2 January 2009 Announcement No. 01/2009 Since 1998 Topdanmark has had a revolving share option scheme for its Board of Management and a number of executives. As in previous years the strike price has been fixed on the basis of the price of Topdanmark's shares on the last trading day of the year (average of all trades). Topdanmark has issued 133,000 share options to the Board of Management and a number of executives for 2009. The strike price of DKK 762 has been fixed at 110% of the price of Topdanmark's shares on 30 December 2008 (average of all trades) and the allocation is based upon payment by the individual concerned. Besides the revolving scheme a further 17,000 share options have been issued for 2009 to other executives who have made a special effort or otherwise contributed extraordinarily to value creation in the Company. These options were granted free of charge. The options cannot be exercised any earlier than subsequent to the publication of the 2011 annual results in 2012 and any later than subsequent to the publication of the 2013 annual results in 2014. In the intervening period the options may be exercised up until three banking days subsequent to Topdanmark's publication of its annual, half-yearly or quarterly reports. The value of the options has been calculated to be DKK 15m using the Black and Scholes model assuming a share price of DKK 692.31, an interest rate equivalent to the zero coupon rate based on the swap curve of 29 December 2008, future annual volatility of 20%, corporation tax of 25% and a pattern of exercise similar to Topdanmark's previous allocations of share options. Please direct any queries to: Steffen Heegaard, Head of IR and Group Communications Mobile: +45 4025 3524