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## Carlsberg aims to create the best conditions to ensure efficient and fair pricing of its shares by providing balanced and open information to the stock market. 

Carlsberg’s shares are listed on NASDAQ OMX Copenhagen in two classes: Carlsberg A and Carlsberg B. Each A share carries 20 votes, while each B share carries two votes and is entitled to a preferential dividend. The B share is included in NASDAQ OMX Nordic Large Cap and OMXC20 blue-chip indices. NASDAQ OMX Nordic also operates sector indices in accordance with the Global Industry Classification Standard, and here the Carls- berg A and B shares are included in the Food & Beverage and Consumer Goods indices. 

As a supplement to Carlsberg’s listing on NASDAQ OMX Copenhagen, Carlsberg has established a sponsored level 1 ADR (Amer- 

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ican Depository Receipt) programme with the Bank of New York Mellon. The ADRs trade over-the-counter in the USA under the symbol CABGY. More information on the ADR programme is available on the Carlsberg Group’s investor website. 

In addition to NASDAQ OMX Copenhagen, the Carlsberg shares are also traded on a number of other equity exchanges, including BATS Chi-X. In 2013, 63% of the trading in the Carlsberg B share took place on NASDAQ OMX Copenhagen. 

In 2013, the Carlsberg B share gained 8% and ended the year at DKK 600. At the end 

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of 2013, the market value of the Company’s shares was DKK 92.4bn, compared to DKK 85.4bn at the end of 2012. 

## SHAREHOLDERS 

At 31 December 2013, the Company’s largest shareholder was the Carlsberg Foundation, holding 30% of the share capital and 75% of the votes. In accordance with section 29 of the Danish Securities Trading Act, Oppen- heimerFunds, Inc. has notified Carlsberg that it too owns more than 5% of the share capital. In addition, Massachusetts Financial Services Company has notified Carlsberg that it holds more than 5% of the B shares in Carlsberg A/S. 

At the end of 2013, Carlsberg had approximate- ly 52,000 registered shareholders, together holding a nominal capital of DKK 2,861m, corresponding to 94% of the share capital. 

## INVESTOR RELATIONS 

Carlsberg aims to give investors and analysts the best possible insight into factors consid- ered relevant for ensuring efficient and fair 

The Annual General Meeting of Carlsberg A/S will be held on Thursday 20 March 2014 at Tap 1, Ny Carlsberg Vej 91, Copenhagen. 

pricing of Carlsberg’s shares. This is achieved through the quality, consistency and continu- ity of the information provided by Carlsberg to the market. 

As part of its investor relations work, Carls- berg maintains an active dialogue with equity and credit analysts, and with existing and po- tential shareholders, including domestic and international institutional investors as well as private investors. The Group’s Investor Rela- tions department handles day-to-day contact with analysts and investors. As part of the ongoing IR activities, in 2013 Carlsberg held investor and analyst meetings in a number of cities across Europe, North America and Asia. 

Carlsberg’s investor website includes both current and historical information about the Company and its shares and bonds, including company announcements, share prices, investor presentations, webcasts and transcripts, financial calendar, quarterly financial statements, historical financial data and annual reports. A free service allows subscribers to receive instant e-mail alerts 

