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No. 4/2006 - Gard (North America) Inc.

Published 13 September 2006

Circular No. 4/2006

September 2006

To the members of Assuranceforeningen Gard -gjensidig-

Dear Sirs

Gard (North America) IncWith effect from 31 August 2006 Gard AS purchased all shares in Trimar Defence Services, Inc., (Trimar) which will now be a subsidiary of Gard AS and be renamed Gard (North America) Inc.

Attached follows the press release published today .

Trimar was formed in 1995, taking over claims handling staff from Aon in New York whose predecessor companies, Frank B. Hall and Rollins Hudig Hall, had handled Gard P&I claims in North America for several decades. It previously was owned jointly by management and Gard AS through one of the Gard AS subsidiaries.

Gard (North America) Inc. will continue to provide claims handling and ancillary services to companies within the Gard Group and to members and customers of Gard companies in North America. The New York office represents a key resource for Gard in an important time zone, helping the Gard Group to deliver high quality services to Gard’s customers.

Gard’s acquisition of Trimar and the re-branding to Gard (North America) Inc. represents a commitment to the North American market and the final stage of the global service net-work under the Gard brand.

Gard (North America) Inc. will operate in the same way as other Gard subsidiaries (and Members and customers with claims in North America will no longer be charged directly for the services formerly provided by Trimar).

Contact details for Gard (North America) Inc. are as follows:

Gard (North America) Inc.30 Broad Street (43rd Floor)NEW YORK, NY 10004-2944U S A

Telephone: +1 212 425 5100Facsimile: +1 212 425 81 47

Yours faithfully,**GARD AS** As agent only for Assuranceforeningen Gard – gjensidig -

Claes IsacsonChief Executive Officer

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