24 November 2009 Announcement No. 15/2009 Key features: • Post-tax result increased to a DKK 519m profit this quarter from a DKK 172m loss in Q3 2008. • In Q1 - Q3 2009 the post-tax result increased to a DKK 1,109m profit from a DKK 163m loss in the corresponding period the previous year. • The post-tax profit forecast model for 2009 is being upgraded to DKK 1,200 - 1,300m from DKK 1,100 - 1,200m, calculated as at 13 November 2009 representing a return on shareholders' equity of 32.4%. • The cash distribution for 2009 has been increased to DKK 825m from DKK 725m representing a yield of 7.7%. • Non-life premiums earned declined 3.8% in the first three quarters of 2009 while regular premiums in life insurance increased 6.2%. • The investment return turned around to a DKK 995m profit in Q1 - Q3 2009 from a DKK 818m loss in the same period the previous year. • The combined ratio increased to 91.1% in Q1 - Q3 2009 from 82.1% in the same period the previous year. Excluding gains on the claims provisions the combined ratio increased to 93.4% from 88.2% primarily due to an increase in fire and theft claims. • For 2010 growth in non-life premiums is expected to be 2% - 3% and the combined ratio is expected to improve to 91% - 92% excluding any gains on / strengthening of claims provisions. On www.topdanmark.com -> Presentations a webcast is available in which Topdanmark's CEO, Christian Sagild, presents the financial highlights and comments on the forecast. A conference call will be held today at 15:30 (CET) when Christian Sagild, CEO, and Lars Thykier, CFO, will be available for questions based on the Q1 - Q3 report and the webcast. The call will be conducted in English. In order to participate in the conference call, please phone: UK dial in number: +44 (0)20 7162 0125 US dial in number: +1 334 420 4950 10 - 15 minutes before the conference asking the operator to connect you to the Topdanmark conference call - or listen to the live transmission of the call. Please direct any queries to: Christian Sagild Chief Executive Officer Direct tel.: +45 4474 4450 Lars Thykier Chief Financial Officer Direct tel.: +45 4474 3714 Steffen Heegaard, Head of IR and Group Communications Direct tel.: +45 4474 4017, Mobile: +45 4025 3524