PRESENTATION

DEBT INVESTORS
Carlsberg Group

30 August 2017
2
CONTENT
Group overview
SAIL22 & Funding the Journey
Key financial highlights
Group financing &
key EURO bond terms
Appendix

3
Group
overview

4
The Carlsberg Group 2016

24 c. 108bn
markets with DKK
# 1 or 2 positions market cap1

74% 62.6bn
volumes sold in DKK
# 1 or 2 markets net revenue2

No. 1 8.6bn
in Eastern Europe DKK
free cash flow2

No. 2 21.9bn
in Western Europe DKK
net debt3

No. 1-2 1.57x

in seven Asian net debt/EBITDA3
markets
1 25/8/17
2 FY 2016
3 30/6/17

5
Three regions a more balanced portfolio

WESTERN EUROPE EASTERN EUROPE ASIA

Share of net revenue (2009 and 2016)

62% 60% 31% 16% 7% 24%

Share of operating profit (2009 and 2016)

42% 54% 52% 18% 6% 28%

6
 The Group has a strong portfolio of
core beer brands
Share of Share of beer
beer volume net revenue
Mainstream lager is among the alcohol categories
with the highest market penetration and frequency of consumption
Represents our largest volume and profit pool

INTERNATIONAL LOCAL POWER

BRANDS BRANDS

7
 and attractive craft & speciality brands
and alcoholic-free brews
Share of Share of beer
beer volume net revenue
Craft & speciality and alcohol-free brews are growing rapidly
in many markets
Craft & speciality driven by consumer desire for premium brands
with varied tastes and beer styles
Alcohol-free brews driven by the rising interest in healthier choices

CRAFT & ALCOHOL-FREE

SPECIALITY BREWS

8
SAIL22 &
Funding
the Journey
9
Our new strategy SAIL22 was launched in March
2016, guided by our ambition to be

SUCCESSFUL
by driving sustainable top- and bottom-line growth
KPIs
Market share
Gross profit after logistics %
Operating profit

PROFESSIONAL
by excelling with our customers in insights, management and service
KPIs
Customer satisfaction scores

ATTRACTIVE
by delivering value for our shareholders, employees and society
KPIs
Operating profit
ROIC
Free cash flow

10
SAIL22 defines clear priorities with a focus on core
and growth opportunities to deliver shareholder
value

STRENGTHEN POSITION DELIVER VALUE

THE CORE FOR GROWTH FOR SHAREHOLDERS

Leverage our strongholds Win in growing categories Organic growth in operating profit
Excel in execution Target big cities ROIC improvement
Funding the Journey Grow in Asia Optimal capital allocation

Team-based performance
CREATE A
WINNING CULTURE Contribute to a better society
Compass (applying our codes and policies)

11
SAIL22 sets clear targets for capital allocation

1. Organic growth in operating profit

2. ROIC improvement
3. Optimal capital allocation1:
1. Invest in to our business to drive long-term value creation
2. NIBD/EBITDA < 2.0x
3. Dividend pay-out ratio of 50%
4. Excess cash to be redistributed through buy-backs and/or
extraordinary dividends
5. Deviating from the above only if value-enhancing acquisition
opportunities arise

1 In prioritised order

12
SAIL22 includes an ambitious sustainability strategy
with industry-leading targets: Together Towards ZERO
2030
0% carbon emissions at our breweries
30% reduction in beer-in-hand carbon
footprint
50% reduction in water usage at our
breweries
Partner to safeguard shared water
resources in high-risk areas
100% of our markets improve on
responsible drinking year on year
Zero accidents
13
2022
50% reduction in carbon emissions at our breweries
100% electricity from renewable sources at our breweries
Eliminate use of coal at our breweries
15% reduction in beer-in-hand1 carbon footprint
100% low climate impact cooling
Partner with 30 suppliers to reduce shared carbon footprint
25% reduction in water usage at our breweries
Explore going below 2.0hl/hl at all high risk breweries
Partner to safeguard shared water resources in high-risk areas
100% availability of alcohol free beer (AFB)
100% responsible drinking messaging through packaging
and brand activations
100% of our markets run partnerships to support responsible
consumption
Reduction in accident rate year on year
Status of Funding the Journey and SAIL22
as at 30 June 2017

