Trading in Topdanmark's shares by insiders

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| Source: Topdanmark A/S
multilang-release

2 January 2013
Trading report No. 01/2013

Trading in Topdanmark's shares by insiders

In accordance with Section 28(a) of the Danish Securities Trading Act, Topdanmark is required to publish details of the transactions in Topdanmark's shares and related securities effected by senior management and their connected persons.

The following has been reported to Topdanmark:

Name:   Christian Sagild
Reason:   CEO
Issuer:   Topdanmark A/S
ISIN code:  1025953
Designation:  Shares
Transaction:  Allocation of options
Trade date:  2 January 2013
Market:   Nasdaq OMX, Copenhagen
Number:   4,606
Share price in DKK: 732,354

Name:   Lars Thykier
Reason:   CFO
Issuer:   Topdanmark A/S
ISIN code:  1025953
Designation:  Shares
Transaction:  Allocation of options
Trade date:  2 January 2013
Market:   Nasdaq OMX, Copenhagen
Number:   3,057
Share price in DKK: 486,063

Name:   Kim Bruhn-Petersen
Reason:   COO
Issuer:   Topdanmark A/S
ISIN code:  1025953
Designation:  Shares
Transaction:  Allocation of options
Trade date:  2 January 2013
Market:   Nasdaq OMX, Copenhagen
Number:   3,052
Share price in DKK: 485,268

The share price has been calculated 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% and a pattern of exercise similar to Topdanmark's previous allocations of share options.

Please direct any queries to:

Lars Thykier, CFO
Direct: +45 4474 3714

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