<SUBMISSION>
<ACCESSION-NUMBER>0001144204-12-009188
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20120215
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20120215
<DATE-OF-FILING-DATE-CHANGE>20120215
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Amtrust Financial Services, Inc.
<CIK>0001365555
<ASSIGNED-SIC>6331
<IRS-NUMBER>043106389
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-33143
<FILM-NUMBER>12614195
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>59 MAIDEN LANE
<STREET2>6TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10038
<PHONE>(212) 220-7120
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>59 MAIDEN LANE
<STREET2>6TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10038
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v302650_8k.htm
<DESCRIPTION>8-K
<TEXT>

<HTML>
<HEAD></HEAD>
<TITLE></TITLE>
<BODY>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 OR 15(d) of the Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-size: 10pt">Date of Report (Date of Earliest Event Reported)</TD>
    <TD STYLE="width: 55%; border-bottom: windowtext 1pt solid; font-size: 10pt">February 15, 2012</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid">AmTrust Financial
Services, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: windowtext 1pt solid">Delaware</TD>
    <TD STYLE="width: 2%; border-bottom: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: windowtext 1pt solid; text-align: center">001-33143</TD>
    <TD STYLE="width: 2%; border-bottom: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: windowtext 1pt solid; text-align: center">04-3106389</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(State or other jurisdiction</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>of incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid">59 Maiden Lane, 6<SUP>th</SUP> Floor, New York, New York</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">10038</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%">(Address of principal executive offices)</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 33%">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; font-size: 10pt">Registrant&rsquo;s telephone number, including area code</TD>
    <TD STYLE="width: 55%; border-bottom: windowtext 1pt solid; font-size: 10pt">(212) 220-7120</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center">(Former name or former address, if changed since last report.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<U>see</U> General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.133-4 (c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%">Item 2.02</TD><TD STYLE="width: 90%">RESULTS OF OPERATIONS AND FINANCIAL CONDITION</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On February 15, 2012, AmTrust Financial Services, Inc. issued a
press release announcing its results of operations for the fourth quarter ended December 31, 2011 and the scheduling of a conference
call on February 15, 2012 with respect thereto. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is
furnished as Exhibit 99.1 to this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%">Item 9.01</TD><TD STYLE="width: 90%">FINANCIAL STATEMENTS AND EXHIBITS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Not applicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Not applicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Not applicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Exhibits.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">Exhibit Number</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 83%; border-bottom: Black 1pt solid; text-align: center">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press release dated February 15, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid">AmTrust Financial Services, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Registrant)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">Date</TD>
    <TD STYLE="width: 90%"><U>February 15, 2012</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid">/s/ Stephen Ungar</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Stephen Ungar</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v302650_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><img src="header.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 14pt"><B>AmTrust
Financial Services, Inc. Reports Fourth Quarter Operating Earnings<SUP>(1)</SUP> of $40.7 Million and Net Income of $37.9 Million</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B><I>Book
Value Per Share of $14.82, Up 23.2% Since Year-end 2010</I></B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Fourth Quarter and Full Year 2011 Financial Highlights</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating diluted EPS <SUP>(1)</SUP> of $0.66 compared to $0.57 in
the fourth quarter 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Annualized operating return on equity<SUP>(1)</SUP> of 18.8% and
                                                                                                               annualized return on equity of 17.6% </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross written premium of $586.8 million, up 23.6%, and net earned
premium of $299.4 million, up 42.3% from fourth quarter 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Commission and other revenues of $87.1 million, up 20.6% from fourth
quarter 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating earnings <SUP>(1)</SUP> of $40.7 million, up 17.9% from
fourth quarter 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Net income of $37.9 million compared to $33.6 million from fourth
quarter 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Diluted EPS of $0.61 compared to $0.56 in the fourth quarter 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Combined ratio of 89.0% compared to 87.6% in the fourth quarter 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Full year operating return on equity<SUP>(1)</SUP> of 22.3% and
                                                                                                               return on equity of 21.2%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Full year gross written premium of $2.15 billion, up 37.8%, and net
earned premium of $1.04 billion, up 39.1% over 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Full year operating earnings<SUP>(1)</SUP> of $179.5 million, up 29.7%
from 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Full year operating diluted EPS<SUP>(1) </SUP>of $2.91 compared with
$2.29 in 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Full year net income of $170.4 million, up 19.6% from 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Full year diluted EPS of $2.77 compared with $2.36 in 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Full year combined ratio of 89.0% compared to 85.3% in 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Book value per share of $14.82, up from $12.03 at year-end 2010</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fourth quarter results include a $0.01 per diluted share net loss
on life settlement contracts. Full year results include a $0.38 per diluted share net gain on life settlement contracts compared
with $0.10 per diluted share in 2010</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">NEW YORK, Feb. 15, 2011 (GLOBE NEWSWIRE) -- AmTrust
Financial Services, Inc. (Nasdaq:AFSI) (&ldquo;the Company&rdquo;) today reported fourth quarter 2011 operating earnings<SUP> (1)</SUP>
of $40.7 million, or $0.66 per diluted share up from $34.5 million, or $0.57 per diluted share, in the fourth quarter of 2010.
Net income totaled $37.9 million, or $0.61 per diluted share for the fourth quarter of 2011 up from $33.6 million, or $0.56 per
diluted share in the fourth quarter of 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">For the full year 2011, operating earnings<SUP> (1)</SUP>
totaled $179.5 million, or $2.91 per diluted share, up from $138.4 million or $2.29 per diluted share in 2010. Net income in 2011
totaled $170.4 million, or $2.77 per diluted share, up from $142.5 million or $2.36 per diluted share in 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Fourth Quarter 2011 Results</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Total revenue of $386.5 million increased $103.8 million,
or 36.7%, from $282.7 million in the fourth quarter of 2010. Gross written premium of $586.8 million rose $111.9 million, or 23.6%,
from the fourth quarter in 2010. Net written premium of $345.0 million increased $86.4 million, or 33.4%, from $258.6 million in
the fourth quarter in 2010. Net earned premium of $299.4 million increased $89.0 million, or 42.3%, from $210.4 million in the
fourth quarter of 2010.</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Commission and other revenues of $87.1 million increased
$14.9 million, or 20.6%, from the fourth quarter of 2010 and represented 22.5% of total revenue. The combined ratio totaled 89.0%
compared with 87.6% in the fourth quarter of 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Ceding commissions, primarily related to the quota-share
agreements with Maiden Holdings, Ltd. (&quot;Maiden&quot;), totaled $42.1 million, up 19.8% from $35.2 million a year ago. During
the quarter, AmTrust ceded $189.3 million of gross written premium and $148.8 million of earned premium to Maiden compared to $127.0
million of gross written premium and $112.0 million of earned premium ceded in the fourth quarter of 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Total service and fee income of $30.1 million increased
33.5% from $22.6 million in the fourth quarter of 2010 and included $4.6 million from related parties compared with $3.5 million
in the fourth quarter of 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Investment income, excluding net realized gains and
losses, totaled $13.7 million, an increase of 21.5% from $11.3 million in the fourth quarter of 2010. In addition, fourth quarter
2011 results include net realized investment gains of $1.2 million, or $771,000 after-tax, on certain fixed income and equity investments
compared with $3.3 million, or $2.1 million after-tax, in the fourth quarter of 2010.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Loss and loss adjustment expense totaled $194.3 million,
an increase of $54.6 million from $139.7 million in the fourth quarter of 2010 and resulted in a loss ratio of 64.9% compared with
66.4% for the fourth quarter of 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Acquisition costs and other underwriting expense of
$114.3 million increased $34.6 million from the fourth quarter of 2010. Acquisition costs and other underwriting expenses less
ceding commissions totaled $72.2 million compared with $44.6 million in the fourth quarter of 2010. The expense ratio was 24.1%,
up from 21.2% in the fourth quarter of 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Other expense of $23.8 million increased $3.2 million
from $20.6 million in the fourth quarter of 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Full Year 2011 Results</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Total revenue of $1.36 billion increased $355.3 million,
or 35.4%, from $1.0 billion in 2010. Gross written premium of $2.15 billion rose $589.7 million, or 37.8%, compared to $1.56 billion
a year ago. Net written premium of $1.28 billion increased $449.4 million, or 54.3%, from $827.2 million in 2010. Net earned premium
of $1.04 billion increased $291.2 million, or 39.1%, from $745.7 million in 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Commission and other revenues of $320.9 million increased
$64.1 million, or 25.0%, compared to 2010 and represented 23.6% of total revenue. The combined ratio totaled 89.0% compared with
85.3% in 2010.</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Ceding commissions, primarily related to the quota-share
agreements with Maiden, totaled $154.0 million, up 11.3% from $138.3 million a year ago. During 2011, AmTrust ceded $703.2 million
of gross written premium and $559.6 million of earned premium to Maiden compared to $463.0 million of gross written premium and
$441.3 million of earned premium ceded in 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Total service and fee income of $108.7 million increased
75.1% from $62.1 million in 2010 and included $16.7 million from related parties compared with $12.3 million in 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Investment income, excluding net realized gains and
losses, totaled $55.5 million, an increase of 9.9% from $50.5 million in 2010. In addition, results in 2011 include net realized
investment gains of $2.8 million, or $1.8 million after-tax, on certain fixed income and equity investments compared with gains
of $6.0 million, or $3.9 million after-tax, in 2010.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Loss and loss adjustment expense totaled $678.3 million,
an increase of $206.8 million from $471.5 million in 2010 and resulted in a loss ratio of 65.4% compared with 63.2% for 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Acquisition costs and other underwriting expense of
$398.4 million increased $95.6 million as compared to 2010. Acquisition costs and other underwriting expenses less ceding commissions
totaled $244.5 million compared with $164.5 million in 2010. The expense ratio was 23.6%, up from 22.1% in 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Other expense of $86.6 million increased $30.2 million
from $56.4 million in 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Total assets of $5.7 billion increased 35.9%
from $4.2 billion at December 31, 2010. Total assets in 2011 included a $523.4 million or a 33.6% increase in cash, cash
equivalents and investments to $2.1 billion. Shareholders' equity of $890.6 million increased 24.3% from $716.5 million at
year-end 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">On December 21, 2011, the Company completed the sale
of $175 million aggregate principal amount of its 5.50% convertible senior notes (the &ldquo;notes&rdquo;) due 2021. The notes
will be convertible into common shares at an initial conversion price of approximately $31.83 per share of common stock. On January
19, 2012, AmTrust sold an additional $25 million overallotment of the notes.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">During 2011, the Board of Directors declared dividends
totaling $0.34 per share. As of December 31, 2011, the Company's long-term debt-to-capitalization ratio was 23.9% compared with
16.8% at year-end 2010.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><SUP>(1) </SUP>References to operating earnings, operating
diluted EPS, and operating return on equity are non-GAAP financial measures defined by the Company as net income, diluted earnings
per share and return on equity excluding after-tax net realized investment gains and losses on securities, non-cash amortization
of certain intangible assets, foreign currency transaction gain and loss, gain on Majestic transaction and gain or loss on investments
in unconsolidated subsidiary. Please see the Non-GAAP Financial Measures table at the end of this release for important information
about the use of these non-GAAP measures and their reconciliation to GAAP.</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Conference Call:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">On February 15, 2012 at 9 a.m. ET, CEO Barry Zyskind
and CFO Ron Pipoly will review these results via a conference call and webcast that may be accessed as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Toll-Free Dial-in:&nbsp;&nbsp; 877.755.7421</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Toll Dial-in (Outside the U.S):&nbsp;&nbsp; 973.200.3087</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">Webcast registration: <u>http://ir.amtrustgroup.com/events.cfm</u></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">A replay of the conference call will be available
at approximately 12:00 p.m. ET Wednesday, February 15, 2012 through February 22, 2012. To listen to the replay, please dial 800.585.8367
(within the U.S.) or 404.537.3406 (outside the U.S.) and enter replay passcode 47923755, or access <u>http://ir.amtrustgroup.com/events.cfm</u>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><B>About AmTrust Financial Services, Inc.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">AmTrust Financial Services, Inc., headquartered in
New York City, is a multinational insurance holding company, which, through its insurance carriers, offers specialty property and
casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and
warranty coverage.&nbsp;For more information about AmTrust, visit <u>www.amtrustgroup.com</u>, or call
AmTrust toll-free at 866.203.3037.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">The AmTrust Financial Services, Inc. logo is available
at <u>http://www.globenewswire.com/newsroom/prs/?pkgid=3280</u></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">This news release contains &quot;forward-looking statements&quot;
that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking
statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects
on the Company. There can be no assurance that actual developments will be those anticipated by the Company.&nbsp;Actual results
may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including,
but not limited to, non-receipt of expected payments from insureds or reinsurers, changes in interest rates, a downgrade in the
financial strength ratings of our insurance subsidiaries, the effect of the performance of financial markets on our investment
portfolio, our estimates of the fair value of our life settlement contracts, development of claims and the effect on loss reserves,
accuracy in projecting loss reserves, the cost and availability of reinsurance coverage, the effects of emerging claim and coverage
issues, changes in the demand for our products, successful integration of acquired businesses, the effect of general economic conditions,
adverse state and federal legislation, regulations and regulatory investigations into industry practices, risks associated with
conducting business outside the United States, developments relating to existing agreements, disruptions to our business relationships
with Maiden Holdings, Ltd., American Capital Acquisition Corporation, or third party agencies and warranty administrators, difficulties
with technology, heightened competition, changes in pricing environments, and changes in asset valuations.&nbsp;The forward-looking
statements contained in this news release are made only as of the date of this release. The Company undertakes no obligation to
publicly update any forward-looking statements except as may be required by law. Additional information about these risks and uncertainties,
as well as others that may cause actual results to differ materially from those projected, is contained in the Company's filings
with the Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly reports on Form 10-Q.</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">AFSI-F</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">CONTACT:</TD>
    <TD STYLE="width: 90%; padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">AmTrust Financial Services, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">Investor Relations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">Elizabeth Malone CFA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">beth.malone@amtrustgroup.com</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">646.458.7924</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">Hilly Gross</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">New York, New York</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">hilly.gross@amtrustgroup.com</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 115%; padding-top: 0; text-indent: 0">646.458.7925</TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><img src="logo.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<p></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>AmTrust Financial Services, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>Income Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>(in thousands, except per share
