Royal UNIBREW

Transaction in Own Shares • Jul 31, 2017

Company announcement NO 37/2017 – 31 July 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 650,622 302.91 197,079,709.92
announcement

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17 July 2017 19,209 315.44 6,059,258.15

18 July 2017 1,947 316.30 615,845.06

19 July 2017 10,401 316.11 3,287,813.31

20 July 2017 10,153 317.20 3,220,518.40

21 July 2017 8,380 315.38 2.642,924.62

Accumulated under the 700,712 303.84 212,906,069.46
programme

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With the transactions stated above Royal Unibrew owns a total of 842,399
shares, corresponding to 1.6% 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.