
75	1,071.50
40	1,071.50
25	1,071.50
10	1,071.50
72	1,071.50
25	1,071.50
86	1,071.50
27	1,071.50
76	1,071.50
30	1,071.50
49	1,071.50
43	1,071.50
16	1,071.50
52	1,071.50
51	1,071.50
45	1,072.00
56	1,072.00
45	1,072.00
51	1,072.00
10	1,072.00
24	1,072.00
9	1,072.00
17	1,072.00
24	1,072.00
113	1,072.50
117	1,072.50
93	1,072.50
48	1,072.50
62	1,072.50
75	1,073.00
66	1,073.00
8	1,073.00
38	1,073.00
62	1,073.00
18	1,073.00
28	1,073.00
68	1,073.00
Volume	Price
---	---
1	1,073.00
42	1,073.25
45	1,073.50
40	1,073.50
56	1,073.50
4	1,073.50
30	1,073.50
51	1,073.50
45	1,073.50
16	1,073.50
55	1,073.50
59	1,073.50
64	1,073.50
43	1,073.50
32	1,073.50
45	1,073.50
53	1,073.50
9	1,073.75
8	1,073.75
20	1,074.00
29	1,074.00
45	1,074.00
25	1,074.00
21	1,074.00
37	1,074.00
58	1,074.00
45	1,074.00
75	1,074.00
40	1,074.00
48	1,074.00
23	1,074.00
15	1,074.00
15	1,074.00
46	1,074.00
38	1,074.00
18	1,074.00
1	1,074.00
25	1,074.25
78	1,074.50
11	1,074.50
16	1,074.50
39	1,074.50
74	1,074.50
75	1,074.50
Volume	Price
---	---
95	1,074.50
18	1,074.50
49	1,074.50
69	1,074.50
25	1,074.50
25	1,074.50
75	1,074.50
36	1,074.50
75	1,074.50
34	1,074.50
103	1,074.50
27	1,074.50
55	1,074.50
14	1,074.50
19	1,074.50
69	1,074.50
7	1,074.50
23	1,074.50
9	1,074.50
10	1,074.50
21	1,074.50
41	1,074.50
39	1,074.50
40	1,074.50
45	1,074.50
25	1,074.50
19	1,074.50
23	1,074.50
24	1,074.50
75	1,074.75
32	1,074.75
75	1,074.75
16	1,074.75
75	1,074.75
45	1,074.75
10000	1,075.00
104	1,075.00
6	1,075.00
71	1,075.00
31	1,075.00
12	1,075.00
76	1,075.00
35	1,075.00
5	1,075.00

---

Volume	Price
24	1,075.00
75	1,075.00
38	1,075.00
2	1,075.00
105	1,075.00
10	1,075.00
34	1,075.00
71	1,075.00
54	1,075.00
42	1,075.00
12	1,075.00
24	1,075.00
97	1,075.00
24	1,075.00
7	1,075.00
3	1,075.00
54	1,075.00
8	1,075.00
7	1,075.00
8	1,075.00
8	1,075.00
8	1,075.00
8	1,075.00
8	1,075.00
8
1	1,075.00
11	1,075.00
59	1,075.00
10	1,075.00
31	1,075.00
40	1,075.00
73	1,075.00
20	1,075.00
54	1,075.00
8	1,075.50
75	1,075.50
52	1,075.50
71	1,075.50
18	1,075.50
18	1,075.50
45	1,075.50
28	1,075.50
Volume	Price
---	---
45	1,075.50
43	1,075.50
26	1,075.50
75	1,075.50
10	1,075.50
42	1,075.50
24	1,076.00
59	1,076.00
18	1,076.00
36	1,076.00
24	1,076.00
13	1,076.00
75	1,076.00
7	1,076.00
6	1,076.00
58	1,076.00
58	1,076.00
75	1,076.00
37	1,076.00
19	1,076.00
45	1,076.00
20	1,076.00
33	1,076.00
103	1,076.00
12	1,076.00
36	1,076.00
10	1,076.00
23	1,076.00
22	1,076.00
59	1,076.25
5	1,076.25
30	1,076.25
20	1,076.50
73	1,076.50
17	1,076.50
97	1,076.50
105	1,076.50
10	1,076.50
32	1,076.50
6	1,076.50
45	1,076.50
75	1,076.50
12	1,076.75
75	1,077.00
Volume	Price
---	---
41	1,077.00
12	1,077.00
83	1,077.00
17	1,077.00
56	1,077.50
7	1,077.50
77	1,077.50
75	1,077.75
21	1,077.75
14	1,077.75
1	1,077.75
29	1,078.00
21	1,078.00
32	1,078.00

