Ann: Chairman's and CEO's Address, page-21

To answer some of your questions.

Codan WAS trading at a PE north of 20 for months BEFORE the solid year end results that came.

I contacted the company before the AGM and was told that management and the board...and I quote "share the frustration of all shareholders and are looking at all steps to address the share price"
I was told that more exciting news would came at the AGM.

I was going to go and at the last minute couldn't and it cost me a plane ticket and hotel room.

None of that matters now...The Chairman addressed the issue and said no.

All my previous concerns remain.
However, my biggest concern as should be all of yours is the person that said there's NOT going to be a buy-back was in-charge at GUNNs when it lost all it's value.

The main concern is Codan didn't nor have then told Codan shareholders about Mr. Simmons work history.

You want activism?

Every shareholder who sees this needs to simply contact investor relations and ask why we weren't told about Mr.Simmons full work history.
http://www.codan.com.au/Investors/InvestorContacts/tabid/1380/Default.aspx

That seems like a simple and reasonable question?

I'm working on a couple other things but, can't say just yet. I have a lot of shares but, I'd need at least 2 million to get at real results. I'm happy to speak as a proxy for other investors.

I don't think I'll get much joy as you all voted YES to everything at the AGM so right now the board and management can basically do whatever they like.

I still want answers, as I believe the company is no longer being run by someone who should be running it and his history is part of the worst shareholder loss of value in Australian history. I have to be careful with my words until I get more info.