Carlsberg Breweries A/S Acquisition of Equity in Carlsberg South Asia

SUMMARY OF THE PROPOSED COMBINATION

[UNDER REGULATION 13(1A) OF THE COMPETITION COMMISSION OF INDIA (PROCEDURE IN REGARD TO THE TRANSACTION OF BUSINESS RELATING TO COMBINATIONS) REGULATIONS, 2011 (AS AMENDED)]

(a) Name of the parties to the proposed combination

1. The parties to the combination are:

• (i) Carlsberg Breweries A/S (“CBAS” / “Acquirer”)

• (ii) Carlsberg South Asia Pte. Ltd. (“CSAPL” / “Target”)

CBAS and CSAPL are collectively referred to as the “Parties”.

(b) Nature and Purpose of the Combination

2. CBAS intends to acquire an additional 33.33% of equity share capital (on a fully-diluted basis) in CSAPL (“Proposed Transaction”). The Proposed Transaction is in the nature of an acquisition and falls under Section 5(a) of the Competition Act, 2002.

(c) Products, Services and Business(es) of the Parties

CBAS / Acquirer

3. CBAS is a limited liability listed company incorporated in the Kingdom of Denmark. It is involved in the business of manufacturing, marketing, and distributing alcoholic beverages under numerous brands worldwide. Specifically in India, CBAS is only present through CIPL and does not have any other direct or indirect business presence in India.

CSAPL / Target

4. CSAPL is a limited liability private company incorporated in Singapore which is engaged in the business of owning and managing its current and future investments in the beer and beverage industry. Currently, CSAPL is the holding company of South Asian Breweries Pte. Ltd., Singapore (which in turn is the holding company of CIPL). Specifically in India, CSAPL is only present through CIPL and does not have any other direct or indirect business presence in India.

(d) Respective markets in which the Parties operate

5. There are no, (a) horizontal overlaps; and/ or (b) vertical/ complementary links between the activities of the Parties and their respective groups/ affiliates, in India. Accordingly, absent any horizontally overlapping, and/ or vertically/ complementary business activities of the Parties in India, the relevant market need not be defined and may be left open.

(e) Green channel route

6. Absent any horizontal, vertical or complementary overlaps between Parties to the Proposed Transaction, the Proposed Transaction is being filed under the green channel route in terms of Regulation 5A and Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended).

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