---

Appendix 2 – List of trades

2022-02-07

Volume	Price
19	1,080.00
14	1,080.00
10	1,080.50
4	1,080.50
22	1,080.00
57	1,080.00
41	1,080.50
21	1,080.50
33	1,080.00
25	1,080.00
19	1,080.00
42	1,080.00
53	1,080.50
15	1,080.50
45	1,080.50
61	1,080.50
63	1,081.50
75	1,081.00
66	1,080.50
13	1,080.00
2	1,080.00
49	1,080.25
63	1,080.50
46	1,081.00
13	1,081.00
3	1,080.50
51	1,080.50
63	1,080.00
55	1,080.00
75	1,080.00
5	1,080.50
49	1,080.50
1	1,080.50
69	1,080.50
15	1,081.00
58	1,080.00
53	1,080.50
6	1,081.50
58	1,081.50
60	1,081.50
45	1,081.50
Volume	Price
---	---
13	1,081.50
45	1,081.00
3	1,081.00
60	1,081.00
57	1,082.50
55	1,083.00
9	1,084.00
7	1,083.50
30	1,083.50
21	1,083.50
14	1,084.00
1	1,083.50
54	1,083.00
13	1,082.50
22	1,082.50
62	1,082.50
59	1,084.50
54	1,085.00
58	1,086.00
63	1,085.00
70	1,086.00
63	1,085.00
13	1,085.50
42	1,085.50
61	1,085.50
82	1,085.00
58	1,086.50
57	1,085.50
54	1,086.00
58	1,087.00
44	1,086.50
15	1,086.50
21	1,086.00
18	1,086.00
21	1,086.00
58	1,086.00
12	1,085.50
1	1,085.50
25	1,085.50
2	1,086.00
43	1,086.00
14	1,086.00
30	1,086.50
6	1,086.50
51	1,086.50
Volume	Price
---	---
2	1,087.00
52	1,087.00
57	1,086.50
43	1,086.50
15	1,086.50
37	1,086.00
19	1,086.00
58	1,086.00
58	1,085.50
13	1,085.00
41	1,085.00
1	1,085.00
7	1,085.00
1	1,085.00
19	1,085.00
36	1,085.00
63	1,085.00
47	1,085.00
22	1,085.00
58	1,084.50
63	1,084.50
38	1,085.00
60	1,085.00
62	1,085.50
23	1,085.00
3	1,085.00
1	1,085.00
28	1,085.00
4	1,085.00
23	1,085.00
45	1,085.00
58	1,085.00
60	1,084.00
54	1,083.50
64	1,084.50
61	1,083.50
6	1,083.50
52	1,083.50
69	1,084.00
53	1,085.50
53	1,085.50
35	1,086.00
2	1,086.00
26	1,086.00
61	1,085.50

5

---

Volume	Price
60	1,085.00
23	1,086.00
28	1,086.00
5	1,086.00
61	1,086.50
17	1,087.00
5	1,087.00
11	1,087.00
58	1,087.00
5	1,087.50
2	1,087.50
56	1,086.50
1	1,087.00
54	1,086.50
61	1,086.50
1	1,087.00
57	1,087.50
59	1,087.50
56	1,088.00
59	1,087.00
49	1,086.50
29	1,086.50
69	1,086.00
58	1,085.50
56	1,084.50
43	1,084.50
10	1,084.50
58	1,083.50
64	1,083.50
53	1,084.00
8	1,084.50
15	1,084.50

6

---

Appendix 3 – List of trades 2022-02-08

Volume	Price
401	1.072,00
570	1.072,00
49	1.072,00
71	1.072,00
545	1.072,00
851	1.072,00
180	1.072,00
49	1.072,00
39	1.072,00
1211	1.072,00
160	1.072,00
705	1.072,00
884	1.072,00
766	1.072,00
935	1.072,00
13	1.073,50
75	1.073,50
1	1.073,50
20	1.073,50
20	1.073,75
39	1.073,75
1	1.073,75
45	1.073,75
2	1.073,75
4	1.073,75
2	1.073,75
11	1.073,75
44	1.073,75
9	1.073,75
9	1.073,75
1	1.073,75
15	1.073,75
24	1.073,75
2	1.073,75
8	1.073,75
19	1.073,75
43	1.074,00
15	1.074,00
57	1.073,50
53	1.073,50
57	1.074,50
63	1.075,00
56	1.074,00
Volume	Price
---	---
43	1.075,00
6	1.075,00
9	1.075,00
63	1.074,00
58	1.073,50
64	1.073,50
91	1.073,50
6	1.074,00
56	1.074,00
53	1.074,50
56	1.075,00
57	1.075,00
60	1.085,00
16	1.085,00
50	1.085,00
61	1.085,00
1	1.085,00
476	1.085,50
14	1.086,00
7	1.086,00
69	1.086,00
17	1.086,00
20	1.086,00
11	1.086,00
1	1.086,00
18	1.086,00
25	1.086,00
19	1.086,00
45	1.086,00
59	1.085,00
45	1.085,00
195	1.085,00
167	1.085,00
45	1.085,00
70	1.085,00
336	1.085,00
26	1.085,00
70	1.085,00
45	1.085,00
177	1.085,00
185	1.085,00
45	1.085,00
82	1.085,00
34	1.085,00
213	1.085,00
Volume	Price
---	---
60	1.085,00
19	1.085,00
70	1.085,00
11	1.085,00
353	1.085,00
9	1.085,00
242	1.085,00
1	1.085,00
58	1.085,00
75	1.085,00
44	1.085,00
30	1.085,00
71	1.085,00
141	1.085,00
150	1.085,00
68	1.085,00
127	1.085,00
127	1.085,00
235	1.085,00
295	1.085,00
157	1.085,00
45	1.085,00
292	1.085,00
70	1.085,00
50	1.085,00
102	1.085,00
362	1.085,00
51	1.085,00
2	1.085,00
59	1.085,00
26	1.085,00
16	1.085,00
1	1.085,00
15	1.085,00
25	1.085,00
3	1.086,00
53	1.086,00
18	1.086,00
61	1.086,00
9	1.086,00
49	1.086,00
2	1.086,00
2	1.087,00
61	1.087,00
10	1.087,50

