Carlsberg Asia Ltd.

Presentation, 18 December 2000

Presentation, 18 December 2000 2

Agenda: Presentation of Carlsberg Asia Ltd.

I: Strategic rationale

II: Organisation

III: Agreements

IV: Key figures

V: Implications for Carlsberg Breweries A/S

Presentation, 18 December 2000 3

Global Beer Consumption 1910 -

0

200

400

600

800

1000

1200

1400

1600

10

20

30

35

40

45

50

55

60

65

70

75

80

85

90

95 0 5

Million hl.

Presentation, 18 December 2000 4

Regional consumption of beer

Million hl

235250North America

213104Latin America

1984 1999

448378Europe

35 40Russia

46 60Africa

4 11Middle East 97 333

Asia

24 22Oceania1350968

World total

Presentation, 18 December 2000 5

I:I: Strategic Rationale Strategic Rationale

Business idea: Local presence and focus

l Joint Venture with a strong local partner

l Improved distribution and brand building in Asia

l Improved earnings and cash flow from investmentsin Asia

l One of the strongest international brands in theregion

l Critical mass in Asian markets

Presentation, 18 December 2000 6

I:I: Strategic Rationale Strategic Rationale

Carlsberg Asia Ltd. (1 January 2001)

l 50/50 Joint Venture between Carlsberg Breweries A/Sand Chang Beverage Company (Carlsberg’s currentpartner in Thailand)

l Responsibility for all Carlsberg interests in Asia

l Headquarters in Singapore

l Planned IPO after 3-4 years on an international stockexchange

Presentation, 18 December 2000 7

I:I: Strategic Rationale Strategic Rationale

Carlsberg Asia Ltd.

l New limited company

l Improved financial strength

l Carlsberg premium brands together with strong localbrands

l Growth and consolidation of current market positions

l Expansion into new Asian markets

Presentation, 18 December 2000 8

I: I: Strategic Rationale Strategic Rationale

Nepal

Mongolia

India

Sri Lanka

Pakistan

China

SouthKorea

NorthKorea

Japan

Laos

Indonesia

Malaysia

Vietnam

Cambodia

Thailand

Bhutan

New Guinea

Bangladesh

Philippines

InvestmentInvestmentLicense productionLicense productionPotential marketPotential market

Singapore

Market overviewl Approx. 55% of world

population

l Today a low per capitaconsumption of beer

Presentation, 18 December 2000 9

l Volume 1998mil. HL

l Absolut growth1998-2005 mil HL

355

304

249

210

130

60

Asia

Western Europe

North America

South-/Central America

Central and Eastern Europe(incl. Middle East)

Africa

174

5

0

84

41

8

~55

China

Growth in the global beer industryis concentrated on new markets

Presentation, 18 December 2000 10

International concentration on top 20 beer markets

0

10

20

30

40

50

60

70

80

90

100

US

A

Ch

ina

Ger

man

y

Jap

an

Bra

zil

UK

Mex

ico

Sp

ain

Ru

ssia

Fra

nce

So

uth

Afr

ica

Can

ada

Aus

tral

ia

So

uth

Ko

rea

Cze

ch R

ep.

Ven

ezu

ela

Italy

Ph

ilip

pin

es

Po

lan

d

Net

her

lan

ds

Market share % No. 1 No. 2 No. 3

Presentation, 18 December 2000 11

I:I: Strategic Rationale Strategic Rationale

l Singapore

l Nepal

l Japan

l Sri Lanka

l and Philippines,Cambodia, Laos andIndonesia

Markets

l Thailand

l South Korea

l Malaysia

l China

l Vietnam

l Hong Kong

Presentation, 18 December 2000 12

I:I: Strategic Rationale Strategic Rationale

Companies included in Carlsberg Asia Ltd.

l Thailand: Carlsberg Brewery Thailand Ltd. 49%

l South Korea: Hite Brewery approx. 14% (+ convertibles)

l Malaysia: Carlsberg Brewery Malaysia Berhad 50%

l Hong Kong and China: Carlsberg Brewery Hong Kong 51%(including breweries in Shanghai 25% and Guangdong 95%

l Vietnam: South East Asia Brewery 35% (IFU 25%) and Hue BreweryLtd. 35% (IFU 15%)

l Singapore: Carlsberg Marketing (Singapore) Pte. Ltd. 100%

l Nepal: Gorkha Brewery Ltd. 49%

l Sri Lanka: Ceylon Brewery Ltd. approx. 15%