Company announcement No 48/2017– 25 September 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             915,851               308.44        282,483,541.36
 announcement                                                                   
--------------------------------------------------------------------------------
18 September 2017               5,314               339.62          1,804,760.87
--------------------------------------------------------------------------------
19 September 2017                   -                    -                     -
--------------------------------------------------------------------------------
20 September 2017               1,000               331.68            331,678.90
--------------------------------------------------------------------------------
21 September 2017               1,000               333.14            333,142.70
--------------------------------------------------------------------------------
22 September 2017               3,639               334.24          1,216,281.53
--------------------------------------------------------------------------------
Accumulated under the         926,804               308.77        286,169,405.36
 programme                                                                      
--------------------------------------------------------------------------------

With the transactions stated above Royal Unibrew owns a total of 1,068,491
shares, corresponding to 2.0% 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.