Topdanmark — Director's Dealing 2015

Jan 2, 2015

2 January 2015
Trading report No. 01/2015

Correction: ISIN code 1025953 has been changed to DK0060477503

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: Allocation of options
Trade date: 2 January 2015
Market: Nasdaq OMX, Copenhagen
Number: 29,148
Share price in DKK: 763,678

Name: Lars Thykier
Reason: CFO
Issuer: Topdanmark A/S
ISIN code: DK0060477503
Designation: Shares
Transaction: Allocation of options
Trade date: 2 January 2015
Market: Nasdaq OMX, Copenhagen
Number: 19,317
Share price in DKK: 506,105

Name: Kim Bruhn-Petersen
Reason: COO
Issuer: Topdanmark A/S
ISIN code: DK0060477503
Designation: Shares
Transaction: Allocation of options
Trade date: 2 January 2015
Market: Nasdaq OMX, Copenhagen
Number: 19,317
Share price in DKK: 506,105

The share price has been calculated using the Black and Scholes model assuming
a share price of DKK 200.28, an interest rate equivalent to the zero coupon
rate based on the swap curve of 30 December 2014, future annual volatility of
22% and a pattern of exercise similar to Topdanmark's previous allocations of
share options.

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

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