data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; font-size: 10pt; padding: 0; text-indent: 0">Gross written premium</TD><TD STYLE="width: 3%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">586,761</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">474,865</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,150,472</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,560,822</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Premium income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 0.12in; text-indent: 0">Net written premium</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">344,994</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">258,581</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,276,597</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">827,226</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 0.12in; text-indent: 0">Change in unearned premium</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(45,601</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(48,168</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(239,736</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(81,567</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 0.12in; text-indent: 0">Net earned premium</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">299,393</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">210,413</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,036,861</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">745,659</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Ceding commission (primarily related party)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">42,123</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35,152</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">153,953</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">138,261</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Service and fee income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,114</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,562</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">108,660</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">62,067</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Investment income, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,700</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,280</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,515</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50,517</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Net realized gains (loss)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,187</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,252</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,768</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,953</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Commission and other revenues</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">87,124</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">72,246</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">320,896</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">256,798</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Total revenue</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">386,517</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">282,659</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,357,757</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,002,457</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Loss and loss adjustment expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">194,277</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">139,718</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">678,333</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">471,481</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Acquisition costs and other underwriting expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">114,320</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">79,732</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">398,404</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">302,809</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Other expense</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">23,806</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">20,623</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">86,611</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">56,403</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">332,403</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">240,073</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,163,348</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">830,693</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 12; text-indent: -12">Income before other, provision for income taxes, equity in earnings of
    unconsolidated subsidiaries and non-controlling interest</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">54,114</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">42,586</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">194,409</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">171,764</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Other income (expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Foreign currency gain (loss)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(591</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">787</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,418</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">684</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Interest expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,045</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,857</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(16,079</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,902</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Acquisition gain on purchase</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,850</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Net gain (loss) on life settlement contracts</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,454</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46,892</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,855</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,090</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,070</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,245</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(363</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 12; text-indent: -12">Income before provision for income taxes, equity in earnings of unconsolidated subsidiaries and non-controlling interest</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48,024</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40,516</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">228,654</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">171,401</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 12; text-indent: -12">Provision for income taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11,749</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(9,111</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(42,372</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(47,053</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 12; text-indent: -12">Equity in earnings of unconsolidated subsidiaries (related parties)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,118</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,241</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,871</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24,044</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Net income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">37,393</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33,646</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">194,153</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">148,392</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Non-controlling interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">530</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(23,719</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,927</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Net income attributable to Amtrust Financial Services, Inc.</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">37,923</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">33,646</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">170,434</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">142,465</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 12; text-indent: -12">Operating earnings attributable to Amtrust Financial Services,
    Inc.&nbsp;<SUP>(3)</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">40,697</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">34,515</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">179,451</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">138,362</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Earnings per common share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 0.12in; text-indent: 0">Basic earnings per share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.63</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.57</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.85</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.39</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 0.12in; text-indent: 0">Diluted earnings per share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.61</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.56</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.77</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.36</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Operating diluted earnings per share&nbsp;&nbsp;<SUP>(4)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.66</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.57</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.91</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.29</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 12; text-indent: -12">Weighted average number of basic shares outstanding</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60,042</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59,548</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59,836</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59,453</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 12; text-indent: -12">Weighted average number of diluted shares outstanding</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">62,037</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60,698</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">61,582</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60,347</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Combined ratio</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">89.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">87.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">89.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">85.3</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Return on equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Operating return on equity&nbsp;<SUP>&nbsp;(5)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18.8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22.3</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Reconciliation of net realized losses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 0.12in; text-indent: 0">Other-than-temporary investment impairments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(4,066</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(4,411</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(21,196</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 0.12in; text-indent: 0">Impairments recognized in other comprehensive income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,066</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,411</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(21,196</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 0.12in; text-indent: 0">Net realized gains on sale of investments</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,253</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,252</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,179</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">27,149</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Net realized gains</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,187</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,252</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,768</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,953</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AmTrust Financial Services, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Balance Sheet Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(in thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font-size: 10pt; padding: 0; text-indent: 0">Cash, cash equivalents and investments</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,082,331</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,558,961</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Premiums receivables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">932,992</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">727,561</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Goodwill and intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">314,616</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">197,826</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Total assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,682,554</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,182,453</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Loss and loss expense reserves</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,879,175</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,263,537</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Unearned premium</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,366,170</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,024,965</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Trust preferred securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">123,714</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">123,714</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Convertible senior notes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">138,506</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">AmTrust's stockholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">890,563</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">716,514</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Book Value per Share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14.82</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12.03</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>AmTrust Financial Services, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>Non-GAAP Financial Measures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>(in thousands, except per share
data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 12; text-indent: -12">Reconciliation of net income attributable to AmTrust Financial Services, Inc. to operating earnings attributable to AmTrust Financial Services, Inc.:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%">Net income attributable to Amtrust Financial Services, Inc.</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">37,923</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">33,646</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">170,434</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">142,465</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Less:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (loss) net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">771</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,869</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.12in">Gain (loss) on investment in unconsolidated subsidiary net of tax <SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,349</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.48in">Acquisition gain net of tax <SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.48in">Foreign currency transaction gain ( loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(591</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,418</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">684</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.48in; padding-bottom: 1pt">Non cash amortization of certain intangible assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(2,954</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(3,770</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(9,852</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(7,242</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-bottom: 2.5pt">Operating earnings attributable to AmTrust Financial Services, Inc. <SUP>(3)</SUP></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40,697</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">34,515</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">179,451</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">138,362</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 0 12; text-indent: -12">Reconciliation of diluted earnings per share to diluted operating earnings per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Diluted earnings per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.36</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Less:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (loss) net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.12in">Gain (loss) on investment in unconsolidated subsidiary net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.04</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.48in">Acquisition gain net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.48in">Foreign currency transaction gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.01</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.04</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.48in; padding-bottom: 1pt">Non cash amortization of certain intangible assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(0.05</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(0.04</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(0.15</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(0.12</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Operating diluted earnings per share <SUP>(4)</SUP></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.66</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.57</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.91</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.29</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Reconciliation of return on equity to operating return on equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Return on equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Less:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (loss) net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.6in; text-indent: -0.12in">Gain (loss) on investment in unconsolidated subsidiary net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.3</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.48in">Acquisition gain net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.48in">Foreign currency transaction gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.3</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.3</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.48in; padding-bottom: 1pt">Non cash amortization of certain intangible assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1.2</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(2.2</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1.2</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1.3</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0in">Operating return on equity <SUP>(5)</SUP></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18.8</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19.5</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">22.3</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21.5</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">In 2011, the Company recorded its final purchase price
adjustment related to ACAC&rsquo;s 2010 purchase of GMAC&rsquo;s consumer property and casualty insurance business. The Company
originally recorded an after-tax gain of $6,792 related to this acquisition in 2010. ACAC finalized its purchase price accounting
in 2011 and the impact on the Company&rsquo;s gain on acquisition was to reduce the gain by $2,349 on an after-tax basis. As required
under GAAP, the Company has recorded this adjustment in 2011 and included it as part of equity in earnings of unconsolidated subsidiaries
(related parties), which was $1,118 and $7,871 for the three months and year ended December 31, 2011. This purchase price adjustment
is not included in the Company&rsquo;s calculation of operating earnings.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">The Company recorded a gain of $5,850 and after-tax gain
of $3,803 related to the renewal rights and loss portfolio transfer transaction with Majestic Insurance Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">Operating earnings is a non-GAAP financial measure defined
by the Company as net income less after-tax realized investment gain (loss), gain (loss) on investment in unconsolidated subsidiary
net of tax, acquisition gain, certain amortization expense and foreign currency transaction gain (loss) and should not be considered
an alternative to net income. The Company's management believes that operating earnings is a useful indicator of trends in the
Company's underlying operations because it provides a more meaningful representation of the Company's earnings power. The Company's
measure of operating earnings may not be comparable to similarly titled measures used by other companies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="text-align: justify">Diluted operating earnings per share is a non-GAAP financial
measure defined by the Company as net income less after-tax net realized investment gain (loss), gain (loss) on investment in
unconsolidated subsidiary net of tax, acquisition gain, certain amortization expense and foreign currency transaction gain (loss)
divided by the weighted average diluted shares outstanding for the period and should not be considered an alternative to diluted
earnings per share. The Company's management believes that diluted operating earnings per share is a useful indicator of trends
in the Company's underlying operations because it provides a more meaningful representation of the Company&rsquo;s earnings power.
