Topdanmark A/S - issue as a consequence of utilization of warrants


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|                                      |             Copenhagen, 31 March 2008 |
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Topdanmark A/S - issue as a consequence of utilization of warrants              

The share capital of Topdanmark A/S will be increased by 16,350 new shares each 
bearing a face value of DKK 10. The listing will take effect on 4 April 2008.   

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| ISIN                      | Name                                             |
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| DK0010259530              | Topdanmark                                       |
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The capital increase has been registered with the Danish Commerce and Companies 
Agency.                                                                         

For further information, please see announcements from Topdanmark, e.g.         
announcement of 19 March 2008.                                                  

For yderligere information kontakt: Helene Gaustad Jeppesen, Surveillance, tlf. 
33 93 33 66                                                                     
ISIN: DK0010259530 (VP: 1025953)                                                

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| Name:                          | Topdanmark                                  |
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| Volume of shares before issue: | 16,880,000 shares (DKK 168,800,000)         |
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| Change:                        | 16,350 shares (DKK 163,500)                 |
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| Volume of shares after change: | 16,896,350 shares (DKK 168,963,500)         |
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| Dividend:                      | Full for 2007                               |
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| Exercise price:                | 10,000 shares - at DKK 349                  |
|                                | 4,000 shares - at DKK 478                   |
|                                | 2,350 shares - at DKK 608                   |
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| Face value:                    | DKK 10                                      |
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| Short name:                    | TOP                                         |
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| Share type:                    | AKTIE                                       |
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GENERAL INFORMATION                                                             

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| Name/bearer:                   | Name                                        |
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| Voting rights on listed        | Full                                        |
| shares:                        |                                             |
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| Financial year:                | 1 January - 31 December                     |
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| Unlisted capital:              | DKK 0                                       |
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| Capital increase registered:   | Yes                                         |
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| Issuing bank:                  | Danske Bank A/S                             |
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| Trading lot:                   | 25                                          |
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| CBR no.:                       | 78 04 00 17                                 |
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| GICS:                          | 40 30 10 30                                 |
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| Type:                          | 15                                          |
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Attachments

topdanmark - nye aktier til handel - uk.pdf