Carlsberg A/S — M&A Activity 2010

Dec 27, 2010

On 10 June 2010, the Carlsberg Group announced that it had agreed, subject to
certain conditions, to increase its shareholding in Chongqing Brewery Co. Ltd
from 17.46% to 29.71%, thereby becoming the largest shareholder in Chongqing
Brewery Co. Ltd. The transaction has now been completed, as the Carlsberg Group
has been through all the necessary steps and received all the required
approvals.

Since 2008, Carlsberg has established a constructive relationship with both
Chongqing Brewery Co. Ltd and its main shareholder, Chongqing Beer (Group) Co.
Ltd. Following the completion of the transaction, the parties will continue to
work together to explore opportunities for increased cooperation, including
further sharing of best practices and the development of Shancheng, which is
the leading brand in the markets in which Chongqing Brewery operates.

CEO Jørgen Buhl Rasmussen comments, "We are very pleased with the cooperation
we have had with Chongqing Brewery and its main shareholder since 2008. We have
been actively involved with Chongqing Brewery and are very excited about the
possibilities for further development arising from the transaction. The
transaction is in line with Carlsberg's strategy of strengthening our presence
and building a platform for long-term growth in Asia".

Chongqing Brewery Co. Ltd facts

Chongqing Brewery Co. Ltd is listed on the Shanghai Stock Exchange, with the
Carlsberg Group and Chongqing Beer (Group) Co. Ltd as its two largest
shareholders. Following the transaction, the Carlsberg Group and Chongqing Beer
(Group) Co. Ltd will own 29.71% and 20%, respectively, of Chongqing Brewery Co.
Ltd.

Chongqing Brewery Co. Ltd operates 16breweries in Chongqing and the surrounding
provinces of Sichuan, Hunan, Anhui and Zhejiang.

In 2009, Chongqing Brewery Co. Ltd's Chinese beer volumes were approximately
10m hl. The Shancheng brand family, which is largely focused in the mainstream
market segment, accounts for the majority of Chongqing Brewery Co. Ltd's
volumes. The Shancheng brand has a long-standing regional heritage and is
accorded “China Famous Brand” status by the Chinese Government.

In addition to the brewery activities, Chongqing Brewery Co. Ltd owns 85% of a
biotech business involved in biopharmaceutical research, development and
production. The company is currently carrying out a phase II study for its
hepatitis B vaccine.

The Carlsberg Group China facts

The Carlsberg Group operates 19 breweries in China. In 2009 the Group's
pro-rata Chinese volumes were approximately 9m hl. The Carlsberg Group holds
strong market positions in Western China. In addition the Group holds a number
two position in the international premium segment with the Carlsberg brand
portfolio.

Contacts:
Investor Relations:Peter Kondrup, +45 3327 1221
Media Relations: Jens Bekke, +45 3327 1412
Ben Morton, +45 3327 1417
The Carlsberg Group is one of the leading brewery groups in the world, with a
large portfolio of beer and other beverage brands. The flagship brand -
Carlsberg - is one of the best-known beer brands in the world and the Baltika,
Carlsberg, and Tuborg brands are among the six biggest brands in Europe More
than 43,000 people work for the Carlsberg Group, and its products are sold in
more than 150 markets. In 2009, the Carlsberg Group sold more than 135 million
hectolitres of beer, which is about 40 billion bottles of beer annually.
Find out more at www.carlsberggroup.com.