Recommended tender offer from RSA Overseas Holdings B.V. -

24 May 2007
Stock Exchange announcement No. 07/2007                                         

Codan A/S - ID code 1028863 - 8                                                 
Recommended tender offer from RSA Overseas Holdings B.V. - Offer Document and  
Advertisement                                                                   

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

Please find attached the Offer Document from RSA Overseas Holdings B.V. and the
Advertisement regarding the recommended tender offer to the minority            
shareholders of Codan A/S.                                                      


Yours Sincerely                                                                 
Codan A/S                                                                       

Vibeke Krag                                                                     
Company Secretary

Recommended tender offer from RSA Overseas Holdings B.V. - Offer Document and Advertisement

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