CODAN LIMITED — Capital/Financing Update 2009

Jun 8, 2009

ANNOUNCEMENT

CODAN LIMITED SHARE PURCHASE PLAN 2009 BPAY[®] FACILITY TO REMAIN OPEN UNTIL CLOSE OF BUSINESS MONDAY 15th JUNE 2009

The Codan Limited Share Purchase Plan (SPP) is due to close at 5.00pm (Adelaide time) on Friday, 12[th] June 2009. Unfortunately, due to a problem outside of Codan’s control, the BPAY[®] facility was closed at close of business Friday, 5[th] June 2009.

Closing date extended

In order to ensure all shareholders have an opportunity to participate in the SPP, Codan will extend the closing time for the BPAY[®] facility until close of business Monday 15[th] June 2009. The original BPAY[®] account will now be open again for use on Thursday, 11[th] June 2009.

Check your BPAY[®] status

If you made an application for the SPP by BPAY[®] after 5[th] June 2009, please check your bank account to ensure the funds have been transferred. If your BPAY[®] application has failed, please make your payment again using the BPAY[®] details contained on your original SPP application form.

Making payment

If you wish to confirm receipt of your payment, or if you require another Application Form to be sent to you, please contact Computershare on:

1300 556 161 (within Australia) or

+61 3 9415 4000 (for callers outside Australia).

You are also able to make payment by cheque. Cheques should be made payable to “Codan Limited SPP” and sent in the original reply paid envelope, together with the completed application slip. This will need to be received by Computershare no later than 5.00pm Friday 12[th] June 2009.

Codan apologises for any inconvenience caused to shareholders.

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R J B Moody Company Secretary 9 June 2009

Tel: +61 (0)8 8305 0311

Fax: +61 (0)8 8305 0411