FUNDING THE JOURNEY

On track to deliver the expected net benefits of
DKK 1.5-2.0bn by 2018
A large proportion to be delivered in 2017
As planned, approx. 50% of the total net benefits will be
reinvested in the priorities of SAIL22 while the other
approx. 50% will improve earnings
Funding the Journey governance structure and processes
being incorporated into daily routines and standard
business operations

SAIL22
Investment in and execution of SAIL22 priorities on-going
Strengthen core business
Drive future top-line growth
Craft & speciality growth of +25%
Alcohol-free beer growth in Western Europe of +13%
Launch of Together Towards ZERO with industry-leading
ambitions

14
Funding the Journey was launched in November 2015,
targeting net benefits of DKK 1.5-2.0bn by 2018

Elements of Funding the Journey

Optimise balance between market share and profits by improving the
mix of brands, channels and promotional activities
VALUE MANAGEMENT Embedding the right sales and pricing tools across markets
Price/mix in 2016: 3%

Efficiency improvements within procurement, production, warehousing

and logistics
SUPPLY CHAIN EFFICIENCY BSP11 an important tool to realise efficiencies
Complexity reduction
Net SKU2 reduction by end-2016: 1,200

Simplification of processes and functions

OPERATING EXPENSE Operating cost management
EFFICIENCY Outsourcing of shared services
Total white-collar headcount reduction by end-2016: 2,280

Russia: Production restructuring and brand impairment

China: Impairment of Eastern Assets and local brands in addition to
RIGHT-SIZING OF BUSINESSES further network restructuring
UK: Business restructuring
Several disposals, such as Danish Malting Group, Carlsberg Malawi,
15 1 Business Standardisation Programme Carlsberg Uzbekistan, United Romanian Breweries and Nordic Getrnke
2 Stock Keeping Units
Key
financial
highlights
16
Strong H1 2017 results
well on track to deliver on key priorities for the year

GROWING BALANCING
TOP-& BOTTOM-LINE OUR GOLDEN TRIANGLE
Net revenue +2% (organic)
Operating profit +15% (organic)
Net profit +23% VOLUMES GROSS MARGIN
organic pro rata growth

IMPROVING -2% +110bp

CASH FLOW
Free operating cash flow +37%

REDUCING
LEVERAGE
Net debt/EBITDA 1.57x OPERATING PROFIT
organic growth

+15%
17
A clear target of SAIL22 is to reduce net debt and
financial leverage H1 2017 results delivered
accordingly
DKKbn
3.0x 40.0

Continued reduction
2.5x 35.0 of financial leverage
In line with SAIL22 capital
allocation priorities (target:
2.0x 30.0 < 2.0x)
NIBD reduced by DKK 3.7bn
since year-end 2016
1.5x 25.0
NIBD/EBITDA down to 1.57x
driven by:
1.0x 20.0 Earnings growth
Working capital improvement
Disposals
0.5x 15.0

0.0x 10.0
H1 2015 FY 2015 H1 2016 FY 2016 H1 2017

Net debt/EBITDA Interest-bearing debt, net (rhs)

18
2017 outlook

2017 FINANCIAL EXPECTATIONS

Mid-single-digit percentage organic operating
profit growth
Financial leverage reduction

Other assumptions
A translation impact on operating profit of around DKK +50m
based on the spot rate on 14 August (previously DKK +300m)
Financial expenses, excluding currency losses or gains and
fair value adjustments, of around DKK 1bn (previously DKK
1.0-1.1bn)
Effective tax rate just below 30%.
Capital expenditures of approximately DKK 4bn

