Topdanmark — Director's Dealing 2014

May 27, 2014

27 May 2014
Trading report No. 03/2014

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: DK0060477503
Designation: Shares
Transaction: Exercise of call options
Trade date: 23 May 2014
Market: Nasdaq OMX, Copenhagen
Number: 40,680
Share price in DKK: 6,780,542

Name: Christian Sagild
Reason: CEO
Issuer: Topdanmark A/S
ISIN code: DK0060477503
Designation: Shares
Transaction: Sale
Trade date: 27 May 2014
Market: Nasdaq OMX, Copenhagen
Number: 40,680
Share price in DKK: 6,755,321

Name: Lars Thykier
Reason: CFO
Issuer: Topdanmark A/S
ISIN code: DK0060477503
Designation: Shares
Transaction: Exercise of call options
Trade date: 23 May 2014
Market: Nasdaq OMX, Copenhagen
Number: 50,000
Share price in DKK: 8,334,000

Name: Lars Thykier
Reason: CFO
Issuer: Topdanmark A/S
ISIN code: DK0060477503
Designation: Shares
Transaction: Sale
Trade date: 27 May 2014
Market: Nasdaq OMX, Copenhagen
Number: 50,000
Share price in DKK: 8,303,000

Name: Kim Bruhn-Petersen
Reason: COO
Issuer: Topdanmark A/S
ISIN code: DK0060477503
Designation: Shares
Transaction: Exercise of call options
Trade date: 23 May 2014
Market: Nasdaq OMX, Copenhagen
Number: 81,680
Share price in DKK: 13,614,422

Name: Kim Bruhn-Petersen
Reason: COO
Issuer: Topdanmark A/S
ISIN code: DK0060477503
Designation: Shares
Transaction: Sale
Trade date: 27 May 2014
Market: Nasdaq OMX, Copenhagen
Number: 81,680
Share price in DKK: 13,563,781

Please direct any queries to:
Lars Thykier, CFO
Mobile +45 2141 0479

Topdanmark A/S
Reg.No. 78040017
Borupvang 4
DK-2750 Ballerup