CASH TENDER OFFER AND INTENTION TO EXERCISE MAKE-WHOLE CALL

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR IN OR INTO ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

Carlsberg Breweries A/S (Carlsberg Breweries) announces today separate invitations to holders of its outstanding (i) €850,000,000 Floating Rate Notes due February 2027 (ISIN: XS3002415142) (the 2027 February Notes); (ii) €500,000,000 0.375 per cent. Notes due 30 June 2027 (ISIN: XS2191509038) (the 2027 June Notes, and together with the 2027 February Notes, the 2027 Notes); (iii) €700,000,000 4.000 per cent. Notes due 5 October 2028 (ISIN: XS2696046460) (the 2028 Notes); and (iv) €1,000,000,000 3.000 per cent. Notes due 28 August 2029 (ISIN: XS3002418914) (the 2029 Notes, and together with the 2027 Notes and the 2028 Notes, the Notes), in each case to tender their outstanding Notes for purchase by Carlsberg Breweries for cash up to a maximum specified acceptance amount, subject to the satisfaction (or waiver) of the New Issue Condition (as defined below) (each such invitation, an Offer and together, the Offers) .

Carlsberg Breweries also announces today its intention, following the pricing of the New Notes, as defined below, to give notice of the exercise of its option to redeem its €750,000,000 3.500 per cent. Notes due 26 November 2026 (ISIN: XS2624683301) (the 2026 Notes) at the Make-Whole Redemption Price (as defined in Condition 6(d)(ii) of the terms and conditions of the 2026 Notes) (the 2026 Notes Make-Whole Call). Carlsberg Breweries intends to provide further information with respect to the 2026 Notes Make-Whole Call, if exercised, in a separate announcement to be published as soon as reasonably practicable after the pricing of the New Notes.

On the date of this announcement, Carlsberg Breweries announced its intention to issue new fixed rate reset callable subordinated notes due 3026 denominated in euro, in two tranches (the New Notes), subject to market conditions. Whether Carlsberg Breweries will accept for purchase any Notes validly tendered in the Offers and complete any Offers is conditional, without limitation, on the successful completion (in the sole determination of Carlsberg Breweries) of the issue of the New Notes (the New Issue Condition) unless the New Issue Condition is waived in the sole and absolute discretion of Carlsberg Breweries.

This announcement is released by Carlsberg Breweries A/S and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the Offers and the 2026 Notes Make-Whole Call described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Mads Jæger, VP Group Treasury & Risk Management.

For further details, including pricing details of the Offers and other conditions applicable regarding the offers, please see the attached company announcement.

Contacts

Investor Relations:  
Peter Kondrup +45 2219 1221      
Iben Steiness +45 2088 1232

Media Relations:   
Mark Rasmussen +45 4060 8628