26 March 2007 Announcement No. 05/2007 To the Copenhagen Stock Exchange Increase in Topdanmark's share capital As published in stock exchange announcement No. 01/2004, with effect from 1 January 2004 Topdanmark changed its revolving share option scheme from being based on call options to being based on warrants. The first period of exercise of warrants commenced at the publication of Topdanmark's 2006 Annual Report in the stock exchange announcement No. 04/2007. By the expiry of the subscription period the holders of the warrants have subscribed and paid for 126,347 shares at a price of DKK 349 per share. Consequently Topdanmark has today increased its share capital by 126,347 shares, giving an increase in nominal share capital of DKK 1,263,470. The total number of Topdanmark shares is now 19,136,347. The subscription proceeds of the issue were DKK 44,095,103. Please direct any queries to: Lars Thykier, Managing Director, Topdanmark Kapitalforvaltning Direct tel: +45 4474 3714 Steffen Heegaard, Communication and IR Manager Mobile: +45 4025 3524