9 December 2009 Announcement No. 18/2009 Topdanmark's Capital Markets Day 2009 Topdanmark is holding its Capital Markets Day today. The following subjects are on the agenda: • Topdanmark's capital requirement under Solvency II • Value creation in life insurance • Competitive position in non-life insurance • Initiatives in claims handling • Goals for profit margin and growth Topdanmark's capital base is fully sufficient with substantial surplus capital when calculated using the capital requirements of both Solvency I and the rules on Individual Solvency. However, Topdanmark expects that the future capital requirements of Solvency II will be significantly higher than the existing requirements as CEIOPS' recommendations to the Commission seem to include additional aspects of prudence over and above the risk-based capital requirement. On Capital Markets Day Topdanmark will explain its capital requirement under the Solvency II rules which CEIOPS has recommended to the Commission for implementation from November 2012. Before the rules take effect Topdanmark aims to achieve a capital surplus of DKK 300 - 400m over and above its future capital requirement. On the basis of CEIOPS' recommendations to the Commission this requires a strengthening of the capital base of Topdanmark Forsikring of around DKK 800m from the level most recently disclosed at the end of 2008. The intended strengthening of the capital base of Topdanmark Forsikring requires a corresponding reduction in Topdanmark's share buy-back programme, however, Topdanmark will still maintain a substantial share buy-back. The capital base will be strengthened by DKK 300m in 2009 which has already been taken into account in the proposed share buy-back for the year of DKK 825m. Topdanmark Forsikring will see a further strengthening of DKK 250m in both 2010 and 2011. Based on a normalised profit of DKK 1bn the share buy-back in each of the years 2010 and 2011 will be DKK 500 - 600m corresponding to a buy-back yield of around 5%. The buy-back is expected to normalise from 2012 onwards The rules on which the calculation of the capital requirement is based are still under discussion. Furthermore it is quite conceivable that the Commission's decisions will deviate from CEIOPS' recommendations. If the assumptions are significantly changed, the intended strengthening of the capital base of Topdanmark Forsikring will be reconsidered. Topdanmark's Capital Markets Day will commence at 10:00 CET. The live transmission can be watched on www.topdanmark.com and the archived webcast will be available later in the day on the same address. Presentations from the Capital Markets Day are available on www.topdanmark.com. Please direct any queries to: Steffen Heegaard, Head of IR and Group Communications Direct tel: +45 4474 4017, Mobile: +45 4025 3524