Topdanmark — Director's Dealing 2011

Dec 9, 2011

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Topdanmark A/S Investor Relations telefax +45 44 68 19 06

Finanstilsynet

NOTICE PURSUANT TO CHAPTER 29 OF THE SECURITIES TRADING, ETC, ACT

If has on the 16th of May 2011 increased its holding in Topdanmark A/S, ISIN DK0010259530, (Topdanmark). After the increase If's holding in Topdanmark totals to 3 147 692 shares, equalling to 20,09 % of the total number of shares $(15\,666\,550)$ and total number of votes $(15\,666\,550)$ .

Name of shareholder	Number of shares	% of share capital	% of total number of votes 5,35 %
If P&C Insurance Holding Ltd (publ) Reg nr. 556241-7559	838450	5,35 %
If P&C Insurance Company Ltd Reg nr. 1614120-3	2 309 242	14,74 %	14,74 %
Total	3 147 692	20,09%	20,09 %

May 16^th, 2011

C INSURANCE HOLDING LTD (PUBL) P Kă Legal Counsel Гhі

a Mohlin

Healt of Communication

Standard form

STANDARD FORM 1

• $1)$ The identity of the company issuing the underlying shares with voting rights, including the full name of the company and the type of company: Topdanmark A/S - insurance company
• $2)$ Background for duty to notify (please cross one or more of the following boxes):
• [x] acquisition or sale of voting rights or share capital
• [ ] acquisition or sale of financial instruments which can enable acquisition of existing shares with voting rights
• [ ] an event which establishes or changes the ratio of share capital or voting rights
• The identity of the shareholder or the natural or legal persons covered 3) by the duty to notify:¹⁾

If P&C Insurance Holding Ltd (publ)

• The identity of the shareholder (if this is different from the person 4) under point $3$ ):ⁱⁱ)
• $5)$ The date where the transaction took place and the date on which the threshold was equalled or crossed: (iii) May 16, 2011
• $6)$ The threshold which was equalled or crossed (as percentage or fraction):

20 %

7) Further information: (shareholders mentioned in section 3 must not notify possession of share capital)

Information on the voting rights lv)
Class of Situation as previously share reported				Situation after the transaction or the event has taken effect vi)
(ISIN)	No. shares		Voting rights stated as percentages or fractions vii)	No. shares		Voting rights stated as percentages or fractionsvill)
DK00102595	2 309 24		14,74 %	Direct 838 450	Indirect		Direct	Indirect
				3 147 692			5,35%	20,09%
			Information on the share capitalix)
Class of share	Situation as previously reported No. shares stated as			Situation after the transaction or the event has taken effect
(ISIN)			Share capital percentages or fractions x)	No. shares		Share capital stated as percentages or fractions xi)
				Direct	Indirect		Direct	Indirect
	2 309 2個 14,74 %			838 450	3 147 692		5 35 %	20,09 %
TOTAL A) Based on the total holding	2 309 2 倍 14,74 %			838 450	3 147 692		5,35%	20,09%
	B) Financial instruments
Type of Date financial of instrument xiii ) cessa- tion xiv)			Situation after acquisition or sale xii) Date when the instrument can be exercised. For instruments with an exercise period, state the date on which the shares are acquired or can be acquired xv)		Percentage of shares xvi)		Percent- age of voting rights
		TOTAL B (In relation to all cessation dates)

Total 1 $(A+B)^{xV(i)}$	Percent- age of shares	Percentage of voting rights	Percentage of shares	Percentage of voting rights
3 147 692			20,09 %	20,09 %

$8)$ If there are group considerations, state the chain of the controlling undertakings through which the voting rights or share capital are actually held: xviii)

If P&C Insurance Holding Ltd (publ) - number of shares 838 450 (5,35 % of the share capital and total number of votes)

If P&C Insurance Company Ltd (wholly owned subsidiary) - number of shares 2 309 242 (14,74 % of the share capital and total number of votes)

• 9) If there are group considerations, state the chain of the controlling undertakings through which the financial instruments are actually $held:^{x|x)}$
• $10)$ In cases involving proxies, cf. section 4, no. 8 and section 5(3): the date for cessation of the proxy right, the situation after cessation of the proxy right as well as the identity of the shareholder, if relevant:

Situation after cessation of proxy rights:
Full name of a) the proxy		Date Percentage of voting rights of			Percentage of shares
and b) the shareholder(s)		cess- ation		Direct Indirect	Direct	Indirect
a)
b)
b)
b)
Total (for the proxy)

11) Further information:

12) Date, place and signature Stackcleolin Man $\overline{D}$ anna Marlin Dag Rehme Head of Communication Chief Legal Counsel