Topdanmark — Share Issue/Capital Change 2015

Jan 2, 2015

2 January 2015
Announcement No. 01/2015

Since 1998 Topdanmark has had a revolving share option scheme for its Executive
Board 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 211,400 share options to the Executive Board and a number
of executives for 2015. The strike price of DKK 220 has been fixed at 110% of
the price of Topdanmark's shares on 30 December 2014 (average of all trades).

Besides the revolving scheme a further 151,500 share options have been issued
for 2015 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 2017 annual results in 2018 and any later than subsequent to the
publication of the 2019 annual results in 2020. 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 10m 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%, 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:
Lars Thykier, CFO,
Mobile: +45 2141 0479

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