Completion of capital redction in Alm. Brand A/S

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|                                           |           | ALM. BRAND           |
|                                           |           | Management           |
|                                           |           | Midtermolen 7        |
|                                           |           | DK- 2100 Copenhagen  |
|                                           |           | Telephone +45 35 47  |
|                                           |           | 47 47                |
|                                           |           | Telefax	 +45 35 26   |
|                                           |           | 62 38                |
|                                           |           | www.almbrand.dk      |
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| OMX Nordic Exchange Copenhagen A/S        | Ref       | SLB/hdg              |
| Nikolaj Plads 6                           |           |                      |
| DK-1007 Copenhagen K                      |           |                      |
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| Announcement No. 2/2008                   | Date      | 29 February 2008     |
|                                           | Page      | 2 of 2               |
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Alm. Brand A/S - completion of capital reduction in Alm. Brand A/S              
On 20 November 2007, the Extraordinary General Meeting of Alm. Brand A/S        
resolved to reduce the company's share capital by a nominal amount of DKK       
96,000,000 by reducing the company's holding of treasury shares.                

The resolution was announced through the electronic information system of the   
Danish Commerce and Companies Agency on 27 November 2007, and the statutory     
notice period has now expired with no claims received.                          

The capital reduction has thus been completed.                                  

Following the capital reduction, the nominal share capital of Alm. Brand A/S    
amounts to DKK 1,572,000,000, equivalent to 19,650,000 shares of DKK 80 nominal 
value each. Each share gives one vote.                                          

Pursuant to section 28 of the Danish Securities Trading Act we furthermore      
announce that  Alm. Brand A/S and its subsidiaries have decreased their holding 
of treasury shares to 877,621 equivalent to 4.47 % of the share capital in Alm. 
Brand A/S.                                                                      

The decreased holding is a consequence of the capital reduction in Alm. Brand   
A/S completed this day.                                                         

In the most recent report on treasury shares dated 28 February 2008 Alm. Brand  
A/S and its subsidiaries held a total of 2,077,621 shares, equal to 9.97 % of   
the share capital.                                                              

Please direct any questions regarding this announcement to Søren Boe Mortensen, 
Chief Executive, on tel. +45 35 47 47 47.                                       
Yours sincerely,                                                                
Alm. Brand A/S                                                                  
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| Søren Boe Mortensen                  |                                       |
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| Chief Executive                      |                                       |
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