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Performance against the Market (2) % 30 25 % outperformance by Equity against market Median = 15% over 25 years IAG Insurance Australia Group 20 15 10 5 0 1980 1985 1990 1995 2000 2005 10 10 *2006 assumes a market combined ratio of 106% Source: B&W Deloitte, Equity 2006*

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