1. DDF – 22 January 2003

2. 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

3. Major Brewery Groups of the World
1. Anheuser-Busch USA 146
2. SABMiller UK 112
3. Heineken Netherlands 105
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 38
10. Asahi Japan 34
Million hl beer 2001

4. CB has 65% of its volume in top 1 or 2 positions
4 +

5. Key Figures 2001 Sales Volume Total: 6.8 bill. litres
17%
40%
43%
Northern and western Europe
Eastern Europe
Asia
EBIT: Earnings Before Interest and Tax

6. 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

7. 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

8. GLOBAL BRAND
LOCAL BRANDS

9. 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)

10. Change in Volume 2001 & 2002 1 Jan – 30 Sep Million HL 2002 2001
2000**
Change
Beer
Western 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 others
16.3 0%
20.3
16.5
+ 23%
EBITA: Earnings Before Interest, Tax and Amortisation
EBITA-margin:
* Hite included in Carlsberg Asia from 2002
** Excl. Feldschlösschen

11. Profit & Loss
1 Jan – 31Dec Change %
1 Jan – 30 Sep Change %
DKK million
2001
2000*
2002
2001
Net turnover
34,419
28,574
+20
26,922
25,699 +5
EBITA
2,971
2,343
+27
3,122
2,651
+18
EBITA-margin %
8,6
8,2
+0,4p.p.
11,6
10,3
+1,3p.p.
* Pro forma, excl. Feldschlösschen, Asia based on former Carlsberg structure
EBITA: Earnings Before Interest, Tax and Amortisation
EBITA-margin:

12. Carlsberg Brand is delivering a healthy growth trend

13. CB is creating value Development in EBITDA-margin Percent
Implied value creation
Total return to shareholders**
1/ – 15/1-2003
Percent
Carlsberg A/S
Heineken*
Interbrew*
CB*
SABMiller
S&N
Heineken
Interbrew***
* Broker estimates
** Includes dividends and share price developments
*** Listed 30/
Source: Broker reports; Datastream

14. 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

15. 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.
EBITA: Earnings Before Interest, Tax and Amortisation
EBITA-margin:

16. 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

17. For Carlsberg European integration means that we need to focus on:
Extracting synergies
Back office costs
Plant economy
Purchasing
Common culture Brand building

18. Shaping the company of the future Group Culture Project
Mission
Vision
Values and attitudes
The Must Win Battles
Company Culture creates value through People, Energy and
Co-operation

19. Mission Carlsberg Breweries is a dynamic, international
provider of beer and beverage brands, bringing
people together and improving quality in life.
EBITA: Earnings Before Interest, Tax and Amortisation
EBITA-margin:

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

21. to grow our business & brand
GLOBAL EVENTS
to grow our business & brand

22. World Championships St. Moritz 2003
&
World Cup Races