Holding of Treasury Shares at the End of 2011

Announcement No. 1/2012 Side 1 af 1
Copenhagen, 2 January 2012
NASDAQ OMX Copenhagen A/S Nikolaj Plads 6

DK-1007 Copenhagen K

Rella Holding A/S' Holding of Treasury Shares at the End of 2011

On 29 April 2011, Rella Holding A/S' Annual General Meeting decided not to pay out any cash dividends but instead use the dividends received from Aller Holding A/S to repurchase its own stock.
For your information, Rella Holding A/S at the end of 2011 holds

1,016,971 treasury shares

The Company's outstanding shares at year-end 2011 thus amounts to:
Share capital upon the capital reduction in 2011 24,700,000 shares
Treasury shares at year-end 2011 1,016,971 shares

Outstanding shares at year-end 2011 23,683,029 shares

In its annual reports, Rella Holding A/S recognizes the shareholding in Aller Holding A/S at historical cost. As part of the Management's Review, Rella Holding A/S computes the equity per Rella share under the
assumption that the Aller Holding A/S shareholding is recognized according to the intrinsic book value method
based on the outstanding Rella shares, cf. Rella Holding A/S' Annual Report 2010, pages 13 and 14.
Based on the latest accounts for Aller Holding A/S (2009/10) and Rella Holding A/S' 57.5% ownership of Aller
Holding A/S, the intrinsic book value method results in the following:

	DKK per Rella share
Ownership of Aller Holding A/S' equity	95.6
Debt in Rella Holding A/S (not audited)	5.6
Book value	90.0
Share price as at 31.12.2011	23.6

Kind regards
Rella Holding A/S
Contact:
Jens Arnth-Jensen, CEO Telephone: [phone]