DDF – 22 January 2003

Carlsberg Breweries

• One of the largest brewing groups in the world

• Produces beer, soft drinks and mineral water in over 40 countries

• Sales in over 140 markets

• 28,000 employees worldwide

• Produced nearly 7.9 billion litres of beer in 2002

• Owns an extensive portfolio including one of the world’s most international beer brands - Carlsberg

Major Brewery Groups of the World

1. Anheuser-Busch USA 146 2. SABMiller UK112 3. Heineken Netherlands105 4. Interbrew Belgium 87 5. Ambev Brazil 74 6. Carlsberg Breweries Denmark 68 7. Scottish & Newcastle UK 59 8. Kirin/Lion Nathan Japan/NZ 39 9. Modelo Mexico 3810. Asahi Japan 34

Million hl beer 2001

CB has 65% of its volume in top 1 or 2 positions

Top 1-2Top 3-44 +

Key Figures 2001

Sales VolumeTotal: 6.8 bill. litres

43%

17%

40%

Northern and western Europe

Eastern Europe

Asia

EBITTotal: DKK3.1 bill.

33%

12%

55%

Net SalesTotal: DKK34.5 bill.

5%

18%

77%

Carlsberg Breweries Rationale

• Gain leadership in Nordic area • Orkla and Carlsberg A/S in need of critical mass• Orkla got a world brand• Carlsberg got a broader distribution base and regional brands

Joined forces to achieve:• Growth

• Earnings and cash flow improvements

• Stronger and more skilled organisation

Strategic Priorities

• Focus on Beer

• Participate in the consolidation of the beer industry

• Achieve market leadership

• Concentrate on Western Europe, Eastern Europe and Asia

• Increase ownership in core breweries

• Conduct clear branding strategy:

- Carlsberg leading international brand - Regional brands e.g. Tuborg - National brands e.g. Aldaris, Tetley, Baltika and

Ringnes

GLOBAL BRAND

LOCAL BRANDS

Status first 23 months

• Merger implemented 15th February 2001• Feldschlösschen take over and turn around 2001• Pepsi and Coca-Cola agreements in place in May 2001• Turkey and Poland acquisition in July 2001• New headquarter organisation in November 2001• Vena and Svyturys sold to BBH 2002• Sale Rent a Cooler• Acquisitions 2002

- Hite- Carlsberg Italia- Beer Lao- Panonska- Shumensko Pivo- Pirinsko Pivo- Voronezh (BBH)

Change in Volume 2001 & 2002

1 Jan – 30 SepMillion HL 2002 2001 2001 2000** Change

BeerWestern Europe 20.2 19.7 3% 27.2 25.3 + 8%

Central and Eastern Europe 29.2 22.9 28% 29.4 23.0 + 28%

Carlsberg Asia * 11.0 8.1 35% 11.3 10.5 + 7%

Total 60.5 50.8 19% 67.9 58.8 + 15%

Soft drinks, water and othersTotal 16.3 16.3 0% 20.3 16.5 + 23%

* Hite included in Carlsberg Asia from 2002

** Excl. Feldschlösschen

Profit & Loss

* Pro forma, excl. Feldschlösschen, Asia based on former Carlsberg structure

+272,971EBITA

+2034,419Net turnover

2001DKK million

1 Jan – 31Dec Change %

2,343

28,574

2000*

3,122

26,922

2002

1 Jan – 30 Sep Change %

2,651

25,699

2001

+18

+5

+0,4p.p.8,6 8,2 11,6 10,3 +1,3p.p.EBITA-margin %

Carlsberg Brand is delivering a healthy growth trend

CB is creating valueImplied value creation

Carlsberg A/S

Heineken

Interbrew***

SABMiller

S&N

Total return to shareholders** 1/6- 2000– 15/1-2003Percent

23

17

-17

-36

-4

10,0

15,0

20,0

25,0

2000 2001 2002E 2003E

Development in EBITDA-marginPercent

CB*

Heineken*Interbrew*

* Broker estimates** Includes dividends and share price developments*** Listed 30/11 2000

Source: Broker reports; Datastream

The Way Ahead 2003 and beyond

Meeting or exceeding 2003 expectations- Improving underperforming companies- Stronger control of investments in all companies- Implement group initiative

Continue to look for profitable growth opportunities - Organic

- Acquisitions and investments in growth markets (Asia + Eastern Europe)- Long term profitable acquisitions in mature markets (Western Europe)

Shaping the company of the future- Our vision- Our values- Building our star brand

How is Europe impacting the brewing industry?

• Simpler access to larger markets- Currency and trade barriers- Political risk and infrastructure improvements- Globalisation of customers

• Increasing price competition + Currency, customers, packaging and taxation÷ Beer is very local

- On premise- Traditions and consumers- Cost of transportation/low value- Branding and distribution investments

• Need to optimise internal structures and consolidation will be inevitable. A leader in a small country may be small compared to a no. 3 in a neighbouring country.

How is the EU-expansion changing Europe?

• Lots of thirsty consumers but little GNP• Good for Carlsberg but less impact for others

• Reduced political, but increased commercial risks for FMCG companies with interests in the new member countries

• Geographical center and growth potential moving east

For Carlsberg European integration means that we need to focus on:

Extracting synergies• Back office costs• Plant economy• Purchasing

Common culture

Brand building

Shaping the company of the futureGroup Culture Project

Mission

Vision

Values and attitudes

The Must Win Battles

Company Culture creates value through People, Energy andCo-operation

Mission

Carlsberg Breweries is a dynamic, internationalprovider of beer and beverage brands, bringing people together and improving quality in life.

Vision

Our brands will be the consumers’ first choice, and we will lead our industry in profitability andgrowth through a culture of quality, innovation and continous improvement.

GLOBAL EVENTSGLOBAL EVENTS to grow our business & brandto grow our business & brand

World Championships St. Moritz 2003

&World Cup Races