27 May 2010 On 27 June 2005 Topdanmark Forsikring A/S issued bonds with a total value of DKK 250,000,000 as subordinated loan capital by way of floating rate subordinated notes. These bullet subordinated notes will mature on 27 June 2013 at par, however, from 27 June 2010 Topdanmark Forsikring A/S may redeem early at par subject to the prior approval of the Danish Financial Supervisory Authority. Given the terms of the bonds and the capital position of Topdanmark Forsikring A/S the Company's Board of Directors has decided to redeem early thus, after a maturity of five years, paying back the loan to the investors at par on 27 June 2010. The Danish Financial Authority has pre-approved the redemption subject to the issue of a new similar loan of at least the same size. To replace the subordinated loan capital of DKK 250,000, which will be redeemed early on 27 June 2010, Topdanmark Forsikring A/S will issue subordinated notes with a total value of DKK 250,000,000 by way of subordinated loan capital (tier 2) on 18 June 2010. The maturity of the notes will be eight years and they will be due for redemption at par on 18 June 2018. Early redemption will be possible after five years subject to the approval of the Danish Financial Supervisory Authority. The rate of interest for the first five years is 7.15% (fixed with reference to the five-year DKK mid-swap rate at 11:00 on 26 May plus 475 bps). The issue of the notes has been arranged by Danske Bank A/S and they have already been allotted to a group of institutional investors. Listing on Nasdaq OMX Copenhagen will be applied for. Please direct any queries to: Steffen Heegaard, Head of IR and Group Communications Direct tel: +45 4474 4017, Mobile: +45 4025 3524