Royal UNIBREW

Transaction in Own Shares • Nov 28, 2016

Company announcement nO 65/2016 – 28 november 2016

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 1,117,086 303.77 339,336,890.11
announcement

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21 November 2016 4,548 292.79 1,331,624.38

22 November 2016 5,160 292.98 1,511,758.22

23 November 2016 2,712 295.45 801,257.15

24 November 2016 12,835 274.66 3,525,259.81

25 November 2016 7,349 281.72 2,070,392.62

Accumulated under the 1,149,690 303.19 348,577,182.29
programme

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With the transactions stated above Royal Unibrew owns a total of 1,461,531
shares, corresponding to 2.7% 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 56 77 15 05.

Yours sincerely

Royal Unibrew A/S

Lars Jensen

CFO

Encl.