-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 J8u5AsB2CnV8ODq+mTXAtZMGYn0csc1dxsXvmUOuhR5UGWwJqOXdY6sd7FfgHTUi
 fj79ABhjdGmPaBcO6xB8Ow==

<SEC-DOCUMENT>0000950134-07-016979.txt : 20070806
<SEC-HEADER>0000950134-07-016979.hdr.sgml : 20070806
<ACCEPTANCE-DATETIME>20070806160646
ACCESSION NUMBER:		0000950134-07-016979
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070806
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070806
DATE AS OF CHANGE:		20070806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERISAFE INC
		CENTRAL INDEX KEY:			0001018979
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				752069407
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12251
		FILM NUMBER:		071028014

	BUSINESS ADDRESS:	
		STREET 1:		2301 HIGHWAY 190 WEST
		CITY:			DERIDDER
		STATE:			LA
		ZIP:			70634
		BUSINESS PHONE:		337-463-9052

	MAIL ADDRESS:	
		STREET 1:		2301 HIGHWAY 190 WEST
		CITY:			DERIDDER
		STATE:			LA
		ZIP:			70634
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d48804e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of report (Date of earliest event reported): August&nbsp;6, 2007</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>AMERISAFE, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Texas</B><BR>
(State or Other Jurisdiction <BR>
of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-51520</B><BR>
(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>75-2069407</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2301 Highway 190 West<BR>
DeRidder, Louisiana 70634</B><BR>
(Address of Principal Executive Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(337)&nbsp;463-9052</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following provisions (<I>see</I>
General Instruction A.2. below):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;2.02. Results of Operations and Financial Condition</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;7.01. Regulation&nbsp;FD Disclosure</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">Item&nbsp;9.01. Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="d48804exv99w1.htm">Press Release</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "Item&nbsp;2.02. Results of Operations and Financial Condition" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.02. Results of Operations and Financial Condition.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;6, 2007, AMERISAFE, Inc. issued a press release announcing its financial results for
the quarter ended June&nbsp;30, 2007. A copy of the press release is furnished as part of this Current
Report on Form 8-K as Exhibit&nbsp;99.1 and is incorporated herein by reference.
</DIV>
<!-- link1 "Item&nbsp;7.01. Regulation&nbsp;FD Disclosure" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Item&nbsp;2.02. Results of Operations and Financial Condition.
</DIV>
<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AMERISAFE, Inc. press release, dated August&nbsp;6, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">AMERISAFE, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Geoffrey R. Banta
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Geoffrey R. Banta&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and<BR>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: August&nbsp;6, 2007

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d48804exv99w1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top" rowspan="6"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="d48804d4880400.gif" alt="(AMERISAFE LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B><I>NEWS RELEASE</I></B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="bottom" colspan="2">Contacts:Geoff Banta, EVP &#038; CFO</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AMERISAFE, Inc.<BR>337-463-9052</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ken Dennard, Managing Partner</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FOR IMMEDIATE RELEASE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Karen Roan, Sr. VP</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DRG&#038;E / 713-529-6600</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMERISAFE ANNOUNCES 2007 SECOND QUARTER RESULTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DeRidder, LA &#150; August&nbsp;6, 2007 &#151; AMERISAFE, Inc. (Nasdaq: AMSF), a specialty writer of
high hazard workers&#146; compensation insurance, today announced results for the second quarter ended
June&nbsp;30, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross premiums written in the second quarter totaled $94.3&nbsp;million, an increase of 2.3&nbsp;percent
over gross premiums written of $92.2&nbsp;million for the second quarter of 2006. Second quarter
revenues totaled $84.7&nbsp;million, a 6.9&nbsp;percent increase over revenues of $79.3&nbsp;million in the prior
year period. Net investment income increased to $7.4&nbsp;million in the second quarter from $5.8
million for the same period last year, an increase of 27.2%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income in the second quarter was $11.4&nbsp;million compared to net income of $7.8&nbsp;million in
the 2006 second quarter, an increase of 45.3&nbsp;percent. Realized capital gains of $36,000 (before
tax) were included in net income for the second quarter of 2007, while net income for the second
quarter of 2006 included realized capital gains of $1.1&nbsp;million (before tax). Included in net
income for the second quarter of 2007 was $2.7&nbsp;million (before tax) from the previously announced
reinsurance commutations agreements effected by the Company during the quarter. The Company&#146;s
return on average equity for the second quarter was 22.8%, compared to 19.6% for the same period in
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended June&nbsp;30, 2007, gross premiums written totaled $184.8&nbsp;million, a 6.8
percent increase over gross premiums written of $173.0&nbsp;million for the same period in 2006. Year
to date revenues for 2007 totaled $167.7&nbsp;million, an 8.6&nbsp;percent increase over revenues of $154.4
million in the same period last year. Net investment income increased to $14.4&nbsp;million for the six
months ended June&nbsp;30, 2007, from $11.8&nbsp;million in 2006, an increase of 21.5%. The
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company&#146;s return on average equity for the first half of 2007 was 20.3%, compared to 19.4% for
the same period in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income for the six months ended June&nbsp;30, 2007 was $19.8&nbsp;million compared to a net income
of $15.1&nbsp;million for the same period in 2006, an increase of 31.4&nbsp;percent. In addition to the
commutations effected in the second quarter, net income included realized capital gains of $36,000
(before tax) in the first half of 2007 compared to $2.2&nbsp;million (before tax) for the same period in
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second quarter of 2007, diluted earnings per share allocable to common shareholders
were $0.56, compared to $0.39 in the same period of 2006. Weighted average diluted shares
outstanding for the second quarter of 2007 were 19,109,452 shares compared to 17,427,662 shares in
the second quarter of 2006. For the first half of 2007, diluted earnings per share allocable to
common shareholders were $0.98, compared to $0.76 for the same period in 2006. Weighted average
diluted shares outstanding for the first half of 2007 were 19,055,149 shares compared to 17,426,347
shares in the first half of 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net combined ratio for the second quarter of 2007 was 88.4% compared to 95.2% for the same
period in 2006. Loss and loss adjustment expenses for the second quarter of 2007 totaled $53.2
million, or 69.0% of net premiums earned, compared to $50.4&nbsp;million, or 69.9% of net premiums
earned for the same period in 2006. Total underwriting expenses for the second quarter of 2007
were $14.8&nbsp;million, or 19.2% of net premiums earned, compared to $18.1&nbsp;million, or 25.1% of net
premiums earned, for the second quarter 2006. Underwriting expenses for the 2007 period were
reduced by $2.7&nbsp;million, or 3.5% of net premiums earned, as the result of commutations in the
second quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net combined ratio for the first half of 2007 was 90.4% compared to 95.1% for the same
period in 2006. Loss and loss adjustment expenses for the first half of 2007 totaled $105.7
million, or 69.1% of net premiums earned, compared to $98.2&nbsp;million, or 70.2% of net premiums
earned for the same period in 2006. Total underwriting expenses, including commissions and
salaries and benefits, for the first half of 2007 were $32.0&nbsp;million, or 20.9% of net premiums
earned, compared to $34.5&nbsp;million, or 24.7% of net premiums earned, for the first half of 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commenting on these results, Allen Bradley, AMERISAFE&#146;s Chairman, President and Chief
Executive Officer, stated, &#147;We are pleased with our second quarter results, including our
successful commutations of several reinsurance contracts. More importantly, we are maintaining
underwriting discipline while continuing to produce very strong returns for our shareholders, as
demonstrated by a 22.8% return on average equity for the second quarter. Even in a more
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">competitive environment, we continue to execute on our business strategy of focusing on
underwriting profitability throughout market cycles. We continue to expect to meet the financial
targets announced earlier this year.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>2007 Outlook</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company expects gross premiums written of between $350&nbsp;million and $360&nbsp;million, a
combined ratio of less than 95&nbsp;percent and a return on average equity of greater than 16&nbsp;percent.
