Company announcement No 25/2017– 22 May 2017



On 9 March 2017, Royal Unibrew initiated a share buy-back programme, cf.
company announcement no. 12/2017 of 8 March 2017. The programme is carried out
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 the resulting delegated legislation. The share buy-back programme is
expected to be realised in the period from 9 March 2017 to 28 February 2018.
The total share buy-back in the period will not exceed a market price of DKK
560 million. 

The following transactions have been made under the programme:



                              Number    Average purchase     Transaction value, 
                                of            price                  DKK        
                              shares                                            
--------------------------------------------------------------------------------
Accumulated, last             326,629               295.45         96,503,700.30
 announcement                                                                   
--------------------------------------------------------------------------------
15 May 2017                    17,950               299.75          5,380,525.07
--------------------------------------------------------------------------------
16 May 2017                    16,652               297.75          4,958,206.27
--------------------------------------------------------------------------------
17 May 2017                     9,500               296.37          2,815,475.10
--------------------------------------------------------------------------------
18 May 2017                    10,865               294.88          3,203,822.31
--------------------------------------------------------------------------------
19 May 2017                     1,571               294.34            462,410.18
--------------------------------------------------------------------------------
Accumulated under the         383,167               295.76        113,324,139.22
 programme                                                                      
--------------------------------------------------------------------------------

With the transactions stated above Royal Unibrew owns a total of 1,924,854
shares, corresponding to 3.6% 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 29 23 00 44.

Yours sincerely

Royal Unibrew A/S



Lars Jensen

CFO



Encl.