Bluewater Insurance ASA - a substantial and competent provider of risk protection 3 rd quarter of 2005

2 Highlights 3 rd quarter 2005 FINANCIAL PERFORMANCE CLAIMS RATIO F.O.A 59 PER CENT COMBINED RATIO 91 PER CENT RETURN ON FINANCIAL ASSETS 3.7 PER CENT FIRST CONTRIBUTION FROM NON-MARINE ACTIVITIES (NOK 1.3 MILLION) OPERATING PROFIT NOK 24.1 MILLION

3 Highlights marine insurance Marine insurance Large vessels Mobile offshore Pictures Small and medium sized shipping companies Not brown-water Hull and machinery and interest coverage (loss of hire etc.) Offshore operators mainly in the North- European market Hull and machinery and interest coverage (loss of hire etc.) Q Gross written premium app. NOK 27 million lower in Q compared with same period last year. Partly explained by ship-owners postponing renewal to Q4. Positive claims development Considerable increase in offshore rates post Katrina No claims reported from US hurricanes/minimal exposure in Gulf area Return on financial assets in local currency 3,7% - shares main contributor to return. Expanded in loss of hire insurance in tight freight market YTD Consolidation at USD 55 to 60 million level after three years considerable growth Positive claims development - only one major claim to date Return on financial assets in local currency 6,7% Improved underwriting quality by implementation of DNV Risk Quantifying Model Enhanced market penetration in core areas Strengthened position for claims lead commissions Competition among underwriters/markets remain stable Positioning of Bluewater in emerging new markets High recognition of Bluewater as a brand name - IPO enhanced the trend. Repeat business steady around 75 to 80 per cent Highlights

4 Highlights non-marine insurance Highlights Special solutions Non-marine Associations and affinity groups Rented captive solutions for selected customer groups Handle administrative tasks and establish reinsurance programs Direct insurance in certain classes to members of affinity groups and associations High degree of reinsurance – low own retention Q Gross written premium NOK 25.8 million Entire volume ceded to reinsurer – income to Bluewater in form of commissions (NOK 1.3 million) No major claims reported on portfolio Future Started to write motor insurance per 1 October 2005 Will start distributing motor to all members of special solutions customers during Q Signed two contracts related to special solutions starting 1 January 2006 Positive market for these products and solutions – high market interests Positive market development in non-marine – profitability seems to be at last years level

5 Development in key financial ratios Gross written premium Marine (NOKm)Solvency capital (NOKm) Claims ratio for own accountCombined ratio

6 Key financials Figures in NOK 1,000Q3 2005Q – – Premiums written gross Premiums earned for own account Net financial income Operating profit (12.8)28.0(15.3)4.5 Profit before tax (7.2) Operating profit: Profit/loss before tax and change in security reserves. Operating profit represent increase/decrease in solvency capital. 2 Reversal of earlier provisions for bad debt losses totaling NOK 4.8 million for Q and 2004 respectively not reflected in cost ratio. 3 Solvency capital defined as equity plus security reserves 4 NOK 25.8 million relate to premium income from non-marine activities. Key figures in per centQ3 2005Q – – Claim ratio for own account59%94%6277%68 Combined ratio 2 91%124%98112%101 Return on financial assets (local currency) Return on solvency capital 3 9.6(4.8)3.2 Earnings per share NOK (0.9)1.4 Increase in solvency capital per share NOK3.0(2.6)3.5(2.7)0.8

7 Key financials by quarter Figures in NOK 1,000Q3 2005Q2 2005Q Premiums written gross Premiums earned for own account Net financial income Operating profit Profit before tax23.7(4.9)(6.0) Operating profit: Profit/loss before tax and change in security reserves. Operating profit represent increase/decrease in solvency capital. 2 Solvency capital defined as equity plus security reserves 3 NOK 25.8 million relate to premium income from non-marine activities. Key figures in per centQ3 2005Q2 2005Q Claim ratio for own account Combined ratio Return on financial assets (local currency) Earnings per share NOK3.0(0.6)(0.8)3.2 Increase in solvency capital per share NOK (1.4)

8 Financial position Figures in NOK million Total assets Equity Security reserves Solvency capital Net primary capital Financial assets and bank deposits543.0%413.2%515.8% Hedgefunds Mutual funds Bond funds Money market funds and bank deposits Clients funds: NOK 5.7 million 2 Solvency capital is defined as equity plus security reserves

9 Key financial ratios Key figures in per cent Financial assets and bank deposits in per cent of total assets Equity ratio Solvency capital ratio Capital adequacy ratio Equity per share Solvency capital per share – NOK Solvency capital is defined as equity plus security reserves

10 Financial objectives TargetsActual figures 1.1 to Medium- to long-term 1 Non-financial target Rating from S&PBBB- Positive OutlookBBB+ Outlook stable Financial targets in % Capital adequacy ratio35%*Minimum 15% Core capital ratio35%>8% Return on solvency capital9.6%15% 2 Claim ratio f.o.a62%73% Combined ratio98%90% 2 1 Target for Average over a cyclical pattern * Minimum requirement = 8%

11 Transaction highlights Issue price of NOK 30 per share Equivalent to a pre-IPO market cap of NOK 239 million Offering size NOK 79.5 million Offering of 1,666,700 new shares, equivalent to approximately NOK 50 million Secondary sale of 984,370 existing shares Number of shares post IPO – 9,618,175 Number of warrants (strike NOK 31 per share) – 318,000 Convertible loan (strike NOK 35,875) – 2,157,905 Price per share 31 October 2005 – NOK 29.6 Market cap per 31 October 2005 – NOK million Solvency capital per 30 September as if share issue had been completed – approximately NOK 352 million

12 Positioned for further growth Investment in infrastructure and organisation completed Strong brand name within marine insurance Very good relations to reinsurers Provides the basis for profitable future growth Awareness of alternative solutions increases in Norway Utilisation of existing risk capital and infrastructure Fragmented market means easier market penetration Large potential in distributing non-marine products to private individuals through associations/affinity groups - Associations seek to offer insurance products Decreasing claims ratios Increasing rates means increased profits to Bluewater due to high retention rate Opportunities for seizing new customers in a large market Stronger focus on special solutions Favorable marine market outlook Significant market player with strong capital adequacy

13 Shareholder information per 28 October 2005 Foreigners ownership amount to 19,7 per cent of the shares