AMERISAFE calculates return on average equity by dividing net income by the average of
shareholders&#146; equity plus redeemable preferred stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Conference Call Information</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMERISAFE has scheduled a conference call for Tuesday, August&nbsp;7, 2007, at 10:00&nbsp;a.m. Eastern
Time. To participate in the conference call dial 303-262-2130 at least 10 minutes before the call
begins and ask for the AMERISAFE conference call. A replay of the call will be available
approximately two hours after the live broadcast ends and will be accessible through August&nbsp;14,
2007. To access the replay, dial 303-590-3000 and use the pass code 11093291#.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors, analysts and the general public will also have the opportunity to listen to the
conference call over the Internet by visiting http://www.amerisafe.com. To listen to the live call
on the web, please visit the website at least fifteen minutes before the call begins to register,
download and install any necessary audio software. For those who cannot listen to the live
webcast, an archive will be available shortly after the call and will remain available for
approximately 60&nbsp;days at http://www.amerisafe.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>About AMERISAFE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMERISAFE, Inc. is a specialty provider of workers&#146; compensation insurance focused on small to
mid-sized employers engaged in hazardous industries, principally construction, trucking, logging,
agriculture, oil and gas, maritime and sawmills. AMERISAFE actively markets workers&#146; compensation
insurance in 31 states and the District of Columbia. The Company&#146;s financial strength rating is
&#147;A-&#147; (Excellent) by A.M. Best.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Statements made in this press release that are not historical facts, including statements
accompanied by words such as &#147;will,&#148; &#147;believe,&#148; anticipate,&#148; &#147;expect,&#148; estimate,&#148; or similar words
are forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995 regarding AMERISAFE&#146;s plans and performance. These statements are based on management&#146;s
estimates, assumptions and projections as of the date of this release and are not guarantees of
future performance. Actual results may differ materially from the results expressed or implied in
these statements as the results of risks, uncertainties and other factors including, but not
limited to, the factors set forth in the Company&#146;s filings with the Securities and Exchange
Commission, including AMERISAFE&#146;s Annual Report on </I><I>Form 10-K</I><I> for the year ended December&nbsp;31, 2006.
AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in
this release. AMERISAFE does not undertake any obligation to publicly update or revise any
forward-looking statements to reflect future events, information or circumstances that arise after
the date of this release.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>- Tables to follow -</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMERISAFE, INC. AND SUBSIDIARIES<BR>
Consolidated Statements of Income<BR>
(in thousands, except per share amounts)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Six Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross premiums written</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">94,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">92,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">184,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">172,969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ceded premiums written</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,887</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,724</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,860</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,175</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net premiums written</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">87,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">174,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">163,794</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net premiums earned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">77,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">72,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">152,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">139,981</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net investment income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,816</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net realized gains on investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,235</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee and other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,387</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss and loss adjustment expenses incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,246</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriting and other operating costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,530</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,656</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Policyholder dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,779</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,608</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,554</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,054</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income available to common
shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,054</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMERISAFE, INC. AND SUBSIDIARIES<BR>
Consolidated Statements of Income (cont.)<BR>
(in thousands, except per share amounts)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Six Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic EPS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income available to common
shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,054</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Portion allocable to common shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">87.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">87.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income allocable to common
shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic weighted average common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,779,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,422,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,744,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,421,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic earnings per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted EPS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income allocable to common
shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted weighted average common shares:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Weighted average common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,779,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,422,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,744,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,421,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,447</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted weighted average common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,109,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,427,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,055,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,426,347</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted earnings per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.76</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMERISAFE, INC. AND SUBSIDIARIES<BR>
Consolidated Balance Sheets<BR>
(in thousands)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">666,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">638,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,748</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amounts recoverable from reinsurers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,603</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premiums receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,384</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred policy acquisition costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,486</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,548</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,065,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">994,146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities, redeemable preferred stock
and shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reserves for loss and loss adjustment expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">545,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">519,178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unearned premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,761</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insurance-related assessments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,886</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subordinated debt securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,090</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,447</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Redeemable preferred stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities, redeemable preferred stock
and shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,065,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">994,146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMERISAFE, INC. AND SUBSIDIARIES<BR>
Selected Insurance Ratios</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Six Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>June 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current accident year loss ratio (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prior accident year loss ratio (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net underwriting expense ratio (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">24.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net dividend ratio (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net combined ratio (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">88.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">90.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Return on average equity (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.4</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The current accident year loss ratio is calculated by dividing loss and loss adjustment
expenses incurred for the current accident year by the current year&#146;s net premiums earned.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The prior accident year loss ratio is calculated by dividing the change in loss and loss
adjustment expenses incurred for prior accident years by the current year&#146;s net premiums
earned.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The net underwriting expense ratio is calculated by dividing underwriting and certain other
operating costs by the current year&#146;s net premiums earned.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The net dividend ratio is calculated by dividing policyholder dividends by the current year&#146;s
net premiums earned.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>The net combined ratio is the sum of the net loss ratio, the net underwriting expense ratio
and the net dividend ratio.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Return on average equity is calculated by dividing the
annualized net income by the
average shareholders&#146; equity, including redeemable preferred stock for the applicable period.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>d48804d4880400.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 d48804d4880400.gif
M1TE&.#EAN0"D`.8``+6QK#ET2O/S\;^ZMHN'@X.TD8<5"7JIB)&,B5:0://P
M[/G[\U-/3O'Y]=_#M3(M+.3CW]SOX]3IV^GJY_;JXQQ9+KK<Q/W]^!YF,Y?&
MI2EJ/IZ9E1QF+>SW\_GY^&B8=Z]W:_K\_/7Z^/S\^Q`-#L:7CG5P;4>'6LKG
MTGT8#FRF??OU[_G\^=W<V.3S[!YJ+I521H4X,.#RY.KT[JO6M_SU^,'CR^S=
MTK?3OD5V5:G+M/WZ^QQE*NC6RHY#.<^FG,#9QW@A%/SX^N;,PMZZLQMD)(K`
MF?_^^\C%P?_\_81^>WLN(Z-94ZAF7AM?*CQ_4)6YH$A#0OO]_B-<.*3"K!U@
M,<"^NL_-R/#9U:'0KAMB+/C[^_S]^Y=?4:FDHOKN[UR>;]COW1QC*_;7TKJ'
M?/;V]8$E&\S?TOW]_3\X-UY95_W\_=73S_3CWQMD*%2!9!QD+N[W[F9A7AUI
M)[;>OR,?'^;#P.[/S&T=%.;UZ9,2!]:RIO[^_@<%!AUF+/___R'Y!```````
M+`````"Y`*0```?_@'^"@X2%AH>(B8J+C(M\7%PL"PMH?)5\C9F:FYR=GI^@
MGGR6"RP7%RLU.SN8H:ZOL+&RKGQ)2:23/244JFN8H[/!PL/$G):V?)-?9'@`
M7T)H?WQ24L#%U]C9L,<[26BF1'AX,'<[OFO4E=KK[.V*M;:V0A1-*09F9`(A
M:$*W1T?N`@ID-PJ-E!`U2MC38V`)$0]HD/T;2+&B,#08M[!PX,,`0P-!NK19
ML(_/1(LH4XJZ@"9$"`7U#*3P829%D!(K6'`!J+*G3T9\6&[QL">(S!AW0!@`
M.:04%VL_HTJMY1)+C*5!?GP9XH,A#`H++K!H);5LST<B5M33DZ++"B$"_TI@
MQ3DBA!2S>%/R"2&$R!*92_9XV-+@!@Q[Y':,()NW<4`^.]HPP0I"@(@('5@4
M70KB2XV[CD-?*WB+CX<O"F7"N#%#0@X<#12`2*''S)XD(9Z.VKU;M&]0M78(
MV;%EBX.K(/>4Z:"B0@()-=ITU..CC8>PCTQ=Z/V[^Z;@D*/#\)B"S(H.&:I@
MJ*`BSP*_*?"`6+&`RPXTD+A(8^R]_R'>!@F1D%$&Q'##`BB<4,$+<&A`@P!?
M@(!'"DLXP!)&V8V2A'\<&L+;-%OL,,9A,N4S@Q$8.,%#$5JH$($(>UR50A//
M+"8-%Y5LV.&.^_V#A@@LK$"&/2DPT880%@3@!/\'113Q0@49Q"&D/3?54%PU
MET3#8X>C_#."3GYY9`81->3Q015PB/'"'',X$8`-"XRXE`]#B"""%+;LM^6.
MM1QQP0*&V6,`&5]L`04&:3KIAQA:.!>!!P[\U1987"!#S9X<'H$,%Q20$40*
M16(A``HYJ-@D#W"HZ$051N2A@*?WE!"6;M-@ZI^FWHQPW%)CKC!#<W"X480?
M<%3A1!%SB!&`!66T,=Y,6#C%G:V_!;5*"!20F`(("XA`@P88\+!B$<5J,8>3
M4R3@G@-F&"!?3BQ@2&UW0:$Q5%$,+7%#"'F`4<6:8JBYYAQ^:($!!@Z*0$$7
MH%98RG8AS-O=$5((817_E3^LT``54SBQJ!A^^,%#!4YHD2H<%00@@0A<J48!
M"UM`(K%OEG`1(9%=4"`$$"<X`8?((7-0+!R(PL'!"U6H((,");2;0@D*>,#%
M!3.+9LD%1+1;X!`[N*!"%5KXX08/?G#0:`45J+?DV%5DT8%D2\5`A!!\L%"U
M6<!@\DV@L:Y0A@Y35,&!N#R(@?()6="0`)HJ\N`F"F4,809;,+3QY=UE[1:-
M!Q>`X'03;33@6@5:.,%HP55H0$=Q$:@0;I-MNKB"0GH$0880$6,>%6]?#B%I
MA37,4,""6HCAA!LON%%%%30(:,,3*8;MA!,:N)WM4DN,L8/NNUO"QPAJV2.?
