4 January 2010 Announcement No. 01/2010 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 130,000 share options to the Board of Management and a number of executives for 2010. The strike price of DKK 776 has been fixed at 110% of the price of Topdanmark's shares on 30 December 2009 (average of all trades) and the allocation is based upon payment by the individual concerned. Besides the revolving scheme a further 20,000 share options have been issued for 2010 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 2012 annual results in 2013 and any later than subsequent to the publication of the 2014 annual results in 2015. 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 16m using the Black and Scholes model assuming a share price of DKK 705.72, an interest rate equivalent to the zero coupon rate based on the swap curve of 30 December 2009, future annual volatility of 22%, 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 Direct tel: +45 4474 4017, Mobile: +45 4025 3524