COMPANY ANNOUNCEMENT N0 38/2011-   17 OCTOBER 2011















On 29 April 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             304,333               315.57         96,040,512.57
 announcement                                                                   
--------------------------------------------------------------------------------
October 10, 2011                3,430               286.87            983,964.10
--------------------------------------------------------------------------------
October 11, 2011                3,440               289.13            994,607.20
--------------------------------------------------------------------------------
October 12, 2011                3,350               285.78            957,363.00
--------------------------------------------------------------------------------
October 13, 2011                3,750               289.83          1,086,862.50
--------------------------------------------------------------------------------
October 14, 2011                3,850               288.73          1,111,610.50
--------------------------------------------------------------------------------
Accumulated under the         322,153               314.06        101,174,919.87
 programme                                                                      
--------------------------------------------------------------------------------


With the transactions stated above, Royal Unibrew owns a total of 428,827
shares, corresponding to 3.8% 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