<SEC-DOCUMENT>0001193125-18-058573.txt : 20180226
<SEC-HEADER>0001193125-18-058573.hdr.sgml : 20180226
<ACCEPTANCE-DATETIME>20180226164135
ACCESSION NUMBER:		0001193125-18-058573
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180226
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180226
DATE AS OF CHANGE:		20180226

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:		18641163

	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>d557664d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): February&nbsp;26, 2018 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>AMERISAFE, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Texas</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-12251</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">75-2069407</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State or Other Jurisdiction<BR>of Incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission<BR>File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(IRS Employer<BR>Identification No.)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2301 Highway 190 West </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DeRidder, Louisiana 70634 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (337) <FONT STYLE="white-space:nowrap">463-9052</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> 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): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.02.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Results of Operations and Financial Condition. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;26, 2018, AMERISAFE, Inc. (the
&#147;Company&#148;) issued a press release announcing its financial results for the fourth quarter and full year ended December&nbsp;31, 2017. A copy of the Company&#146;s press release is attached as Exhibit 99.1 to this Current Report on Form <FONT
STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit</B><br><B>No.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d557664dex991.htm">Press Release of AMERISAFE, Inc. dated February&nbsp;26, 2018</A></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">AMERISAFE, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Neal A. Fuller</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Neal A. Fuller, Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Date: February&nbsp;26, 2018 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d557664dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="57%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em">


<IMG SRC="g557664img1.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g557664img2.jpg" ALT="LOGO">
</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Contact:
&nbsp;&nbsp;&nbsp;&nbsp;Neal A Fuller, EVP&nbsp;&amp; CFO</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMERISAFE, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337-463-9052</FONT></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>AMERISAFE ANNOUNCES 2017 FOURTH QUARTER AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">YEAR-END</FONT> RESULTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Increases Regular Dividend 10% </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DeRidder, LA &#150; February&nbsp;26, 2018 - AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of hazardous workers&#146; compensation insurance, today
announced results for the fourth quarter and year ended December&nbsp;31, 2017. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Twelve Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%&nbsp;Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%&nbsp;Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;thousands,&nbsp;except&nbsp;per<BR>share data)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in&nbsp;thousands,&nbsp;except&nbsp;per<BR>share data)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net premiums earned</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">87,377</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">92,097</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-5.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">346,156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">368,704</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-6.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net investment income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,312</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,855</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-6.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,281</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net realized gains (losses) on investments
<FONT STYLE="white-space:nowrap">(pre-tax)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,468</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">NM</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(647</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(494</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">NM</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-96.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-40.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted earnings per share (1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.03</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-97.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-40.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,195</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-34.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,272</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-24.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-33.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.07</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-24.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Book value per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">22.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">23.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-6.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">22.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">23.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-6.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net combined ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return on average equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Includes $12.6&nbsp;million ($0.66 per share) of additional income tax expense related to the impact of the tax reform legislation enacted in December requiring our net deferred tax assets to be revalued at the new
lower federal corporate tax rate of 21%. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">G. Janelle Frost, President and Chief Executive Officer said, &#147;AMERISAFE achieved an 84.7%
combined ratio, a 13.3% operating return on average equity and maintained our strong balance sheet in 2017.&nbsp;Overall, we are pleased with our performance as the workers&#146; compensation market continued to soften.&nbsp;Our focus remains on
maintaining long-term financial stability and outstanding service desired by our policyholders, while providing superior returns to shareholders.&#148; </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax Reform Impact </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of tax reform legislation enacted in December, AMERISAFE recognized a <FONT STYLE="white-space:nowrap">one-time</FONT> <FONT
STYLE="white-space:nowrap">non-cash</FONT> charge of $12.6&nbsp;million in the fourth quarter of 2017 from the estimated impact of a revaluation of its net deferred tax assets. This charge is equal to $0.66 cents per share and is excluded from
operating net income and operating earnings per share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Insurance Results </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Twelve Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%&nbsp;Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%&nbsp;Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross premiums written</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">80,612</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">350,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">373,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-6.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net premiums earned</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87,377</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92,097</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-5.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">346,156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">368,704</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-6.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss and loss adjustment expenses incurred</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,324</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Underwriting and certain other operating costs, commissions, salaries and benefits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,776</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,594</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-2.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Policyholder dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">761</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-25.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,868</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Underwriting profit <FONT STYLE="white-space:nowrap">(pre-tax)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">21,323</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-52.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">53,188</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">84,863</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-37.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Insurance Ratios:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current accident year loss ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prior accident year loss ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-8.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-10.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-10.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-13.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net underwriting expense ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net dividend ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net combined ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Voluntary premiums for policies written during the quarter ended December&nbsp;31, 2017 decreased $0.4&nbsp;million, or 0.5%, compared with the fourth quarter of 2016. For the full year 2017, voluntary premiums written
