2 January 2008 Announcement No. 01/2008 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 130,000 share options to the Board of Management and a number of executives for 2008. The strike price of DKK 802 has been fixed at 110% of the price of Topdanmark's shares on 28 December 2007 (average of all trades) and the allocation is based upon payment by the individual concerned. Besides the revolving scheme a further 20,000 share options have been issued for 2008 to other executives who have made a special effort or otherwise contributed extraordinarily to value creation in the Company. These options were granted free of charge. The options cannot be exercised any earlier than subsequent to the publication of the 2010 annual results in 2011 and any later than subsequent to the publication of the 2012 annual results in 2013. 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 17m using the Black and Scholes model assuming a share price of DKK 729.47, an interest rate equivalent to the zero coupon rate based on the swap curve of 28 December 2007, future annual volatility of 20%, corporation tax of 25% and a pattern of exercise similar to Topdanmark's previous allocations of share options. Share capital and voting rights of Topdanmark --------------------------------------------- With reference to Section 6 of Order No. 226 of 15 March 2007 on issuers' disclosure requirements it is hereby announced that the share capital of Topdanmark totals DKK 176,310,000 divided into 17,631,000 shares of DKK 10 each, corresponding to 17,631,000 voting rights. Please direct any queries to: Steffen Heegaard, Head of IR and Communications Mobile: +45 4025 3524