Royal UNIBREW

Transaction in Own Shares • Aug 7, 2017

COMPANY ANNOUNCEMENT NO 38/2017 – 7 AUGUST 2017

On 9 March 2017, Royal Unibrew initiated a share buy-back programme, cf.
company announcement no. 12/2017 of 8 March 2017. The programme is carried out
under Art. 5 of Regulation (EU) No 596/2014 of the European Parliament and of
the Council of 16 April 2014 on market abuse (the Market Abuse Regulation -
MAR) and the resulting delegated legislation. The share buy-back programme is
expected to be realised in the period from 9 March 2017 to 28 February 2018.
The total share buy-back in the period will not exceed a market price of DKK
560 million.

The following transactions have been made under the programme:

                          Number    Average purchase     Transaction value, 
                            of            price                  DKK        
                          shares

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Accumulated, last 700,712 303.84 212,906,069.46
announcement

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31 July 2017 14,159 313.97 4,445,446.01

1 August 2017 4,000 314.64 1,258,550.00

2 August 2017 10,359 313.93 3,252,043.34

3 August 2017 3,000 313.32 939,963.00

4 August 2017 4,262 316.97 1,350,935.09

Accumulated under the 736,492 304.35 224,153,006.90
programme

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With the transactions stated above Royal Unibrew owns a total of 878,179
shares, corresponding to 1.7% of the share capital. The total amount of shares
in the company is 52,700,000, including treasury shares.

Please direct any queries to me at tel. +45 29 23 00 44.

Yours sincerely
Royal Unibrew A/S

Lars Jensen
CFO

Encl.