content_image/212833.jpg content_image/212858.jpg content_image/212860.jpg content_image/212870.jpg content_image/212874.jpg content_image/212857.jpg content_image/212861.jpg content_image/212868.jpg content_image/212873.jpg content_image/212862.jpg content_image/212867.jpg content_image/212872.jpg content_image/212863.jpg content_image/212866.jpg content_image/212871.jpg content_image/212864.jpg content_image/212865.jpg
<img src='content_image/212833.jpg'>

The Supervisory Board and the Executive Board have today discussed and approved the Annual Report of the Carlsberg Group and the Parent Company for 2013. 

The Annual Report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for annual reports of listed companies. 

In our opinion the consolidated financial statements and the Parent Company’s financial statements give a true and fair view of the Carlsberg Group’s and the Parent Company’s assets, liabilities and financial position at 31 December 2013 and of the results of the Carlsberg Group’s and the Parent Company’s operations and cash flows for the financial year 2013. 

Further, in our opinion the Management’s review includes a fair review of the development in the Carlsberg Group’s and the Parent Company’s operations and financial matters, of the result for the year and of the Carlsberg Group’s and the Parent Company’s financial position as well as describes the significant risks and uncertainties affecting the Carlsberg Group and the Parent Company. 

We recommend that the Annual General Meeting approve the Annual Report. 

Copenhagen, 19 February 2014 

## Executive Board of Carlsberg A/S 

<img src='content_image/212858.jpg'>

## Supervisory Board of Carlsberg A/S 

<img src='content_image/212860.jpg'>

<img src='content_image/212870.jpg'>

<img src='content_image/212874.jpg'>

<img src='content_image/212857.jpg'>

<img src='content_image/212861.jpg'>

<img src='content_image/212868.jpg'>

<img src='content_image/212873.jpg'>

<img src='content_image/212862.jpg'>

<img src='content_image/212867.jpg'>

<img src='content_image/212872.jpg'>

<img src='content_image/212863.jpg'>

<img src='content_image/212866.jpg'>

<img src='content_image/212871.jpg'>

<img src='content_image/212864.jpg'>

<img src='content_image/212865.jpg'>

