FORWARD-LOOKING STATEMENTS

The below presentations may contain forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results.  Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings.  Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward-looking statements.  Prospective information is based on management’s then current expectations or forecasts.  Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change.  The Group assumes no obligation to update any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors.  New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.  Accordingly, forward-looking statements should not be relied on as a prediction of actual results.

Cees 't Hart, CEO Carlsberg Group

Søren Brinck, EVP Group Strategy, acting CCO and Stephen Stringer, VP Global Marketing, Group Commercial

Joris Huijsmans, EVP, Chief Human Resources Officer, Carlsberg Group

Simon Boas, Senior Director ESG, Carlsberg Group

Victor Shevtsov, EVP, Supply Chain, Carlsberg Group

Lars Lehmann, EVP Central & Eastern Europe, Carlsberg Group

Graham Fewkes, EVP Western Europe, Carlsberg Group

João Abecasis, EVP Asia, Carlsberg Group, and CK Lee, Managing Director, Carlsberg China

Heine Dalsgaard, CFO Carlsberg Group