Carlsberg A/S — M&A Activity 2013

Dec 11, 2013

The Carlsberg Group has completed the partial take-over offer for shares in
Chongqing Brewery Company Co. Ltd (CBC) that was announced on 4 March 2013.
Through the partial take-over offer Carlsberg has acquired 146.6m shares and
thereby increased its shareholding in CBC from 29.7% to 60% at a total purchase
price of RMB 2.9bn (approximately DKK 2.6bn). CBC will be fully consolidated in
Carlsberg’s accounts with effect from December 2013.

CBC has 23 breweries located across Western and Eastern China, and employs
6,500 employees. Its leading brand is Shancheng, and CBC has a 85% market share
in Chongqing, a city with a population of around 35 million people. In the last
two years, CBC has started producing two of the Carlsberg Group’s leading
brands, Carlsberg and Tuborg, and both are delivering promising results. This
is in line with the Carlsberg Group’s approach of investing in and supporting
local power brands, and at the same time introducing its international premium
brands.

Commenting on today’s announcement, Jørgen Buhl Rasmussen, President and CEO of
the Carlsberg Group, says:

“This transaction, following on from our decision to construct two new
breweries in China and Myanmar, further reinforces our commitment to Asia, and
in particular to China, where we see exciting growth potential.

“We will now ensure that CBC becomes integrated into the Carlsberg organisation
and is able to share our best practices, be they in terms of marketing and
sales excellence, production and procurement improvements, environmental
efficiency or our outstanding research and development resources.

“We have had a very good relationship with CBC and its main shareholder since
2008 and we believe that through closer cooperation with Carlsberg, the
performance of this large-scale beer business will be significantly enhanced.”

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