Management  statement 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 160 Financial statements REPORTS Carlsberg Group Annual Report 2013 Executive Board of Carlsberg A/S Supervisory Board of Carlsberg A/S Elisabeth Fleuriot Donna Cordner Richard Burrows  Jess Søderberg Deputy Chairman  Flemming Besenbacher Chairman Kees van der Graaf Søren-Peter Fuchs Olesen Lars Stemmerik Per Øhrgaard Thomas Knudsen Hans S. Andersen Jørn P. Jensen Jørgen Buhl Rasmussen Nina Smith Peter Petersen Bent Ole Petersen