Gavin GrahamCARLSBERG -B- CARL-OMXCOMMENTMay 25, 2012

4th biggest brewer globally. Its problem is that it still has 80% of its sales from Europe. 40% is from Eastern Europe and the Russian government has been raising taxes so sales are down. Longer term future looks good. 18% sales are in Asia where the name is the most popular here in Hong Kong. Low yield. Would prefer others.

Gavin Graham

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Gavin GrahamCARLSBERG -B- CARL-OMXCOMMENTMay 25, 2012

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