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<SEC-DOCUMENT>0001341004-08-000115.txt : 20080124
<SEC-HEADER>0001341004-08-000115.hdr.sgml : 20080124
<ACCEPTANCE-DATETIME>20080123175410
ACCESSION NUMBER:		0001341004-08-000115
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080123
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080124
DATE AS OF CHANGE:		20080123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SELECTIVE INSURANCE GROUP INC
		CENTRAL INDEX KEY:			0000230557
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				222168890
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33067
		FILM NUMBER:		08545573

	BUSINESS ADDRESS:	
		STREET 1:		40 WANTAGE AVENUE
		CITY:			BRANCHVILLE
		STATE:			NJ
		ZIP:			07890
		BUSINESS PHONE:		9739483000

	MAIL ADDRESS:	
		STREET 1:		40 WANTAGE AVE
		STREET 2:		40 WANTAGE AVE
		CITY:			BRANCHVILLE
		STATE:			NJ
		ZIP:			07890

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SRI CORP
		DATE OF NAME CHANGE:	19860508
</SEC-HEADER>
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                23, 2008</font></div>
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                INSURANCE GROUP, INC.</font></font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Check
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      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
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      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">[
      ] Written communications pursuant to Rule 425 under the Securities Act (17
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">[
      ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
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      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">[
      ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">[
      ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>&#160;
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Section
      2 &#8211; Financial Information</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Item
      2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      Results of Operations and Financial Condition.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">On
      January 23, 2008, Selective Insurance Group, Inc. (the &#8220;Company&#8221;)
      released information regarding the quality of the municipal bond
      investment portfolio of the Company and its subsidiaries.&#160;&#160;The
      information is furnished as Exhibit 99.1 to this Report on Form 8-K and is
      hereby incorporated by reference in this Item 2.02.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
      information contained in this report on Form 8-K, including the exhibit
      attached hereto, is being furnished and shall not be deemed &#8220;filed&#8221;
      for the purpose of Section 18 of the Securities Exchange Act of 1934 or
      otherwise subject to the liabilities of that section, nor shall it be
      deemed incorporated by reference in any filing under the Securities Act of
      1933, except as shall be expressly set forth by specific reference in such
      filing.&#160;&#160;The Company makes no admission as to the materiality of
      any information in this report or the exhibit attached hereto.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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      9 &#8211; Financial Statements and Exhibits</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Item
      9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      Financial Statements and Exhibits.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Information
                regarding the quality of the municipal bond investment portfolio
                of the Company and its subsidiaries</font></div>
            </td>
          </tr>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
    </div>
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    </div>
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      <br>&#160;
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      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the undersigned
      hereunto duly authorized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
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              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
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            <td align="left" colspan="3" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">SELECTIVE
                INSURANCE GROUP, INC.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="54%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td valign="top" width="5%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td colspan="2" valign="top" width="31%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
          </tr>
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              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td valign="top" width="5%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td colspan="2" valign="top" width="31%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="54%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Date:&#160;&#160;January
                23, 2008</font></div>
            </td>
            <td align="left" valign="top" width="5%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">By:</font></div>
            </td>
            <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1px solid">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">/s/
              Michael H. Lanza</font></font>
            </td>
            <td align="left" valign="top" width="15%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
              </div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="54%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td valign="top" width="5%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td align="left" colspan="2" valign="top" width="31%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Michael
              H. Lanza</font>
            </td>
          </tr>
          <tr>
            <td valign="top" width="54%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td valign="top" width="5%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td align="left" colspan="2" valign="top" width="31%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Executive
              Vice President, General Counsel</font>
            </td>
          </tr>
          <tr>
            <td valign="top" width="54%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td valign="top" width="5%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td align="left" colspan="2" valign="top" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&amp;
                Corporate Secretary</font></div>
            </td>
          </tr>
      </table>
    </div>
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      <br>
    </div>
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    </div>
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        </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>&#160;
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">EXHIBIT
      INDEX</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline">Exhibit No.</font></font></div>
            </td>
            <td valign="top" width="2%" style="PADDING-BOTTOM: 1px">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td align="left" valign="top" width="65%" style="BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline">Description</font></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">99.1</font></div>
            </td>
            <td valign="top" width="2%">
              <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
            </td>
            <td align="left" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Information
                regarding the quality of the municipal bond investment portfolio
                of the Company and its subsidiaries</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EXIHBIT 99.1
<TEXT>
<html>
  <head>
    <title>ex99-1.htm</title>
<!-- Licensed to: Skadden Arps-->
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    <body bgcolor="#ffffff">
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
      Exhibit 99.1
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
      <img src="selectivelogo2a.jpg" alt=""><br>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
        <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">Selective
        Insurance Group, Inc. and its Subsidiaries</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
