Company announcement no 14/2011 -   23 May 2011





On April 29, 2011, Royal Unibrew initiated a share buy-back programme, cf.
company announcement no. 7/2011 of 28 April 2011. The programme was implemented
in accordance with the provisions of European Commission Regulation no.
2273/2003 of 22 December 2003, also referred to as the Safe Harbour Regulation.
The share buy-back programme is expected to be realised in the period from 29
April 2011 to 31 October 2011. The total share buy-back in the period will not
exceed a market price of DKK 110 million. 


The following transactions have been made under the programme:





                              Number    Average purchase     Transaction value, 
                                of            price                  DKK        
                              shares                                            
Accumulated, last              24,201               366.96          8,880,842.99
 announcement                                                                   
--------------------------------------------------------------------------------
May 16, 2011                    2,559               366.20            937,099.40
--------------------------------------------------------------------------------
May 17, 2011                      221               366.50             80,996.50
--------------------------------------------------------------------------------
May 18, 2011                    2,400               368.43            884,235.60
--------------------------------------------------------------------------------
May 19, 2011                    3,438               369.17          1,269,206.46
--------------------------------------------------------------------------------
Accumulated under the          32,819               367.24         12,052,380.95
 programme                                                                      
--------------------------------------------------------------------------------


With the transactions stated above, Royal Unibrew owns a total of 139,493
shares, corresponding to 1.2% of the share capital. The total amount of shares
in the company is 11,186,498, including treasury shares. 



Please direct any queries to me at tel. +45 56 77 15 05.





Yours sincerely

Royal Unibrew A/S





Peter Ryttergaard

CFO