The Company's measure of diluted operating earnings per share may not be comparable to similarly titled measures used by other
companies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(5)</SUP></TD><TD STYLE="text-align: justify">Operating return on equity is a non-GAAP financial measure
defined by the Company as net income less net after-tax realized investment gain (loss), gain (loss) on investment in unconsolidated
subsidiary net of tax, acquisition gain, certain amortization expense and foreign currency transaction gain (loss) divided by
the average shareholders' equity for the period and should not be considered an alternative to return on equity. The Company's
management believes that operating return on equity is a useful indicator of trends in the Company's underlying operations because
it provides a more meaningful representation of the Company&rsquo;s earnings power. The Company's measure of operating return
on equity may not be comparable to similarly titled measures used by other companies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>AmTrust Financial Services, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>Segment Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>(in thousands, except percentages)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.65pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">Gross written premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; font-size: 10pt; padding-left: 0.24in; padding-top: 0; padding-right: 0; text-indent: 0">Small Commercial Business</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">149,081</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">127,811</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">609,822</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">465,951</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0.24in; padding-top: 0; padding-right: 0; text-indent: 0">Specialty Risk and Extended Warranty</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">306,768</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">252,726</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,056,511</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">748,525</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.24in; padding-top: 0; padding-right: 0; text-indent: 0">Specialty Program</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">105,590</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">71,116</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">381,541</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">264,051</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Personal Lines Reinsurance</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,322</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">23,212</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">102,598</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">82,295</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0 0 2.5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">586,761</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">474,865</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,150,472</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,560,822</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">Net written premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0.24in; padding-top: 0; padding-right: 0; text-indent: 0">Small Commercial Business</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">85,779</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">69,270</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">355,721</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">243,146</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.24in; padding-top: 0; padding-right: 0; text-indent: 0">Specialty Risk and Extended Warranty</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">176,600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">123,458</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">615,563</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">362,100</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0.24in; padding-top: 0; padding-right: 0; text-indent: 0">Specialty Program</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">57,293</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">42,641</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">202,715</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">139,685</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Personal Lines Reinsurance</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,322</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">23,212</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">102,598</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">82,295</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0 0 2.5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">344,994</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">258,581</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,276,597</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">827,226</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">Net earned premium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Small Commercial Business</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">94,494</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">63,163</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">320,266</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">252,442</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Specialty Risk and Extended Warranty</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">125,773</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84,331</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">446,765</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">303,583</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Specialty Program</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">53,520</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">41,081</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">171,375</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">140,253</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Personal Lines Reinsurance</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,606</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,838</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">98,455</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">49,381</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0 0 2.5pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">299,393</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">210,413</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,036,861</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">745,659</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">Loss Ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Small Commercial Business</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">64.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">61.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Specialty Risk and Extended Warranty</TD><TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">64.3</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Specialty Program</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">67.7</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">71.1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">67.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Personal Lines Reinsurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">68.7</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">64.1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">64.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66.4</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65.4</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">Expense Ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Small Commercial Business</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26.8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Specialty Risk and Extended Warranty</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14.7</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Specialty Program</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25.7</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Personal Lines Reinsurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">31.8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24.1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22.1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-top: 0; padding-right: 0; text-indent: 0">Combined Ratio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Small Commercial Business</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90.1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">88.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">89.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">85.7</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Specialty Risk and Extended Warranty</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">83.4</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">80.3</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">79.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Specialty Program</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">95.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">96.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">94.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">93.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Personal Lines Reinsurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">98.7</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">98.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">97.1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">96.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding: 0 0 1pt 0.24in; text-indent: 0">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">89.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">87.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">89.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">85.3</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P></P>

<!-- Field: Page; Sequence: 9; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P></p>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>header.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 header.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@`7P**`P$1``(1`0,1`?_$`,<``0``!@,!`0``````
M```````#!0<("0H!`@8$"P$!``$$`P$```````````````$#!0<(`@0&"1``
M``4#`@()`P(!!@H+`````0(#!`4`!@<1"!(3(5&AT977&%@),2(5010688$C
M%[<*<9$R4E-T-9<9.;'A,R1$UB<WF%D:$0`!`@0!"@0$`@<%!@<``````0(1
M`P0&!2$Q49&A$A/4519!DE8'87$B,M$(@4)2(S,4%;'!X6)RLI.S)#<8\()#
M8W-4%__:``P#`0`"$0,1`#\`W^*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*
M`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!
M0"@%`*`4`H!0"@%`*`4`H!0'4W^2/^`:X3$C+5$T$IG+3=Z>XD-I.W'(^X+^
M%1OL,?H0K@;3+-?PZ>6--W+$0!2%FOQ\J#(&_P"3YHZMU0."?#H&NM>KLFU*
MB_+JI;;HG-9538HBK'=1=U5RP\((>(OFZY%@6K4W!4(KF->F33%<R?$P*?\`
MZ2C>T!3_`'V%\MJV2_[-+GZGA^N9^!K3_P!WF&],J=1U7_O)A``5#;/EN`A3
M&$?Z[2"(`4-1T*&.`UT#I'3Z``C^E4IOY/KH;1+B%7B>'LDMTK,_`K)^;O"9
ME<F'T6&U#YR_(V)\"Y0E\HXIQ3D.];31QG=63;+CKR+CYQ/IS;Z%;RS4LHVC
M@D#,HD\H];1#I!5T!&I!;F5$IOT$=6L6PC^1Q.?1[[9G\I/?*5S?M=N.5N\G
MP6&0VNPK&4K<+IJR8U9;ZJ0R;NKG;OM1VZORCE*\A]`KH+G+LU(-1#FH.0H!
M0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`
M*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H
M!0"@%`*`4`H!0"@%`8LOF=`/^'!N,'3_`,#8_P#:/:-9E_+Y]'NUASF9'1?F
MR?\`I/,%?F)1'^UE4C\J;[,^7]8T):^H.XS0FH^:_&F_M.UJ7J_'CMM4W4[O
M</XL=M3N+31G`O?(VI1`B5B64*$W,-ESZ<)"3#DC=AKTZF<\(:]-8A][+NE6
M?[?5E5,AO5S%9)_RN7)%O[,,\4@9)]EK4J;P]P:.EDJO_)/1\[_,V,8._:3Y
MF5_Y%?DZ/AKYA=L,#;$VHAB+:DNQLS+$<S=`6*=.\S(LH[(I%DDS?M2A9=FK
MQ?`02CR%VIRAPC6K7M_[4IC_`+0XEB5=DQZ:B5$ESD^MTMJ*J05<JHYRN6/Z
MT8KX&V5W^X\G#_=2B93S%;@].[^6?*:JI+5\=UT6)],6P@F3P^9MU,ED'#1L
MX;+$<MG"*:[=PDH"R;A!8H*I+IJE$Q5$UDS`8I@$0$!Z*U;19J_QF[LV*HJ:
M(+`VC5[9G[QL-UR12'Q/IJ2!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@
M%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4
M`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`Q9?,[_P`N#<7_`*C8
M_P#:1:-9E_+]_P!6<.^;_P#A/,%_F&_Z6U?^MO\`M&A)7U#/FD;.GPV69;.T
M[9YN=^13*#=-HW6MNXX^T_W)2MSJV1C873Q\1BJ.O,5OF_\`DL$@#H4,P*4-
M>+IT3_,/C-1??N'A?M3A;W3,/D3FH^&5J/F*B16&7Z46/RB;J?E\P.59GM]B
M?NEB#$9B53+<DO3!N:$=*PS:#3_RCD&XLNY%O_)]Z.U7]TY+NRXKSNERH<YS
M.).YY1S*R")3&$1*FF+L4B!T`4A"A]`#3:JDPBCH,/D853M15IJ5E,BYHRY;
M48C51,D((:ZS\3JL2Q:9B5<Y5>^H=.R^#W.5RN3YJL3]#_X5=U2NZ;83B"2E
M)(TA?.)&SG".0>-8JKDTG8C=!M;<NZX]%A_.V<=@XXS?<945-1$==/F_[PVT
MZV/<2JII#.%ALV8Y[&)]L'Y<GP1T3Z(^U-R]SV-*J)\SBXE*:C'O7[E5/%80
M3-#P\#+H773IZQ_Z:QNV.6.E3(WX'-<@*`4`H!0"@%`*`4`H!0"@%`*`4`H!
