Topdanmark issues subordinated notes


13 July 2007
Announcement No. 16/2007


Topdanmark issues subordinated notes

Following announcement No. 12/2007 it is announced that on 13 July 2007
Topdanmark will issue EUR 55m of hybrid core capital by way of floating rate
subordinated notes. 

These bullet subordinated notes have no final maturity date. However, from 15
September 2017 Topdanmark will be entitled to redeem them early at par subject
to the prior approval of the Danish Financial Supervisory Authority. 

The interest rate on the subordinated notes is EURIBOR plus 1.90% until
September 2017 and EURIBOR plus 2.90% thereafter. 

All the subordinated notes have already been allotted to a number of
professional investors. 

The calculation of Topdanmark's capital base will include the hybrid core
capital along with the shareholders' equity. 

Over time the issue of EUR 55m of hybrid core capital will be reflected in a
corresponding increase in Topdanmark's share buy-back programme. 


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