RSA Overseas Holdings B.V. launches a recommended tender offer to the minority shareholders of Codan A/S

24 May 2007
Stock Exchange announcement No. 06/2007                                         

Codan A/S - ID code 1028863 - 8                                                 
RSA Overseas Holdings B.V. launches a recommended tender 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, launches a recommended tender offer to the
minority shareholders of Codan A/S and has requested Codan A/S to publish the   
attached press release on behalf of RSA Overseas Holdings B.V.                 


Yours Sincerely                                                                 
Codan A/S                                                                       

Vibeke Krag                                                                     
Company Secretary