M_P(B/*_%"R&3#`?2&GP001E4!!!``AJHA_)S`NS1;A"=0<6]2HOAPP`(%`,L
MB,!K"^*`&YR`@2<$H`I3,((.WM<!*DS0"%/``)HJ8(09P`14>"#""+3T/Y04
M9`<30(YME@,X+;#(#PF@@0QL<`)UA4`$@[FA!\Z0`!4$H%A3H(,([N`#4/E@
M`A#IS;1*>`VJ[28$6X@0'MC2A2\T@(8^6YX*PA"6.'P`"F6H@1"V(((;BF`&
MF+'`$U[@A!S(8`4_H,V@*+"%W)P"'DS,AGZD(84MK.$'$YI)4_(`+*)-(4HB
MX(*9"M"!/HJ@.&<X@`YF0$8@Y$"#*HB#%!OR@SN-(/\)1SA&'D=S%Q")@&]/
MB\,"Z*`!E&G@!!^P00,@<(4\'"`'+[*3"SIP2QTTH`9?$(`1P!4`')2A!TM`
MC`(6`TK=C+(8T[#$#1?0M+@=*`[-J4(.C&"#,,1!!"VP@@N`<``7",$#';`"
M!`X`A??50(QT"(`&V",#"DBH-D38#D8@P9-G"H,/=+.3"")%I2M<(`X9(-T)
M4""#!FQ!%2Z!XD.'LX4.-&!C."",!SP`A3=((`%3*(`FNX"].W@`2%.CFC__
M*80O-2!;1")#'&H`@0<ZX0ETH`(5)%"&DX;`%B*XJ!#LM`7XX:`#$H!""RQP
MU`),(0!`6$&D9`*Z,IY"I2O_G05D-$)-/!QE)#0]P`$"(`8P/$$#!6BH0U=1
M02BX0`(0X,,6=(`#"7S@#3B0@01PH`*Q'F`"RZ`-'G[0+32,H)]9E<4%1E`#
M.QB%0D281!P:``0C*.E8?M"`)(T`!!'L8`9O>,X99%"<#D3@``G(0A8.H`(=
M2$``#;#"&1H`MYE8R'N)U>H"U@"WVLVG`1GH80)(-H<5,6AY%3A!'FJPPT=U
MH*Y#*<,'IC`%M(%A!J4H0P,L8(,:$.&Q35!`""R16^`PIFY)B*,>J'.',LC@
M"55X@@T"4('ZH0T.`0!#?=W6TS"VP*,-*(,09G"&T.8@`"AH0`0B,%\PU"!\
MM=O#_PB2Z#\]E3<12L1("'HP&;:4X`MQ.-1-4=`^&NB@``4(P!-H\($<O,&7
M9=@"7,X`!0G440HB@,`95$"%&0#A#6\XP1148"4[+,$KUOGD+0I1X0LS^1=K
M0,,%F+&4RC6`Q"DZ@00"<(`\R"`.,EC<`22`@@1\8+8N.&`8"'"&$/BBM#7N
M```^<(`/4`$%8Q12$-A"!@^,=XE._H^'_H`&_0&F!RP(`QA\A@$CQ`$'0"@S
M&(8Y3RK(``@N@#053GN%1^)IC)ZU4P@@\*(=W#`$#8C#PF@3A"%<0$?`^$>3
MRQM-0FB(`AT!R>W0HYX7O$`%-I!!%A14A0J\@094.,,$K/\0@52+H`Q(B``+
M1)`'$3#7LQC901^%@+LSXB`.<2""C(P4RM[\`T>!'D0T-;>&'4S)*Q0H`PY^
MF"97/H&Z8"@`%(#0@0Z$H"XLB!<+A-"`#E@@`3F`@H\EL(8UU,`;(:I!!UPP
M@P_0H`RH(=*'DV!J3)R;A(%>]RC6("#?,<0V"VB`OWS-`Z&M!P-@\.8C10"-
M$.CD/FBH@0NR$(#`+;0`-'!)-_A`<A%T%`)@>(,,:F"8.3E@.&N(V`5DG6Y!
MB%P:->C4%">U``NTTM<O"-@+H`>&/`Q\!/:!1B+-(07T/$%%+PA`!L"0A2U(
MH1)H,(<+WJ""">@7-D)(#?]200W_DX2RZNK^PQ$@$8(=`-(>=')OSP:'/`QP
MX)4(,X($@5#71%;C#WV,P!M(]P(,4#<!.*A&-=H=`A1,@08?O:D-6/"%+GS*
M-N>4PDZ.@!'$2T/QI^!"#V#PV!\LQP@D6YO9D':^@U7`]!A8Z`BT?9"*0@%M
M)Z`!'7BJ"H/PI08AH,$4LI`!#;#Q`''8@N]`5;DQAN#5>:KZ7FJV@/`MI0D4
MZ``KUY<F,7#@"06@`1E4/Y9W-!40<Q8E`A*09L*3`6$P`RTP`60T'"(P<3/@
M`@>0,M6E0!H`!0TP.^TB'P+@9SBR`".`>.BU!I*@/^ME!G>@@&!P,(BB!0;C
M'!D0`"IP_X,8\`)ADSHYD`"^M$MUX0)"50/N]3Y"D%1V!@4]5P%P8#*I\@1X
MU@9-@#US\Q1)$!8H&&52L`#2L12#4@/`E4$'\X0U6$Y4T$XZ``;R)#\%\`%`
M2'-"L`9E,``0$%1Y@`-TU@`[$`%0H`$Z<`8ZT!R(@BC%EDD[(&[L=P-CL0.+
MAWAYMP52-B1LX0-?L`#/@R:69X:E5P#-U@"/U``S(`-H-%F@Z`%TU&\2$`89
M<``GD"+5TP`A\&BJU`!A\`0FPP$'`T%T4`:SXU5X0`:+U0TZDFY[\5!W\!?W
MD#',488<,#B,4@344T,]A`*>Y0'O5`9L@$1"$&/+80-OD$'%IO\>3]`J056+
M*/!V`4.#Q08&,G!*N>8#=C!T(.=D?.!95$@DO_4M1@,'1B,N8S,';B`&R(5@
M$@`$K[4%$U`&]]%':R`".O`!&<!==``&&M!#9V!:=+!:2B(&;E`Z1+,>&6!.