decreased 4.0%, compared with 2016. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Payroll audits and related premium adjustments increased premiums written by $2.1&nbsp;million in the fourth quarter of 2017, compared with $1.2&nbsp;million in the fourth quarter of 2016. For the full year, these
premium adjustments totaled $0.6&nbsp;million in 2017 compared with $8.1&nbsp;million in 2016, a decrease of $7.5&nbsp;million. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In the fourth quarter, the Company increased the accident year loss ratio for 2017 from 69.0% to 70.5% as a result of severity trends observed in accident year 2017 relative to prior accident years. However, during the
quarter, the Company experienced favorable case development for prior accident years which reduced loss and loss adjustment expenses by $7.2&nbsp;million. Accident years 2014, 2015, as well as 2010 and 2011 were the primary contributors to the
favorable development. In total, prior accident year favorable development for the year ended December&nbsp;31, 2017 was $34.8&nbsp;million, compared with favorable development of $51.3&nbsp;million in 2016. These results reflect improved trends for
both closing claims and claims severity and were driven largely by favorable case reserve development on claims that were closed during the year. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For the quarter ended December&nbsp;31, 2017, the underwriting expense ratio was 20.7% compared to 18.6% in the same quarter in 2016. The increase was due to slightly higher insurance related assessments in the fourth
quarter compared to the same quarter a year ago as well as lower net premiums earned. For the year ended December&nbsp;31, 2017, the underwriting expense ratio was 22.8%, compared with 21.9% in 2016. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The effective tax rate for the year ended December&nbsp;31, 2017 was 43.8%. Excluding the impact of revaluing deferred tax assets, the effective tax rate for the year was 28.4% compared with 31.0% for 2016. The decrease
in the rate was due to a higher proportion of <FONT STYLE="white-space:nowrap">tax-exempt</FONT> investment income to underwriting income in 2017 relative to 2016. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Results </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three&nbsp;Months&nbsp;Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Twelve&nbsp;Months&nbsp;Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%&nbsp;Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%&nbsp;Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net investment income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,312</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">7,855</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-6.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29,281</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">28,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net realized gains (losses) on investments
<FONT STYLE="white-space:nowrap">(pre-tax)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,468</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(647</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(494</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Pre-tax</FONT> investment yield</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Tax-equivalent</FONT> yield (1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate effective January&nbsp;1, 2018. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Net investment income for the quarter ending December&nbsp;31, 2017, decreased 6.9% to $7.3&nbsp;million from $7.9&nbsp;million in the fourth quarter of 2016, largely due to the increase in value of an investment in a
limited partnership hedge fund in last year&#146;s fourth quarter. For the full year 2017, net investment income was $29.3&nbsp;million compared with $28.1&nbsp;million for 2016, an increase of 4.2%. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">As of December&nbsp;31, 2017, the carrying and fair value of AMERISAFE&#146;s investment portfolio, including cash and cash equivalents, was $1.2&nbsp;billion. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Capital Management </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;22,
2018 the Company&#146;s Board of Directors increased the regular quarterly dividend from $0.20 per share to $0.22 per share, a 10.0% increase, payable on March&nbsp;23, 2018 to shareholders of record as of March&nbsp;9, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the quarter and year, no shares were repurchased under the Company&#146;s share repurchase plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Supplemental Information </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Twelve Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in thousands, except share and per share data)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">46,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">77,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: Impact of tax reform legislation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,620</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,620</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: Net realized gains (losses) on investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,468</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(647</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(494</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax effect (1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(40</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">514</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">226</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">173</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating net income (2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">13,195</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">20,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">59,272</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">78,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average shareholders&#146; equity (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">460,184</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">482,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">440,787</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">455,066</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: Average accumulated other comprehensive income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,323</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,052</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,048</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average adjusted shareholders&#146; equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">456,861</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">479,895</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">439,227</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">454,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted weighted average common shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,246,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,210,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,245,866</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,203,650</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return on average equity (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating return on average adjusted equity (2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.03</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating earnings per share (2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.07</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The tax effect of net realized capital gains was calculated assuming an annual tax rate of 35% in 2017 and will be calculated to reflect the new 21% corporate tax rate in 2018. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Operating net income, operating return on average adjusted equity and operating earnings per share are <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures. Management believes that investors&#146;
understanding of core operating performance is enhanced by AMERISAFE&#146;s disclosure of these financial measures. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Average shareholders&#146; equity is calculated by taking the average of the beginning and ending shareholders&#146; equity. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">Return on average equity is calculated by dividing the annualized net income by the average shareholders&#146; equity. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conference Call Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AMERISAFE
has scheduled a conference call for Tuesday February&nbsp;27, 2018, at 10:30 a.m. Eastern Time to discuss the results for the quarter and year, as well as the outlook for future periods. To participate in the conference call dial <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">877-225-7695</FONT></FONT> (Domestic) or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">720-545-0027</FONT></FONT> (International) at least ten 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 March&nbsp;6, 2018. To access the replay, dial <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">855-859-2056</FONT></FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">404-537-3406</FONT></FONT> and use the pass code 1385708#. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 at http://www.amerisafe.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About AMERISAFE </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AMERISAFE, Inc. is a specialty provider of workers&#146; compensation insurance focused on small to
<FONT STYLE="white-space:nowrap">mid-sized</FONT> employers engaged in hazardous industries, principally construction, trucking, logging and lumber, manufacturing, and agriculture. AMERISAFE actively markets workers&#146; compensation insurance in
27 states. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Statements made in this press release that are not historical facts, including statements accompanied by words such as &#147;will,&#148;
&#147;believe,&#148; &#147;anticipate,&#148; &#147;expect,&#148; &#147;estimate,&#148; or similar words are forward-looking statements within the meaning of the Private Securities Litigation </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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 and include statements regarding management&#146;s views and expectations of the workers&#146; compensation market, the Company&#146;s growth opportunities, underwriting margins and actions by competitors. Actual
