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

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.