Carlsberg A/S — M&A Activity 2014

Nov 18, 2014

The Carlsberg Group will strengthen its position in Greece significantly
through a merger with Olympic Brewery, the third largest brewer in the country.

The combined company will be a strong number two in the Greek beer market with
a market share of around 29%. The combination of Olympic Brewery’s strong local
brand, Fix, and the Carlsberg Group’s local power brand Mythos and our
international premium portfolio will create a very strong product portfolio,
making the combined company a very attractive partner for Greek retailers and
wholesalers. In addition, the combination of the companies will generate
synergies within areas such as procurement, production and distribution.

Carlsberg will own 51% of the combined company and the current shareholders of
Olympic Brewery will own the remaining 49%. The future relationship between the
Carlsberg Group and the current shareholders of Olympic Brewery will be
regulated through a shareholder agreement. The Chairman of the New Olympic
Brewery will be Lars Lehmann from the Carlsberg Group and CEO will be
Alexandros Karafillides, also from the Carlsberg Group.

The transaction is conditional upon the necessary regulatory approvals from the
Hellenic Competition Commission.

CEO Jørgen Buhl Rasmussen says: “The Greek market offers interesting
opportunities. We have been very pleased with the performance of Mythos Brewery
since we took over the business as part of the Scottish & Newcastle
acquisition. The merger with Olympic Brewery and the creation of a strong
number two player in the Greek market represents a step-change for our local
business and we are very excited about the prospects for the merged company.”

Contacts

Investor Relations: Peter Kondrup +45 3327 1221 Iben
Steiness +45 3327 1232

Media Relations: Jens Bekke +45 3327 1412 Jim Daniell
+45 3327 2874