Pursuant to section 28(a) of the Danish Securities Trading Act Carlsberg A/S shall report the transactions in Carlsberg A/S shares of managerial staff and connected persons. Following the below-mentioned transactions, Jørn P. Jensen's Carlsberg share holding has increased by 788 shares corresponding to a market price of DKK 413,973.36 (at the share price of the latest transaction).
| Name: | Jørn P. Jensen |
| Reason: | Member of Carlsberg A/S Executive Board |
| Issuer: | Carlsberg A/S |
| ISIN code: | DK0010181759 |
| Type: | Shares |
| Transaction: | Exercise of share options granted in 2006 (exercised in connection with expiry) |
| Trading date: | 18 February 2015 |
| Market: | OMX Nordic Exchange |
| Number: | 12,388 |
| Market price in DKK: | DKK 5,848,499 |
| Name: | Jørn P. Jensen |
| Reason: | Member of Carlsberg A/S Executive Board |
| Issuer: | Carlsberg A/S |
| ISIN code: | DK0010181759 |
| Type: | Shares |
| Transaction: | Sale of shares (partial sale of shares acquired in connection with expiry of share options granted in 2007) |
| Trading date: | 18 February 2015 |
| Market: | OMX Nordic Exchange |
| Number: | 600 |
| Market price in DKK: | DKK 316,200 |
| Name: | Jørn P. Jensen |
| Reason: | Member of Carlsberg A/S Executive Board |
| Issuer: | Carlsberg A/S |
| ISIN code: | DK0010181759 |
| Type: | Shares |
| Transaction: | Sale of shares (partial sale of shares acquired in connection with expiry of share options granted in 2007) |
| Trading date: | 18 February 2015 |
| Market: | OMX Nordic Exchange |
| Number: | 11,000 |
| Market price in DKK: | DKK 5,778,815.90 |