19
Net revenue and operating profit

DKK bn Net revenue DKK bn Operating profit

70 12
66.5 66.6
63.6 64.5 65.4
62.6
59.9 59.4 60.1 10.249
60 9.816 9.793 9.844
10
9.390 9.230

8.457
50 8.245
7.978
44.8 8
41.1
40

6
5.262
30
4.046
4
20

2
10

0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

20
Operating and EBITDA margins

Operating margin EBITDA margin

30% 40%

35%
25%

30%

20%
25%

15% 20%

15%
10%

10%

5%
5%

0% 0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Carlsberg Group Western Europe Carlsberg Group Western Europe
Eastern Europe Asia Eastern Europe Asia

21
Average trade working capital
and free cash flow

Av. trade working capital/net revenue Free cash flow

DKK bn
4.0% 12

10.5
2.0%
10
0.0%
8.6

-2.0% 8 7.5

-4.0%
5.9 5.9
6
5.2
-6.0%

3.9
-8.0% 4

-10.0%
2
-12.0%
0.7
0.1
-14.0% 0
2009 2010 2011 2012 2013 2014 2015 2016 H1 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017
2017

22
Group
financing &
proposed
transaction
key terms
23
We are committed to investment grade
Rated by Fitch and Moodys since January 2006
Long Term Issuer Rating: BBB
Outlook: Stable
Date: 21-02-2011
The affirmation reflects an improvement in Carlsberg's credit
metrics to levels more commensurate with a 'BBB' rating due to
successful cash preservation measures taken in 2015-2016 leading
to 25% gross debt reduction over the period. We expect rating
headroom to continue improving over 2017-2019, allowing for
some bolt-on M&A activity in a still consolidating industry.
Management's focus on improving profitability and strengthening
the company's balance sheet under the SAIL'22 strategy it aims to
deliver by 2022 should continue to enhance the group's financial
flexibility under the current rating. The rating also reflects
Carlsberg's strong business profile resulting from its large scale,
geographic diversification and strong portfolio of international and
local brands, ensuring leading positions in most of its markets. (11-
05-2017)
24
Rating: Baa2
Outlook: Stable
Date: 16-11-2016
Carlsberg's Baa2 long-term ratings are supported by the
company's (1) large scale as the world's third-largest brewer, with
leading positions in some of its key European and Asian markets,
including Russia; (2) increasing geographic diversification; and (3)
solid cash flow generation supporting gross debt reduction. The
ratings also factor in Carlsberg's (1) significant exposure to Eastern
Europe and Russia in particular, where trading conditions remain
challenging; (2) weaker margins compared to rated global peers,
reflecting a higher exposure to competitive beer markets in
Western Europe as well as to different local distribution models;
and (3) credit metrics that are currently weak for the rating but are
expected to improve over the next 6 to 12 months (i.e. by mid late
2017). (16-11-2016)
Carlsberg Group financing

Committed to maintaining investment grade credit rating EUR 1,000m Bond maturing in Oct 2017 and EUR 750m
Bond maturing in 2019
Centralised funding and risk management at the level of
Carlsberg Breweries A/S EUR 750m Bond maturing in 2022
Diversified sources of funding and smooth maturity profile EUR 1,000m Bond maturing in 2024
Ample capital resources available at all times EUR 2,510m credit facility committed until 2021

Time to maturity Committed non-current credit facilities

DKK bn non-current borrowings DKK bn and net financial debt
15 50
Comm. credit facilities
Net financial debt*
12 40

9 30

6 20
EUR 1 bn 2,5%
EUR 750 m
2,625% EUR 750 m
3 2,625% 10

0 0
1-2 years 2-3 years 3-4 years 4-5 years > 5 years 2016 2017 2018 2019 2020->

* FY 2016 and H1 2017 reported numbers

25
Continued focus on cash generation
and deleveraging
Target net interest bearing debt (SAIL22) Gross financial debt at 31 December 2016 of
DKK 30,204m
Net interest bearing debt / operating profit before
depreciation and amortisation < 2.0x 70% of gross financial debt is long term
NIBD/EBITDA at 31 December 2016: 1.96 76% of net financial debt at fixed rates
NIBD at 31 December 2016: DKK 25,503m 61% of gross financial debt is non-current bonds
NIBD at 30 June 2017: DKK 21,852m

