COMPANY ANNOUNCEMENT N0 39/2011-   24 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             322,153               314.06        101,174,919.87
 announcement                                                                   
--------------------------------------------------------------------------------
October 17, 2011                2,331               293.46            684,055.26
--------------------------------------------------------------------------------
October 18, 2011                3,830               292.33          1,119,623.90
--------------------------------------------------------------------------------
October 19, 2011                3,820               293.08          1,119,565.60
--------------------------------------------------------------------------------
October 20, 2011                3,800               290.58          1,104,204.00
--------------------------------------------------------------------------------
October 21, 2011                3,520               290.83          1,023,721.60
--------------------------------------------------------------------------------
Accumulated under the         339,454               312.93        106,226,090.23
 programme                                                                      
--------------------------------------------------------------------------------


With the transactions stated above, Royal Unibrew owns a total of 446,128
shares, corresponding to 4.0% 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