28 September 2010 Announcement No. 12/2010 At a Board meeting today, the Board of Directors decided to issue employee shares for 2011. The Board of Directors has also decided to offer employee shares to the employees for the period 1 January to 31 December 2011. The allocation will be based on cash salary reductions within the framework of Section 7 (A), (1), (1) and (2) of the Danish Tax Assessment Act and will be effected on 30 November 2011. Those participating in the scheme must be employees of Topdanmark or of those subsidiaries directly or indirectly owned by Topdanmark. They need to have been employed by 1 December 2010, employed at least eight hours per week and on 30 November 2011 not have given notice or have been given notice to terminate their employment. Assuming a share price of DKK 700 per share Topdanmark expects to issue about 84,000 employee shares. Given these assumptions the cost of this issue is expected to be about DKK 53m in 2011 corresponding to the cash salary reductions. Please direct any queries to: Steffen Heegaard, Head of IR and Group Communications Mobile: +45 4025 3524