Norwegian Marine Insurance Statistics As of 30 June 2003 Page: 4.1.1

Norwegian Marine Insurance Statistics As of 30 June 2003 Number of Claims per Type of Vessel Total 1,416 claimsTotal 907 claims Page: a Total 8,632 claims

Norwegian Marine Insurance Statistics As of 30 June 2003 Cost of Claims per Type of Vessel Total $310 mill. Total $311 mill. Page: b Total $1,891 mill.

Norwegian Marine Insurance Statistics As of 30 June 2003 Number of Claims per Age Group Page: a Total 1,416 claims Total 907 claims Total 8,632 claims

Norwegian Marine Insurance Statistics As of 30 June 2003 Cost of Claims per Age Group Page: b Total $310 mill. Total $311 mill. Total $1,891 mill.

Norwegian Marine Insurance Statistics As of 30 June 2003 Number of Claims per Type of Casualty Total 8,632 claims Total 1,416 claims Page: a Total 907 claims

Norwegian Marine Insurance Statistics As of 30 June 2003 Cost of Claims per Type of Casualty Total $1,891 mill. Total $310 mill. Total $311 mill. Page: b

Norwegian Marine Insurance Statistics As of 30 June 2003 Page: 4.1.5

Norwegian Marine Insurance Statistics As of 30 June 2003 Page: 4.1.6

Norwegian Marine Insurance Statistics As of 30 June 2003 Page: Results actual as per – include no IBNR reserves

Norwegian Marine Insurance Statistics As of 30 June 2003 Page: Results actual as per – include no IBNR reserves

Norwegian Marine Insurance Statistics As of 30 June 2003 Page: Calculation methods for Index Key Factors and Adjusted Rating Development 1) Rating Quality Index Adjustment Factors:V = (Av.SI year x - Av. SI 1990) / 100 * 0,3 VP = Av.Prem. per vessel year - V PAPB = VP - (Av.SI 1990 * 0,257) / 100 SPAB = PAPB * Av. (F)DWT per vessel 1990 / Av. (F)DWT per vessel year x Adjusted values:Adjusted Premium = SPAB + (Av.SI 1990 * 0,257 / 100) Adjusted Standard Deductible = Av.Std.Ded. * Av.(F)DWT 1990 / Av.(F)DWT year x (Adj.Prem. + 50% (Standard Deductible < 500,000))rate = (Adj.Prem.+0,5 * (Adj.Std.Ded < 500,000)) / (Av.SI1990) * 100 Rating Quality Index = (Adj.Prem + 50% (Std.Ded.< 500,000)) rate year x / (Adj.Prem. + 50% (Std.Ded.< 500,000)) rate 1990 * 100 for x = 1990 to ) 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 (1990) = Factor 1990 Cash Index (year x) = Factor year x * Cash Index (year x-1) for x = 1991 to ) Loss Ratio Index= Loss Ratio year x / Loss Ratio 1990for x = 1990 to 2002 (Loss Ratio = Total Claims / Net Premium) 4) Claims Cost Index = Claims Cost year x / Claims cost 1990 for x = 1990 to ) Claims Frequency Index = Claims Frequency year x / Claims Frequency 1990 for x = 1990 to 2002 (Claims Frequency = No. of claims / No. of vessel years)

Norwegian Marine Insurance Statistics As of 30 June 2003 Page: contd. Rating Development: Premium = Net Premium per Vessel in % of Sum Insured year x / Net Premium per Vessel in % of Sum Insured 1990, for x = 1990 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 1990 for x = 1990 to 2003 Adjusted Rating Development: Adjustment Factors:V = (Av.SI year x - Av. SI 1990) / 100 * 0,3 VP = Av.Prem. per vessel year - V PAPB = VP - (Av.SI 1990 * 0,257) / 100 SPAB = PAPB * Av.FDWT per vessel 1990 / Av.FDWT per vessel year x Adjusted values:Adjusted Premium = SPAB + (Av.SI 1990 * 0,257 / 100) Adjusted Standard Deductible < 500,000 = (Average Standard Deductible < 500,000) * Av.FDWT 1990 / Av.FDWT year x (Adj.Prem. + 50% (Standard Deductible < 500,000))rate = (Adj.Prem + 50% (Adjusted Standard Deductible < 500,000)) / Av.SI 1990 * 100 Adjusted Rating Development: Premium= Adjusted Premium year x / Adjusted Premium 1990,for x = 1990 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 1990 * 100 for x = 1990 to 2003

Norwegian Marine Insurance Statistics As of 30 June 2003 Page: 5.2.1

Norwegian Marine Insurance Statistics As of 30 June 2003 Page: 5.2.2

Norwegian Marine Insurance Statistics As of 30 June 2003 Page: 5.2.3

Norwegian Marine Insurance Statistics As of 30 June 2003 Page: Comment: Deductibles <=97 based on database before restructuring of underwriting years Deductibles >= 98 based on the ”new” database