Topdanmark — Capital/Financing Update 2015

Dec 3, 2015

Topdanmark Forsikring A/S issues subordinated notes

2 December 2015

As announced in Topdanmark's interim report for Q3 2015 (company announcement No. 16/2015) and company announcement of 30 November 2015 from Topdanmark Forsikring A/S, Topdanmark Forsikring A/S intends to issue new subordinated notes with conditions according to the Solvency II requirements.

The issue of subordinated notes was subscribed with significant demand. It has therefore been decided to increase the issue from DKK 750m to DKK 1.35bn. This will complete the loan related part of Topdanmark's capital structure including the refinancing of the subordinated loan with a nominal value of DKK 400m, due for redemption from June 2016.

A number of the fundamental pricing characteristics of the notes were determined following the bookbuilding process. The following information was therefore not included in the base prospectus with respect to the notes dated 30 November 2015 (the "Base Prospectus") and is hereby provided:

DKK 500,000,000 2.92% fixed rate to variable rate notes due 2025

ISIN code:	DK0030370028
Principal amount:	DKK 500,000,000
Maturity date:	11 December 2025
Issue date:	11 December 2015

Coupon: 2.92% until 2020 and thereafter a variable interest rate of 3 months CIBOR plus the margin of 2.50%

Fixed rate credit margin	2.50%
Yield:	2.92%
Net proceeds:	DKK 498,057,500

DKK 850,000,000 variable rate notes due 2026

ISIN code:	DK0030369954
Principal amount:	DKK 850,000,000
Maturity date:	11 June 2026
Issue date:	11 December 2015
Margin:	2.70%
Variable rate credit margin:	2.70%
Net proceeds:	DKK 846,751,300

This document sets out those characteristics of the notes that were determined upon pricing only. Accordingly, this notice is not a summary of all material characteristics of the notes. The characteristics of the notes are described in the base prospectus, which should be read together with this notice. Unless the context requires otherwise, terms defined in the terms and conditions of the notes set out in the prospectuses shall have the same meaning when used in this notice. The base prospectus can be downloaded from www.topdanmark.com.

Disclaimer

The information contained herein is not for release, publication or distribution, directly or indirectly, in or to the United States, Canada, Japan or Australia or any other jurisdiction in which such release, publication or distribution would be unlawful.

This announcement does not constitute an offer to buy or sell securities in Topdanmark Forsikring A/S in the United States, Canada, Japan or Australia or any other jurisdiction.

Please direct any queries to: Steffen Heegaard, Head of IR and Group Communications Direct tel: +45 4474 4017, Mobile: +45 4025 3524

Topdanmark Forsikring A/S Reg.No. 78416114 Borupvang 4 2750 Ballerup