MWP4J3/`%4;<&B(=C":$U,-`4$3!<&.!_(",R/.`&;$(P1Y,T9F8#E-1X_=`2
M+24`HY@!<'A6!9`XP25/J<(!8E`XC+*33V`!'A`^*6`&/X`[H&&,ZE=$[I(Q
M(88FR4,V(N,&;A`R-SD]#&)Z1N`"(2(<_5`+X>$!,I`#),,HJ;,\_W(PJV*6
MZVB6ZZ$"+G`!/1`#]E!`'K"5(;<`:['_+5_0`39@?HBB0`,C+AA0EL+B,S08
M`%`P*_!@"^_$7#(`!G[@)"]P`BKP-<M3/&;CEV:)/#^C`4;0`37P`UISDOQQ
M83NP!W*T!'>P!3&Y(-/S,VQRDZC"`3EY+L;C!*=)!S00!GS(;6AP4A)@!!8I
M+-(8<^)'/6AS,$4PD`!I,F'S!!+P!5_0F'L@!"M5*\!0'WY"`<CQ-#6`4&E3
M7$^Y)J_I!RJ2DZ=B/-4S7-D7`7G0`--G=-6E`@JR'@B6!U"0`RB0!06@(%#Y
MC!RP)$<#!P=`FW80`PSA`S>`#E*P`U-7$(@E,2+G)Y.P`+`R$VU0`V66-DTR
M-G[`@_[(1F8Y_RQ`8SPG0$-I\P0)\`8*YP%Q$`&MB`(9D)0UY$T1<`8ST!KQ
M)#3^2*$42CTV`"%DP!"V4P-E-`*G0`T[P3W54`LCD`N_HQ4+<`!H4@4"Z9'B
MXI3,J4#+YW\M%P"31`5PB*`')@$10`70V0`GU1H)D%HT``4%@`-0<``6*:44
MZH]I4@$?X)9$=)@.,!A3PQ,F`:;'L`9>R`3B`P+,]2W)LCZ,XG](`P<]HY=E
MZ`3/1YXG!8JBB($H0"I0(`,1``148)$[B#8I,UT58#91^HS^J`5@XS%0,@.0
MXE4&``,K4$9?RD2:@P:S(T?D('FE22QF8SA"<X!9$#A3,$\0E``90/\#0-``
M+/!O8F1S,R"*5$`#8T5=]64LNY@!65`_1Y.+P,JH1S,'&+`L+K``L^%A.?%Y
M_R-7M8`?92!N'A$$>W`>!8`!8R,TPKHJ!U,]>HB#-L!:-194H`@D.^`!8<!0
M,R`"(R`",G!+'Z`#-(`"EE4_"6`#$MD<8>>4NHBO3OD"''"`+R(=M+$$=K"Q
MEZ"8)AHBT,`%'M`$!`("\49B`&,T*7-OSX<!(SD!-H`"_1:R9!0!*!`&89`'
M>8`";Q``;U``>=`:$W<&:08D`F`#S<%9!_"Q)^"/4<F.1N.49),Z'@A'D],6
M7V`G4M!PN4DM>R$<4\,NH&(&#K`"+C`\Z(/_K2W"KO+$'AU`-SL@1L,1`C.@
MAZ'U`9I'-"F3M4=%KB,P0C:W`!G@42XP`2S0`#B@`<5CLW@YMX9C.%5P`A$`
M*%W`$'C@`-VR#^.%.9IS`;BV%,&H,3H`+GYP,!Q0,`%`!;:8!4#F`O=!1G8R
M`;/5`7D0@`%@!`K2(!H@`:*X"LA`1B%R474T'!ZP`RGV=HR*KZ@"!V3C!(RT
M`+L"+?,W:[9"%4$R)"XS`F56!0-Y,&&'`6,F!,'D03M0!B-[41"9`'0@D3,P
MM?%4`#$(!FFFP,P:NJ;V3E!$464P`2A``^JAJ'Z@K^%R+AI@`6F1&L'X!<CP
MM]ZA(=X@+Y9@:O)+_T!$4`;8I!X/ZVLH4P!A4`9KD`03-KJWU%<@]03.\0$.
M=`(^>F\?@$8'P'=&@`*3Q0**`1=!U6\7Y5[SZC-2.L(,8IQ5D`#>=#W+B!LZ
M`0^\@0PT`P\M$0+E=G<C<`,,4SN$T@#?8J&D*C2I<P*,)``?"\$:,#TE(RP\
M4#HKXI=:D##D%*$:D`,'4&J$(0,XP%U0\`$O:U,F$S!DL[A&,Z,<)`,>$"8&
M4!U`LAVV<`FI[,*9HSFZ5VY[408E@*PPT`,+D`?#53P!D[S/N(L!0'YFI6)O
M-Z,LESS&$S(#F47H=[T',$PG@`,":HN7G+V\"B[+<S`T6#PA$S+8JD!NLO\Z
M-:"_Y5$&+N'&5@=H>5$W?[L7NR(3>Y!R5+`@BU(Z_B<ROE8RJKHD+U`$A1,L
M36*S#"0XV4R#%>!&%6<$D/Q6*M!#K]A`-F`#5$`'PP.O#!2E:Y*\AJ,%%?HD
M*M`!91"\M=,#'J">2W0I5E,?N0E05<@6)RDZ2G*3;&0ZR:N?,UH\6D`X/#P]
MS\A&]/5\3KE`1)-)9?"Q"<!(5O`&_F(R5:`R9T!J$:D"_I(BS[C-O"RS/[V\
MS]8T#(%_V_-D)AT:=0/+7NHG/[!G!?*;IV4Z9,F:,TTV9TDXR*PF_N@S#6($
MK=@SQA,P;;,``J`#12U+"D"D4Z#1$!1L+J`#&X#_`MS5,Y>YS2T7-$YYGS<5
M`1!2A5_Y!9&0QG)IOYFS$VHL!6.*!=-1)0TPKT50ST&SS6@I+JO-VK[V?`\T
M!1\0!A*@7R]0.*I:`)<Q7$^0H1Z0(%4@,@:3`70`!:X5`71P`,A+H:Q-U4(S
MU5K@VW;0$4%`)W^B$Y72PB]L"^BP`BOPKT5"/E[+G*BMVF@YJH1#.(USD1EP
M`I$<!W2`Q$##`:QR14\`!\"6KL@'QFRD`?"57RH`7V\*I2"#/JJ-K2NB`3A@
M;8\G'V`1<-D=#_T1'."S!UL7`T.`3E^SSS-MWD[9?[M,@R`S-B\PQ0QE43B0
M`&'3)JK:-@W@5,CBHQ:@_P+'4]&E!W:K0C0,`J7N&S)1NLURZB1NE!8,<Y6R
M$GS[P=F9$Z81(02!8L<DL;HBXS'.'=E'\\7XZB1ND@-4T&\V4"J.HRQ@8&8\
MU1QM\@0J0`,]4P3JP9>I<C:]5C1ITJ8T>#3H0Z$8,`<5``4=P#(UD0(%=%7J
MQLIE$::UX'"THP>UO``SD`!.<"Y4#ME?7#93339J<I:I<P`T8-<%X-<G8`19
MT$VT_4L\DS(TD`=A,%P^8[.ZJ-&-@B8:S>I373:[[-P!*08Y($O?_2GE`2^E
M%!$T<W<G--VLEC$;HP$C+(WF;=XWR<F^IB86^03/3`,660!3&ZC)%DZ6(6-Q
M0/\#:3X#D*E?,^EKQ>./&E0%M:ZH';[LPD(P%5!.<>*5/.MG3%Z/Z;P/A@6M
M3>!5,T(!MDA?8G.3RZ[:A]RZCK/4-%".'PP]S]'>4_"#.C`!;`#$[T2DX"H#
M9Y`#X.)#";!HZX,H/"CIA@.W`X^6.+E`&I`!OU0"?S$.%*`?O$$S\"=EJ0'H
M!G1:PFDZ)6_RC.*/&M!7N8YP&0`]T8<"'P"(F"&).-8!0V$%!S<%'F4!WY(!
