Company announcement No 14/2017– 27 March 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              55,881               290.71         16,244,937.46
 announcement                                                                   
--------------------------------------------------------------------------------
20 March 2017                   4,047               289.65          1,172,226.91
--------------------------------------------------------------------------------
21 March 2017                   7,857               289.95          2,278,098.65
--------------------------------------------------------------------------------
22 March 2017                  11,122               285.50          3,175,300.97
--------------------------------------------------------------------------------
23 March 2017                  13,970               284.98          3,981,128.69
--------------------------------------------------------------------------------
24 March 2017                   2,155               285.25            614,720.43
--------------------------------------------------------------------------------
Accumulated under the          95,032               289.02         27,466,413.11
 programme                                                                      
--------------------------------------------------------------------------------

With the transactions stated above Royal Unibrew owns a total of 1,636,719
shares, corresponding to 3.0% 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.