Royal UNIBREW

Transaction in Own Shares • Jul 11, 2016

Company announcement No 38/2016– 11 July 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    Average purchase     Transaction value, 
                            of            price                  DKK        
                          shares

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Accumulated, last 508,211 294.41 149,623,171.53
announcement

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4 July 2016 8,531 299.44 2,554,486.81

5 July 2016 8,500 295.89 2,515,085.40

6 July 2016 9,027 289.16 2,610,261.76

7 July 2016 2,983 291.40 869,233.97

8 July 2016 2,737 290.23 794,356.23

Accumulated under the 539,989 294.39 158,966,595.70
programme

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With the transactions stated above Royal Unibrew owns a total of 851,830
shares, corresponding to 1.6% 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.