M0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`
M*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H#%E\SO_`"X-
MQ?\`J-C_`-I%HUF;\ON7W:P[_4[_`(;S!?YA_P#I95_ZF_[1HI8^L6Y,HW]9
M&,K.9*2%UY"NR`LZWVR28J">3N"2;1J!S@!@T1:`X,NH/^C2-TA]:^E-PX]0
MVW:]=C>(*C5D(JM=X)#X9E_2?.BW\$KKBN>BP:A159.5-Y-.G+G3]!L+_/1D
MNU]J&R+;7\=6-'9&A;A90+J[4&ZJ:*Z^-\6II`5S)ID%/B-?>2G";Q43="PL
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MR(YN=Z>*+GRI%(1@;TB)N-,##]1UU#H^T0$0$O0`?0:TNE.F.EM=-;N3%3*G
MQ-S/I151KMYJ*N7^[)H(M5`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`
MH!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@
M%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H#%E\SO\`RW]Q?1K_`-QL
M?HUTU_\`4BT>C4>@*S-^7U%7W:PY&_=O/A_NWF#/S#*U/:VK5_V;[8_+>RF`
M;X"-MRN3=S-S9_G&)36G@&"%M!+N$0.@XR5?;->/BQ1.H11/]Q;]M'>.%#!]
MR2JR(AT:C6QOYL+O?AF!R;*HGM_F*R#IL/N@BI]JQR(J_!?$U]_*W9\K%,<G
M7C.:_P#EJ.*2E5?IRHL-[)E5,^="I>Y7Y]?A\F\RWQ#Y@V5WYN"N?'-P3V-$
M,ER&*<(7C'SD?:$_*1W.M27NJ^6DZ-JKR!'#AJ"Z#<QP7YG+U.(UKU@?M=[F
MX5(6;A.+-IY51+:JL2:]F16HL'(SQ\%154V5Q6[;`Q*I69BE%*G5#55-YS&J
MN?P5?#Q0H+_QU/@G_P#J[NC_`./^V[_S_5^;[;^[:-2&-(B0\*B<6ON#VSZ;
M)7_R-_`GUK_/U\*-BW%#WK8_QO9'M"[K<>)RMOW/;&$=O$-/0<DT(H9%_$23
M'(J;IF^3(8Q2J)B4^AA#70:MN)^VGN?-PZ;(Q/%VS:-RJJM6=,=L<BH=R@NG
MVZI,1EU>'T$N77-2".1C4AJS_,V_,#Y=LC/F&\9YLQS(FDK&RO9D#?MJNEBI
M).C1%RQZ$BW0>HHJK)(2+0RXHN4RG,!'!#EU$0K!E525-!4/HJQR.J)3E:JI
MF6&;89>HJFGK*9M72?P)D537EVQ*MU0.T*`4`H!0"@%`*`4`H!0"@%`*`4`H
M!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%
M`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4!P(Z`(]0"-0Z
M*(N[G)3*L"T_>OMR-NSVV9%V_ENH;)-D%M"($N<(@)T(P\-<D1<`",69['%=
M%<#%\K05T].9KKT5ZZP;KJ;)N:GNBGE2YM33JL&/54:L6JW*J*B^,?F>!]Q;
M1DWM;<RVJB9,DT\Y4B]B(KD@L8(CD5"W3;WL$?[7-D^0=L&)LI$ALEY`ALBF
M<9Q/:9U5HV];XBE()A=J5KH3"9U3VE$%;E:(?OR:';@H)P`3:W"\+_F7Q?4N
MY,8E_3+W522U5W8(L=W>7+E\?FIT[*]OY=BV8^U\)>YSID8S'HU'Y4A&#4AD
M3X9S7*#^Z"OA`!-OR(<P])CJ8&.=0YAZ3'4..4#"<YC#J(B(B(].HU[Y/?>E
M:FZF')!,GWN/-.]GIKW*]:ED56.91_\`D$>^_%'_`'!CYFU63W^ID2'].3SO
M'_X],_\`L,VG)?[H*^+J'KR2$!_3^H0V@=7TR:'T[:AWOY1O8Z7,PQKFNTO>
M2OL\]5:YL]B.3YFRW\96S&]]@6UJU]KEW9H+G2,L6YKE?V+=0VDI9CB%M6XW
MYIL+36CC3T^FZ1BIMX^405*J3A1<%3X?M"L-7%C%-CV+S<5I9*2),V'T)E@J
M(B*N73")E2W\*?@F%2\-F/1[Y<<J9LJJJ9S(K5D+R*`4`H!0"@%`*`4`H!0"
M@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`
M4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`=3&X0UZ
M/YQTZ?T#^>F7]'C\M)Q<Y&I%<_A\5\$*!9KW/83V\*V"AF*^8RRELH7C'6#8
MA)!*1<!/W7*&2(UCD31S%X#-`IUR<UTYY+5'B#C4`1`!N&%8/B^.2:BJPB0L
M^CII>^]Z+F2,(PAIR?W%BQ:YL'P&9(I\7G-DU=0[=8S.JKLR%=$G'-+TE`#"
M(E'A-Q`'\^@:]`U;F[T528FZ]/")?Y3F39:3I:Q9")$^X.C70!_DZ^JN$R+X
M05$_23Q&JOVNC\@)3!TZAH(`4"CT=/7KUUS_`''WJF72452H29OHJ*W]G_$Q
M\W+\HNRFT',NWN+*<W$!`R3V)F'<AA_-[6,8/6#X\<Z(M+JX["+Y17B9B$4!
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M$<LM4R+%4V>!WYO!J40`1+_*/ZAJ`CJ`\(55A,BGVJGZRYH:,F6.M#FC'[J[
MC<B?;%<_X92(534-=-/\>G^/A^E(JBKOY,N3QBFGX?(E4>B)D3>AFCF/,3UZ
MVQ;,A;L5/3L+$25WR:D+:T?)2K1D]N.82:JOE(R$:N#D6DGJ3%NHL=-(#&(D
M03#T`-5I$F=4JY9#5=*8W><Y,R?/\3JU%7)I&M_F7(Q[W[K4CG^1Z@AQ-]2Z
M=&OUU_40Z@ZJH2W*]F^J06*I#Y'9583%8F9$18_,[US)%`*`4`H!0"@%`*`4
M`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"
M@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4!\SH1!+B`H
MF$IR#P@(`(]/T`1Z-1&N$U521,W4B[AN@FE89BE-9ONEIF3BM55T(BYU^!A$
MR7BR!^0C/F[QO-O&I<?[>L4S.U?#[MPZ("++<'>#.,OG(>0HLR@E(23LI>.@
M(U!PF/$14BY2CQ<05FC":O$?;:WL$HJ6F>Y:^8RJJ52'U4^\LIDI4A'Q?-5%
MR+%#7C%Z+#_<+&\<Q6KJ9<O^G(ZFI&NSMFRV\1\U%18*UVZK6PRI'+\:D0N]
M2^C_`!<W/N>B&D>KFK$5@3UNWW$2K4)!JTR[C"73M"]X]^P*X0.<95W'"[(0
MQP^QVF8!$NFM&ML"GE^[;K(K7HM#-G,W9K(HU\J<SB-W(Y4@BHF4ON'^X<YW
MM'(O/"&.2:V2^,MZHKFOE.5GU*F18PCDTDCSGF#?=@#!K'=_-WGBFYHMNOCU
M]=VUB/L$(F-9VWD.6@[?:P4%F-:7=W(ZO2&>W$W,=\JT%@X4`Y"-4R%`P\+:
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M(+`0@G$HU5L:U\$N:3C%3CE14,I,,I$GNW%3>=%[4W6HOTQ@[(BY(Y,Q6O>Y
M<8MF=A-!@=+3+7XI4+):YR*K6.:W[GP^IR+X0RDLMK)&Z/&>X3:UA?-=_8PR
M"ZSHCN&NBZGMAX_D;-BK>88]M"TI*U;6MD)"XIE^\:LI.0=G7?NS"N]3.F44
MTN#4U2OP>V:RW\4Q^V94^1AV&K3-:V<YKYK^.YS5559]"*BI&'AERY2CAV-7
M5AUT8=@5RSI$^JQ%D]T9#7,ELX#=Y4@_ZEWDR)MR%6\VYJO"P]S>S_%,+^)"
MU<Y3&86E\&?,U5Y(&=CX\_B2""'=D<I$8*#*%_IA,FKS$^C[:LN`VMA^)VG<
M&-U;9SJFGF4TMFZY$:BS%<U55,\(-\,N\7:X;LJ**\\$P.G>V7(JI4Z:]')&
M+6(F3)F7+GS%C^*L][KMTD%E+(>*-R>$L7WC9E^9)M6`VHS>,XVZ)M@7'MQ2
ML!$0>6)N3N^-O5C-7P2+36%>.;MFK1%TF*7-T,(^LQ;!+;MMU'@\[#JZ<Q:6
M6Y]5QFHS><F]]#$:L6M14155R*JHL3Q>$7+C=P3ZS$J;$Z23"H?N4SV.6;N)
M!$BN95<J+""+",#PVYQ#=1D?)GQIWE*S]GX1NJ[LG&3C\:W-CDU\R>)<L?U+
M7PO>#^:GX[(,6C>4`X115;M8]/\`9G(!R*J.3B`D"]V>MJ2;>NE6RG57\E2L
M<YS7[F\U\QK&-1-U=UR;V\YV6*11$+9=ZW=58_;3)\UE.M94O8UKD5RM=+;Q
M'/="$4<C8-;X9(^)G+MQI+LH>,;S\@TEYU"-8MYJ58,#Q+*2EDFR82+]E$G=
M/S1C1X[XU$T!<+"D0P$$Y^'B'!V^QTR8UB08CU5/'/!<YL++1VXU7K%^XB*N
ME4BA/JDYB@%`*`4`H!0"@%`*`4`H!0"@%`*`4!`.X(0_!H<Q^C[2%XA`#?01
M`/H'\H]`:=-`=0=$'B$2+$X3E(/,2,3I/P\`AQ:?:83::]8"'UH#NJN1(2E,
M50PF$`^Q,QP*`ZAQ'$`T*74*`X!PF)^#0_%J("'`81#]0XM`'AX@Z0UZ>O2@
M'/+KH)%0^SCXC)F`FG1J`G'["F#]0$0'HH`+@@::E4U$="ARS")AX1,(%Z.D
M0`.F@!7!3``@1340$>`2"!PX1T'4!$--!'IZJ`X*X()P()5"F'33B*&GW!J'
M24QM==!_DZ!H#E5P1$0`P',(_HF43CITB(Z!TCH`:CI]`H#@SI(AB%'BXU`U
M(33[S:"`#PEU^[01#Z='3_AH"(*I0-PB!M>@/H&FH@`@43:Z%,.OT'0:`QO.
