Corvus Confirms Interest in R&SA; Company Response

June 14, 2005

Corvus Capital, the investment group operated by British financier Andrew Regan, confirmed that it is considering a takeover bid for Royal & Sun Alliance, the U.K.’s second largest general insurer (See IJ Website June 13).

In a brief announcement concerning the possible takeover move R&SA said only: “that it has not received any approach, nor is it involved in any discussions which could lead to an offer being made for the Company. A further announcement will be made if and when appropriate.”

Analysts value R&SA at around £2.4 billion ($4.35 billion). So far Corvus has not released any further details concerning a possible offer, indicating that any negotiations are at an early stage and that no offer has yet been made.

Nevertheless R&SA shares rose briefly to a 3-month high of 86 pence ($1.55) on the London Stock Exchange on the takeover rumors.

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