Carlsberg A/S — Earnings Release 2012

Apr 8, 2013

As a result of changes in the Russian retail landscape as well as recent
changes in marketing regulation, the Carlsberg Group has experienced a change
in the cooperation with retailers in Russia which has resulted in a change in
services provided by retailers from primarily being trade marketing activities,
e.g. in-store displays, to be more focused on specific listing fees which are
closely related to the sale of beer. The change in nature of the cooperation
and the activities has developed during 2012 and is expected to have increasing
impact during 2013.

According to the Group’s accounting policies specific listing fees closely
related to the sale of beer are presented as discounts reducing net revenue.
Previously, the cost of these Russian activities was included in sales and
distribution expenses in line with the main nature of the activities. However,
due to the changed nature of the activities, these will be classified as
discounts and deducted from net revenue as of 1 January 2013. Comparative
figures for 2012 have been restated accordingly based on an updated analysis of
the nature of the activities for the year while there is no significant impact
on comparative figure for the years prior to 2012.

The changes have no earnings or cash-flow impact.

Net revenue for Q1-Q4 2012 and full year 2012 for Eastern Europe and the Group
has been restated accordingly in the attached tables.

Contacts
Investor Relations: Peter Kondrup +45 3327 1221
Iben Steiness +45 3327 1232
Media Relations: Jens Bekke +45 3327 1412 Ben Morton +45 3327
1417