TrygVesta A/S IPO price range of DKK 195 to DKK 230: Proceeds expected to be DKK 4,817 million to DKK 5,681 million (Euro 646 million to Euro 761 million)

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. 2-05 / September 27, 2005 TrygVesta A/S (“TrygVesta” or “the Company”), the second largest general insurer in the Nordic market, will today publish its offering memorandum in connection with its intended Initial Public Offering (IPO) and listing on the Copenhagen Stock Exchange. The IPO consists of: (i) a public offering to retail and institutional investors in Denmark and (ii) an international offering to institutional investors (the “Offering”). Morgan Stanley and Nordea have been appointed as Joint Global Co-ordinators and Joint Bookrunners for the IPO and Citigroup, Enskilda Securities and Danske Markets have been appointed Co-Lead Managers. The price range of between DKK 195 and DKK 230 values TrygVesta’s equity capital at between DKK 13,260 million and DKK 15,640 million (Euro 1,777 million and Euro 2,096 million). The offering is expected to raise between DKK 4,817 million to DKK 5,681 million (Euro 646 million to Euro 761 million) and between DKK 5,304 million to DKK 6,256 million (Euro 711 million to Euro 838 million) assuming the over-allotment option is exercised in full and will be one of the largest Danish offerings to date. * Price range of DKK 195 to DKK 230 per share. The offering price may in no case exceed DKK 230 per share. * The Offering is of 24,700,000 existing shares to be offered by Tryg i Danmark smba (“TiD”). The Offering will also include an over-allotment option of 2,500,000 shares, granted to the Joint Global Coordinators. * The Offering will represent 36.3 % of TrygVesta’s issued share capital (40% assuming the over-allotment option is exercised in full). * Following the IPO, TiD’s holdings in TrygVesta will be reduced from 100% of TrygVesta’s share capital to 63.7 % (60 % assuming that the over-allotment option is exercised in full). * A roadshow by management will commence in Copenhagen on Tuesday, September 27, 2005 with bookbuilding scheduled to commence on Tuesday, October 4, 2005 and end on Thursday, October 13, 2005. * Shares are expected to be listed on the Copenhagen Stock Exchange and to start trading on Friday, October 14, 2005. Timetable The IPO timetable is expected to be as follows: Publication of offering memorandum Tuesday September 27, 2005 Start of roadshow Tuesday September 27, 2005 Start of bookbuilding Tuesday October 4, 2005 Close of bookbuilding* Thursday October 13, 2005 (6.00 p.m. Copenhagen time) Pricing and allocation announced Friday October 14, 2005 Listing and first day of trading Friday October 14, 2005 Settlement Wednesday October 19, 2005 * The Offering may be closed before October 13, 2005. If the Offering is closed before October 13, 2005, the settlement date will move forward accordingly. The Offering in respect of applications for purchase of up to and including DKK 2,000,000 (the retail offering) may be closed before the remainder of the Offering is closed; however it will not be closed before 6.00 p.m. Copenhagen time on October 4, 2005. Offering Memorandum and Brochure The offering memorandum with the purchase form (in English and Danish) and the retail brochure (in Danish only) are available from today from Nordea Danske Bank Phone +45 33 33 27 55 Phone +45 70 23 08 33 Email prospekt.ca@nordea.com Email r3886@danskebank.dk The offering memorandum and the brochure can be obtained from any Nordea branch in Denmark from September 29, 2005 and may also ordered from any Danske Bank branch in Denmark. The Danish language version of the offering memorandum and the brochure will only be available for Danish residents. In addition, Danish residents may download the offering memorandum from TrygVesta’s website: www.trygvesta.com, under “Finance”. Further information: Ms Stine Bosse, Group CEO, phone +45 44 20 30 40 Mr Morten Hübbe, Group CFO, phone +45 44 20 30 20 In connection with this offering Morgan Stanley & Co. International Limited, as the stabilising manager, may engage in transactions that stabilise or maintain the market price of the shares at levels above those that might otherwise prevail in the open market. Such stabilisation, if commenced, will begin upon commencement of trading of the shares on the Copenhagen Stock Exchange, may be discontinued at any time without prior notice and will in any event be discontinued after 30 days from the commencement of trading of the shares. The underwriters of the offering may also sell additional shares beyond those allocated pursuant to the over-allotment option. Any such additional shares will not exceed an amount equal to five percent of the original number of shares offered. ----------------- This document is being distributed only to and directed only at persons who are: (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (ii) persons falling within Article 49(2)(a)-(d) of the Order and (iii) other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. It may be unlawful to distribute these materials in certain jurisdictions. These materials are not for distribution in the United States, Canada, Japan or Australia. The information in these materials does not constitute an offer of securities for sale in Canada, Japan or Australia.