Topdanmark — Remuneration Information 2012

Jan 2, 2012

2 January 2012
Announcement No. 01/2012

Since 1998 Topdanmark has had a revolving share option scheme for its Board of
Management and a number of executives. As in previous years the strike price
has been fixed on the basis of the price of Topdanmark's shares on the last
trading day of the year (average of all trades).

Topdanmark has issued 40,261 share options to the Board of Management and a
number of executives for 2012. The strike price of DKK 988 has been fixed at
110% of the price of Topdanmark's shares on 30 December 2011 (average of all
trades).

Besides the revolving scheme a further 19,900 share options have been issued
for 2012 to other executives who have made a special effort or otherwise
contributed extraordinarily to value creation in the Company.

The options cannot be exercised any earlier than subsequent to the publication
of the 2014 annual results in 2015 and any later than subsequent to the
publication of the 2016 annual results in 2017. In the intervening period the
options may be exercised up until three banking days subsequent to Topdanmark's
publication of its annual, half-yearly or quarterly reports.

The value of the options has been calculated to be DKK 7m using the Black and
Scholes model assuming a share price of DKK 897.78, an interest rate equivalent
to the zero coupon rate based on the swap curve of 30 December 2011, future
annual volatility of 22%, corporation tax of 25%, a pattern of exercise similar
to Topdanmark's previous allocations of share options and otherwise in
accordance with IFRS 2 on share-based payments.

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