Overview of the Norwegian Railway Sector

The Norwegian railway sector underwent significant reforms in 2015 under the Ministry of Transport and Communications, with strategic governance by the government. The sector is managed by various bodies like the Norwegian Railway Directorate, Norwegian Railway Authority, and Accident Investigation Board. Infrastructure plays a crucial role, as 85% of delays and errors are attributed to it. The Norwegian Railway Network includes 3,848 km of lines, 290 km of double tracks, and 2,451 km of electrified lines. The railway operators include passenger transport and freight transport companies, with the NSB Group being renamed the Vy Group in 2019.

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• Norwegian Railway
• Reform
• Infrastructure
• Transport Sector
• Vy Group

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1. INTERN Reinsurance Presentation Reinsurance Presentation Vygruppen AS September 2023 1

2. INTERN Norwegian Railway framework As per 2015 As per 2015 Reformed Railway Sector Reformed Railway Sector Ministry of Transport and Communications Strategic governance of the sector Government control of the Railways Directorate Owner-management of the infrastructure enterprise and maintenance company Regulations Norwegian Railway Directorate Co-ordination, operative management and ongoing development of the sector. Purchase of passenger train operations Norske Tog - Rolling Stock Company Ownership and purchase of rolling stock used in tenders administrated by the Norwegian Railway Directorate Norwegian Railway Authority - Infrastructure Enterprise Manage current and construct new railway infrastructure Traffic management Manage and develop rail property Coordination of emergency preparedness and crisis management. The practical control and supervisory authority for rail traffic Accident Investigation Board The public body of inquiry Train operators Government Administrative Body State owned Independent Enterprise 2 16

3. INTERN Norwegian Railway Framework 85% of delays and errors on railway is caused by infrastructure 3

4. INTERN The Norwegian Railway Network Lines with regular traffic 3 848 km Double tracks 290 km Electrified lines 2 451 km Power supply 15 kV 16 2/3 Hz Level crossings total 2 741 Level crossings on public roads 325 Bridges 2 505 Tunnels 686 The network is described in details on http://www.banenor.no/Marked/Informasjon-for-togselskapa Figures on rail you also find on https://www.jernbanedirektoratet.no/no/jernbanesektoren/jernbanenettet-i-norge/jernbanen-i-norge-i-tall/ 4

5. INTERN Norwegian Railway Framework Railway operators Railway operators Passenger transport, National network Passenger transport, National network Flytoget AS Go-Ahead Nordic Vygruppen AS Vy Gj vikbanen AS SJ Norge AS TM Togdrift AS (Arctic Train)(Narvik -Swedish boarder) (Oslo airport- Drammen) (total network) (total network) (Sk yen - Gj vik) (total network) Freight transport, National network Freight transport, National network CargoNet AS On Rail Grenland Rail Hector rail AB LKAB Malmtrafikk AS T g keriet I Bergslagen AB (total network) Protrain AB BLS Rail AB (total network) (total network) (total network) (total network) (Narvik -Swedish boarder) (total network) (total network) 5

6. The NSB Group was renamed the Vy Group as of 24 April 2019. The Vy Group is one of the largest transport groups in the Nordic countries.

7. FTE = full time employees

9. INTERN Passenger train Vygruppen AS Operates lines in the south-east of Norway Operating revenue: NOK 6 billion 1900 FTEs Rolling stock in operation per 31.08.2022 Electric multiple units Electric locomotives Passenger carriages 202 15 81 9

10. INTERN Passenger train Vy Tog AS Operates Bergen line Revenue approx. NOK 1 billion 290 FTEs Rolling stock in operation Electric multiple units Electric locomotives Passenger carriages 12 10 60 10

11. INTERN Passenger train Vy Gj vikbanen AS Operates Gj vikbanen(124 km) Operating revenue NOK 0,3 billion. 90 FTEs Rolling stock: Electric multiple units 10 11

12. INTERN Passenger train Vy T g AB Operations in Sweden. X-t get, V rmlandstrafik, Norrt g, Natt get Operating revenue: -NOK 0,8 billion 600 FTEs More details on: www.vy.se 12

13. INTERN Rail freight Operating revenue : NOK 1,2 billion 400 FTEs Access to the European rail network Partnership with: Switzerland - Hupac Germany KombiVerkehr More details on: www.cargonet.no 13

14. INTERN Vy Buss Operations in Norway and Sweden Operating revenue: -NOK 7,6 billion 6100 FTEs 2800 busses More details on: www.vy.no 14

15. Customer experience and innovation Digital platform will provide two customer solutions Travellers Tourists Mobility Tourism Mobilityplatform

16. INTERN Tourism Fl msbana, Fjordturs etc 16

17. INTERN Risk Control 17

18. INTERN Vy - Risk Control Strategic goal Strategic goal No accidents causing fatalities, serious injuries or environmental damage 18

19. INTERN Synergi Vy s Risk Management Information System Categories Categories: : Derailment Fire/Explosion Accident during entering/leaving train Collision Pollution Incidents in train Other Synergi RMIS Oracle Accounting Object number Loss Notification All accidents and All accidents and incidents incidents are Front Insurer areregistered registered 19

