Company announcement No 39/2016–  18 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             539,989               294.39        158,966,595.70
 announcement                                                                   
--------------------------------------------------------------------------------
11 July 2016                    2,490               293.66            731,202.30
--------------------------------------------------------------------------------
12 July 2016                    2,022               294.53            595,534.61
--------------------------------------------------------------------------------
13 July 2016                    6,079               292.19          1,776,198.69
--------------------------------------------------------------------------------
14 July 2016                   10,084               294.68          2,971,555.14
--------------------------------------------------------------------------------
15 July 2016                    4,393               290.36          1,275,571.69
--------------------------------------------------------------------------------
Accumulated under the         565,057               294.34        166,316,658.13
 programme                                                                      
--------------------------------------------------------------------------------



With the transactions stated above Royal Unibrew owns a total of 876.898
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.