M\C9"2^72UL1%O2X`Q:[^.B]\C.<?E?*A:Z]^LMR]DVVQO!:,UY)Y]I;C]5B1
MQIQ`W4,7Z#0&1P[HB9RD$BP\1C$XP3'E@8``0`5!$"ZG$="]9NCZT!%!4!3Y
MG`IIJ8.$2""GVG$FO`/3H.FH?KI0$$'11,)>4N'"J"(F%/H`PB`%,(`83@F8
M1#0VFF@Z_34:`BJK%1*8YBG$I0U^P`,(ZZ@!2E`>(3"/T#341'HH#DBH'`1`
MIP$`*(E.7@,'$&H:@;33HH#J*Y`*)^%3A#IUY9ND-2AQ`&G%I]VOT^@#0$4!
MX@`0UT$`$->@>D->D/T&@.:`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H
M!0"@%`*`4`H!0"@%`*`4`H!0%(<_7I<6.L+Y,O>S[1GK^N^VK/FI*T[*MB.7
ME9RY[G(T43MZ'8,&P"LL9Y,*(E.(=!$N(X_:4:N&$4U/5XO2R:V9PJ!:ABS7
M>*2D6,Q4CD5V['=152*P2*%DN2=62,`K'8<W>Q!U.]LI,O\`$<BM9%4S(CE1
M56"P2*P4QX[;?B]V\L<'8\7SOB6!OS.<Y"_Q=EV\9MY/I2<WDF\7*]T7:JZ!
ME+(-R!'S$HHS2X`T!)`O2.G3[RZO<K'7W!5)@$UTO`6SMRE8J,BV0Q(2][Z7
M;JY&JJ(Y8:<ACZU?;3"&V[2?UJ7'&EDHM2Y%=!\YW\146*;R054151(^):1G
M#:]D;`UO_(#MPP9AZ[YK`>XO!$-E?$L;9T3+3T/:>9820BK2OK';=;B<G1D[
MRBVK67;I*#JL""GW"(#I[#![QI,;QK`KIN&:G]<HGN95N6"+,;!5E/;E3>5L
M4:N1N;Q/$8K:V(V_@>-VI@DE7816.:ZD:D5X:*YO%:_)],4180C&.6!D$W]6
M/>EZ[&+AL6R[3N"YKR=J8*%O;<#&.'\PN6"R1CZ2F>%DW*9<0C8^.<*KZA_1
MD1,(Z:5XCVRQBDPF_P#^I8@])='*2L<KUS+Q),QK$:OBJJY$AI,@>Y&&U&*V
M`S#J)BOK)JTB(WQ3<FRW+O:$1$723WY%K'O"^\+6##61:LY=LPTW/;9KH=QU
MO1J\F];6[;.7K8EKBFG"3<AC(QT+$-57#E4VA$T2"(C71]N<2H\'J:U]<[<9
M/P>NIVK_`.Y42GMEHN;)O.2*^&A3L>Y6%5F*X=2R*)F],E8O1U+O_CD/:KX0
M3*Z"9$\=*$Q^2BS+NR#LISE9MB6S-WC=EPQEK(0=N6Y'KRDO*+-K\ME^X39L
MFQ3*JBBR;**F$`T*FF81Z`KC[98E28%=U)BF(NW:.3Q]Y4S_`+R4]C='ZRI'
MX%7W/PJMQNU:C#L/;O5,UTA6Z(2YC7NCD7P189,JZ"0[K[,NZ[LJ?'])6U:T
MY.Q]C;G&]S7N]C8]5TVM2!)B"^HO\O.J$`0CV)9%X@WYA^@%E2%_6JEI5E!A
MN#W%(J7PG5M"V7+A""O;,8JHL53)!JYH^&0HW725V)XY;M53L_<TE6Z;,WLB
MHQ[8-@B1^K+E18?,D6\-&]+`SWM"W,0&.;UR=96'7F9+1R=`XYA5+DO.WX#*
MUI1<4SO.,MEH<'UP,X.4A4P>-FP'<`BOQD*80$*K69-H\4L_&K32JIY.)U?\
MJLM9K]QBK(F.<]JN@L'*U?IBD%7(JIG.I?2U6$WI@UV.I:F?AE(RJ;,22S?F
M)QI:-8J-542$?NRY,^4HS<-ZY-W'[TMEV2[+P=F&W,$8L'-C>9OW)-@RUCR:
MUX7IC!]'1ZQK2G"M+BBK/C2M"(`^?(MDWTD[(@@!@2.<;I3T>"X%8F+8;B.(
ML3'L0J:>9+DRG(YK62E6*3'Q1$>N]%&IO9$C'+DL3Z_&<>OK"\9PW#)O]%H:
M.=*FOGLW)BOF0@K&1<BMR95547X*4;NXN+[^@+B@MZVP3)%Q;K8%[<,(VR#@
MC`]R.TLDMFTD^3LJ\L<9GL9TDK`!)12[;C1EI5NI'.@4*H'``U=I%#7-K*>=
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MSEHU8?W$=)-P4X5D#AQI*`)1Z0K"TR4E/63J97L?,8[+NK%,T(Q@F18+#X&=
M*.H964<NJEHY);T541R05,JKE3+!<I/JD[`H!0"@%`*`4`H!0"@%`*`4`H!0
M"@%`8@?F)C<ES^/=F5FXCRW+X,O;('R$;>;(;9/@U$P?VY'SD-D9.5<(LG/%
M&3+T6*)OV+5ZFLT4D0;BHF8"Z4!),E?$Q@2SL9W->^!KXSAAK<_95MS5VV=N
MF7SWE2Z\AR-[0$<XDVLOEA.[;LE;-R%:TZ]:`69BG\:#!5HHJ1%-#[1(!:3G
M/*V5M\6%/@ROV/R)>>`[EW890;'RG+XKG7L"^0@KHVNY(D<G0UL.2*'*@,ZG
M%O"PKY4BJT2+A)V@(+HIFH"=;WH*U-HLGLZV";?[#W6-L(9^N+.^8,\0NUZX
M+OR%N0R/;N,82T57]BQ=^WOD)E>L)"7U<%T-5[GDF4RB_2CF0H-Q(#HY@`IU
M9#!YA?<;MMO#8-L9^2O;[&W!EZS[&W/6)E^UIU7;G?&#;L,ZA[IO>YD+JS3D
M96V\F8Y=N6TLPF&**2KA-)PW=BJ54#%`^G=+B.(B=QN["_OD'VX[V<RX\NJZ
M&LAMCW3;5KDR+>5G[;\*L[,AF;.'88SQ!?<'?.+K^LV[FTE)2DT6W9A.6%9,
MQE3HZHT!7/=;:5PYSPW\?%]8P1SQ\@NP2#MB2DLY6OB+)9(3-^?XU]94(PP[
MEJYUV<_BMYE1A!2C.1<3]N)/(QTZDG)#JH*<HZ`@7+_&!+[7",\\69MDN/<C
M;2%N9"@9"^MJNYQ/($/>.UV3G($@,K?MBT<HI.[L@K'O7]@M(-Q2E)6)46*;
M]DJ4A!(`'P_->ZOMGLQAQQE>\MC:_P"0W5;.("U+ZA%EDWMM2MR[CL?V\E*F
M;)*II2K1H64$ZS)P!VKLA135(<AA*(%KF]^P8?X[,'8SQ-MC)N5&\=\^Z3'^
M,,UY7L6[KHS+NBNR#8VI>-Z9!F;`>9$NHT=$Y7O>W;8=13%=DK'-8LCY5RW2
M*HV;D*!:[>5ML<2'LK)_QZ[!?E>PIN4LV\K+>J+7Q`7/+XQSI:![HAD,BV5N
M!;7SN`OF/F6T]:2KU1.;*R&4CWY$E45`*!BB!E=D#B/S;608"F)S/BTOT>`P
M@!B<6ZW'P\!@Z0$2:_3K"@,1UCY'L3>K<>:LV[N=G'R2[J#O\W9HQYA^$PQ!
M7"WV\87QMB:_YO'<!&XY;VCF_&RDKD=\O;BKZ?GWC0TD$JX.W2,D@@34"_'9
MCD>_,=[5=[5N[J)#=EMZVJ84F9)?`^;-SRH67N6MS;S<UA,I&2BG%V,)&\I.
