Company announcement No 48/2012–   17 September 2012







On 1 May 2012, Royal Unibrew initiated a share buy-back programme, cf. company
announcement no. 20/2012 of 30 April 2012. Cf. company announcement no. 42/2012
of 28 August 2012 the existing share buy-back programme has been increased and
extended.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 1 May 2012 to 25 April 2013. The total share
buy-back in the period will not exceed a market price of DKK 210 million. 


The following transactions have been made under the programme:





                              Number    Average purchase     Transaction value, 
                                of            price                  DKK        
                              shares                                            
--------------------------------------------------------------------------------
Accumulated, last             191,001               388.06         74,119,252.76
 announcement                                                                   
--------------------------------------------------------------------------------
September 10, 2012              2,386               430.33          1,026,776.92
--------------------------------------------------------------------------------
September 11, 2012              1,581               427.33            675,614.42
--------------------------------------------------------------------------------
September 12, 2012              1,902               427.61            813,310.42
--------------------------------------------------------------------------------
September 13, 2012              2,858               425.80          1,216,928.11
--------------------------------------------------------------------------------
September 14, 2012              4,673               427.86          1,999,389,79
--------------------------------------------------------------------------------
Accumulated under the         204,401               390.66         79,851,272.42
 programme                                                                      
--------------------------------------------------------------------------------


With the transactions stated above, Royal Unibrew owns a total of 225,049
shares, corresponding to 2.1% of the share capital. The total amount of shares
in the company is 10,570,000 shares, including treasury shares. 



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



Yours sincerely

Royal Unibrew A/S



Lars Jensen

CFO