results may differ materially from the results expressed or implied in these statements if the underlying assumptions prove to be incorrect or as the results of risks, uncertainties and other factors including the factors set forth in the
Company&#146;s filings with the Securities and Exchange Commission, including AMERISAFE&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K.</FONT> 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>- Tables to follow - </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMERISAFE, INC. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Consolidated Statements of Income </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(in thousands) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Twelve Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(unaudited)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(unaudited)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross premiums written</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">81,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">80,612</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">350,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">373,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ceded premiums written</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,288</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,261</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,869</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,307</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net premiums written</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">78,827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">78,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">341,398</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">362,748</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net premiums earned</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">87,377</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">92,097</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">346,156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">368,704</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net investment income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,312</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,855</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,281</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net realized gains (losses) on investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,468</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(647</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(494</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fee and other income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">346</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94,937</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">375,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">396,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Expenses:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss and loss adjustment expenses incurred</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,324</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Underwriting and other operating costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,776</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,594</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Policyholder dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">761</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,868</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77,137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,774</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">292,968</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">283,841</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income before taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,800</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,784</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112,821</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax expense (1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,711</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,956</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">46,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">77,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">On December&nbsp;22, 2017, the Tax Act was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for
tax years beginning after December&nbsp;31, 2017. As a result, we have recorded $12.6&nbsp;million as additional income tax expense related to our net deferred tax assets revalued at the new lower rate of 21% in the fourth quarter of 2017, the
period in which the legislation was enacted. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMERISAFE, INC. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Consolidated Statements of Income (cont.) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(in thousands, except per share amounts) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Twelve Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(unaudited)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(unaudited)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Basic EPS</U>:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">46,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">77,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic weighted average common shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,177,261</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,146,047</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,165,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,105,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.03</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Diluted EPS</U>:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">46,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">77,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted weighted average common shares:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average common shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,177,261</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,146,047</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,165,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,105,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stock options and performance shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,889</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64,588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,377</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted weighted average common shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,246,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,210,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,245,866</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,203,650</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.03</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMERISAFE, INC. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Consolidated Balance Sheets </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(in thousands) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(unaudited)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,130,314</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,084,474</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amounts recoverable from reinsurers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90,133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Premiums receivable, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174,234</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">183,005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,811</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred policy acquisition costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,251</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,664</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,518,236</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,518,856</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities and Shareholders&#146; Equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reserves for loss and loss adjustment expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">771,845</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">742,776</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unearned premiums</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">162,028</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Insurance-related assessments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,246</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,742</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135,452</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126,160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shareholders&#146; equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">425,423</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">456,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities and shareholders&#146; equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,518,236</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,518,856</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"># # # </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g557664img1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g557664img1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ M0#% P$1  (1 0,1 ?_$ -0  0 " 00# 0
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M8FL-@W'P$G'UVUQ#I]DVER5TJLT6 IM8O;B>82)<?RUC?>(9LWIB+%*H44Q
M2CS!)2T]53$;7%VX<SW]G)8Q:*;J!A&4-QO'<EI:VLJ9+6^;NWRY36N#MI#B
M81AM 5EC&=C+EN Q1DO/877$V4,11%VBK+66]G=,<?VZ62C7$%:+DHXKARQ=
MJJ*JE?<NXPZQDC-.)A,D0Y2ZOK3.V#S1!=GVF>[(*.FN>1;Z:]T?AV@EHG3
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M';45V]D9%555K$C1X1_SRDHNH<Q$4)O*,HR$B1Q'F3BTN8> $-K3$YE9G^5
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M[*00%:/DVAE&ZZ8]ATU! 0U6II_PM2R?#0'7T*_XS?[AC%WE7NUN<*V0\.:
M2 X@B.X#B(1*L!;\&Q\D4[ /6MV9B6&M]=>5U'/,'%%$[BNV2'.C&JR,^@W
M!,BV7*I$2HF+^\1Z[90P<O$=8YF=G\JLE97:"1,#H3 #"( )B8<3$#BOT0?*
M9UAL/5[")>#7E[3;KC)VO)U,FH@(M;&.T\8%L# P5F'9MNCI6\' -$SE23I)
M(66.(ULD("Y57=5N,:0C:Q5Q\F!C&258/R&%(1 .];G34#L-K.;'>&7NVLK&
MB#N!'?S6#YGB]=AV255@K&D2Y$TB4X_;EQT=WK*C5V6+IHB:(FB)HB:(FB+0
M>.I'%P< !H>*<B5##UG=^WRB;>EJ/1)0J>=LWM9"L4HC103R%6KBJ8M;/=2I
M)\5$W#5JOX9@(A[[Q8HAQ[L>&&YI?'VZA=04,3<9^C0MP=%NG<S-,D^-N!VV
MFAVS7]AUX'D1IJHG:"R:](+IWR&1)LB#;?!O+9 SKZ#PH*S>/JB];BZ05=%/
MS.$#5R.?>/=\1 %I9VDF;B*0ZH8C:WV2R&X5S +M.!CPC 1(UX\_S=BTK\]W
MS&4]#1SK1C3R'R0:>D:W0%X $UP TT9P_P"RK9.UW#MRZ>O'*[QX\<K.7+MR
MH99P[7<*'77=+K'XG56<+J&.8PB(F,81'7H:XN$?LDQ]?M7PTK*I]7.,Z8XN
MFS#O?']X[WEZNIEY$T45O+V^T1 >S@/TA^4!^O46S'2]6-!CVB*F9,?+,6<.
