Royal UNIBREW

Transaction in Own Shares • Feb 20, 2017

Company announcement No 9/2017– 20 February 2017

On 2 March 2016, Royal Unibrew initiated a share buy-back programme, cf.
company announcement no. 10/2016 of 1 March 2016. The programme is carried out
on the same terms, but from 3 July 2016 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 delegated legislation
under MAR. The share buy-back programme is expected to be realised in the
period from 2 March 2016 to 28 February 2017. The total share buy-back in the
period will not exceed a market price of DKK 450 million.

The following transactions have been made under the programme:

                        Number of    Average purchase     Transaction value,
                         shares           price                  DKK

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Accumulated, last 1,465,978 295.08 432,579,584.65
announcement

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13 February 2017 4,532 270.00 1,223,622.33

14 February 2017 5,165 269.72 1,393,099.15

15 February 2017 7,634 271.15 2,069,981.24

16 February 2017 5,000 270.27 1,351,353.50

17 February 2017 3,591 271.58 975,258.14

Accumulated under the 1,491,900 294.65 439,592,899.01
programme

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With the transactions stated above Royal Unibrew owns a total of 1,803,741
shares, corresponding to 3.3% of the share capital. The total amount of shares
in the company is 54,100,000, 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.