NIBD / EBITDA Gross Financial Debt Allocation (%)

5x

Non-current issued
4x bonds
29%
Non-current bank
2.71 2.74 borrowings
3x 2.55
2.30 2.39 2.35 2.34 Non-current mortgages
1.96
2x Current bank borrowings
1.57
5% 61%
1%
1x 4% Other current- and non-
current borrowings

x
2009 2010 2011 2012 2013 2014 2015 2016 H1'17

26
Funding portfolio to meet Carlsbergs strategy

Committed credit facilities Utilisation of funding sources

Committed credit facilities at 31 December 2016 of Funding portfolio requires rebalancing due to high bond
DKK 49,592m ratio and little flexible debt:
Credit resources available at 31 December 2016 of DKK 13,464m No immediate refinancing need
Reduce bond ratio to achieve flexibility
Credit resources available is defined as unutilised non-current
credit facilities and cash & cash equivalent less utilised current
credit facilities

Committed credit facilities Utilisation of funding sources

2%
9% 4%
1%

45% 52%

1%
86%

Bonds Mortgages Bank borrowings Other credit facilities Bonds Mortgages Bank borrowings Other credit facilities

27
Funding strategy

Maturity Profile Smoothing of maturity profile

DKKbn
8.0
Looking for maturities in gaps
Increase flexibility and ability to
7.0 match liquidity
Keep part of the funding portfolio
6.0 short-term
Will be open to PPs and reverse
5.0 inquiries
Looking broadly and
4.0 opportunistically at markets and
funding sources
3.0 Smaller and more frequent issues
(than previously)

2.0 EUR 1bn bond maturing in Oct 2017

Refinancing with a mix of a new
1.0 bond issue, cash and/or short term
debt
0.0
2017 2018 2019 2020 2021 2022 2023 2024
Bonds Other borrowings

28
Carlsberg Group ownership structure and proposed
transaction key terms

Key Euro Bond Terms Carlsberg Breweries A/S

Issuer Carlsberg Breweries A/S simplified ownership structure
Moodys: Baa2 (Stable)
Ratings
Fitch: BBB (Stable) Carlsberg
Free float
Status Senior unsecured Foundation
General corporate purposes incl. partial 30% of capital 70% of capital
Use of Proceeds 75% of votes
refinancing of EUR 1bn bond maturing in October 25% of votes
Tenor 6 years
Carlsberg A/S
Size and currency EUR 500m Listed on Nasdaq Copenhagen
Coupon type Fixed, Annual, Act/Act
100% ownership
Optional Redemption 3 month Par Call Carlsberg
Change of control Put option in the event of Change of Control Other activities1 Breweries A/S
EMTN listed on
Law English Law Luxembourg Stock Exchange

EUR 5 billion EMTN programme, Prospectus

Documentation dated 8 June 2017 and Prospectus Supplement
dated 25 August 2017 Operating companies

Listing Luxembourg Stock Exchange

1Other activities are primarily R&D and real
Joint Bookrunners MUFG, Nordea, Societe Generale estate activities. Refer to slide 31 (appendix)

29
Appendix

30
Other activities bridge between Carlsberg Group
and Carlsberg Breweries Group

Other activities in Carlsberg A/S (not consolidated in Carlsberg Breweries Group) are primarily:
R&D activities
Real estate activities Carlsberg A/S holds 25% ownership in Carlsberg Byen, the city development project
on the former brewery site in Valby
Bridge between Carlsberg Group and Carlsberg Breweries Group1
DKKm Other
CAG activities CBG Comments

Net revenue 62,614 - 62,614

CAS admin. expense: DKK -100m. Profit from associate after tax:
Operating profit 8,245 56 8,301 DKK +44m, of which the main part is real estate (Carlsberg Byen)

