TO THE SHAREHOLDERS OF CARLSBERG A/S INDEPENDENT AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS  AND THE PARENT COMPANY FINANCIAL STATEMENTS We have audited the consolidated financial statements and the Parent Company financial state- ments of Carlsberg A/S for the financial year 2013. The consolidated financial statements and  the Parent Company financial statements comprise income statement, statement of compre- hensive income, statement of financial position, statement of changes in equity, statement of  cash flows and notes, including a summary of significant accounting policies for the Carlsberg  Group as well as for the Parent Company. The consolidated financial statements and the Parent  Company financial statements are prepared in accordance with International Financial Reporting  Standards as adopted by the EU and Danish disclosure requirements for listed companies. Management is responsible for the preparation of consolidated financial statements and  Parent Company financial statements that give a true and fair view in accordance with Inter- national Financial Reporting Standards as adopted by the EU and Danish disclosure require- ments for listed companies and for such internal control that Management determines is nec- essary to enable the preparation of consolidated financial statements and Parent Company  financial statements that are free from material misstatement, whether due to fraud or error. Our responsibility is to express an opinion on the consolidated financial statements and the  Parent Company financial statements based on our audit. We conducted our audit in accord- ance with International Standards on Auditing and additional requirements under Danish au- dit regulation. This requires that we comply with ethical requirements and plan and perform  the audit to obtain reasonable assurance as to whether the consolidated financial statements  and the Parent Company financial statements are free from material misstatement. Pursuant to the Danish Financial Statements Act, we have read the Management’s review.  We have not performed any further procedures in addition to the audit of the consolidated  financial statements and the Parent Company financial statements. On this basis, it is our  opinion that the information provided in the Management’s review is consistent with the consolidated financial statements and the Parent Company financial statements. In our opinion, the consolidated financial statements and the Parent Company financial statements  give a true and fair view of the Carlsberg Group’s and the parent company’s 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 in accordance with International Financial Reporting  Standards as adopted by the EU and Danish disclosure requirements for listed companies. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our audit has not resulted in any qualification. An audit involves performing procedures to obtain audit evidence about the amounts and dis- closures in the consolidated financial statements and the Parent Company financial statements.  The procedures selected depend on the auditors’ judgement, including the assessment of the  risks of material misstatement of the consolidated financial statements and the Parent Com- pany financial statements, whether due to fraud or error. In making those risk assessments, the  auditors consider internal control relevant to the Company’s preparation of consolidated financial  statements and Parent Company financial statements that give a true and fair view in order to  design audit procedures that are appropriate in the circumstances, but not for the purpose of ex- pressing an opinion on the effectiveness of the Company’s internal control. An audit also includes  evaluating the appropriateness of accounting policies used and the reasonableness of accounting  estimates made by Management, as well as evaluating the overall presentation of the consoli- dated financial statements and the Parent Company financial statements. Statsautoriseret Revisionspartnerselskab Henrik Kronborg Iversen State Authorised Public Accountant 161 Financial statements REPORTS Carlsberg Group Annual Report 2013 KPMG Copenhagen, 19 February 2014 Management’s responsibility for the consolidated financial statements and the Parent Company financial statements Auditors’ responsibility STATEMENT ON THE MANAGEMENT’S REVIEW Opinion The independent  auditors ’  report Jesper Ridder Olsen State Authorised Public Accountant