Porters Five Forces in Beer Market

Annual Report 2008

Northern & Western Europe
Beer volume 51m hl Net revenue DKK 37.1bn Operating profit DKK 4bn
See page 28 for regional performance.

47%
OF TOTAL VOLUME %

Operating profit Share of operating profit*
DKKbn 5 4 3 2 1 0

60 50 40 30 20 10

07

* Before not allocated expenses and other activities (rhs)

20

20

08

Eastern Europe
Operating profit Share of operating profit*
DKKbn 5 4 3 2 1 0 % 50 40 30 20 10 0

43%
OF TOTAL VOLUME

Beer volume 46.8m hl Net revenue DKK 19.1bn Operating profit DKK 4.1bn
See page 32 for regional performance.

07

* Before not allocated expenses and other activities (rhs)

20

20

08

Asia
Beer volume 11.5m hl Net revenue DKK 3.6bn Operating profit DKK 511m
See page 36 for regional performance.

10%
OF TOTAL VOLUME

Operating profit Share of operating profit*
DKKbn 0.6 0.5 0.4 0.3 0.2 0.1 % 7 6 5 4 3 2

07

* Before not allocated expenses and other activities (rhs)

20

20

08

The world’s fourth largest brewery group
2008 was a year of significant progress and strong results

Beer volume, pro rata (Million hl)

Net revenue (DKKbn)

Operating profit (DKKbn)

Operating margin (%)

EPS (DKK)

120 100 80 60 40 20

70 60 50 40 30 20

10 8 6 4 2 0

15 13 11 9 7 5

25 20 15 10 5 0

08

06

07

06

07

08

06

07

08

06

07

08

06

20

20

20

20

20

20

20

20

20

20

20

20

20

07 20

Organic development

Full bar shows Group total

20

08

Management review

4 12 26 44 54

4 8 10

CEO STATEMENT FIVE-YEAR SUMMARY 2009 EARNINGS EXPECTATIONS

Markets and strategy
14 16 18 20 24 GLOBAL BEER MARKETS MARKET OVERVIEW BRAND PORTFOLIO STRATEGY EXECUTIVE COMMITTEE

Regional performance
28 32 36 40 NORTHERN & WESTERN EUROPE EASTERN EUROPE ASIA EVENTS IN THE MARKETS

Finance and risk
46 52 FINANCIAL REVIEW RISK MANAGEMENT

Corporate matters
56 58 64 CORPORATE