Announcement from Codan A/S in connection with RSA Overseas Holdings B.V.'s launch of a recommended offer to the minority shareholders of Codan A/S

24 May 2007
Stock Exchange announcement No. 09/2007                                         

Codan A/S - ID code 1028863 - 8                                                 
Announcement from Codan A/S in connection with RSA Overseas Holdings B.V.'s    
launch of a recommended offer to the minority shareholders of Codan A/S         

Not for release or distribution in or into Canada, Australia or Japan           

RSA Overseas Holdings B.V., which holds 71.66% of the share capital and the    
votes in Codan A/S, equalling 75.34% of the share capital and the votes         
excluding Codan A/S' treasury shares, has launched a recommended tender offer to
the minority shareholders of Codan A/S. In that connection Codan A/S publishes  
the attached Stock Exchange Announcement.                                       


Yours Sincerely                                                                 
Codan A/S                                                                       

Vibeke Krag                                                                     
Company Secretary