M:G<0WD+V.M^:44>RSULHR3/SG!`$0,>&:FF+<%XML_=/L\V=?(EA.^;"R3@Z
M;9[LLRWQ/Q$/DBV+IRS8]J7*WSE9.5\\S=\7G9>2;8NIRB8CZUB/$G#I%5%)
MMP\1`,B/R(8GNNXMU]H9!S_MQW%;O]CL3A,L#;>-=MUSS9Y+%F>OXODW=S9$
MR!B&VK_QS<V2TYVS%6+.&D6CF2-"*-5P(S*HMSQ`I!?>ZNT,$_%2^?;$LO;C
M,BJW'N1M+:Y:TQD5C.7MN7V[3V7\K0]MW'CLMG9596_=(WOB&WYE9G:T=<2R
MJHNUF)EGBZ0@H(%M63<?6Q9>.7M[[,MCOS*8SWL61'K7'CG/5X0USW4_R9?D
M81-Z6WMP[:ZMPD[:^0+$R(NV%I,(JQ?*:MW0G9D0,F0M`;3^/9J>N2P;'N*Z
MK>6M&YYZS[:FKCM1QKS[8GI2%9/IBWE]3''G0L@NHV-TC]R0](T!["@%`*`4
M`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4`H!0"@%`*`4!0#=+
ME6=PC@+)&4K8A6EQ7#:44P<P\(^(]6:R3^1G(N%;MU6T:NVD'@\<EQ$01434
M7.4$RF*)M0A6-F?2YRM;I0A7.8F\UJ.=H7_$[8#NW)-Y6&E+Y/@/X9N129DF
MA8DEH3MB<J-;G2(R<N(.X[CNF0`Z_&(<PKU1)3HX2EX1&BIN)]'U+\?\1_$3
MZTW?_'P*30^Y6;G=BLSNU&UX5M<C'!%^Y;;VN>4=JV^63M*`N"8:12LL1$C[
M\4X7AB`JJ0G,X#")0$=*H/IEJ4W)LQS$=D6'A'Y'!RK*;O2I:.>B13,D5^:G
MAL$[P)3)V7+=P1=]F1MB94B\.W7?>6[52G',H\MB=MZX,;Q%MR-J+K,VA;BQ
M7DJ)O162AYE1-(QR-CM52IND'2*4_OH)2HJI3MA!\<JP^&?+\29,F4V-7,2-
M2[.S.B9,L%S9#X,^[\(3#FXVPL/J(6\M:*1;'/G"Z'\K)-I:PQS#<:MHXI+`
MLD(Y>*>`C+(?D;D,]<(!&0*Z#D-0.&M9939B+%ZL7X')7N8J;K$=\X?WE;=V
M.:LE87A<1FQ78$/DNZ<AY=9V.M:<G/JVX\D(%EC[(.1+A0M21Y#AF-[/(NP5
M&T2D\Y;)9XN0JRB91XRN$V9]+GJQ(9T"O<SZFM1RZ,G]Y\VU_<E`;GHK*MR6
ML5NK:UCY<4QU;[Y%5P$J[09X[QS=\F2YHM\DB[MR[(2X;O=Q$E%JIE58NF!B
M*<*@&`(9+26S<8Y8+G^8<N^[?<Q-Y,V8I[MVW`Y0R\7%=[S;K`$#865W][DB
MK(:73<3?+\2$"$Y^)C2HOU%HJ[+G8IP2AYYDFV8C'@902F.#8>89)IJ=%20S
MZG9W:?BI+N)/@^<^"IF;".TKZZR>X+N13PF:)8#&#A%7+1YL72II3]\C?K2S
M?Q@,-.4=C^U6%7G:B<#AP!T"-49E-3341DQBN1,J+$XQGM<KI;T2,/`M?S?O
MP@<1;H[%PDHA;ZEF$6Q_$9DNM_)2S65LZX,V2,I"XG:P[-%@I!.6C-]&H.+D
M4>NFYXV-F8YP0#%.<*J,1LM=YC%C"$(Y(:1N.<Q6O<D8QS%S>8\IFQE<^!X5
M-A%JM,OY>5QO+/Y)Z,?^%:DQQD"]BRC34.0Y>*NK+3:E34$I#$<"(#J!0&),
MN1*>M0DK]^OQ3+\5RP4J*J3)?!J428R&2/A\"NC!9HX(*[-1%9-4I1*N@<BB
M:I`$PE,14ACD43U,.@@(AU5+?J>LQ6;KUSKDRZM!Q1LMC49+2#4\"854`H!0
M"@%`*`4`H#KQDUX>(-=-=/Y*AKD>D6Y4)5%1N]^J<<PG^=V#W5RW5*/'E+E1
M?[1S"=?8/=2"CC2M.Q1S"=?8/=2"CC2M.Q1S"=?8/=2"CC2M.Q1S"=?8/=2"
MCC2M.Q1S"=?8/=2"CC2M.Q1S"=?8/=2"CC2M.Q1S"=?8/=2"CC2M.Q3#=\SF
M.X',6/=CV+;BD;BB(:^ODAVTV\\FK0FG5MW9`J.8K)"["=MF?:`*\1/PC]ND
M[:+@!@*NB7B*8HB491CERI_<0M1)3(JY?DOX$WN79%OIRS;#O"&:/D<=7%MQ
MF&:ENWLKC?;M:N,=R&3K'<E%I*69=F86-WRUMP"=P1!A:RDM;MMQD@Z244Y7
M[<5#&!NN)2=*7,NQ?P+G<B[,[0NBX=C;FRI(N-;-V/9!_BZRK#A8)%[$RT"V
MP[=>'82RDW"SUNK!1T-$7(5<C@I7*AQ;`0Q=3\0-U2>-+T[%_`GF[?:=%[F6
M&,[B@,AW9A/.V";M=7W@?.ECLXN7G\?7%*1:D#<<;*6W<"3BW[WL&^(!8S">
M@WQ`1?MN`0416225)&ZI'&EZ=BE'<:[9-Z;_`"I8V1-SN^4U]VOC1R^DX##F
M`,+M<`V->,^YC7,2A,9@DW=[Y%NN^X]BT?+*)0:#IA$_N@354*J9,H#.ZI/&
MEZ=B_@23(FU+?,2_LGRV`?D%>V)C7+TXYGWUF9<P-`9PN?#+^48-X^6#`%YK
MWA99(*%Y30%6$1.LIEA'.CF4(!@,9(T;JCC2].Q?P/@1^/O).&\.;9L:;+MV
M-^8!D-L5I3UGL&]Z6G#YAQ7FAA=*Y).Y)#,V.5WUJ+.[H?W,*TFUE(B1C'$>
MJ[723`R)Q(#=4<:7IV+^!5G:=M(O7"^2,T;@LZYE_KZW(9[:V%`WI>4/8;#%
MU@VM86-&TTC9./,=6*SE;A=L8**=W&_=NG<A)OY%^[<B<YRE*4E-U1QI>G8O
MX%0]X^V5ONUQ=;N,'%XNK(0@LTX'S%^8:0R,V=RKA'*]L901@!:+.V!4DKC5
MMDK)5?F"9N17F%(<P<(MU2.-+T[%)ANUVP67NVQ<CCJZIFZ;/EK>NRV,EXPR
M;8;QM'7YB;+=BOC2EC9'L]X]0=,_RUOO1.11NY259OF3EPU<)G26.`-U1QI>
MG8OX%K$-M2W[W==-E(;@?D-_-XML>Z(&Z7%M[?-OD-@._,K.;:?H2D5%9/R*
M:][Y.PME^Z:D_+1UN,8E*23XT3J)H'%*IW5)XTO3L4N95VT-W>]>)WBK7@\(
M[B-K]P;:T[#"(3(S6;SV58#)Q[N&=*]!P1TV5@_V96H(&(9-3F"H!BZ#&ZHX
MTO3L7\"UZ6V,[AL0Y"RE=NQ3=5;^!K)S9>TUDO(&$,M82;YSQM#Y.NQ5):],
MB8I6:7MCVY[#>7@[3%[)1"CI]#.)(YW":2`J'*:=U2.-+T[%/;/M@RF0-G>:
M=K.X3<3F+/<]GYQ+S%^YEN(\%;TW"W2[?P\I`N\6V3$QXV;CJT['E[=8N8F$
M01<,P.@85S+"LJ)HW5)XTO3L7\"W'+_QT;Q-TV*WN&]T&_QE<UE1<K9UQVL7
M%6VN"QC+7'==@7=`W1:MR9D?+W]='\6)MQA!,M$1!(:,</E0<+%.1%)M4[JC
MC2].Q?P+I<_;<]V=R9:0S'MBWC.L.NI&T&-GW;A_+&+6F<,#RB<8\>O&5WVY
M:R-TV+<=C7]P2"B3MTSDU&TDD5,JZ/\`1D$&ZHXTO3L4\)9?QE8X-MGSO@3.
MM^W;F^[=TF2Y7.&=<TE9L,;71(9D77MQS:MZ8YBK6XXW&AL9+V9#FMU!J+DS
M0\:F9<ZYCJ\4;JD<:7IV+^!YI79Q\@=UM(W&^2_DODG6%HY>-)+36+-O%L8K
MW/7[!QB[=8D#<6:FEWSMNVVYE$6Q4I&6MZVHV0<IB?EBW,H8:;JD\:7IV+^!
ME=;@FBW01`R@@DBDD`K'.JL()D*4!55.)C**#I]QA$1$>G6FZI'&EZ=BD;F$
MZ^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=
MBCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'
M&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>
MZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$
MZ^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=
MBCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'
M&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>
MZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$
MZ^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=BCF$Z^P>ZD%'&E:=
MBGP2<?%3+):-EV323CW`HF79/FR;IJJ9NNFY0,H@L0Z9Q1<(D4*(A]IR@(=(
M!2"CC2M.Q3ZA*@(:#K]1$1U/J(B(#TCKJ/TZ.JD%'&E:=BDF;VU:S6WCVDW@
M(5&U5&#F+/;2<6T+`&BWB:B+N,_#@A^/_'.4ECE.AR^48IS`)=!&D%'&E:=B
MD!&T;0;S9+E0MR#1N1*#"UTKB2BFB<^E;(.B/BVXE,D0"23@"O4RK`S*J#8%
M2@?@X@`:04<:5IV*0UK,LUTUGV3JW(5VTNL`"Z6[J-:N$;F`K%&,)_$*:J)R
M37+C6R3<O[D%>%%,A`^TH`""CC2M.Q2;O(J&D3QBC^.8O5(5X61AU735)=6*
MD"-7+$K^.55(91D\!D\61YJ8E/RE3DUX3&`4%'&E:=BGP1%KVM;ZDNK`041!
M'N"7>W!.C#1S:+_,S\D1%.1GI4&**`/YN03;)%7=J\;A4$B`<X\(4@HXTK3L
M4\O"8>P_;5T+WO;N,,>P5YN59!=S=D19EOQUR+KR_P#M=PM.-(Y*34<RP]+I
M05>-R(?T@FI!1QI6G8I[<T7#FE`G!CV7YH&`Q02X-4@DPBS+_NC1O[\$P=?L
M!=`"O)X^7S0`^G$&M(*.-*T[%)4M9UG.FTZR=VY".V5T+$<W,S=Q;1RUN)PD
MT9L$G$ZW60.C++HL8YNB0ZX*&*D@F0!X2%`$%'&E:=BD&Z[&L6_(U"&OBT[;
MO*(:NDGS:+NJ$C[@CV[Y!-5%!Z@RE6SILD[107.F50I0."9S%UX3"`H*.-*T
M[%)U#Q,+;T:RAH&.8PT/&MDF<=$Q;1)C&Q[1`.%%JQ8MDTVS1LD7H*FF4I"A
M]`I!1QI6G8I,^83K[![J04<:5IV*.83K[![J04<:5IV*.83K[![J04<:5IV*
M.83K[![J04<:5IV*.83K[![J04<:5IV*.83K[![J04<:5IV*.83K[![J04<:
M5IV*.83_`#NP>ZIW7#CRM/\`:4+RAE2\K!DHII;F"<F9<1D&KEPXD+"=6`Q;
MPZB*J::;20+>MZVNX4<."F$Y!0(LGPATB`]%7"CPRDKV*DRID4ZHOZ[H?V(I
M:*_%ZS#9J2Y5)45$E4SRV*Y$_2B0*5'W#Y3.<QO1KN-+Q#KP_GL!ETU_30<P
MZAI796S[=58OQ_`6O7.COY]7(NARLD*U5T[JJF@\Y-N?'N([A8)CKI<<BM=1
M(U4TM1\]'HFA'(BZ40Z>H7*?LWW&^/X#\X:CLZV_4%OZL1Y<I]SW%T.X//0<
MP/4+E/V;[C?'\!^<-.SK;]06_JQ'EQW/<70[@\]!S`]0N4_9ON-\?P'YPT[.
