Royal UNIBREW

Earnings Release • Mar 18, 2014

Company Announcement No 3/2014 – 18 March 2014

In connection with the publication of Royal Unibrew’s Annual Report for 2013
(see Company Announcement No 1/2014 of 11 March 2014), Royal Unibrew announced
that net revenue for 2014 is expected to show a low one-digit percentage point
decline as compared to the pro forma net revenue of DKK 6,050 million
calculated for 2013, and that EBITDA is expected realised slightly higher than
the pro forma EBITDA of DKK 1,015 million calculated for 2013 before deduction
of transaction costs of DKK 15 million, corresponding to DKK 1,000 million
after deduction of transaction costs. Royal Unibrew also announced that the
outlook for 2014 would be updated when the restructuring negotiations with the
employees at Hartwall and conclusions had been completed in accordance with the
procedures laid down.

The above-mentioned restructuring negotiations with the employees and
conclusions have now been completed, the outcome being a decision to
restructure Hartwall to secure Hartwall’s continued position as a
market-leading beverage provider in Finland where consumption is declining and
competition has intensified. It is therefore necessary to create a more
flexible and customer- and market-oriented business. The restructuring is
realised partly by reorganising the business and partly by reducing staff. 140
employees will be affected by the restructuring, which implies that approx 110
jobs will be cut during 2014 among salaried as well as hourly paid employees,
the majority at 1 April 2014. This decision will impact results for 2014
negatively by non-recurring costs relating to restructuring of approx DKK 50
million.

The updated outlook for 2014 is as follows:

           Outlook   Outlook 2014 before deduction     Pro forma     Actual 
            2014         of restructuring costs       actual 2013*   2013**

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Net revenue 5,750-6, 5,750-6,050 6,050 4,481
(mDKK) 050

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EBITDA 965-1,01 1,015-1,065 1,015 732
(mDKK) 5

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EBIT (mDKK) 665-715 715-765 730 560

*Pro forma actual is calculated with Hartwall’s actual net revenue and results
for the full year before deduction of transaction costs of DKK 15 million.

** In 2013 Hartwall was included in results for the period 23 August – 31
December with net revenue of DKK 787 million, EBITDA of DKK 94 million and EBIT
of DKK 38 million after deducting transaction costs of DKK 15 million.

Yours sincerely

Royal Unibrew A/S

Henrik Brandt

CEO

Please direct any questions to me at tel +45 56 77 15 13.