M&7#M&@`NK\CJ([^^-3GPK3D'/"T!IS$;\8$3?W`+,F,U%^`225"8,I$5$K>M
M&/"=)1,V);\BK*D%M/M1"YTZY_XF87`&9=!3(S!@4`#_&R$`6]NJ`8*O`!TE
M^&40J\:-`OX2,(SJ?[->\HS"G.B3-,8:J0U!!*5Q"K[A)UP0`N=))312`SQZ
MF86#`78_\,WNXV2<((%3>OX=`+.=?J0F4"ZP4^]$<"B@`YLFBG4U`7PQ&(-/
MG[1>ZSL/Y#U>-DXP?A"R&6W1!M1@"KXA93@4#D=A!\QU`!VC\U"Z\\T.K`%`
M!QAD>6%7`-P5`75D=%3@`BYP!BBP,N\D`XIS`#8`"'19-E`S+BXB'F@C'G%&
M%1QN/#QN?GX<F)::FQQP+QQBH1@G,C5?3`8&9B4C6Q<7?[&RL[2UMK>XN;A\
M.Q=M32EZ>"`K-1(!54ZAGZ";_\Y^/*$<+QA/&A48+TXG$@LB(EL-9V<2+@<'
M&0E`0F4%`14:`0$:3T8=0!]4,XEQ=&`5E?P$]!-*S#--G3Z%*O*B0I8&"XB8
M,9#"1QL/1X[HVLBQ8T<^6U:0":+'0)<;(F8DJ/*B"`\_&."$.KA)C$P_U.!H
MP>`D`(T%"R)D.*#B#80M(MC,D)"C0(<\*[4Y<?.BB@H4=`),^>`B#A6M59)I
M$?.2X%B:T'A\@N.DR)R>%EB(Q$.16`TT'O/JS8M&A(,8!O28(5)&A`X,11(S
MA%-%RT"TH+0X>?FB:@(4-OQ-F0>F@X@R:\J8@U(&:@6<E6U6D+=3PQD15#)D
M>)/@!/^&TY9`&:3)HP@'#!S\)'ZK8D8#"CX"F]GC(<3>YWKY).'#YP^:-=.E
MA*#0)47=+P)0!(`VAZH?.#++HK44+=2D%PF,?)ARS6>6`PV$K/$`#@*0,C-\
M4(%C14@"!P9:>%(5&#:@($,><>0AP2,)8B)&<&CQD$E:E6A0@`A?$!&#'A6U
M(40228P0@A12H(@&%]#%*(MTT_&!QHEH;%%&"4&DXL,-(41P@!/K%4G3"R<\
M405Z5?@D@P3YB3.#$#MTH.,!,8DQ6328='E@`#D<$$8<942015CHR82AD<[T
M)($I('B'!QD*H,A'"%NTF,2+,O8I"XI"H!$"&CV,J$<01"S_T$`&B+'IJ"5B
MA(5@)TVJH$,#51Y@@P@Y;M'!!\EH.<F%G<"!B4Y.5)``#19\H$$5,:&WYJ.:
M5/'!#![<`0-%2^R!Q@YHH"'%C-7Y^1P?4E"7Q`YWRM4$208TL4(<$IP@'*V.
MOH!>9=I64<$;,[`P@PH?=+!#H#/\(Y,D7.HDZS2_:5'!O!@`5^JLM%96!1T"
MU+!',"ET00$7YS*+;+'&[H4L%S2&($)$$^D1`Q'A%*`!!W-@:^1O"&KI!`>K
MT9`'9BIH8$08#7C0C@8\I45JFN[RA!X&C9EZK\:6N.$&'`E$L,4$J!BP1`D7
M<($&BD<PG/"Q4G!QA(U2+-`##,$$_U'"%PU8$(`33KR`\WJ_Z02*A@<68$0.
MUFBAP0D%&'=`8\J,VF6IDCGAKJS:OONU&%HT!$4''MBQ!*\]+&!T$D\CO'1>
MU#4N@DAFE-0%%AX$V)@6^'[M3*QB!,26!M?8K$T`88B@PN5D<0EOJ3#+1!;K
M\'Y-I!,Y6-!`#2/5I8#AC2_^'(Q_-+L'8((Y<$$#.DP1S4V:'\G!)(FYP8$3
M%>*$$P<:2"#"VV--HGIE<\^M<WLV`X<S)47X40%70E"PJQY+_&!X\-5IY/M'
M%U"WB`(^`$S&"@T03]]>D*#F'2DM<W"+&V+"M6A4`@X:*!WWW*.ZN7&K,L(I
M4%DXECDVN?\A@>690@%"(B**Q``+.Y!%1N[7$30LX`C3$4()O&,`'TA`""XH
M0-?F,(=.&/`@G^B-6]ZB$Z])X@4\6(T$+"<3+<CM;G.3E6+*4AGS:4R(B7%"
M]FH@DE0,XPL'.P(L6+@1/K`@6#NX`6`,$(0?E*$!.`@`!GCHDL?\$"'>D\2%
M,#>)\=$N#U!I#`5MDJ9,!*=+WE//)3IH)"S.@0=5.`"9AI`<B1&A:,&R'QES
M8:,MA"1.;!28$"(`*D\D,#%W=%1[>#@)+;PA0B=84C.@@9Y4LDF(+[&)!BP@
M@"_\`&!-:$/1E+9)3N8H(CTRP,1V(`(H3*$*T\"B+1M)%E;RP`G_'VB`#&)I
M*BVPIY;37`\N"0*';^6A#!0(FAG(<`$6C"`)Q33F!:8&L*N5P0:O8HDE>)BQ
M<&9H$H_4614^E`?;F&HW/`"G/P_2FTE<@C$5@((+A#"$P:EB".Z$9SQO<2<*
M@""93+B("_X1$Z^E9:'_%$-`%YB%+10T)K-,*!Q0RE"Y8<()5=``#?+#HY*$
M=`$LV.@L\!*\'/U@(D*S@Q`ZP*AZQ8ZFXE3I^#1`!Y=R,Z8*A2I[;,HQ54$I
MG<%8IP`60-01$'63:&@<&@20'#;^KP$1R('H/G$)K3*4+.S2@`U"4%!HZN2;
M,[4K)]YU*@U`H0$KV(-%8]"#.(R@<8J[_Q]D&?'+DC!V`2XPPA00$C[!.@.O
MUPP`"O@:2]T`UK.YN=?<JI"#",3!HR29$P6":J/(^@ZR?^C!X%*`!_DU@`8!
