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