Company announcement No 3/2017–  16 January 2017



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 of    Average purchase     Transaction value,
                             shares           price                  DKK        
--------------------------------------------------------------------------------
Accumulated, last           1,330,266                298.04       396,471,293.30
 announcement                                                                   
--------------------------------------------------------------------------------
9 January 2017                  2,000                273.28           546,550.00
--------------------------------------------------------------------------------
10 January 2017                13,967                271.35         3,789,917.52
--------------------------------------------------------------------------------
11 January 2017                 1,750                269.46           471,557.28
--------------------------------------------------------------------------------
12 January 2017                 9,474                267.22         2,531,607.23
--------------------------------------------------------------------------------
13 January 2017                   190                265,50            50.445,00
--------------------------------------------------------------------------------
Accumulated under the       1,357,647                297.47       403,861,370.32
 programme                                                                      
--------------------------------------------------------------------------------

With the transactions stated above Royal Unibrew owns a total of 1,669,488
shares, corresponding to 3.1% 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.