20. INTERN Measurable goals passenger train (Norway) Titel Results per August 2023 0 Goal 2023 0 Serious losses (personal/environment/property.)* 22 25 <27 38 Total incidents with loss/damage* Pass incidents * * Caused by Vy Pass incidents = incidents where some part of the train is driving further than allowed. 20

21. INTERN - - Risk Control Measures GSMR - communication between trains and train control - all lines ATC Automatic train control system Securing tracks preventing landslides and rockslides Preparedness for heavy rain and storms Reduction of level crossings Primary challenges level crossings unauthorised movements on tracks rock- and landslides 21

22. INTERN PD/BI Insurance Programme 22

23. INTERN PD Insurance The main part of passenger trains in Norway are leased from Norske Tog - Vy is additional insured in lessors All-risk insurance with cover for PD and extra costs. For the underwriting - year 1.12.2023 30.11.2024 Finse PDBI program will cover rolling stock used in the cargo business, a few passenger trains and a BI cover. 23

24. INTERN Rolling stock passenger train 24

25. INTERN Rolling stock rail freight 25

26. INTERN PD/BI Programme The programme includes all Vy companies owned 50% or more excluding Vy Bus Maximum indemnity per loss Property Damage - Limit MNOK 150 Main sublimits Inventory EDP Debris Removal Building and assembly Business interruption - Limit MNOK 100 Sublimits Wages Loss of rent EDP loss Incidents non-Vy Extra Expenses Deductible NOK 1 000 000 per incident and 48/24 hours waiting period Passenger trains leased from Norske Tog will only be covered for business interruption (ex. Extra expenses) CargoNet AS: Deductible NOK 2 500 000 (Terminals: NOK 500 000) Business interruption CargoNet only cover for extra expenses Total PD values insured - NOK 2,0 billion (NOK 1,3 billion rolling stock) MNOK 100 MNOK 100 MNOK 100 MNOK 50 MNOK 50 MNOK 100 MNOK 100 MNOK 50 MNOK 50 MNOK 100 26

27. INTERN Premium/Risk Flow Vy Group R/I Broker R/I Front Insurer Finse Forsikring 27

28. INTERN Structure PD/BI MNOK 150 (100%) Reinsurance 20% Fronter MNOK 25 (100%) Retention Finse MNOK 20 pr loss, 40 MNOK pr year - Deductible Vy MNOK 1/CargoNet - MNOK 2,5/0,5 and 48/24 h waiting period 28

29. INTERN EML EML Fire - The table below shows EML estimates for our highest concentration of rolling stock insured in this programme. PD + extra cost Location Alnabru freight terminal 100 mill.kr EML collision/derailment Derailment in tunnel with to freight trains causing 100% damaged + extra cost = 100 mill.kr Derailment on Fl msbanen* (passenger trains) causing 100% damaged + extra cost/BI =150 mill.kr *Four locomotives with waggons are operating the tourist line. The trip takes one hour. Speed limit is 40 km per hour. 29

30. INTERN PD/ BI Losses 30

31. INTERN PDBI Losses per uw year (reserve / paid) Per 30.10.2023 (uw year 2022= 01.12.2022 30.11.2023) 31

32. INTERN PDBI per loss (kNOK) Per 30.10.2023 (uw year 2022= 01.12.2022 30.11.2023) 32

33. INTERN 11.08.2023 Extreme weather Hans Damaged infrastructure - BI Estimated loss: MNOK 15 33

34. INTERN Liability Insurance Programme 34

35. INTERN Liability Programme The programme includes companies in the Vy Group owned 50% or more excluding Vy Bus. Sum insured NOK 1000 million Deductible NOK 50 000 Deductible CargoNet/RailCombi NOK 1 000 000 / 250 000 35

36. INTERN Premium/Risk Flow Liability Vy Group R/I Broker Front Insurer Finse Forsikring R/I 36

37. INTERN Structure liability MNOK 1000 Layer 3 - MNOK 500 over layer 2 MNOK 500 Layer 2 - MNOK 495 over layer 1 Layer 2 - MNOK 495 over layer 1 (100% fronter) MNOK 5 Layer 1 - Reinsurance Finse - MNOK 5/MNOK 15 37 Deductible NOK 50 000/CargoNet MNOK 1/0,250

38. INTERN Liability Losses 38

39. INTERN Liability losses per uw year (reserve/paid) Per. 31.08.2023 (uw year 2022=01.12.2022-30.11.2023) ? 39

40. INTERN Liability Losses per uw year major losses per 31.08.2023 (uw year 2022 = 01.12.2022 30.11.2023) losses > 5 mill.kr specified 40

41. INTERN 15.02.2012 Derailment Nykirke Subrogation from the insurer of not delivered rolling stock and from the Norwegian National Rail Administrator (damage to tracks). Loss: MNOK 105 41

42. INTERN Renewal 01.12.2023 - Timetable Underwriting information available for insurers at https://www.vy.no/en/finse-forsikring 18.10.2023 Inception date new insurance arrangements 01.12.2023 42