At an extraordinary general meeting held on 9 July 2008, the shareholders resolved to reduce the share capital by a nominal value of DKK 110,000,000 consisting of class A shares with a nominal value of DKK 10,450,000 and class B shares with a nominal value of DKK 99,550,000 in a directed share buy-back at a price of DKK 118.70 per share with payment of a total of DKK 130,570,000 to certain shareholders. The resolution was registered with the Danish Commerce and Companies Agency on 9 July 2008. As stated by the company in announcement no. 13/2008 of 10 October 2008, the conditions set out in section 44a(2) of the Danish Public Companies Act (coverage of the share capital and certain reserves) were not met at the time and therefore the capital reduction could not be completed at the time. This situation was attributable to the developments in the global equity and fixed income markets. The company stated in the same announcement that if the capital reduction could not be completed on or before 10 July 2009, the resolution to reduce the share capital would be cancelled in accordance with section 46(5) of the Danish Public Companies Act. The company still does not meet the conditions set out in section 44a(2) of the Danish Public Companies Act and the resolution to reduce the share capital is therefore cancelled. Please direct any questions regarding this announcement to Henrik Nordam, Chief Executive, on tel. +45 35 47 48 49. Yours sincerely, Alm. Brand Formue A/S Henrik Nordam Chairman