Investor Presentaiton

Percentage of Branch Private Car Business with ERS Percentage of GWP with ERS 60 50 40 30 30 20 20 10 2002 2003 ERS Penetration • 2004 2005 equity INSURANCE BROKERS 2006 - Typical ERS Penetration of Personal Lines Broker's book ERS penetration of Branch Private Car business has increased from 6.4% in 2002 to 47.9% in 2006 (December 2006 53.8%). • Driven by 'ERS 50' transfer initiatives. • Typical ERS penetration of an external broker book is <5%. • · • Acquisitions 'dilute' percentage share until initiatives start to 'bite'. Household share increased to 47.6% in December 2006 (Q305 8.8%). Potential to become 'tied agent' in future (once acquisitions completed).

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