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Audited consolidated financial statements for the financial years 2009 and 2008

Consolidated financial statements of Carlsberg Breweries A/S for the financial year 2009

prepared in accordance with IFRS as adopted by the EU

Management Statement

The Supervisory Board and the Executive Board have today discussed and approved the consolidated financial statements for the financial year 2009 of Carlsberg Breweries A/S (together with its subsidiaries the ‘‘Carlsberg Breweries Group’’).

The consolidated financial statements have been prepared in accordance with IFRS as adopted by the EU. The consolidated financial statements are extracted from the Annual Report for the financial year 2009 of Carlsberg Breweries A/S. The consolidated financial statements for 2009 were reported on at 25 March 2010. In our opinion the consolidated financial statements gives a true and fair view of the Carlsberg Breweries Group’s assets, liabilities and financial position at 31 December 2009 and of the results of the Carlsberg Breweries Group’s operations and cash flows for the financial years 2009.

Copenhagen, 27 May 2010

Executive Board of Carlsberg Breweries A/S

Jørgen Buhl Rasmussen Jørn P. Jensen

Board of Directors of Carlsberg Breweries A/S

Jess Søderberg Povl Krogsgaard-Larsen

Chairman Deputy chairman

Jørgen Buhl Rasmussen Eva Vilstrup Decker Jørn P. Jensen

Independent Auditors’ Report on the Consolidated Financial Statements for the Financial Year 2009

To the Shareholder of Carlsberg Breweries A/S

We have audited the consolidated financial statements of Carlsberg Breweries A/S (together with its subsidiaries the ‘‘Carlsberg Breweries Group’’) for the financial year 2009 as presented on pages F6 – F-90, which comprise the

management statement, consolidated income statement, consolidated statement of comprehensive income, consolidated financial position, consolidated statement of changes in equity, consolidated statement of cash flows and notes (‘‘the consolidated financial statements’’). These consolidated financial statements have been derived from the annual report of Carlsberg Breweries A/S for the financial year 2009. The consolidated financial statements have been prepared in accordance with IFRS as adopted by the EU. The audit for the financial year 2009 was completed as at 25 March 2010.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control, relevant to the preparation and fair presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and using appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility and Basis of Opinion

Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted our audit in accordance with Danish Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risk of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our audit did not result in any qualification.

Opinion

In our opinion the consolidated financial statements give a true and fair view of the Carlsberg Breweries Group’s financial position as at 31 December 2009 and of the Carlsberg Breweries Group’s consolidated results of the operations and cash flows for the financial year 2009 in accordance with IFRS as adopted by the EU.

Copenhagen, 27 May 2010 KPMG

Statsautoriseret Revisionspartnerselskab

Henrik Kronborg Iversen Jesper Koefoed

Carlsberg Breweries Group

Consolidated financial statements 2009

Income statement

Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows

Notes to the consolidated financial statemetns

1 Significant accounting estimates and judgements 2 Segment information

3 Cost of sales

4 Sales and distribution expenses

5 Fees to auditors appointed at the Annual General Meeting 6 Other operating income and expenses

7 Special items

8 Financial income and financial expenses 9 Corporation tax

10 Non-controlling interests 11 Earnings per share

12 Staff costs and remuneration of the Supervisory Board, the Executive Board and other employees 13 Share-based payment

14 Intangible assets 15 Impairment test

16 Property, plant and equipment 17 Associates

18 Securities 19 Receivables 20 Inventories

21 Cash and cash equivalents

22 Assets held for sale and associated liabilities 23 Share capital

24 Borrowings

25 Retirement benefit obligations and similar obligations 26 Deferred tax assets and deferred tax liabilities 27 Provisions

28 Other liabilities etc. 29 Cash flows

30 Acquisition and disposal of entities 31 Specification of invested capital 32 Specification of net interest-bearing debt 33 Investments in proportionally consolidated entities 34 Financial risks

35 Financial instruments 36 Related party disclosures

37 Contingent liabilities and other commitments 38 Operating lease liabilities

39 Events after the balance sheet date 40 Accounting policies

Carlsberg Breweries Group Income statement

2009 2008

Note DKK million DKK million

Revenue 75.676 76.557

Excise duties on beer and soft drinks etc. -16.294 -16.613

Net revenue 59.382 59.944

3 Cost of sales -30.197 -31.249

Gross profit 29.185 28.695

4 Sales and distribution expenses -15.989 -17.592

5 Administrative expenses -3.865 -3.934

6 Other operating income 459 662

6 Other operating expenses -434 -299

17 Share of profit after tax, associates 104 72

Operating profit before special items 9.460 7.604

7 Special items -262 -1.641

8 Financial income 579 1.269

8 Financial expenses -3.559 -4.724

Profit before tax 6.218 2.508

9 Corporation tax -1.561 383

Consolidated profit 4.657 2.891

Attributable to:

10 Non-controlling interests 565 572

Shareholders in Carlsberg Breweries A/S 4.092 2.319

11 Earnings per share

Earnings per share 8.168 4.629