Company announcement No 48/2015 – 16 November 2015 On 11 March 2015, Royal Unibrew initiated a share buy-back programme, cf. company announcement no. 2/2015 of 10 March 2015. The programme was implemented in accordance with the provisions of European Commission Regulation no. 2273/2003 of 22 December 2003, also referred to as the Safe Harbour Regulation. The share buy-back programme is expected to be realised in the period from 11 March 2015 to 1 March 2016. The total share buy-back in the period will not exceed a market price of DKK 350 million. The following transactions have been made under the programme: Number Average purchase Transaction value, of price DKK shares -------------------------------------------------------------------------------- Accumulated, last 963,696 238.38 229,724,229.26 announcement -------------------------------------------------------------------------------- 9 November 2015 4,194 264.45 1,109,122.59 -------------------------------------------------------------------------------- 10 November 2015 8,000 264.66 2,117,258.40 -------------------------------------------------------------------------------- 11 November 2015 8,042 268.32 2,157,838.29 -------------------------------------------------------------------------------- 12 November 2015 6,889 267.16 1,840,435.62 -------------------------------------------------------------------------------- 13 November 2015 3,631 270.22 981,186.25 -------------------------------------------------------------------------------- Accumulated under the 994,452 239.26 237,930,070.40 programme -------------------------------------------------------------------------------- With the transactions stated above, Royal Unibrew owns a total of 1,294,452 shares, corresponding to 2.3% of the share capital. The total amount of shares in the company is 55,492,500, 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