Issue of options 2 January 2017 Announcement N

2 January 2017 Announcement No. 02/2017

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 263,387 share options to the Executive Board and a number of executives for 2017. The strike price of DKK 197 has been fixed at 110% of the price of Topdanmark's shares on 30 December 2016 (average of all trades).

Additional to the revolving scheme, a further 185,000 share options have been issued for 2017 to other executives who have made special efforts or otherwise contributed extraordinarily to value creation of the Company.

The options cannot be exercised any earlier than subsequent to the publication of the 2019 annual results in 2020, and any later than subsequent to the publication of the 2021 annual results in 2022. In the interim 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 at DKK 10m, using the Black and Scholes model assuming a share price of DKK 179.44, an interest rate equivalent to the zero coupon rate based on the swap curve of 30 December 2016, 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 Tel: +45 4474 3714

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