MSD?2%WU(;DLQ/:'&XIC+K+53%4:Q,Q-C>GOGU>J,MXI=!U+R-AC63HHV"7GG
M" '>.'1U3J]A0Y" !=5OCY^C'1#(Z#@%F,K/<AIZ!ENDS9LNA8Z/EM>YLM_<
M]H(:1Z0K0.S?J)[:</[)KGE,M?PKM]R-97MG6K&(*E9GT@TN]UH=2BV(R;BJ
MIM$EJ2O:4H]%,B9S"DX4.57O3'.(:R)E;(;):^9!L#'3G ?I^A=P=.^K6(8E
MTZ-VGTE#17[E+DS=QJ'PU,R4#!I@(Q(U/-9$;BL_;9MV737WC94P9)5F5F+-
MB&'D\I1*RJL7.U^Q1[1F:(96UD1$KA*:C$D11;'$HIN11(7G$@"(5*BIE5=*
M^;)<'#;^7K669%E^'YIT;O=YQA[#5S*0.J&@0V/W"(('88_G5'P#F#B)3&+Q
MX#V&$!^OZ!^@?X]8>WMYKYBN)8);FF#FZ@CD0>(["N],$;DLP[;\@*9.Q/:C
M0MO<P<I6Y![)L&EB9RL),HIHOHZ8C9E-TTDFRG<IF %0'E.F40]FO1*JYM*_
M?+U<1#U+*\5S7(<4NLR]VN>?C'LA,WDN\QL1X3&.[UQT4A6X+JBU3<%MM4Q3
M9-H6$V&8)U@SB[1FF'AHF*53"+21)&S]7CHR,:RD5.$!N0HIJ.U&Q"<2E 2\
M"A[S=&NE0FRV!Q'&&JV]E?7"WY;A[K=.M%')R ^_-$F6"1PB"&B#HGCV*($0
M]T1#V<P  _H'5I)W3-W<N<7-<UP#_>(C]*V:F4%N 1[>'T\/S^WCJ(E&;PY:
MJO3S/)FB=]V/UZ*9'I$;P:[B#)]AVTYK%"5VV;GV8T>UQ<SRJ0\';9=IY-$S
M2A51[MLSF45? /#AP O,DKV"EQU[Z&?(#7TU5#RRW@=1$F'#UKJ+Y7.K=1TZ
MRN7:ZM[Y=%5SVO:8N&V8""PB'")@##B"0LU-J=PLO1RZBEKVI9/E'1MKFX23
M8OJ%:7YU 81WG#D[2DVT%SF\.FNP<'&$FQ*/*'(FL8   $<#H:HX-D;K76N_
ME:P[F:Q )=R' 0UX!?>W,*2EZV]/96;VH#_+J22/C&-$-K6B#>'#=H>\ZJW2
MB8IP*8IP.!B <H@8# 8I@*(& 0$2F P#V"'8.MN!\N80YAU(^I<CP+7"6[WF
MM@5[&IE,FB)HB:(FB)HBZ]RIDRGX=Q]<,G7Z7;05-HU?DK'895TH5--M'QS9
M1<X$YC%[URX.4$DDP]Y14Y2E[1#7CN%=(MM',K9Y@R6V/I[EZ[?;:J[U\FV4
MC=TR?,#/1'2*J)[3(:0ZF6]C+O41W+D\DVO[<UCSD1&V$XDK[1K4TUY2E4TI
M5_L%F\$R1\XE^0!YW:A$S (J<-:FL='59AD+K]7Q904Y#F=A),".S0!=3]6,
MEM?R\]+3CU--;+OCI!FSGZ!_EN;'5VAXQ@(ZDJ+3J ;P9[>GN,MF5GIG;6F,
MU5:SBVO+\4TH.B1CA0K PM>;D3D9M4#/78^WO%0)["!K/KA4?$UA<W]B&@!?
MG#ZNY_<,[S"==)DXFD#B9;6D[6DZ$@1]XC0GB>:PA$1$>WC^3MX\/R:\@TT"
MU2M-$31$T45KH=>*$DZ'@MY1$1'B(C[H]@CQ#L[?I_*&IH L='L'YU/+ 'C&
MD"W\\%-]L(;/8+I>]5"Z^&65;2U?H%+;B)!,FJJL*OBE>/L_=$)H@F'C[O$-
M7:C8UMO?M$-%U/TK_E>C.95D!Y;]DL=VN[AZE""<. F+](&X<?S<0_CU9&<%
MRF-6M=R@MG^?V_EU.HK30ZB!X*;<X\25KQ'V<>SVZ0"@228G4K3106NH@D<$
M7E2,)1,<#'()>4P'3,8AR&!0IBG(8H@8IRF#L$. @/:&H AK@^ ,#%5Y$VH9
M4RWTY/Q+7 LU,01J(<QZE92IXM.L%TZGF,Y-RU=;V]G$:22ID@NH!)>_5)%H
M5)HF9<3D7<$LL9'E9N!*(]U*M4%1X"KJCD5IDY5:7N:!\?+;&6[3<".0/$>H
M]_:OLY\C'S%"9+%KO<QV\@4]4UQ)WRBYH#W@F#H& \0*D\Z)6^]SN4P>YP;E
M*27+GW;VU;UJ:0F.9&;L])9J^60D^X16 JIY2&40&-D@X"8JR2:AO]+QU2P&
M^&Z6WX*JTN=+X'#F0-(GZEU7UOP&5BV0-O=G@[&K@ ^6X" #W#=M'=")4X@#
MQ !^OMUGJTBFB)HB:(FB+QJ&Y0 >/#VZE@7/: J<U^QA=S557K.[E[ONJSQC
MKIA[;%59J1E;3#&RTZCE3G:NK,N8CJ*J\DNV,)2PM.CN:5E>;B0JA$RF[2"&
MM1YI=*F\W.7C5O!+@_QP["(#ZXKJGHSB=%B]HG]3LK#64$F3NIMP!#IS22UI
M!T\1AZEC]U0\KTG9MMWQGTM-O4@0J4+#QMEW&6AARI/;!+/CDD@B9-5(1.+R
MSRQ1D'B9AYDFB;=#AR\0UFDNWR;)99%KDN_F!J\ \B-(^M?)CYVNO=9F-\JK
M"R8]UQJG[YXW$^7#W93=?"T-UV"#8G@J[1S"/$!'C[PB _D'ZO;P#7E UCS@
MOG*]P?M( :0T-/I'/T]Z\>IE331$T1-$31%N#Z?T:@>"JR=9D.4"K#^T\T:W
