MANAGING GROWTHAND OPPORTUNITIES INAN UNCERTAIN WORLDCees ‘t Hart, CEO Carlsberg Group

Where we started…

UNCLEAR STRATEGYSHAREPRICE INDEX 2012-2015OVERDEPENDANCE ON RUSSIA

3

OUR STRATEGY

The building blocks

WHAT HOW WHY

Our ambition

SUCCESSFUL

PROFESSIONAL

ATTRACTIVE

BREWER IN OUR MARKETS

deliver sustainable organic top- and bottom-line growth

be the preferred supplier of our customers

deliver value for shareholders, employees and the society

WE WILL

Our SAIL’22 strategy defines our business agenda…

DELIVER VALUE FOR SHAREHOLDERS• Organic growth in operating profit• ROIC improvement• Optimal capital allocation

Our journeyWE FORGOT WHO WE WERE AND WHERE WE CAME FROM…

8

…UNTIL WE REDISCOVERED OUR FOUNDER’S MENTALITY

OUR PURPOSESome have to dig deep to find their purpose, for us it has always been there.

We pursue perfection every day.

We strive to brew better beers.Beers that stand at the heart of moments that bring people together.

We don't settle for immediate gain,when we can create a better tomorrowfor all of us.

BREWING FOR A BETTER TODAY & TOMORROW

By delivering strong results from Funding the Journey, we were able to invest in our business…

Funding the Journey

2019 ->

2016-2018

… strengthening our core beer business…

93%of own beer

volumes

86%of own beernet revenue

+3%

+2%

+3%+3%

+6%

+3%

2017 2018 2019

Core beer delivering solid top-and bottom-line numbers

Net revenue/hl Gross brand contribution

2019 53%33%

14%

55%28%

17%

A balanced geographic exposure with 24 #1/2 positions

46%

31%

23%

Volume split Operating profit splitNet revenue split

Western Europe Asia Eastern Europe

• Bulgaria• Greece• Portugal

Other markets• UK• Poland• Germany• Serbia• Croatia

No. 1 and 2 positions (13)• Denmark• Sweden• Norway• Finland• Switzerland• France• Estonia• Lithuania• Latvia

No. 1 and 2 positions (5)• Russia• Ukraine• Belarus• Kazakhstan• Azerbaijan

No. 1 and 2 positions (7)• Western China• Laos• Nepal• Hong Kong• Malaysia• Singapore• Sri Lanka

Other markets• Eastern China/Big Cities• India• Myanmar• Cambodia• Vietnam

WESTERN EUROPE ASIA EASTERN EUROPE

… and an attractive portfolio of craft & speciality brands and alcohol-free brews

7%of own beer

volumes

14%of own beernet revenue

+29%

+26%

+16%

2017 2018 2019

Craft & speciality

+15%

+29%

+7%

+10%¹

2017¹ 2018¹ 2019

Alcohol-free brews

¹ Western Europe CRAFT & SPECIALITY ALCOHOL-FREE BREWS

Growth categories contributing positively to price/mix

+3% +29%

14

…progressing towards our sustainability targetsSince 2015

TOGETHER TOWARDS ZERO

30%Reduction in relative carbon emissions

12%Reduction in relative waterusage

44%Reduction in lost-time accidents

38%Global volume growth of alcohol- free brews

…and building one winning team with clear roles common goals and aligned incentives

We did good so far

SHARE PRICE INDEX 2015-2019

We contine…

INVESTFOR

GROWTH

…in an uncertain world

WE AREFACING SOME CHALLENGESIN 2020

PRICING WAR IN RUSSIA

GERMAN BORDER ISSUE

NOVEL CORONA VIRUS OUTBREAK

2020 outlook: Continued focus on organic revenue growth, tight cost control and strict cash discipline

Mid-single-digit percentage organic growth in operating profit

Two key themes for this decade

ENVIRONMENT TECHNOLOGY

PLAN

We carefully choose our

strategic direction

We brew for a better today and

tomorrow

PURPOSE

We acknowledgethe importance of

people

PEOPLE

How we manage the uncertainty?

PERFORMANCE

YOUTHANK