Carlsberg A/S — M&A Activity 2012

May 15, 2012

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

Tel +45 3327 3300 carlsberg@carlsberg.com www.carlsberggroup.com

Company announcement 10/2012 15 May 2012

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Voluntary offer to minority shareholders in Baltika Breweries submitted to Russian authorities

At the Carlsberg Group's 2011 full-year announcement on 20 February 2012, the Group announced its intent to make a voluntary offer to the minority shareholders of Baltika Breweries. The Carlsberg Group's fully-owned subsidiary Baltic Beverages Holding Aktiebolag, who is the main shareholder of Baltika Breweries with a shareholding of 84.55%, has now submitted the voluntary offer for approval by the Russian Federal Financial Markets Service. The contents of the voluntary offer will be published in due course.

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. Our flagship brand – Carlsberg – is one of the best-known beer brands in the world and the Baltika, Carlsberg, and Tuborg brands are among the eight biggest brands in Europe. More than 41,000 people work for the Carlsberg Group, and our products are sold in more than 150 markets. In 2011, the Carlsberg Group sold more than 115 million hectolitres of beer, which is about 34 billion bottles of beer.

Find out more at www.carlsberggroup.com.