MZ$>^M1H)1DW&0'2$L4"@42D$^/4V'$?Y91;&$0[=7VD'_%N/<5UY@$R5(^6V
M^/(&Y\^!T$28'CVJO$I^L?C[>?C_  \=6!FHBN02/PV$<-J\>IU(FB)HB:(F
MB+7_ #^W\NBF:YS'![20X<".(646SC=#;]G^X.B9RJ:BRY*\^*SMD$58Z;>T
MTM^<B5@@')2F #&7:<5&QAX]TZ33/]&O70SA(G@CAV+/NFF<W+ <LIK[0%Q8
MV8/-9$[7L)\>X#1T!$ZQU$5-!O?8K[0-Q^">KML[Y)7!F<W4=+9 BH?[")"4
ML;=,]GK\NBU,*31G?HTJW,4P #6;:J#V'$H:PC)Z2JL=\E7Z@&REG3 V9M\(
MVF+B2! $Q;S[5^C3H?F>/];>F$[#:J:)LORA.H)KO$\N]TM:YT2-I=" ,%:Y
MP=F.CY\Q51<P8YE"3%.OU<83\.Z(<#J(D<IE!Q&O2%$00DHMT4[=PF/ Q%4S
M (:VG15U-<*=L^C<'2"./?V+GZ]V:MQR[SK#<&EM33N+3'G Z'UB!7;@=O;K
MUJV)HB:(FB*/'J8;V8+8]MGLV1P7:KY(L";FI8D@%C%,I)W*0:G[J250XB8\
M766XB]=#PY1!,B8B J!K',HOC<?M;KC#=.$0P<B3[-%G_3/"*C.\KI[4!_QS
M'!\]T([61T^F!"@0V&5IEL1VH9=ZJFY1)6P9VS:C+,L%Q%A,<TY+N;:Y<.4I
M@Y5^*R;N]2XBZ6.  9&&:B(<"J:Q3![1-II$[)+Q_OJCQ#=J0"21".H"]/SC
M]<[)@F/NQVRO_P")MS7-EM:8-F3]@&K1X26P!B1$'TJNQD.^VO*-YMF1[S,N
MIZX7>>D;)9)5TH90[N4E%S.7 E$PB)$$>8$TB![J:1"E#L#5[F5,RKJ'3W#P
M'@>WUK\^-]O=?D%TGWFY.<ZNJ)KGESB28'AJ==%PO4594T1-$31$T1-$34P&
MA]"JRO?]15D[;;7SA^'YW9O8]FEXJ2OMEDWJI [M5PWBIRA(J**G[>\\.U:B
M !]0<-7^2/\ BM.,#^A=GX)2MG_*[=R -S9[R3#6 A[56U5[3G'_ )0_QB.L
M;9P7%W_LL'<O'J=2)HB:(FB)HB:(MY#" CP]HAP ?I#M >/\(:E<-0[L*J2W
M^7,$SL^O2$%/OTD<_P!#R[1LD],G<<NG(8NSI%R9L3/GJWVU9O*R0NW4-%KK
MB)6CIT]:IR4=RB42OVYBAQ[T0&Y!DF\4,VTU&T.?+.V.OBY0["N[?DXZZ7'"
M;W*QBI>\.;-\VE)<[WBYH,MHCHUP),! 1$5DQTH\ZWS8'NVR1TR-R#]5I7IR
MW.EL0S\BHHE&H69X07$8K&*K#W*4!DR'(FLD4H\J4D02#[QS &"8C73\;NTS
M%KKX:;:7L<>;MP $>\$_0OLSU:QRU9[B<CJ9B3O-JA+:VK &K7[2YP/.(AZ5
M;!)QXAQX\>4>/T!Q]WZ..MN1'!ONPBN4A'<W=[VW7ZEY=14Z:(OGRL@TBH][
M)OW!&;"/9NGSYVKQ!%JS9H'<N7*PAVE3002,81#CV!J280&$_: C]"B)<R:X
M-E$!Y,!'F3H%3YD8F[]:?J7$-+1-EB=GFWQ0ZB(2L=)Q3-[2HB4(9=5(KY!$
MBD]E:<9^]R\QT8L@?03@.H)DJLS/*9=48BTTSH;(DL)!U);P)]2ZRIZVR]'^
MDKV2*B6[,KF/'M@)K6-&YOC'B#?$8ZPT6,W5OW!9 W1YU1Q_C/'E^;;?L IJ
MT;',9%TFSHQ$O)QP%CIRV(-TXHK?PAA:%91W*  5D@!B]BHZV3=!,-0)$AHV
M,:!"&@'9!?!;YCLSR3J!F<R2:2JEVRG<X N;-<V:XG5VUOAW'B2=>2B8'%63
M_P#=ED3_  79O[+U;A*JP(!@AZ%SH;+=2?%(F&'_ ,,[V+PGQED5,1*?'E]3
M, \!*>GV,IOX!C.(:IO950$&CZ$_L=T_IW_P9WL6WX;9"_W?WK_"%B_LS5/;
M5_=^HJ']CNG]._\ A3O8@8UR%_N^O8__ (C8@_\ MFFVK^[]14#9+H/_ *[_
M .#-]B#C;(8>S'UZ_34;&/\ P1F@;5G[/U*++%>''\.FGN/^B2\GU[@O - O
MI>(#0KKQ > AZ1L?8/\ ]-#3RZO[I^A5#CV0'A1UG\ ^Q:>@KY_<&Z_X1L7]
MGZ>75_=/T*'^.9#_ $=;_ /L3T%>_IH-U'\GI&Q=OY_ZNU'9. /F @0[%.W&
M\C(,*.MA#4^0?8K6NQK&UELW0MW"T1.!E6UEGF.>W<;$/HQXV?NEF7A7[1-N
MR<HD<J*+'C3%( %XF$ Y?;K)J9CW6J,L1,#^A=T]-+4^9\N-TM<N54&K<V9%
MKY>PDG;PTU]*JEA0[Z=,BIJ+=#"8I?<]'6,@E]T!X]L84!^KVCK%VRJD AK"
M-?2N&7XOD$AGDFVUK'AQ\?EN<'#L (@.V(6GH*^?W!NO^$;%_9^H^75_=/T*
MC_CF0_T=;_ /L3T%?/[@W7_"-B_L_3RZO[I^A/\ ',A_HZW^ ?8GH*^?W!NO
M^$;%_9^GEU?W3]"?XYD/]'6_P#[$]!7S^X-U_P (V+^S]/+J_NGZ$_QS(?Z.