Special items 251 12 263

Net financial items -1,247 10 -1,237

Profit before tax 7,249 78 7,327

Tax -2,392 -10 -2,402

Profit after tax 4,857 68 4,925

Free cash flow 8,616 189 8,805 Decrease in other payables in CAS

Dividends excl. minorities -1,373 - -1,373

Net financial debt 26,702 131 26,833 Intercompany loans from CAS to CBG

1 Abbreviations: CAG: Carlsberg Group; CBG: Carlsberg Breweries Group; CAS: CAG excl. CBG

31
 Western Europe
NORWAY
Ringnes
No. 1
Market share: 55%
Breweries: 2
FINLAND
Sinebrychoff
SWEDEN No. 2
Carlsberg Sverige Market share: 31%
No. 1 Breweries: 1
Market share: 35%
Breweries: 1

BALTIC STATES
Saku
Aldaris
Svyturys-Utenos Alus
No. 1-2
UK DENMARK Market share: 26-41%
Carlsberg UK Carlsberg Danmark Breweries: 3
No. 4 No. 1
Market share: 12% Market share: 54%
Breweries: 1 Breweries: 1

SWITZERLAND
Feldschlsschen POLAND
No. 1 Carlsberg Polska
Market share: 41% No. 3
Breweries: 1 Market share: 17%
Breweries: 3

GERMANY
(Northern)
Carlsberg Deutschland
FRANCE No. 1
Kronenbourg Market share: 17%
No. 2 Breweries: 2
Market share: 28%
Breweries: 1

SOUTH EAST EUROPE

Carlsberg Serbia
Carlsberg Croatia
Carlsberg Bulgaria
PORTUGAL ITALY Carlsberg Greece
Unicer Carlsberg Italia No. 2-3
No. 1 No. 4 Market share: 16-27%
Market share: 47% Market share: 7% Breweries: 5
32 Breweries: 1 Breweries: 1
Western Europe key figures

Pro rata beer volumes (2016)

Organic Nordic
DKK bn 2016 2015 growth countries
Others, incl.
Export &
Beer volumes (m hl) 48.4 50.2 -4% Licence

Other beverages (m hl) 16.3 16.2 +2% Poland

Total volumes (m hl) 64.7 66.4 -2%

Net revenue 37.6 38.8 -1%

Operating profit 5.4 5.3 +3%

France
Operating margin 14.2% 13.7%

Germany
UK
South East
Europe

33
Western Europe H1 2017 results highlights

Organic growth in net revenue of 2%

Price/mix +1%
Volume +1%
Operating profit up organically 14%
Price/mix improvements from value management
Funding the Journey benefits, including OCM, reducing operating expenses
+160bp improvement in operating margin

H1
m.hl / DKKbn 2016 Org. Acq. Net FX 2017

Beer volume 24.2 0% 0% 24.1

Other bev. volume 7.9 +4% -5% 7.8

Total bev. volume 32.1 +1% -2% 31.9

Net revenue 18.8 +2% -2% -1% 18.5

Operating profit 2.0 +14% 0% 0% 2.3

Operating margin 10.9% 12.5%

34
 Eastern Europe

KAZAKHSTAN
Derbes
No. 2
RUSSIA Market share: 37%
Baltika Breweries: 1
No. 1
Market share: 35%
Breweries: 8

UKRAINE BELARUS AZERBAIJAN

Carlsberg Ukraine Olivaria Baltika-Baku
No. 2 No. 1 No. 1
Market share: 31% Market share: 29% Market share: 75%
Breweries: 3 Breweries: 1 Breweries: 1

35
Eastern Europe 2016 key figures

Pro rata beer volumes (2016)

