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Investor Presentaiton

BACKGROUND INFORMATION: 2003/2004 Like most sectors, the insurance industry is cyclical with periods of financial highs and lows that are influenced by various factors including interest rates, investments, and claims (particularly in the non-auto property and casualty sectors). In 2002, the insurance industry was in a cyclical low in terms of profits. Insurance companies aggressively lobbied the government for regulatory reforms in the auto industry that would improve profit. 12

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