| 1. | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Social og Velfærdsfonden Carlsberg |
| 2. | Reason for the notification | |
| a) | Position/status | Related party to Carlsberg A/S due to Hans Scott Andersen’s position as member of the Carlsberg A/S Supervisory Board and chairman of the Board of Social og Velfærdsfonden Carlsberg. |
| b) | Initial notification/Amendment | Initial notification |
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Carlsberg A/S |
| b) | LEI | 5299001O0WJQYB5GYZ19 |
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
| a) |
Description of the financial instrument, type of instrument Identification code |
B shares DK0010181759 |
| b) | Nature of the transaction | Sale of shares |
| c) | Price(s) and volume(s) |
Price: 720.84 DKK per share Volume: 3850 shares |
| d) |
Aggregated information - Aggregated volume - Price |
N/A |
| e) | Date of the transaction | 2017-08-23,11:02am UTC (13:02 DK time) |
| f) | Place of the transaction | Nasdaq Copenhagen (XCSE) |