        <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">Municipal
        Fixed Income Portfolio (as of December 31, 2007)</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
        <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Highlights</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 40pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">The
                  overall credit quality* of our $1.6 billion municipal fixed
                  income portfolio is:</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 75pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Courier New, monospace">o&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">&#8220;AA+&#8221;
                  including insurance enhancement</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 75pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Courier New, monospace">o&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">&#8220;AA&#8221;
                  excluding insurance enhancement</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 110pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Wingdings">&#167;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">95%
                  of the underlying ratings are &#8220;A-&#8221; or better</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 110pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Wingdings">&#167;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">76%
                  of the underlying ratings are &#8220;AA-&#8221; or better</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 40pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">The
                  municipal fixed income portfolio with insurance enhancement
                  represents $862 million, or 53% of the total municipal fixed
                  income portfolio</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 75pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Courier New, monospace">o&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">The
                  average credit quality with insurance enhancement is &#8220;AAA&#8221;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 75pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Courier New, monospace">o&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">The
                  average credit quality without insurance enhancement is
                  &#8220;AA-&#8221;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 75pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Courier New, monospace">o&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">Credit
                  analysis is performed on every municipal fixed income
                  investment, irrespective of credit enhancement provided by
                  bond insurers</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 40pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">The
                  municipal fixed income portfolio without insurance enhancement
                  represents $755 million, or 47% of the total municipal fixed
                  income portfolio</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 75pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Courier New, monospace">o&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">Average
                  credit quality is &#8220;AA+&#8221;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 40pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">Based
                  on our analysis of the composition of our municipal fixed
                  income portfolio within context of the market conditions
                  existing today, we believe that the ultimate impact on our
                  municipal fixed income portfolio would not be material if
                  monoline insurers ceased to exist.&#160;&#160;Our belief is
                  based on the following assumptions:</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 75pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Courier New, monospace">o&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">The
                  inherent strength of the underlying credit quality of the
                  municipal fixed income securities in our portfolio</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 75pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Courier New, monospace">o&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">The
                  yield spread differences between &#8220;AAA&#8221; rated
                  municipal fixed income securities and &#8220;AA&#8221; rated
                  municipal fixed income securities in our portfolio remain
                  marginal</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 75pt">
                <div>
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Courier New, monospace">o&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">The
                  historically low default rates of high grade municipal fixed
                  income securities</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">*Credit
        quality is based on weighted average Standard &amp; Poor&#8217;s (S&amp;P)
        ratings or equivalent when the S&amp;P rating is not available.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <br>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
    </div>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <br>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">
            <br>
          </div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">
            <div>
              <table cellpadding="0" cellspacing="0" width="100%">
                  <tr>
                    <td valign="top" width="45%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="14%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="11%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="15%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="15%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
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                  <tr>
                    <td align="left" colspan="2" valign="top" width="59%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                        <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Selective
                        Insurance Group, Inc. and its Subsidiaries</font></font></div>
                    </td>
                    <td valign="top" width="11%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="15%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="15%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
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                  <tr>
                    <td align="left" colspan="2" valign="top" width="59%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                        <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Municipal Fixed
                        Income Portfolio as of December 31, 2007</font></font></div>
                    </td>
                    <td valign="top" width="11%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="15%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="15%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="45%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                        <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">($ in millions)</font></font></div>
                    </td>
                    <td valign="top" width="14%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="11%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="15%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                    <td valign="top" width="15%">
                      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                    </td>
                  </tr>
              </table>
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td align="left" valign="top" width="45%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="11%" style="BORDER-BOTTOM: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%" style="BORDER-BOTTOM: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td align="left" valign="top" width="15%" style="BORDER-RIGHT: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="45%" style="BORDER-LEFT: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="14%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="11%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%" style="BORDER-RIGHT: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="45%" style="BORDER-LEFT: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Average</font></font></div>