MM_@'V)Z"OG]P;K_A&Q?V?IY=7]T_0G^.9#_1UO\  /L3T%?/[@W7_"-B_L_3
MRZO[I^A/\<R'^CK?X!]B>@KZ'LH5U_PC8O[/T\NJ^Z?H3_',A_HZS^ ?8OLU
MZNY6K,Y$62MU6_0MA@))C-0DNSJMD1=QLK%N4WC!ZV5)'\Q%F[E$I@_-V\0X
MAJ:6*J3.9-#3H[L7OMU!EEIKY-UI*:XMJZ=X<QS93@01WC4!6*-U5+F.IEL6
MHF]>@5J=KF\3:VBG%Y2A6D-)PUCL$;7O#R4@^AT5V[=R\69'($Y%"D4W#G70
M !$ #7FS*QFY4C;S2#^>IX.@.)@#IVP[O^B^ZWR9=:ZJ\6.5B^7/\BCN#?+G
M,FRMH$SP@3#N&KBT$1[8]JFVZ6.\N1WC[:X.?NT9*P68* FUIN48R8BI&(6D
M)5JV3\MMK%&0;M^_8VEBEWYA( @FX!0@\. :NF)76LNUF;.N#-E4UVTB'(*^
M=4<4H,2S"HH++4,J;,\[F/&L"?L^@:J2_62K7J:(MABIJE,0Y2*$, E.0P%.
M4Q3!P$IBCQ 0, ]H#[=()W\PO4:QL<RYP9Q[%H"G 5 :M4$.\X<> G!),G-P
MXC[>.J4J1(D1\AC&1,3M $?3!3SIDRI(=4.=,<! %Q+H#L$8P7E*V:%$0*V;
ME'LX\$4@XA]'L+[-5><>:\C:2D8262I8)XP:!'ZEN%NV#M%!  ^L4T_V=(!3
M?#R/N,^@>Q;19LS#Q,U;"/UB@D(_QEU" 4?(D?<9] 6G@67\S:_T=+]C3:.P
M)Y$C[C/H">!8C_L;4?\ Y=']C2 [ GD2/N,^@)X!C_,VO]'1_8T@%*::F/&6
MP_\ I'L7C\!'!Q_<69?RBU0 !_3R=ND 5#X2E_=2_P!4>Q;O+V'\Q9_T9']C
M3:WL"C\+2_NY?ZH]B"PCP]K)F ?E;(!_[FH%C'<0#ZD^&IAPEL_5'L6\K5HD
MGW9&S=-/M#D(BF4GOC[WN%*!?>'V_7J9I+1M;H.Y3B3*;)-.UK1(/%L!M/JX
M?4O'Y='%#_460 '_ #9  #_U-0@#Q5,4E*T;1*EAH_TCV+7R^/[/W%IV_4V1
M_8TVM[ H_"TO[N7^J/8M/ ,.W]P:=G_-D.'\/)PTVM[ GPM+^[E_JCV+7R]A
M_,6?]&1_8TVM[ GPM+^[E_JCV)Y?'\>'@6?'V_ZLC^QIM;V!/A:7]W+_ %1[
M$\OC^/#P3/C]7AD./_L:;6]@3X6E_=R_U1[$\OC_ .9,_P"C(_L:;6]@3X6E
M_=R_U1[$\O8?S%G_ $9']C3:WL"?"TO[N7^J/8GE\?\ S)G_ $9']C3:WL""
MFIAPEL_5'L6I&#%/F[MHV3!3]<$T$TP/V"'V@%* '[!$.WC[=("&W[)4[),F
M40Z6UK7 Q!  (/=!;D&;-J(BV:MFPF  ,*""2/, >P#=V4O$ ^CZM2LERY8A
M+:&CN 'YE7?-F3-9CG./>2?SKV=3J1-$7YPWXD'KI[SL0]1RT;==E.Y>[88Q
M_@*G5ZG7I"A.(E-&RY4E4C66SK21WT9(&47KS.39QX%*8O(HDJ AQT19I_A3
MNLGN:W;YYS_M8WF9VM.9[=-T:.REA>;O"[ \JQ&GO!B[W58T6#*/(=!W&S#6
M0 ABF,7PBHAV".B+.+\61O;W6[(MM&U2X[3\WW+!UFNV=+-6K5,4Q9@B[FX)
MG0G<FVC'AG[)\F9LB_3*J4"E >8/;HBJR=)S\0)U%E^HIM0@-TF\+)N3\#7G
M*T+CG(51N+F%5@EX_((+5*,DUP:1#-=-6#GI5HZ(<%  O=#Q[!T16WOQ3W4?
MS%L$V9XFA]MN39O%.>,Y9A:Q4-;ZPJS)/Q%$I$2XG+@LT!ZW=I$2D7KN-9G-
MW8CR+F . CQ BIM=.[K@=6/+&_#9_C/(F^3-%JHE\W&8EJ=PK,F]@?+I^N3M
MRBXZ7B7P(02*XM7S)<Z9P*<H\#>W1%FG^($ZOO4NVM]5O<MA3;_O#RSBW%-1
M+C3TS1ZT\ADX6&\WQG59B2\&F\AW:Y1>2CY98_$YN)CCPX!V:(L-L=[Y/Q1F
M7*57LD8OR#U <@4"VLADJQ<JCC5W.UN?8 NLU%Y$RS"EK,WS8'#<Y.<AA#F(
M(?1HBG1Z-6X7KGO9W?5-]0&<W?1E)H^P_-MTQ9+9MH[VJP,/ENOLV[^O2L$^
M?5F+05LC%JDNHDGS*>X41$H@ :(JOE0ZZ?6\OMGK])I>^?<7:;?:I9A 5JMP
M8P4E-3TW*.$VD;$Q4>UK1W#V0?.E2II)D*)CG, !VCHBR,R?U5_Q(^T9: M6
M?LU;P\4Q\J].S@E\U8P:1U8FWR!>]58I!::.2)D'!4R"(I<PFY $>' !T160
M.GK^($W+;[^EUU-RY(?1M*W@;0-L5IR=3LQ8YCTH EBBW<'-(0MJ4@A*XBH:
MW5JPQA2J@V*#5P18AP2((& 2*$+HV]:CJ?9RZG.SG%&<]Z^7KYB&X93!AD"I
MV%[!GA)NN-:W/2;MO*%:PK9P9L0S$J@\IRB(DT1?)ZD7XCSJ-[W=SMAQ)LXR
M5>,#85<Y!6QOAJA895+$9'R2=6</78&5LMN:%&P.IRW.S)J),FBS5JW!8B8%
M,8#*&(L:LL[B_P 1)TL[I1+7GK+^]#$,A;SJOZDGE*[2>1J3;_*3(JR,4[CY
MN4ME5D%FZ:Q/$M%2E7!,X#R@'O 1?H3]!;JNR/5=V?.\AY"@8^JY^Q#9DL<Y
MLAX5JX8P,E+KQJ,K7KK7V+D3*1\;:XLQSG:\ZA6SM!8A3"0"Z(J4O6G_ ! F
M_=KU(]R%*V>;LLBXFP+B2S)8BK-?HKJ&"%E):AH!$7&SF.\BGRRSN6MI79>?