MMOU!;^K$>7'<]Q=#N#ST',#U"Y3]F^XWQ_`?G#3LZV_4%OZL1Y<=SW%T.X//
M0<P/4+E/V;[C?'\!^<-.SK;]06_JQ'EQW/<70[@\]!S`]0N4_9ON-\?P'YPT
M[.MOU!;^K$>7'<]Q=#N#ST',#U"Y3]F^XWQ_`?G#3LZV_4%OZL1Y<=SW%T.X
M//0<P42S/FJUIA;$Q\[[/LG)*169+.EL,%OZ_MN,'S<[-D)0MB)V262SE'_F
M<@"@=Y^.9(<]RL7FB1(_".G%UG6Q%-ZX+=C\4Q'ERM*NBZ6H[@X'<,%3+!U`
MN3_?K`K87<+E'3[=F^XS37])_`6GT#3Z9AT#HT_FJ4LZVO"X+>U8CRY2[GN/
MQP.X//0<P<^H7*?LWW&^/X#\X:GLZV_4%OZL1Y<CN>XNAW!YZ#F!ZA<I^S?<
M;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]QOC^`_.&G9UM^H+?U8CR
MX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/+CN>XNAW!YZ#F!ZA<I^S
M?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]QOC^`_.&G9UM^H+?U8
MCRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/+CN>XNAW!YZ#F!ZA<I
M^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]QOC^`_.&G9UM^H+?
MU8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/+CN>XNAW!YZ#F!ZA
M<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]QOC^`_.&G9UM^H
M+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/+CN>XNAW!YZ#F!
MZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]QOC^`_.&G9UM
M^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/+CN>XNAW!YZ#
MF!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]QOC^`_.&G9
MUM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/+CN>XNAW!Y
MZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]QOC^`_.&
MG9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/+CN>XNAW
M!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]QOC^`_
M.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/+CN>XN
MAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]QOC^
M`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/+CN>
MXNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]QO
MC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/+C
MN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[-]
MQOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5B/
M+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%RG[
M-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M_5
MB/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J%R
MG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ@M
M_5B/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8'J
M%RG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6WZ
M@M_5B/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH.8
M'J%RG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=G6
MWZ@M_5B/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'GH
M.8'J%RG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X:=
MG6WZ@M_5B/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'<'
MGH.8'J%RG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#\X
M:=G6WZ@M_5B/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[BZ'
M<'GH.8'J%RG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/X#
M\X:=G6WZ@M_5B/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y[B
MZ'<'GH.8'J%RG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&^/
MX#\X:=G6WZ@M_5B/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N.Y
M[BZ'<'GH.8'J%RG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LWW&
M^/X#\X:=G6WZ@M_5B/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(\N
M.Y[BZ'<'GH.8'J%RG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?LW
MW&^/X#\X:=G6WZ@M_5B/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]6(
M\N.Y[BZ'<'GH.8'J%RG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7*?
MLWW&^/X#\X:=G6WZ@M_5B/+CN>XNAW!YZ#F!ZA<I^S?<;X_@/SAIV=;?J"W]
M6(\N.Y[BZ'<'GH.8'J%RG[-]QOC^`_.&G9UM^H+?U8CRX[GN+H=P>>@Y@>H7
M*?LWW&^/X#\X:=G6WZ@M_5B/+CN>XNAW!YZ#F#Z?4;EGV7[C/\KE_P"V\!_]
MC_I?_>3_`*ZX]M8=U6@S[OW3?M_;^S^%\/XO^4O/<M;TO$/X<?M9]_[/W?Q/
'\W\+_.?_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````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@`,`**`P$1``(1`0,1`?_$`+X``0`"`@,!`0$`````
M```````&!P$%`@0(`PD*`0$``P$!`0$``````````````P0%`@$&!Q````8!
M`00)`@,#!@L)`````0(#!`4&!P`1$A,((5*2TA35%UBH%18Q42)!,B-A@:'!
M@@EQD;%"HK+"-#97&-'A8G+B0R5E-Q$``0(#!`8(!`0%!`(#`````0(#`!$$
M(3$2!4&2TE4&%E%A<:'A4A.3@2(R%)&QP17P0F)R(]'Q@C-3)*(E-?_:``P#
M`0`"$0,1`#\`_MQRK0LV6J3C'F+\]CB>*;1ZC:2B?2ZJW@LF^,X%1-^21GG[
M!=D!$/X?"3`Q!V;1';K3RNJRFB21F%&RZJ<[5+3+5/YQ\[FN79QF'_YU8\R9
M:`@_FDQ5WHSS<^\_XZXZ'^GZ[TZNJS_AD*(&4H(GH=>VHSD\/<4!(!S9<Y>1
M&S#T9YN?>?\`'3'?GNO.8.&=T)]Q[:CWE[B?>Z]1&S#T9YN?>?\`'3'?GNG,
M'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&
M>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M
M0Y>XGWNO41LP]&>;GWG_`!TQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_QT
MQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_QTQWY[IS!PSNA/N/;4.7N)][K
MU$;,/1GFY]Y_QTQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_P`=,=^>Z<P<
M,[H3[CVU#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9Y
MN?>?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P<,[H3[CVU#
ME[B?>Z]1&S#T9YN?>?\`'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'
M?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO4
M1LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_`!TQWY[IS!PS
MNA/N/;4.7N)][KU$;,/1GFY]Y_QTQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY
M]Y_QTQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_QTQWY[IS!PSNA/N/;4.7
MN)][KU$;,/1GFY]Y_P`=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\=,=^
M>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&
MS#T9YN?>?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\`'3'?GNG,'#.Z
M$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GW
MG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>X
MGWNO41LP]&>;GWG_`!TQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_QTQWY[
MIS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_QTQWY[IS!PSNA/N/;4.7N)][KU$;,
M/1GFY]Y_QTQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_P`=,=^>Z<P<,[H3
M[CVU#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?
M\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P<,[H3[CVU#E[B?
M>Z]1&S#T9YN?>?\`'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG
M,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]
M&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_`!TQWY[IS!PSNA/N
M/;4.7N)][KU$;,/1GFY]Y_QTQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_Q
MTQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_QTQWY[IS!PSNA/N/;4.7N)][
MKU$;,/1GFY]Y_P`=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P
M<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9
MYN?>?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\`'3'?GNG,'#.Z$^X]
MM0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3
M'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO
M41LP]&>;GWG_`!TQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_QTQWY[IS!P
MSNA/N/;4.7N)][KU$;,/1GFY]Y_QTQWY[IS!PSNA/N/;4.7N)][KU$;,/1GF
MY]Y_QTQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_P`=,=^>Z<P<,[H3[CVU
M#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\=,=
M^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1
M&S#T9YN?>?\`'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.
MZ$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;G
MWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_`!TQWY[IS!PSNA/N/;4.
M7N)][KU$;,/1GFY]Y_QTQWY[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_QTQWY
M[IS!PSNA/N/;4.7N)][KU$;,/1GFY]Y_QTQWY[IS!PSNA/N/;4.7N)][KU$;
M,/1GFY]Y_P`=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P<,[H
M3[CVU#E[B?>Z]1&S#T9YN?>?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>
M?\=,=^>Z<P<,[H3[CVU#E[B?>Z]1&S#T9YN?>?\`'3'?GNG,'#.Z$^X]M0Y>
MXGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GN
MG,'#.Z$^X]M0Y>XGWNO41LP]&>;GWG_'3'?GNG,'#.Z$^X]M0Y>XGWNO41LP
M]&>;GWG_`!TQWY[IS!PSNA/N/;4.7N)][KU$;,<3X9YN-P^WG.$?TC^'+ICK
MH$>@#"'UW88"CTB'[0T&=Y`[\E-E;;;QN47'B!\,8_.(W<BXB:1C>S-QQL2F
MD(1;_P#&+.^PLV?\^#?\"?0/_P`LJ_\`QS_S"_W_`/<_^J_W/_Q:J?=-?^%O
MZYWKN\OU7=?U?U1;^TKO_,O_`*Y7)OZ;NZZ/1`I@(;!Z0_(0_P"_66H)5]0G
M'U"$J;^@RC'#'K!V1[VHR'I_*H!/1A\8ZP-&U29GMC'#'K!V1[VDG_.-7QCS
MTV?+WF'#'K!V1[VDG_.-7QAZ;/E[S#ACU@[(][23_G&KXP]-GR]YAPQZP=D>
M]I)_SC5\8>FSY>\QQ,0P;-AB]/X[0$/]KIURHU";<0(_M\8\+;?\J)_$QD""
M/^<&W_RCWM<H=6X2E#@)']/C'OI-`6I[S&>&/6#LCWM22?\`.-7QAZ;/E[S#
MACU@[(][23_G&KXP]-GR]YCYF`Q1V`)3?R;!VB/Y?O:X+BQ9Z@Q]&'Q@&4E0
M!1)OIF?RC)2G$`$=A=O[-@]'^EK@.5)5AQ"7]OC'2FF!<)_&.?#'K!V1[VII
M/^<:OC'/IL^7O,.&/6#LCWM)/^<:OC#TV?+WF'#'K!V1[VDG_.-7QAZ;/E[S
M#ACU@[(][23_`)QJ^,/39\O>8XB0W3^HO1_(/>UP%K4K`'!B_M\8%IN7RHG\
M3&03$0`=XO\`,41_VM=D/@_6-7Q@&VI?,B1[3&>&/6#LCWM)/^<:OC#TV?+W
MF'#'K!V1[VDG_.-7QAZ;/E[S#ACU@[(][23_`)QJ^,/39\O>8<,>L'9'O:2?
M\XU?&'IL^7O,.&/6#LCWM)/^<:OC#TV?+WF'#'K!V1[VDG_.-7QAZ;/E[S#A
MCU@[(][23_G&KXP]-GR]YAPQZP=D>]I)_P`XU?&'IL^7O,!3'K!V1[VO"*B5
MBQ/^WQAZ;`M*;.TQQ`HB&W>+_,`B'^MJ+'5)_P"XA/8)_K`(84)H$_B8X;0Z
MX?R?H-T_TZFP5GF1^$2?;M^7OCENGVALV"`[=H[!Z-FW]F]KA1J0L)"@0=.'