Others
Organic
DKK bn 2016 2015 growth

Beer volumes (m hl) 32.4 32.3 0% Russia

Other beverages (m hl) 2.0 1.7 +15% Ukraine

Total volumes (m hl) 34.4 34.0 +1%

Net revenue 10.2 10.9 +8%

Operating profit 1.8 1.9 +12%

Operating margin 18.0% 17.5%

36
Eastern Europe H1 2017 results highlights

Organic decline in net revenue of 1%

Price/mix +8%
Volume -9%, impacted by PET1 downsizing in Russia
Operating profit up organically 17%
GPaL growth
Funding the Journey benefits
+320bp improvement in operating margin

H1
m.hl / DKKbn 2016 Org. Acq. Net FX 2017

Beer volume 15.9 -9% 0% 14.5

Other bev. volume 1.0 -4% 0% 1.0

Total bev. volume 16.9 -9% 0% 15.5

Net revenue 4.7 -1% 0% +17% 5.5

Operating profit 0.8 +17% -1% +23% 1.0

Operating margin 15.9% 19.1%

1 Polyethylene terephthalate (plastic bottles)

37
 Asia
HONG KONG
Carlsberg Hong Kong Ltd
No. 2
Market share: 27% VIETNAM
SEAB
Hue Brewery
CHINA Habeco
No. 4
(Western)
Market share: 10%
No. 1
Breweries1: 2
Market share: 58%
Breweries: 27

LAOS
Lao Brewery Co.
No. 1
Market share: 96%
Breweries: 2

NEPAL
Gorkha Brewery
No. 1
Market share: 70%
Breweries: 1 CAMBODIA
Cambrew
No. 1
Market share: 45%
Breweries: 1

INDIA
Carlsberg India
No. 3
Market share: 17% SINGAPORE
Breweries: 7 Carlsberg Singapore
No. 2
Market share: 21%

SRI LANKA
Lion Brewery Ceylon
No. 1 MALAYSIA
Breweries: 1 Carlsberg Brewery
MYANMAR
Malaysia Berhad
Carlsberg Myanmar
No. 2
No. 4
Market share: 37%
Market share: 3%
Breweries: 1
38 Breweries: 1
1Excl. Habeco
Asia 2016 key figures

Pro rata beer volumes (2016)

Organic Others
DKK bn 2016 2015 growth
China
Beer volumes (m hl) 36.1 37.8 -3%
Laos

Other beverages (m hl) 3.6 3.6 +9%

Total volumes (m hl) 39.7 41.4 -2%

Net revenue 14.7 15.3 +4% India

Operating profit 2.8 2.8 +6%

Operating margin 19.1% 18.2%

Vietnam

39
Asia H1 2017 results highlights

Organic growth in net revenue of 6%

Price/mix +5%
Volumes flat
Operating profit up organically 12%
Gross margin improvement from value price/mix and supply chain savings
Good operating cost management
+200bp improvement in operating margin

H1
m.hl / DKKbn 2016 Org. Acq. Net FX 2017

Beer volume 19.0 -1% -4% 18.1

Other bev. volume 2.0 +12% -16% 1.9

Total bev. volume 21.0 0% -5% 20.0

Net revenue 7.6 +6% -5% 0% 7.7

Operating profit 1.3 +12% 0% +1% 1.5

Operating margin 17.4% 19.4%

40
Dividend per share and pay-out ratio

DKK Dividend/share and pay-out ratio

12 42%

10.0
10 35%
9.0 9.0

8.0
8 28%

6.0
6 5.5 21%
4.8 4.8 5.0

4 3.5 3.5 14%

2 7%

0 0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Dividend/share Pay-out ratio (rhs)

41
Disclaimer

Forward-looking statements
This presentation contains forward-looking statements, including statements about the Groups sales, revenues, earnings, spending,
margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future
operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or
imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend",
"plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with
similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ
materially from the results discussed in such forward-looking statements. Prospective information is based on managements then
current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions
underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward-looking
statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.
Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-
looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates),
financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other
breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related
issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market
driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products,
stipulation of market value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen
factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the
impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors,
may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking
statements should not be relied on as a prediction of actual results.

42