M,$@GYE8O#*#6#W/`JQN*\`0)2&&;T#P++0,K6([%JG45D*34VKJ<VMI6LHLH
M@Q)*$H0F*(`%$DA`!8I`R'<5][C)I83.](H&Z/($H5G5JG73I(7^7F@*.(#(
M'DBB!QA`(%C4N6V-KK,%-*S@!W@@$0SNX($&%&`*,)T;9X^[U80".$A*XD!_
M#YE?J`YW;@7A6P6X@=@XD0@$0'TGL[C@-#\M"T7+DL(%**F<JVWA#`'8B7$Y
M?,"73<$"($X06_\4Y$,B/V.X`\W#%NX0`^\LP0$+\`"5^,"%"V@R1LI"T0BX
MH``0T"5:;=B!"P0T,R<#D2#!@8-H0R"#)]AMR>"CKIMS@P$WB,$G(MC!42D"
M@XN$`&EI-9:RUA`"+BA6.3THPQ9H@!L,[OD9+WM"!.AL9_0D*,^7W@0!&Y(`
M%X2D.\(@@R>Y@*(0.*=/7*8.%UC@/N^DX*UAL$UY&!+JSX("#IK>0IWO7*&U
M]/H2/$FH85-60F4.`:BM?K6,^``+&J]@AA3Q`18ND-D*P.&4BMPSAJ0!;!EP
M&ALOL(F7CNT'QVBH21(HPQ?(8.LF0("L*0*>C,0XZP54-!7+$0(+@%O_!3$H
MT)N][A*Y24'G$T`B;^ON-=]H2;-RE6$,NV)C"18PJ%?XB=J,^`+57KP"-$1`
MO=1C)9&.;2%"DD(**AF0:C<4ZHE+XP53H,)GB-"CB@PA61X8X[0O,((OE(`N
M*8#!#6JPO2G`P:'GT?.E6XZ>!.0!#7$`%>9.3/.ISU2^20R`!+:`.QHR00!;
M>.?'LVR'*A_J!RL(00M8YK6,<8SEZ`E%U?,@A0:<#EXVZ[JX9TI'M52@``(0
MP@TJF0(`M%.CT8$L%T#D8I.TH0P=.``V@N/G_CI&9SJ[8_A&3WI,)-(/5;"Z
MP]X63;(4LO2PC[WL96^S:"2H"D^PP!9D&`S+_V\A!-_ER&.Y+((?#.Y00_B&
M!=*]1ZXY'_2A_V&*IT_]%/?7SWY._0SP=.'GM<4-GJ^^^,=/_O)7O[]<0S\8
M$"'RJI&A.=!IG`<6((/^D8@,"YB!#'+P,65X/OPI-GNSET@$."KCEW<VD7IQ
ML`,>``70I!@%XF?F-X$42'Z)-!.242^'M0)MEP(IL`1V('3!9PL)]E@+4'DP
M0`'T5P`5P"W`T3JM(X"RAQH75(,VZ((7A`$?$`?[D04:T!O\Q$,W.(1$6(1&
M2(1TY!:C@P)E<&T1EG0W`#PCB`MH<`%6L%M7!E0ZP#(5D`S.]X5?J&0P.(9D
MB!Y@"(;_EX9:$!:7`_\'MX(4-K`USE<$U,,W:GB'>)B'>JB'Z>=\9J$J,K``
M$P`,O$4&91`+4U@+U<$'"J`$2Q`#,8!_%R``!9`#27(":',"FKB)FO@$GOB)
MH!B*HCB*.2`/IGB*J)B*J%@`^1$D'Z"*L!B+LCB+M$B+.0`$(L`";0>)7=`"
MBYB(,S("?S`"(]`#=S`&8_`%^H$&>2`#,G`(T!B-T>B,U%B-UGB-V$B-$1`!
MV=B-SA@&89`'0C".'N`"$=",SHB.WKB.[-B.UMB,ZDB-X&@E(2`$;4`!^%@&
M:95@')%@?#!F%[`"S,(L4L`"0,$"")F0"DEC#-F0#OF0$,F0+((G><(B%GG_
MD1BY!2Q`8PL0!RQ0`P6#)VEU.&N`D29YDBB9DBIIDFO0DL)RD5P`5%NP!CM`
MDSNP`T=@5OOX$41E(QL)-2O""SN`8T2)8S=YDT69E$JYE$Q9(Y`%6<F"(K-V
M-&O`!XP6E3#DE$^YE5S9E5[YE5U)"[RP+(+B:A99'8\EC/WXE#@Y:P@)+-KQ
ME2LYER:)!AEQEWB9EWDI*$(Y9B.P`ZYV)T[S"A>0!.VDEXB9F(JYF(R9$0RI
MD,GR(@CY!\#BCXG6C\.G/_K#,-DQ+(@(EJ`9FHJ8B(WCDC:RCR^25HG3.]_%
MC_Q81L7RFAX!EB\B';UC';*Y"[]XFY%UF["YE=:1_VBA:9F[R96ZX)K^:",S
M\IG,^1'`2#]?^9G1J3"]^9RS8%N^J6BD65O7^9K(V9RHB8BZV9VG:9U"-2-G
MA5MB^5@D>)G2>5:(B&#F"9U3&)N*\X_VJ3C!$CS#)Y_P60N+0)ZCZ9S$Z)['
M^9^W@`8>H``*(``.*@!EH)9#508/6J$"8%8(PP@6ZJ#ZR`<>L*$@^J`*H`@?
