Company announcement No 51/2016–  12 September 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             748,461               297.59        222,731,674.96
 announcement                                                                   
--------------------------------------------------------------------------------
5 September 2016                4,080               332.93          1,358,361.74
--------------------------------------------------------------------------------
6 September 2016                9,348               332.19          3,105,285.95
--------------------------------------------------------------------------------
7 September 2016                3,675               327.75          1,204,495.95
--------------------------------------------------------------------------------
8 September 2016                8,646               327.44          2,822,415.80
--------------------------------------------------------------------------------
9 September 2016                8,426               320.26          2,698,479.58
--------------------------------------------------------------------------------
Accumulated under the         782,636               298.89        233,920,713.98
 programme                                                                      
--------------------------------------------------------------------------------

With the transactions stated above Royal Unibrew owns a total of 1,094,477
shares, corresponding to 2.0% 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.