                      </td>
                      <td valign="top" width="11%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Market</font></font></div>
                      </td>
                      <td valign="top" width="15%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">% of Total</font></font></div>
                      </td>
                      <td valign="top" width="15%" style="BORDER-RIGHT: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Unrealized</font></font></div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="45%" style="BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Credit Rating</font></font></div>
                      </td>
                      <td valign="top" width="11%" style="BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Value</font></font></div>
                      </td>
                      <td valign="top" width="15%" style="BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Muni Portfolio</font></font></div>
                      </td>
                      <td valign="top" width="15%" style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Gain</font></font></div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="45%" style="BORDER-LEFT: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="14%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="11%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%" style="BORDER-RIGHT: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="45%" style="BORDER-LEFT: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;Uninsured
                          Securities</font></font></div>
                      </td>
                      <td valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">AA+</font></font></div>
                      </td>
                      <td align="right" valign="top" width="11%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 30pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">755</font></font></div>
                      </td>
                      <td align="right" valign="top" width="15%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 40pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">47%</font></font></div>
                      </td>
                      <td align="right" valign="top" width="15%" style="BORDER-RIGHT: black 1px solid; PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 55pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">7 &#160;</font></font></div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="45%" style="BORDER-LEFT: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="14%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="11%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%" style="BORDER-RIGHT: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="45%" style="BORDER-LEFT: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;Securities
                          with Insurance Enhanced</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">1</font></font></div>
                      </td>
                      <td valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">AAA</font></font></div>
                      </td>
                      <td align="right" valign="top" width="11%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 20pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">&#160;&#160;
                          862</font></font></div>
                      </td>
                      <td align="right" valign="top" width="15%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 30pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">&#160;&#160;
                          53%</font></font></div>
                      </td>
                      <td align="right" valign="top" width="15%" style="BORDER-RIGHT: black 1px solid; PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 40pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000"><font style="TEXT-DECORATION: underline">&#160;&#160; 11</font>&#160;
                          </font></font></div>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="45%" style="BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;
                          &#160;Without Insurance Enhancement</font></font></div>
                      </td>
                      <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">AA-</font></font></div>
                      </td>
                      <td valign="top" width="11%" style="BORDER-BOTTOM: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%" style="BORDER-BOTTOM: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%" style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="45%" style="BORDER-LEFT: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="14%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="11%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td valign="top" width="15%" style="BORDER-RIGHT: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="45%" style="BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;Total</font></font></div>
                      </td>
                      <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                        <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
                      </td>
                      <td align="right" valign="top" width="11%" style="PADDING-LEFT: 0pt; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;$1,617</font></font></div>
                      </td>
                      <td align="right" valign="top" width="15%" style="PADDING-LEFT: 0pt; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 35pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">100%</font></font></div>
                      </td>
                      <td align="right" valign="top" width="15%" style="BORDER-RIGHT: black 1px solid; PADDING-LEFT: 0pt; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 25pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right">
                          <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;$&#160;&#160;&#160;&#160;&#160;18&#160;
                          </font></font></div>
                      </td>
                    </tr>
                </table>
              </div>
            </div>
          </div>
        </div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" colspan="5" valign="top" width="100%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">&#160;</font>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="5" valign="top" width="100%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">1</font><font style="DISPLAY: inline; COLOR: #000000">Includes $32.9 million
                  of unrated municipal fixed income securities which we consider
                  to be investment grade.</font></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="5" valign="top" width="100%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">A "BBB-" rating has
                  been applied to these municipal fixed income securities in the
                  interest of conservatism.</font></font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" colspan="4" valign="top" width="44%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Selective Insurance
                  Group, Inc. and its Subsidiaries</font></font></div>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
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            <tr>
              <td align="left" colspan="6" valign="top" width="61%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Ratings on Municipal
                  Fixed Income Portfolio as of December 31, 2007</font></font></div>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">($ in millions)</font></font></div>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="16%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="8%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="8%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="8%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="8%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="7%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: black 1px solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td align="left" colspan="2" valign="bottom" width="18%" style="BORDER-RIGHT: black; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1px solid">
                &#160;
              </td>
              <td align="left" colspan="2" valign="bottom" width="17%" style="BORDER-RIGHT: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1px solid">
                &#160;
