9 January 2017
Announcement No. 03/2017

On 15 November 2016, Topdanmark announced a buy-back programme of up to DKK
650m in its company announcement No. 67/2016. The buy-back programme will be
executed in accordance with Regulation (EU) No. 596/2014 of the European
Parliament and the Council of 16 April 2014, the ”Market Abuse Regulation”. 

This buy-back programme is part of an overall buy-back programme of a total of
DKK 1,450m, until 17 February 2017, approved by the DFSA. 

Before 23 February 2017, Topdanmark will apply for DFSA-approval of the
additional buy-back of DKK 200m, due to the upgrade. Accordingly, execution of
the buy-back should take place in 2017. 

In the period 12 February 2016 to 14 November 2016, shares at a value of DKK
1,000m were bought back, of the total DKK 1,450m share buy-back programme. 

The following transactions were made under the share buy-back programme in the
period from 2 January to 6 January 2017: 

                                        Number     Average         Transaction  
                                        of shares   purchase       value (DKK)  
                                                   price (DKK)                  
2 January 2017                             22,000          180.05      3,961,100
3 January 2017                             25,000          179.28      4,482,000
4 January 2017                             20,000          178.84      3,576,800
5 January 2017                             30,000          177.82      5,334,600
6 January 2017                             40,000          177,24      7,089,600
Total accumulated in the period           137,000          178.42     24,444,100
Total accumulated under the buy-back    7,251,840                  1,264,059,923
 programme                                                                      

Following the transactions stated above, Topdanmark’s holding of own shares is
7,921,000 shares, corresponding to 8.34% of the share capital. 

Detailed and aggregated transaction data concerning the share buy-back are
attached in compliance with Commission Delegated Regulation (EU) 2016/1052 of 8
March 2016. 

Please direct any queries to:
Lars Thykier, CFO
Tel: +45 44 74 37 14



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