MGY1113  [.(D5AG\*'U7\Y;Z:%N4P;NQRY/9=SABJ>@LD5*TVU1D,_)XMMJ!
M(:0CN9HV9(N&U6L\<40$""8I)(H"/#AHBCJ_%+=47J ;+^H)0,7[6]TN2\+8
M_E=N--MTA5:>YB$HQU8Y*W7=B]EU2OHM\H+MPTC$"&$# 7E3#LT10O8>ZAWX
MF?<)3$LBX+R_OMR[0EY%[#I7#'M!5M-<4EHP4RR,:26B:<Y9F>L3*E!5/FYB
M"8.(=NB*2W;#O"Z_N/\ ;GU*\H[Q[WO-H;#&>RJ:M>&[GENDNJC&UO*Y<GX\
MCF4A7I"3J\>T6L'D+Y\0B9N]#N3''D#AQT10O8LZU/7AS?>(;&>']Y.Z')>0
M;$9R2 I=*915CLTR=DT6?.RQT1'5A=Z[,V9-E%5.4H\J9!,/8&B+,4VYW\64
M("'F'4EX@ \>7#\P AP >/ 2T;CV:(KRGK??=]P)Z\Y\R_>"_)6,QWGI]7XW
M?&_P  !_3G@.^]6>*_V?PW'C_)T12Q[F<[53;%M\S/N%O#E%K5,-XVMV0I@Z
MY^[(NE6H9U(-X\AN(?;RCU-)LD'TJ*@'M'1%^1ETK,(2W5HZRN/([,3%:V1.
M8,OY SUG=-T8SE-Q4X_SJ\V1FNH;L!H\=G;QY.;L %B 'T!HBXE@B]V[HZ]9
M^)E)?Q46;:QNPGZ)=VQS*-PE<5.+*^JEB!8  @G;2V/98SE,. @/$A@]@#HB
MMW?C5YB-L6RO8M8(5VC(0\YGZP3,2_;G*HW?1LIBER^8O&ZA1$JB+EJX*<I@
M'@(#QT14&B8LL-7V^8XW2UM9VW22SG9<9.Y!$3%")N-3K]3O]562.42]RX<L
M'ZYR<.T1:"(=H:(IT>M?O@>]7C=3TXL;XV?GGDQVW;?JB]9,%C.A:YRSDXBW
M>3VRB:1A 7<0Z!FW4']8H-QYO9HBC/Z>L QJ75MVG5.-.*K"K[XL<5UDL<0.
MHJTA,LLXQLJ=3VG,JDV W'\NB+,W\4%_WUF[C_T,1_\ ZAI>B+[6U+K@=;G;
M;MWQ5@[;@[GBX/QQ7#06.2H;9HZY(A!C)/I P)V=:I2"DP0K]\L *BL?ZN/9
MHBN3])?>UO8WT](7J'9*WS.'Z^2:U!9_I]:\PQFVQ<J2H(X!+*HE+#-8F'3?
M$\UD7'[QW9A_D<WNZ(OS+MLN;93;7N$PON$A(-A9IC"F3*;DZ+KTJX<LXR;?
