Topdanmark — Capital/Financing Update 2016

May 24, 2016

24 May 2016

On 24 June 2011, Topdanmark Forsikring A/S issued subordinated notes of DKK
400m in total as subordinated loan capital.

These subordinated notes will be redeemed on 24 June 2019 at par. However, from
24 June 2016 Topdanmark Forsikring A/S may redeem early at par, subject to
prior approval by the Danish Financial Supervisory Authority.

Given the terms of the bonds and the capital position of Topdanmark Forsikring
A/S, the Company's Board of Directors has decided to redeem early thus, after a
maturity of five years, pay back the loan to the investors at par on 24 June
2016.

The Danish Financial Authority has pre-approved the redemption.

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