MENU Investor Information Stock Exchange Announcements Carlsberg Breweries A/S J.C. Jacobsens Gade 1, 1799 Copenhagen V Denmark Phone: (+45) 3327 3300 contact@carlsberg.com Privacy Cookies Terms of Use Acceptable Use Contact Subscribe Speak Up Manage Cookies Welcome to Remember me on this device (don’t tick if this is a shared computer) ENTER

MENU Debt Investor Financial Policy Centralised funding and risk management at the level of Carlsberg Breweries A/S Diversified sources of funding and smooth maturity profile Risk perception is to actively manage exposures Ample capital resources available at all times Committed to retaining investment grade credit rating DEBT INVESTOR SHORTCUTS Rating Maturity Profile Bond Programme Euro Commercial Paper Programme Debt Facilities Debt Funding Sources Carlsberg Group’s main funding sources are committed bank facilities, Euro commercial papers and bond financing. The issues are either made under stand alone documentation or issued as part of a programme. The Main Committed Bank Facility of the Group Carlsberg Breweries A/S: EUR 2,000m committed revolving credit facility, due June 2026. Ratings Ratings by Fitch Rating Outlook Date LT issuer rating (IDR)* BBB+ Stable 29-06-2018 ST issuer rating (IDR)* F1 Stable 22-05-2019 LT issuer rating (IDR) BBB- Stable 23-01-2006 * current rating DOWNLOADS Credit Opinion Update April 2020 Update & Upgrade 22 May 2019 Ratings by Moody's Rating Outlook Date ST issuer rating* P2 Stable 28-03-2019 LT issuer rating* Baa2 Stable 23-02-2011 LT issuer rating Baa3 Stable 23-01-2006 * current rating DOWNLOADS Credit Opinion Update April 2020 New ST Rating 28 March 2019 Maturity Profile Committed Credit Facilities Carlsberg Breweries A/S J.C. Jacobsens Gade 1, 1799 Copenhagen V Denmark Phone: (+45) 3327 3300 contact@carlsberg.com Privacy Cookies Terms of Use Acceptable Use Contact Subscribe Speak Up Manage Cookies