              </td>
              <td align="left" colspan="2" valign="bottom" width="18%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: black 1px solid">
                &#160;
              </td>
              <td align="left" colspan="2" valign="bottom" width="16%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: black 1px solid">
                &#160;
              </td>
              <td align="left" colspan="2" valign="bottom" width="15%" style="BORDER-RIGHT: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: black 1px solid">
                &#160;
              </td>
            </tr>
            <tr>
              <td valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td colspan="2" valign="bottom" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
                </font>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Uninsured Securities</font></font></div>
              </td>
              <td colspan="2" valign="bottom" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
                </font>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Insurance Enhanced
                  Securities</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">1</font></font></div>
              </td>
              <td colspan="2" valign="bottom" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
                </font>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Underlying Rating of
                  Insurance Enhanced Securities</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">1</font></font></div>
              </td>
              <td colspan="2" valign="bottom" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                    <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial">Total
                    Municipal<br>Fixed Income <br>Portfolio</font></font></div>
                  <font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial">(with
                  Insurance <br>Enhancement)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="15%" style="BORDER-RIGHT: #000000 0.75pt solid; BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                    <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial">Total
                    Municipal </font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                    <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial">Fixed
                    Income</font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                    <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial">Portfolio</font></font></div>
                  <font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial">(without
                  Insurance</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial">Enhancement)</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td colspan="2" valign="top" width="18%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(1)</font></font></div>
              </td>
              <td colspan="2" valign="top" width="17%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(2)</font></font></div>
              </td>
              <td colspan="2" valign="top" width="18%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(3)</font></font></div>
              </td>
              <td colspan="2" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(1) + (2)</font></font></div>
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              <td colspan="2" valign="top" width="15%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(1) + (3)</font></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">S&amp;P or equivalent
                  <br>ratings</font></font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Market </font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Value</font></font></div>
              </td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;% of </font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Total</font></font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Market </font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Value</font></font></div>
              </td>
              <td valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;% of </font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Total</font></font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Market <br>Value</font></font></div>
              </td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;% of </font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Total</font></font></div>
              </td>
              <td valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Market <br>Value</font></font></div>
              </td>
              <td valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;% of </font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Total</font></font></div>
              </td>
              <td valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Market </font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Value</font></font></div>
              </td>
              <td valign="bottom" width="7%" style="BORDER-RIGHT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;% of </font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                  <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Total</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="8%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="9%">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
              </td>
              <td valign="top" width="8%">
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              <td align="right" valign="top" width="8%">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">100%</font></font></div>
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              <td align="right" valign="top" width="9%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
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            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;177</font></font></div>
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              <td align="right" valign="top" width="9%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></div>
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              <td align="right" valign="top" width="8%">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
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              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;103</font></font></div>
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              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">12%</font></font></div>
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              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;177</font></font></div>
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              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">11%</font></font></div>
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              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;280</font></font></div>
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              <td align="right" valign="top" width="7%" style="BORDER-RIGHT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">17%</font></font></div>
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            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;AA</font></font></div>
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              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;138</font></font></div>
              </td>
              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">18%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1</font></font></div>
              </td>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;138</font></font></div>
              </td>
              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">16%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;139</font></font></div>
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              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">9%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;276</font></font></div>
              </td>
              <td align="right" valign="top" width="7%" style="BORDER-RIGHT: #000000 0.75pt solid">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">17%</font></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;AA-</font></font></div>
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              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;66</font></font></div>
              </td>
