COMPANY ANNOUNCEMENT NO 38/2017 – 7 AUGUST 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             700,712               303.84        212,906,069.46
 announcement                                                                   
--------------------------------------------------------------------------------
31 July 2017                   14,159               313.97          4,445,446.01
--------------------------------------------------------------------------------
1 August 2017                   4,000               314.64          1,258,550.00
--------------------------------------------------------------------------------
2 August 2017                  10,359               313.93          3,252,043.34
--------------------------------------------------------------------------------
3 August 2017                   3,000               313.32            939,963.00
--------------------------------------------------------------------------------
4 August 2017                   4,262               316.97          1,350,935.09
--------------------------------------------------------------------------------
Accumulated under the         736,492               304.35        224,153,006.90
 programme                                                                      
--------------------------------------------------------------------------------

With the transactions stated above Royal Unibrew owns a total of 878,179
shares, corresponding to 1.7% 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.