M&J(/Z@$Z>9T?VJ`4"J%J&2PC``%6X`4;4*->8`438*"S,`(MZJ`,Z@'Z4U0:
M:J(;Z@$J0Z0;JH_B28(*8`(,\*10J@0*<)]HX*10"J5R<&`]V8A7"J5JD*-L
MT*5B*J8`(`5A.J97J@8F@/\``P`!BD`=`Z`&76H"96`C98`$2A`%=4`"?,JG
M=<``"-`"Q/B/0EH&5GJE="J<_X@`:(JF5S``C8JF`!";Y$D=5T`"?9"IFEH'
M`R"A194&FAJJ)```+*!62/``H:JI)."+5H"IJ?JJH:H$?#``K@JKKYH&7A"A
M?+`!M9JI#U`&7#`!"%`'MJJI:0``@PI9`T"LJ5H';$!,P2,'Q0JK`+`!T_JJ
M)(``N8!@2@"K)&`"GDH=H`JK)@"DC<.KWNJ+`W"MKZH$?T"K["JJ2D",Z!JJ
M=5`&AMJKQ<JI**H_(R"ML*H$[LD'`!NO?3``UFJP?9"MQJ0`S/JJ#R``UXD&
MXPK_L0)@KB.@!K:ZJGS0J@K;![+JL1];!U>`!O6ZJ64``/HZK0^0HXTS`:@*
MJW6@`-=9L/&*L!]+`@3`4?JSKAN+!&)9L:E*`B6;5A[PL$.KKA\+LK.ZLNRZ
M`2:KKW7PKZ]:!U&@!C$KJ@"PCTU;K$B`,`3[L3BKL#K;FG9*`-,*KL,7/$*;
MJEZP"&C`!DZ[L$H[M$IPMWBK!`2@MT@P`B*[J2:`MPRPLO-ZLIE:!Q[0MCK;
M`A"`!&J@KR9PFE1;K`A@KM1AL[ZJMWE[MP30`@EKKYN[MWI+`%>0G;(P`BW0
MMJG:LNZINIHJ!P*PJ,7*L3YKKQ"`EJR)H7_KJQ!05&5`_P#Z*@<>8+A]<*]9
MFZDDL`$1Z@%L8`)R\+QRH`8$`*1H``%(>ZNW^P<>\`>8VP=J@!>+2#]X\;F:
M&@53.EG5$:`ZFF!>L+I(.ZK)^@>NZZMLP*-1,+MU*ZHM@*_\BZ_FB@;P&JH/
M``&9B03Z6KA26P;'B[Q1X`4M,*)F18P%N@@J*\#OBZSLJ;&I*@>HR;4,0[Z9
M&@43H#+]BZ]K.YH>8+/?:@*IJ@;4&PN*JZI;:[VJFK2S"JM1D,,ZG,.PFU:[
MVP<#?)H"H`2].JI_0+R_VKVJ^@!JX`4$S`=U^H\"H,&:B@!4G*G"6Z=HT+UJ
M<+'$>*3F"L(+N\,[3`"Q^XNT@/\&5W"\=0```8R\+;"3;?L`M5JN[:NI=*R_
M-VRP,TL=/_RGSXNU^FJ^NZJO$8L$UXNM=:`&R/J/<5O$5V"X#W`%C[7%BEP'
MF(S)#_"VNZJP7UHL!FHCP!NJ:=`"+7"]&S"H\INJ#/"P(FRS)E#$^<NN=7#&
M;\RN)!`%5F!6Q'NOOYO(,HL`%SH""+"Z$\`&[XL`C:/$L+H!U2'&Q?JER[FC
M(W"_H>K""F#-FLH`+KO*H2H'VEP'B*RJ($R["MO'76NP62K!O8RB9;`!P(RM
MR*H`5^R]1JK-F<H`M<7,K^K,1^S)$[`+$Z"O")!6W6JO2)!H;2L'+(R\L5R^
MY3S+UUK_R\%SR]=*`FK`!M31RY7L`5<@!WMZK0^@`.,<J@@P9@V]J1,@C/R<
MJOX,S;8JS1Q5S`AM5G*;JB=='6W;Q*(:JB80T7LLJB9```A0U$2-`!M@KC_,
MKFDPPKVLCUP@P1-@!58<SR2`I\W:`MM;P:'JS&&+RR]=M4J``$==U`@``(=X
M"PJ@N`P0O8^;JB(,PRU\RC(+`&BKQ[6KJFZ*HA(\J'CQQTB]`00PN$/[MKT\
M`:;<`FQ@RBM=!A,P`"#]JEZ@N&X=!8,\I=W;P%ZPV9L-`-DKQN;;UT8JP23(
M!Y<ZLI/*!VW+`-D,JRU[UZK*JE6[TER)8#\<Q#;2`O4,LB.`_\0`D`;`_0`/
MD`8F``',$J/=:P+Q;*LD:\D;#+Z@G&"@/:5<R[5/^9DI;;#?^EBK+0#0_+VP
M#<<=BZT(P-GFO=D#H`"WG;T>2M/?/+Q2:\#-J@0$[`%(@,^^NK0@R[VO^KW!
MTYW_O+H;<-[F/0`V(HS[*`#+7:PCK=HM+``W[=)_<-"Q/=X?6\KK'9M>$+SP
MW:RM?<DK2P(+SMQEL-O^?9_/O+1I4,F-,P)Y?;B:K,GZ2@)6X.#7[-AM*\Y\
M0.'B;04JW@(9CHA<_;H=+L#>/;?>:MG-6@</P.28/.-(P,7@"^`P7:QI@)L(
M)EY#2[ILP`97X.79C<4VKJEJ4`8IS/_*$[#C-NSC%P[DAIR]P3/DF>K"O2P`
M38KD<,T`KXH`7=[G5Q#F?4``)C[EQ!+@"GOE^TB,;+#`SIJ<Z;RIJ=O"$2KG
M!"",/$ZW06VP&&[(@EI4%IT&$%#G(Z``&[#`56L"5W"]==`"$WO;^.V]",J?
M56ZK:8"?/1L%P)WKPLN:?``!)I#KP!T%2/#KP*X$`H`&$\``P/ZU?##9P!X%
M!W8%P#[MU`[<62KMTRX':=XXNDWM`S``N`[L73R,7``!")`&,_X`2G`%]AWN
MP6T"-(N>$*`&U*[LTU[IU?FNU;[OUKX(+5ZB)6Q6XDN,)4RA^&JA$4J,$,J_
M&%KPPSP""U^Z\!)OPB0<\,-G5AQZ\!?[H0:/KU,Z?%Q`H8T+`"2/!"UPL<%2
MH@N/\K3P6!U_\!)/W52J\!,O\0X::_XJ\.*[D\-XX/#YCQ=?R1&<5FDUJ.P9
MC$4?ZZ4-]&F<K-Z5F4"/FM[UE$!*/^([]?[)\\1B-)!EH(MPPL02+`&*F43_
MBUPK"T2%%PRSODZ?OJ3]WYD)H(NH]+90]C^?GUP9U=9=6XGV]92*6UV/FD<?
1C&&)GD0OEOL(K;^95H$``#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