MTV<9SC6,D';+B[:LWBS,"**)@)RE$1#MX:(IQ^J_^)$W%]5C;W&;:KO@3#V'
MZ VO$'?91[47UCM%FDY6N)/TXALA*6%5-*'9)FD#F6!!(%%N %,8"B(:(I->
MC3M!QKCGH;=7W=G%9LQ[DO)F8MJ=YH$YCZCR+EY)X5K=<JT_.-X/(+=ZW9N&
MMKL[YV#DI4TSM0;MB]VLJ(GY"* WH&L&LKUA-AD2^)WK&5S*,6]2]G>LY"H6
MAFY3Y@[2"=!8P (>P1T19*=3[H(;_P#I[YWO-LQYB7(V6MO[:Y25MQ7G/#D1
M+V1Q!09Y564@4[6QK175BI=LKH'(114Z94#JH@JBL(#P B]/"'XCSJK8 5AZ
MAE*_UK<S5:DY12]!;KL90=_DF2*!"MU&J=FDF$;>HMX+8@)"L9V=3A^L!N'#
M1%<<VY_B'-NF:NDKO6W>TS%=6V[[@MM^/R1-VQ- (1+6*D,DY":.JQA^Q5.4
M8L8UY/5Z6L[P2E(Y2\2S,W4(<1 2G.14P.@ST_\ [T#?-D:EY&:.+'5H/ >=
M<CW*4>"99,;U9Z[(52@/WZYN( [+D>VMI$HB/$QF9A[>W1%ZG0LW-SW3BZP>
M'BW]RM7X&5R'8MJ^;63DZB"#.-N$T>F+J/DE.!2A7+XQ8//? !*#<W:'$=$4
MB'XS0.'5 Q?V@/\ U3<?]H>P?^G.1PXA[>P>&B+#KIL?B0=W/3"VR1^UK"^)
ML%7"E1]UMEZ3FLA,+BXL*DG<%6:\@W$\)9XAEX) S(H)!W7,';Q,.B*TC+=2
MS,?50_#,=2;<=FZI4*F6V):W?&S>)QTA--H-2'K[_&,HU=JI3DI+O/'JJSJA
M3B"O()2%X%#MT1?GZ;+=Q&X?:IN.H&=MJRCE+.E(/-*TL[6HDO:_/+0<A#2P
M%JRK*13E -#/UP,443@0O$WT<=$5D+#7XA#\01:\PXHJ]K?6,*O9,F4. L@F
MVE1+ OD,Q:HJ.F.=Z6DI&9E&/<J *H&**?M 0X<=$7ZAG\GF_E<OM[./LX_F
M]OZ-$50C\8CO1)A7871=JE<F"M+GNROJ)+ T0=%2>HXFQFHUG[ =9 # H+*:
MM*T6TX_JJ%*H7M#CHBI2=++I8=4C>A"7W//3T5<55M09LN-K'>X_,:6'9D[^
M6C&LV[@XN3!]'R$FR!D9 [HJ1^0HF3 W:(:(NCNIYT]]]NPK+-43W[("\R5G
M""D;K%6]3(J&4'=K:P3QM!22LM:4W3Q=>6CCF;D.FNH94J1TA_5$NB*6?J.;
MT/G)_#U=+MQ-S 2F1MOFXV[[=\A NZ*O)"M0L6*A2Y1Z43=X4):ANF E,(>^
M=)3_ ,T=$7"-E&V$NX_\./U,9V.8E?6O;9NRQ9N @S)I]ZZ1C:[CYE W1-N!
M0$Y4U*?/NUU  .T&P#]&B+@_X7G;";<3U6<=VR28"^J6V>BW[/<X91/O&B<M
M!PRM<I"*XF#D*<;;9&RY./TMA$/9HBP0V!*"?J];6E3J@8RN^S'YC',<!$QC
MYA;B)C&$> \QC<>/T\=$68WXH$0-UK-W( (")2XD P<0[!#$-+'@/;[> @/Z
M=$62^R?\5=NRV/[5\+[4:)MOV]6ZI84JRE4@[+:EKP2Q2[,\O)2_BI8L7.MF
M/B@6DSE^S(4O*4.SCHBF?V!?B/=RW5*F=V>U[*V#,(XWJ0;"]V.2!GZ XN!I
MT92H8[529LS%G)=^P%@Y++'[XW(!PY2\![=$5*_IC0\+8>HELB@;'%QDY 36
MZ'"L9,0LTT:R,3+1SV^PK=U'24>]36:/&3Q)04U$U2&(<IN @(#HBO>_BY]D
M.UFB=.NH9WQI@#%>-\E4S<#1*TE;,>46OTQ\XK-QB[.C*PTN>N,(Y*08KO&;
M=4@+E/W:J8<G+Q'B15L.@[;%&FU#KNTU2:(BQFNFO:K"C *O"I@_?P#R49'D
MV[(YP(NI',ILY5#E 3$(L''L'1%@9T,H:2L75AV5UV%L#NIS=@R;(P<):8[D
M&1K4Q+4BU,8R>CP.!B>-B'JY'"?$!#F3]FB*0C<9U2?Q '3&W>GQGN8W/YRE
MY;%5]0DD:OD<K9]BS-5/BI4%6SMJZ2B&R%DI-PBB !SM5^\2*L)!$BI! "+I
MKJ]=<.O]5^@8WK"^QK"F!L@5"Q)6*:S%6'XS^0; 88US'+U5K)A7H)RE57KA
MT#@Z+M1\J*B"7(8H@83$49=UJV;]M.W1I2;U$3F/V>[=Q5,DHU.>;.XB=GL:
MXQ?SS>G6B1A'I4';:!L%KEG2D:=9,H.BQIE2<Q.4PD4DO3-Z076*W.X7<[H-
M@4B\H./;9.S5$<V>%SVGAJ<LKFH.T/,6BK=M)QDC)0K"27Y2',8R N"'Y?>(
M/ BCWW\[--W'3^W(N\7[NV9H;.4K$PN6#3K*W(73SU*ROWKEI9D[>R67))2J
MDO&KBX4%0RQ'*9N<>;1%F?UMMX;+?99-A6X;S!%]:YC83BZH9-*18JBS7*%
MNN0ZI="NO>$R:K^2CO&@ \.*;HH@' >&B*Z7^$\VZ[?LG=)&O6;)&#</Y LA
MMP.:F1[!=<;4ZTS9F;1Y @T9FE9R&?/A;-BG'NT^\Y2 /8 <=$4EO7*QICK%
M?1.ZA%=QE0Z;CNO+89>R*L'1ZU"U2'4D7-HJJ:[X\9!LF#,[QP5(A3J"03F
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M%]8>>>E1%YZ/\!P\Q[_]T[K_ $O9HBX=0_N<?652^&GW=WQ \^B_0_HH-O\
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0T'Y/Y_\ _!\5_P O1%__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g557664img2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g557664img2.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ &0%$ P$1  (1 0,1 ?_$ (H  0 # 0$! 0
M      H("0L'  8% 0$                     $   !@(! @,#!@D'"0D!
M   " P0%!@<!" D $1(3"B$4%4$B%A<8.#$RM':V=[=X.5%"([4WF!IA@G.S
M='4FUEAQ4K(E-39&U]A9$0$                     _]H # ,!  (1 Q$
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MVKC;:7@. )O) G%\X?F=@@LO5WUC,HVDV2H76Z*<<)3?(;WMZO*G:W3.T0W
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%'Z=!_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
