Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Number of Claims per Type of Vessel Total 7,743 claims Total 1,028 claims Total 577 claims Page: 4.1.2.a

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Cost of Claims per Type of Vessel Total $1,843 mill. Total $126 mill. Total $325 mill. Page: 4.1.2.b

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Number of Claims per Age Group Total 7,743 claims Total 1,028 claims Total 577 claims Page: 4.1.3.a

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Cost of Claims per Age Group Total $1,843 mill. Total $126 mill. Total $325 mill. Page: 4.1.3.b

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Number of Claims per Type of Casualty Total 7,743 claims Total 1,028 claims Total 577 claims Page: 4.1.4.a

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Cost of Claims per Type of Casualty Total $1,843 mill. Total $325 mill. Total $126 mill. Page: 4.1.4.b

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Page: 4.1.5

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Page: 4.1.6

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Page: 5.1.1

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Page: 5.1.2

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Calculation methods for Index Key Factors and Adjusted Rating Development 1) Rating Quality Index Adjustment Factors: V = (Av.SI year x - Av. SI 1995) / 100 * 0,3 VP = Av.Prem. per vessel year - V PAPB = VP - (Av.SI 1995 * 0,257) / 100 SPAB = PAPB * Av. (F)DWT per vessel 1995 / Av. (F)DWT per vessel year x Adjusted values: Adjusted Premium = SPAB + (Av.SI 1995 * 0,257 / 100) Adjusted Standard Deductible = Av.Std.Ded. * Av.(F)DWT 1995 / Av.(F)DWT year x (Adj.Prem. + 50% (Standard Deductible < 500,000))rate = (Adj.Prem.+0,5 * (Adj.Std.Ded < 500,000)) / (Av.SI1995) * 100 Rating Quality Index = (Adj.Prem + 50% (Std.Ded.< 500,000)) rate year x / (Adj.Prem. + 50% (Std.Ded.< 500,000)) rate 1995 * 100 for x = 1995 to 2003 2) Cash Index Factor year x = Net Premium year x+1 / Net Premium year x Net Premium in this case is the sum over all ships renewed from year x to year x+1 with a Sum Insured and a Standard Deductible within a 90% margin in relation to the previous years Sum Insured and Standard Deductible Cash Index (1995) = Factor 1995 Cash Index (year x) = Factor year x * Cash Index (year x-1) for x = 1996 to 2003 3) Loss Ratio Index = Loss Ratio year x / Loss Ratio 1995 for x = 1995 to 2002 (Loss Ratio = Total Claims / Net Premium) 4) Claims Cost Index = Claims Cost year x / Claims cost 1995 for x = 1995 to 2002 5) Claims Frequency Index = Claims Frequency year x / Claims Frequency 1995 for x = 1995 to 2002 (Claims Frequency = No. of claims / No. of vessel years) Page: 5.2.0

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Rating Development: Premium = Net Premium per Vessel in % of Sum Insured year x / Net Premium per Vessel in % of Sum Insured 1995, for x = 1995 to 2003 Premium + (50% of Standard Deductible < 500,000) = (Net Premium per Vessel + 50% (Standard Deductible < 500,000)) in % of Sum Insured year x/ (Net Premium per Vessel + 50% (Standard Deductible < 500,000)) in % of Sum Insured 1995 Adjusted Rating Development: Adjustment Factors: V = (Av.SI year x - Av. SI 1995) / 100 * 0,3 VP = Av.Prem. per vessel year - V PAPB = VP - (Av.SI 1995 * 0,257) / 100 SPAB = PAPB * Av.FDWT per vessel 1995 / Av.FDWT per vessel year x Adjusted values: Adjusted Premium = SPAB + (Av.SI 1995 * 0,257 / 100) Adjusted Standard Deductible < 500,000 = (Average Standard Deductible < 500,000) * Av.FDWT 1995 / Av.FDWT year x (Adj.Prem. + 50% (Standard Deductible < 500,000))rate = (Adj.Prem + 50% (Adjusted Standard Deductible < 500,000)) / Av.SI 1995 * 100 Premium = Adjusted Premium year x / Adjusted Premium 1995, for x = 1995 to 2003 Premium + 50% (Standard Deductible < 500,000) = (Adj.Prem + 50% (Standard Deductible < 500,000)) rate year x / (Adj.Prem. + 50% (Standard Deductible < 500,000)) rate 1995 * 100 Page: 5.2.0 contd.

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Page: 5.2.1

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Page: 5.2.2

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Page: 5.2.3

Norwegian Marine Insurance Statistics As of 31 December 2003 03.07.2018 Norwegian Marine Insurance Statistics As of 31 December 2003 Comment: Deductibles <=97 based on database before restructuring of underwriting years 1995-97 Deductibles >= 98 based on the ”new” database Page: 5.2.4