7

---

Volume	Price
59	1.086,50
56	1.086,00
3	1.086,00
6	1.087,00
30	1.087,00
16	1.087,00
1	1.087,00
70	1.087,00
1	1.087,00
48	1.088,00
10	1.088,00
9	1.087,00
50	1.087,00
59	1.087,50
37	1.086,50
53	1.086,50
3	1.086,50
55	1.086,50
3	1.086,50
17	1.087,50
13	1.087,50
8	1.087,50
20	1.087,00
20	1.087,00
16	1.087,00
3	1.087,00
12	1.087,00
50	1.087,00
11	1.087,50
52	1.087,50
59	1.086,50
51	1.087,00
3	1.087,00
55	1.087,50
14	1.088,00
16	1.088,00
30	1.088,00
35	1.088,50
12	1.088,50
9	1.088,50
3	1.088,50
28	1.088,50
38	1.088,50
61	1.087,50
2	1.087,50
Volume	Price
---	---
59	1.087,50
56	1.088,00
60	1.088,50
13	1.089,00
24	1.089,00
2	1.089,50
61	1.089,50
58	1.090,50
63	1.091,00
4	1.091,00
5	1.091,00
16	1.091,00
52	1.090,50
3	1.090,50
58	1.089,00
58	1.088,50
54	1.088,00
3	1.088,00
2	1.088,00
41	1.088,00
20	1.088,00
9	1.088,00
14	1.088,00
33	1.088,00
33	1.088,00
50	1.088,00
16	1.088,00
1	1.087,50
61	1.087,50
58	1.087,50
52	1.087,50
3	1.087,50
1	1.089,00
16	1.089,00
13	1.089,00
1	1.089,00
58	1.088,50
3	1.088,50
12	1.088,00
44	1.088,00
29	1.089,50
25	1.089,50
60	1.090,00
59	1.090,50
3	1.089,50
Volume	Price
---	---
55	1.089,50
8	1.089,00
5	1.089,00
1	1.089,00
8	1.089,00
13	1.089,00
23	1.089,00
40	1.089,50
39	1.089,50
18	1.089,50
34	1.090,00
25	1.090,00
3	1.090,00
45	1.090,50
19	1.091,00
3	1.091,00
41	1.091,00
86	1.090,00
52	1.091,00
3	1.091,00
66	1.091,50
28	1.092,00
22	1.092,00
3	1.092,00
54	1.092,00
10	1.092,00
58	1.092,00
3	1.092,00
33	1.092,00
27	1.092,00
53	1.092,00
3	1.092,00
61	1.092,50
10	1.092,00
18	1.092,00
18	1.092,00
35	1.092,00
20	1.092,50
38	1.092,50
51	1.091,50
2	1.091,50
57	1.092,00
2	1.092,00
5	1.093,50
1	1.093,50

8

---

Volume	Price
14	1.093,50
21	1.093,50
13	1.093,50
2	1.093,50
53	1.094,00
2	1.094,00
55	1.095,00
5	1.095,00
3	1.094,00
61	1.094,00
54	1.094,50
2	1.094,50
1	1.095,00
58	1.095,50
51	1.096,00
2	1.096,00
4	1.096,00
9	1.096,00
49	1.096,00
54	1.096,00
2	1.096,00
61	1.094,50
2	1.094,50
57	1.095,00
2	1.095,00
57	1.097,00
2	1.097,00
57	1.097,50
2	1.097,50
55	1.098,00
58	1.098,50
60	1.098,00
58	1.096,00
54	1.094,50
58	1.096,00
11	1.096,50
2	1.096,50

9