Topdanmark — Director's Dealing 2013

May 28, 2013

28 May 2013
Trading report No. 03/2013

In accordance with Section 28(a) of the Danish Securities Trading Act,
Topdanmark is required to publish details of the transactions in Topdanmark's
shares and related securities effected by senior management and their connected
persons.

The following has been reported to Topdanmark:

Name: Christian Sagild
Reason: CEO
Issuer: Topdanmark A/S
ISIN code: 1025953
Designation: Shares
Transaction: Exercise of call options
Trade date: 24 May 2013
Market: Nasdaq OMX, Copenhagen
Number: 40,000
Share price in DKK: 5,856,000

Name: Christian Sagild
Reason: CEO
Issuer: Topdanmark A/S
ISIN code: 1025953
Designation: Shares
Transaction: Sale
Trade date: 28 May 2013
Market: Nasdaq OMX, Copenhagen
Number: 40,000
Share price in DKK: 5,884,400

Name: Lars Thykier
Reason: CFO
Issuer: Topdanmark A/S
ISIN code: 1025953
Designation: Shares
Transaction: Exercise of call options
Trade date: 24 May 2013
Market: Nasdaq OMX, Copenhagen
Number: 30,000
Share price in DKK: 4,392,000

Name: Lars Thykier
Reason: CFO
Issuer: Topdanmark A/S
ISIN code: 1025953
Designation: Shares
Transaction: Sale
Trade date: 28 May 2013
Market: Nasdaq OMX, Copenhagen
Number: 30,000
Share price in DKK: 4,413,300

Name: Kim Bruhn-Petersen
Reason: COO
Issuer: Topdanmark A/S
ISIN code: 1025953
Designation: Shares
Transaction: Exercise of call options
Trade date: 24 May 2013
Market: Nasdaq OMX, Copenhagen
Number: 70,000
Share price in DKK: 10,248,000

Name: Kim Bruhn-Petersen
Reason: COO
Issuer: Topdanmark A/S
ISIN code: 1025953
Designation: Shares
Transaction: Sale
Trade date: 28 May 2013
Market: Nasdaq OMX, Copenhagen
Number: 70,000
Share price in DKK: 10,297,700

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