0001193805-20-000299 Sample Contracts

Contract
Deposit Agreement • March 5th, 2020 • JPMorgan Chase Bank, N.A. - ADR Depositary • American depositary receipts • New York

AMENDMENT NO. 1 dated as of , 2020 (this "Amendment"), to the Amended and Restated Deposit Agreement dated as of March 31, 2015, (the "Deposit Agreement") among CARLSBERG A/S, and its successors (herein called the “Company”), JPMORGAN CHASE BANK, N.A., as depositary hereunder (herein called the “Depositary”), and all holders from time to time of American Depositary Receipts issued thereunder.

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