Ann: Chairman's and CEO's Address, page-24

Thanks.

It's important that as many Codan shareholders do this as possible. With different shareholding levels. I've contacted them one too many times and they need to hear different voices.

At the end of the day we own the company...it's our. The board, management and staff DON'T own any significant amount of shares.

Yet, that are all getting paid no matter what. That bothers me, as it should you.

Investing in R&D in great...maybe that creates more levels of management, responsibility...more salary? I hope too god that's not true.

All I know is the board and management BY LAW MUST try to increase shareholder value.
They aren't.