              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">9%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></div>
              </td>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;234</font></font></div>
              </td>
              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">27%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;66</font></font></div>
              </td>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">4%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;300</font></font></div>
              </td>
              <td align="right" valign="top" width="7%" style="BORDER-RIGHT: #000000 0.75pt solid">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">19%</font></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;A+</font></font></div>
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              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;28</font></font></div>
              </td>
              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">4%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></div>
              </td>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;134</font></font></div>
              </td>
              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">16%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;28</font></font></div>
              </td>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;162</font></font></div>
              </td>
              <td align="right" valign="top" width="7%" style="BORDER-RIGHT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">10%</font></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;A</font></font></div>
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              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
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              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
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              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">11%</font></font></div>
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              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
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              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">6%</font></font></div>
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            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2</font></font></div>
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              <td align="right" valign="top" width="9%">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></div>
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              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
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              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">6%</font></font></div>
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              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
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              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
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                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">3%</font></font></div>
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            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
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              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4</font></font></div>
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              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">1%</font></font></div>
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              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></div>
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              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14</font></font></div>
              </td>
              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4</font></font></div>
              </td>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;18</font></font></div>
              </td>
              <td align="right" valign="top" width="7%" style="BORDER-RIGHT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">1%</font></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2</font></font></div>
              </td>
              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></div>
              </td>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></div>
              </td>
              <td align="right" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2</font></font></div>
              </td>
              <td align="right" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2</font></font></div>
              </td>
              <td align="right" valign="top" width="7%" style="BORDER-RIGHT: #000000 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;BBB-</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">1%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38</font></font></div>
              </td>
              <td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">4%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">0%</font></font></div>
              </td>
              <td align="right" valign="top" width="8%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46</font></font></div>
              </td>
              <td align="right" valign="top" width="7%" style="BORDER-RIGHT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">3%</font></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="16%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;Total</font></font></div>
              </td>
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      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Forward
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">Certain
      statements in this report, including information incorporated by
      reference, are &#8220;forward-looking statements&#8221; as that term is
      defined in the Private Securities Litigation Reform Act of 1995 (&#8220;PSLRA&#8221;).&#160;&#160;The
      PSLRA provides a safe harbor under the Securities Act of 1933 and the
      Securities Exchange Act of 1934 for forward-looking statements.&#160;
      These statements relate to our intentions, beliefs, projections,
      estimations or forecasts of future events or our future financial
      performance and involve known and unknown risks, uncertainties and other
      factors that may cause our or our industry's actual results, levels of
      activity, or performance to be materially different from those expressed
      or implied by the forward-looking statements.&#160;&#160;In some cases,
      you can identify forward-looking statements by use of words such as "may,"
      "will," "could," "would," "should," "expect," "plan," "anticipate,"
      "target," "project," "intend," "believe," "estimate," "predict,"
      "potential," "pro forma," "seek," "likely" or "continue" or other
      comparable terminology.&#160; These statements are only predictions, and
      we can give no assurance that such expectations will prove to be correct.&#160;&#160;We
      undertake no obligation, other than as may be required under the federal
      securities laws, to publicly update or revise any forward-looking
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      <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Factors that could cause our actual
      results to differ materially from those projected, forecasted or estimated
      by us in forward-looking statements are discussed in further detail in
      Selective&#8217;s public filings with the United States Securities and
      Exchange Commission.&#160;&#160;These risk factors may not be exhaustive.&#160;&#160;We
      operate in a continually changing business environment, and new risk
      factors emerge from time-to-time.&#160;&#160;We can neither predict such
      new risk factors nor can we assess the impact, if any, of such new risk
      factors on our businesses or the extent to which any factor or combination
      of factors may cause actual results to differ materially from those
      expressed or implied in any forward-looking statements in this report.&#160;&#160;In
      light of these risks, uncertainties and assumptions, the forward-looking
      events discussed in this report might not occur.</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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