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Environmental management is at the core of our business operations. Our ambition is to be the fastest growing global brewer, and Carlsberg Group recognise that we have a responsibility to act in a way which is sustainable not only for the environment and climate, but also the communities in which we operate.

Carlsberg Group constantly strives to optimise the use of natural resources; to view our products and activities from a life cycle perspective, and to develop and use environment-friendly products, materials and technologies in a manner that contributes to long term sustainable development.

The Policy addresses following topics:

1. System and documentation

2. Energy and emissions

3. Water

4. Waste water

5. Investments and Purchases

6. Packaging

7. Waste and By-products

8. Stakeholders

CONTENTS

1.0 System and documentation2.0 Energy and emissions 3.0 Water4.0 Waste water5.0 Investments and Purchases6.0 Packaging7.0 Waste and By-products8.0 Stakeholders

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YThe sustainability of the environment plays a vital role within our business. Most of our raw materials and ingredients are sourced directly from nature. The continued success of our business is directly linked to the health of the environment. However, as we grow, our environmental impact increases, and we are therefore continually looking for ways to reduce our impact on the environment and climate.

Jørgen Buhl RasmussenPresident & CEO

Anne-Marie SkovSenior Vice-President Group Corporate Affairs

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SYSTEM AND DOCUMENTATION

1.1 Carlsberg Group’s subsidiaries’ Supply Chain Management and Production must be certified according to ISO 14001, which for Western Europe further includes Logistics. Hereby subsidiaries must work system-atically to improve their environ-mental performance through long term target setting, action planning and mandatory reporting on the key environ-mental issues.

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3.0 4.0 6.0 7.0

8.05.0ENERGY AND EMISSIONS

2.1 Carlsberg Group subsidiaries shall strive to use all kinds of energy sources as effectively as possible, reduce emissions and noise, and regularly assess the possibilities of introducing renewable energy in order to reduce the carbon footprint.

WASTE WATER

4.1 Carlsberg Group subsidiaries shall ensure that their waste water is treated. This is to be conducted either at an on-site Waste Water Treatment Plant (WWTP), or at an off-site municipal/industrial WWTP.

INVESTMENTS AND PURCHASES

5.1 Carlsberg Group shall prioritise environmental aspects of investments and purchases when planning, budgeting and implementing activities.

PACKAGING

6.1 Carlsberg Group subsidiaries shall constantly work to reduce, and promote the reuse and recycling of packaging materials, in order to minimise the environmental impact.

When new packaging types are

introduced to the marketplace, the packaging choices shall be evaluated with a life cycle or Cradle-2-Cradle assessment where the overall environmental impacts are considered.

Carlsberg Group subsidiaries

shall take an active role in improving and building environmentally friendly beverage packaging systems wherever we operate, and conduct consumer campaigns on the environmental impact of packaging.

WASTE AND BY-PRODUCTS

7.1 Carlsberg Group subsidiaries shall minimise and waste generation to avoid pollution of soil, water and air.

Carlsberg Group subsidiaries shall strive to utilise brewery by-products as feed material, renewable energy or soil improver

Uncontrolled land filling must

be avoided in any form.

STAKEHOLDERS

8.1 Carlsberg Group subsidiaries are dedicated to an open and unbiased dialogue about environmental issues with our stakeholders.

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3.1 Carlsberg Group subsidiaries shall strive to achieve sustain-able use of water in the commu-nities where they are situated.

Carlsberg Group subsidiaries shall regularly assess their exposure to water scarcity in all forms and initiate appropriate actions to ensure long term water availability.

In water scarce areas Carlsberg Group subsidiaries shall engage with local communities to under-stand how we best can support managing their watersheds.

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SCOPE OF THE POLICYThe Carlsberg Group Environmental Policy applies to all employees in the Carlsberg Group, including subsidiaries and workers who are engaged infor-mally, on short-term contracts or on a part-time basis. Our joint ventures and business partners are strongly encouraged to adopt and implement the Policy. All our suppliers and licensees (including agents and other third parties) have to comply with our Supplier and Licensee Code of Conduct, which sets out our social, environmental and ethical standards.

Our subsidiaries are defined as compa-nies which Carlsberg Breweries A/S directly or indirectly owns, or controls more than 50% of the voting rights in or which it, in some other form, controls.

COMPLIANCEAll subsidiaries within the Carlsberg Group shall comply with the provisions of the Policy as well as with national laws and regulations. Should there be differences between the content of this Policy and national laws or other applicable standards, the more strin-gent requirements shall apply.

Conflicts between the provisions of this Policy and national laws, or other applicable standards shall be evaluated by Carlsberg Group Headquarters in cooperation with the Group companies.

Companies that have recently joined the Carlsberg Group may be granted exemption from the policy’s provisions during the integration period.

APPLICATIONCarlsberg Group subsidiaries shall implement the Environmental Policy in their daily work, through a certified ISO 14001 environmental management system.

Carlsberg Group subsidiaries shall introduce and develop an environmen-tal improvement programme aimed at reinforcing commitment to continuing improvements to reduce our environ-mental impact.

Compliance with the policy shall be regularly tracked, and relevant corrective action plans identified must be implemented. Improvement pro-grammes are to be based on an analysis of environmental performance, internal and external audit results and management recommendations.

The environmental programme must detail specific, measurable, achievable, realistic and time-bound objectives that include individual accountability at all levels.

All Group companies shall take appro-priate action to ensure that the provi-sions of this policy are communicated to their employees in their own lan-guage, and that they act accordingly.

Valid for: Carlsberg Group and subsidiariesApproved by: Executive CommitteeDocument type: Policy – level 1Reference: Group CSR PoliciesVersion: 002Approval date: 01.01.2014

The Carlsberg Group shall periodically review the Environmental Policy and Guidelines in order to ensure their continued adequacy and relevance for our business. The most recent version of each will always apply.

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Carlsberg Group100 Ny Carlsberg Vej

1799 Copenhagen VDenmark

Phone +45 3327 3300Fax +45 3327 4808

www.carlsberggroup.com