Issue of options

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| Source: Topdanmark A/S
multilang-release

2 January 2013
Announcement No. 01/2013

Issue of options

Since 1998 Topdanmark has had a revolving share option scheme for its Board of Management and a number of executives. As in previous years the strike price has been fixed on the basis of the price of Topdanmark's shares on the last trading day of the year (average of all trades).

Topdanmark has issued 34,824 share options to the Board of Management and a number of executives for 2013. The strike price of DKK 1,333 has been fixed at 110% of the price of Topdanmark's shares on 28 December 2012 (average of all trades).

Besides the revolving scheme a further 19,850 share options have been issued for 2013 to other executives who have made a special effort or otherwise contributed extraordinarily to value creation in the Company.

The options cannot be exercised any earlier than subsequent to the publication of the 2015 annual results in 2016 and any later than subsequent to the publication of the 2017 annual results in 2018. In the intervening period the options may be exercised up until three banking days subsequent to Topdanmark's publication of its annual, half-yearly or quarterly reports.

The value of the options has been calculated to be DKK 9m using the Black and Scholes model assuming a share price of DKK 1,211.42, an interest rate equivalent to the zero coupon rate based on the swap curve of 28 December 2012, future annual volatility of 22%, corporation tax of 25%, a pattern of exercise similar to Topdanmark's previous allocations of share options and otherwise in accordance with IFRS 2 on share-based payments.

Please direct any queries to:

Lars Thykier, CFO
Direct: +45 4474 3714 

Topdanmark A/S
Reg.No. 78040017
Borupvang 4
2750 Ballerup