3 November 2007 Announcement No. 23/2007 On 2 November Topdanmark held a capital market day. One of the topics was a review of Topdanmark's investment policy. Under this agenda item there was a description of developments in the market for structured products, including developments in structured products with subprime as underlying asset. The description was based on public information stating that the subprime market has taken a downturn in the second half of 2007 to date. During the review Topdanmark repeated the exposure information that was disclosed when the half-year report was presented. Before the conclusion of this item it was made clear that Topdanmark's profit forecast for 2007 remains unchanged. The movement in Topdanmark's share price following the capital market day causes us to make the following clarification: Since the 2007 profit forecast set out in the H1 2007 report, the value of the structured products of the investment portfolio has been written down by DKK 60m in Q3 and a further write-down of about DKK 50m is expected in Q4 to date. It is expected that these write-downs will be offset by an increase in earnings on other investment assets and gains on the claims provisions in insurance operations. Therefore, overall, at today's date, Topdanmark continues to expect a post-tax profit of DKK 1,200 - 1,300m in 2007. Topdanmark expects to publish its Q1- Q3 2007 interim report on 27 November 2007- Please direct any queries to: Poul Almlund, CEO Direct tel: +45 4474 3453, Mobile: +45 4025 3524 Lars Thykier, Managing Director, Topdanmark Kapitalforvaltning Direct tel: +45 4474 3714, Mobile: +45 4025 3524 Steffen Heegaard, Head of IR and Communications Direct tel: +45 4474 4017, Mobile: +45 4025 3524