Carlsberg A/S — M&A Activity 2011

Aug 1, 2011

Carlsberg A/S 100 Ny Carlsberg Vej 1799 Copenhagen V CVR.no. 61056416

Tel +45 3327 3300 carlsberg@carlsberg.com

Page 1 of 2 Company announcement 7/2011 01 August 2011

Expansion of Chinese operations through establishment of JV with Chongqing Brewery and Chongqing Light Textile Holdings

In 2010, the Carlsberg Group increased its ownership in Chongqing Brewery Co. Ltd ("CBC") and became the largest shareholder in CBC. At the time of the transaction, the Carlsberg Group expressed its continued interest in expanding its Chinese operations and further strengthen its cooperation with CBC and CBC's other main shareholder, Chongqing Light Textile Holdings (Group) Co., Ltd. ("CLT"). The Carlsberg Group has had a very constructive cooperation with CBC and CLT since 2008 when the Carlsberg Group initially acquired an ownership in CBC.

CLT, the Carlsberg Group and CBC have today entered into an agreement with the view to further expanding the cooperation with CBC and CLT in China through the establishment of the joint venture, Chongqing Xinghui Investment Co., Ltd ("CXI"), as CBC today informed the Shanghai Stock Exchange. CBC will own 51.42% of the joint venture, CLT 18.58% and the Carlsberg Group will own 30%.

CXI will operate 12 breweries in China located in the provinces of Chongqing, Sichuan, Guangxi, Guizhou and Hunan. CBC will contribute to the joint venture its ownership of five breweries, CLT will contribute its ownership of seven breweries and the Carlsberg Group will make a cash contribution of approximately RMB 200m (approximately DKK 160m).

The transaction is conditional upon a number of steps and approvals by authorities and minority shareholders.

Chongqing Brewery Co. Ltd facts

CBC is listed on the Shanghai Stock Exchange. The Carlsberg Group and Chongqing Beer (Group) Co., Ltd. are the two largest shareholders owning 29.71% and 20% respectively. CLT is the sole shareholder of Chongqing Beer (Group) Co., Ltd.

CBC operates 16 breweries in Chongqing and the surrounding provinces of Sichuan, Hunan, Anhui and Zhejiang. After completion of the announced transaction, CBC will operate 11 breweries directly and have a 51% ownership in Chongqing Xinghui Investment Co.

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

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 40,000 people work for the Carlsberg Group, and its products are sold in more than 150 markets. In 2010, 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.