Initial public offering of TrygVesta A/S Publication of offering memorandum

NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA. This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered or are exempt from registration. The Company does not intend to register any portion of this offering in the United States or to conduct a public offering in the United States. Any public offering of securities to be made in the United States would be made by means of a prospectus that would contain detailed information about the Company and its management, as well as financial statements. Copies of this announcement are not being, and should not be, distributed in or sent into the United States.

To the Copenhagen Stock Exchange Stock exchange release no. 1-05 / September 26, 2005 Initial public offering of TrygVesta A/S Publication of offering memorandum On Tuesday, September 27, 2005, the second largest general insurer in the Nordic region TrygVesta A/S (“TrygVesta” or the “Company”), will publish an offering memorandum in connection with its intended Initial Public Offering (IPO) and listing on the Copenhagen Stock Exchange. • Details of the IPO price range will be announced on September 27, 2005, before the publication of the offering memorandum; • TrygVesta is the second largest general insurer in the Nordic region with strong market shares in Denmark and Norway and with a growing business presence in Finland; • TrygVesta’s insurance products protect over two million private individuals, covering approximately 1.1 million households, as well as over 123,000 small- and medium-sized enterprise and corporate customers in Denmark, Norway and Finland; • The offering is of 24,700,000 existing shares corresponding to 36.3% of the outstanding shares. The offer shares are being sold by the Company’s shareholder, Tryg i Danmark smba (the “Selling Shareholder” or “TiD”). The Selling Shareholder has granted to Morgan Stanley and Nordea (the Joint Global Coordinators) an over-allotment option, to purchase up to 2,500,000 additional shares, corresponding to 3.7% of the outstanding shares. The offering consists of: (i) a public offering to retail and institutional investors in Denmark and (ii) an offering to institutional investors outside Denmark (the “Offering”); • The shares will be listed on the Copenhagen Stock Exchange and the IPO will be marketed to retail investors in Denmark and to institutional investors in Denmark and internationally. Further information: Ms Stine Bosse, Group CEO, phone +45 44 20 30 40 Mr Morten Hübbe, Group CFO, phone +45 44 20 30 20