Company announcement NO 37/2017 – 31 July 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             650,622               302.91        197,079,709.92
 announcement                                                                   
--------------------------------------------------------------------------------
17 July 2017                   19,209               315.44          6,059,258.15
--------------------------------------------------------------------------------
18 July 2017                    1,947               316.30            615,845.06
--------------------------------------------------------------------------------
19 July 2017                   10,401               316.11          3,287,813.31
--------------------------------------------------------------------------------
20 July 2017                   10,153               317.20          3,220,518.40
--------------------------------------------------------------------------------
21 July 2017                    8,380               315.38          2.642,924.62
--------------------------------------------------------------------------------
Accumulated under the         700,712               303.84        212,906,069.46
 programme                                                                      
--------------------------------------------------------------------------------

With the transactions stated above Royal Unibrew owns a total of 842,399
shares, corresponding to 1.6% of the share capital. The total amount of shares
in the company is 52,700,000, 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.