MQB,-L%)41(C1.,@4VP1'8'Y=`]/^EJ3"_H<&KXQX4,!`5AMETF,@F(A^\'9'
MO:\(?!^L:OC!*&5)GA[S#<';LWB_XOZM[7LG_.-7QCW!3W2M[8SPQZP=D>]K
MR3_G&KXP]-GR]YAPQZP=D>]I)_SC5\8>FSY>\PX8]8.R/>TD_P"<:OC#TV?+
MWF'#'K!V1[VDG_.-7QAZ;/E[S#ACU@[(][23_G&KXP]-GR]Y@*9@#]X.R/>T
MD_YQJ^,>AMGR]YCANF_,O^(?^W12:@`X5@JT?+XQZ6J=(F09=L9W1V;=XO9$
M0_UM0^I4(_[E!/\`QG^L<AME0^1,_B8P`";\!`?[(_T?JU*DN+M2X#_Q\8Z]
M%H?4F1[3'/ACU@[(][7LG_.-7QCGTV?+WF'#'K!V1[VDG_.-7QAZ;/E[S#AC
MU@[(][23_G&KXP]-GR]YAPQZP=D>]I)_SC5\8>FSY>\QQ$@@(AO%Z-G^:.WI
M_M:C<6\V)XQ,_P!/C`--S^FSM,8V#U@Z/R*/>UW-V4_4%O\`3XQZEELBU,OC
M&!`W3NB`C^0E$-O\G[WXZ\"G"L)]02_M\8\<:0E&)")JZ)F,[!_:(`.P!$`*
M([-O]K3$YB*?4$A_3XP0TVI(*D25T3C`[0_`Q=NW9TE$/Z_QT*U)^IU.KXP6
MRD#Y$3/]QC(E$"[V\4?[(_U&T_\`94)MK23UB0_..5)80)K2?@28XAM$=FTH
M?X2F_K'258+7%-A/4"8Y2:99PH2K%US$<A*8`$=XG1_(/>UX5N`3#@/_`!\8
MZ]).A%O]Q@!3"`#M*/3L'H'H_P!+725.*N<&KXQT&FY?.F1[3'/ACU@[(][7
MLG_.-7QAZ;/E[S#ACU@[(][23_G&KXP]-GR]YAPQZP=D>]I)_P`XU?&'IL^7
MO,.&/6#LCWM)/^<:OC#TV?+WF'#'K!V1[VDG_.-7QAZ;/E[S#ACU@[(][23_
M`)QJ^,/39\O>8<,>L'9'O:2?\XU?&'IL^7O,.&/6#LCWM)/^<:OC#TV?+WF'
M#'K!V1[VDG_.-7QAZ;/E[S#ACU@[(][23_G&KXP]-GR]YAPQZP=D>]I)_P`X
MU?&'IL^7O,.&/6#LCWM)/^<:OC#TV?+WF'#'K!V1[VDG_.-7QAZ;/E[S#ACU
M@[(][23_`)QJ^,/39\O>8<,>L'9'O:2?\XU?&'IL^7O,.&/6#LCWM)/^<:OC
M#TV?+WF'#'K!V1[VDG_.-7QAZ;/E[S#ACU@[(][23_G&KXP]-GR]YAPQZP=D
M>]I)_P`XU?&'IL^7O,.&/6#LCWM)/^<:OC#TV?+WF'#'K!V1[VDG_.-7QAZ;
M/E[S#ACU@[(][23_`)QJ^,/39\O>8<,>L'9'O:2?\XU?&'IL^7O,.&/6#LCW
MM)/^<:OC#TV?+WF'#'K!V1[VDG_.-7QAZ;/E[S&03$!V[P=G_P!0Z]3ZH/SJ
M!3V2_6/0AH6A-O;'TV#^?]`:DG'MG1&=>0AI"&D(:0BL,R96K&$L8WW*MS44
M3K5!JLQ9Y,C?^(^?)QK4ZC>*C&P!ONI69>\-HT1+^I9TNF0NT3!J2E9>JZH4
MS2;3*1T6_P"@M/5%:LJV:)@ONFP3LT_P;H\?88YX&Z6$GULYI:RVPSEVE91C
M\,91QI5D;'?!A<EV_P"E3&-8&L-8>+D[/84\@U:UQ"[!0C4P*NW*J0#_``]N
MK]1ECC+R6D*2XE:,04+I3D3?HE;U6Q6I<S8J&%/+!;*582#?.)?`<ZV),T2I
M,?X9M;MEDJ;;9!BJB?).*LK052]0,:["WBE3*TE#U))]:*`<IE)F#0D4)%-$
MB@E$.$H)3F75-,UZ[J<304`H`B8"KE:;#H,K3'+6;MO/_;,V*4DG$;OEO';^
M40+$'-5?XB4(VYD;#BTSJXY>RE@_%-3PMC#,+^U6FV8HM,K%S<JOQIV^(-X;
MZ!$J/UP41;),40,HHY$B9]ENKRZEP)%`AWU4MA;A4480E4I"P`@SL)),YQ2I
M<P<2OU7UI4TXX4)`Q3!23,VDBZ5@`CT%,\X.`H&D0^1).[)-ZI8:G>[O!20Q
M,Z(2=;QM*QL+;GJ"!8H7)56,I,M4$4#$!=XHN4$"*!M'673T-74.AD-D**PG
ML)NG&P[64S7U+%HG&CC.<6AS63<3XQC:9ET'^7:G?+3$2TMBN^5YC`A0;!7J
M])1MK3GJ['K0"ZSJ<,?BN>&BFDDFH)A3=-CJ67<IJ6Z9ZH*DX6%)!E:#.=QN
MT6133F],NH33H!4I1E%`9EYN+74.:F4P4PR5R]8NCF=-Q!9(<<N0.09RTWF2
MR58;U`/XRL_:MMKT7'EAOL]N1,7"*QE'#\IA'<()=6&J*D_9T9@M#BGW"0)8
M<*9$?5,3,P3=T11>J<P7FRZ-MQ"*9L`F8429BX2,A(]/?%D)\\^&Z'&BUR9<
M2R%@2]3[!(#C/'>6K1%PM"QEDB6QS9+=82H5B4>04'39"-3;S<BZ,FQ*[!55
M`QVPIJ&K*R^H4M*6TDE9`':1,#M.@1?I<R94%(6?F3.WLBUISFWPU5[H:BV6
M1L\'*&B9Z88S$C0[NA2IQO6:>ZR#.-ZW>35_[4L4BQI+%>2%NR=K**(HJ%3`
MZR:B9(FLMKG:==0&S@0L)(G,VF0GT6Q+^XTTY3_B^(97^?;EMLE9G;8PLUF0
MBX)AC^7(WE<<9&AYZT0V69!U$XNE\?UF3JK6PY`C[_*LEFD8I$-G?&<I&(.Z
M`;VICE-8%8<-LC=:++P3H(TSNA^XTOFC81?-74'4Y.R!CS@5N-QI#7(]+-BC
M,".;6;QY>['25SR%(<58KH8U:5A_"H-T6PO2KIK.%-C,R2VH$T-2L@`7F0Z/
MQA^Y4ITW1J<:<ST5ES.=+@L=/&LIC.U8.RY=G2LG!3<#;XR]XTS!2,:R5>DX
MV;0CY*#4AW$O(-WK-PS!<KM(H@?<`-[VHH*BE!+XPR('XB8EU$1)35U)5G"P
ML*5^4C**RIG-K;+-S19)P_9K#A;&3/']OM$:AB>])7.)S9=,:P%8:RK?,]+F
M7S]C2+)6Y5TX,X\,Q8O4F4:DH9R[(Y341)<JZ*G8HZ=5,A;U4\D$J24A(*B1
MANQ33IF;2;(S&:JH16/J==0AA"R)&<Y#3T?[?&+*:\_G+/\`19&<<6FSQD1'
M,*C+LW$QC/)42YM<#?[6SH]+L5!B7]31F+[`66WR+=@V=Q2#I,R[E'>W2KHF
M/7_::U"`7)%PSF-((MD>@RT1.,]HWEG"9IZ=![(D\ES=XC<5B7=PEG)'6)&R
MW7&Z$3;ZM=8UW!Y(I^,Y/*LK$6^M_16]ICHZ%I3#ZJ]6!`B8L!***AE%42*5
M7*6I0G$A&(=1Z3*_MBS^X4X,B3./G7^;S$*SV*KCV=DI"33JT#/VNV5ZAY$<
MXLJZLO0$<BI)6'(#BN'KE15>5$1DTFLL\;NDF*B0K@155,JDPH*G""I,E$6`
MWFV5@[;.V.59DPD8KT:3H&F(^GS^<N"L0[E0F[FW70>TMI'UJ2Q=DJ(NMJ2R
M.M)-Z#*4>FR=3:V*YP]M5AG96CJ/;K(;S<X*F3$-FIOVBMQ!.&R1,Y@@2E.?
M1*=L[HJ+SZA"<2#BD0#\;I=,>L:U98^V0L18(DKL8N=B6$S'*/F#^)>&9R*!
M'*`.XJ6:,96,=%24+Q$'***Z1MI#D*8IBAEJFA]3"Q):>^-EI;;S"7VU`A6C
MHCPI7.?_`!9`P`N\ONI"#M#J6SU*IURAT;(E^-'XMPMF:UXNE,D3HUF`GS0\
M!'-X-JO)N'!DDFZS@VX7AAT:/[958`X$_P",RMZU"8':1%%6:4(66@L%P:.H
M1Z(AN9[$UBR6;%->>V>?L*+A&.?34'1;I+X]BYQU6T+@UK4KDQA`KT2/L3BK
M.T7H-5'Y3%273*8044(0U=RF=;1ZBA),_P"+(F:K&'E^F@S5'H(AM\H&V"7;
MMZ!_'\?V_LV_X-H?RZKQ:CEI",#^`_X!_P`FO#,@A-BM$>&4K;1%*9OMMII5
M193-4:HNI!6RU6(<BK7I^TDC8N:G64;+S?T"L.6DS)_2(YPHJ"22A`$P`(B`
M!J_E;*7E%NJ^=8239(3(M`MNC`SI]^F92[2GTYD#ID#V1Y>LW-%)Q$3*33*Y
M8E>1E:QHXOB<K-,+'64LF23>PV""E*72X1]8C2]?F(!W7?I[U-R>2>H2;]!)
M1H4!#>NL<.T+KB$K;>!6O#8J>&R<SVSGH&$&V<9=1G50R@J#R5`)GI$[;K_A
MT_"+9RMG*>QI<,!,U(%H2H9$/,FR,_E7+M"8HT:DWJ[")DFZ20"S43:6NVM&
M\D*I0!%F)U"B&X8=<4&4JJJ9\-+!<:,DB4\1^<@#X(/;%G,LU%%64X>F&G0)
MDW#Z;3\3'"O\P*S[,F4J@XB2!0,<UB+693[!M+3-AL5O1G7D+<8YG&QC=X9Y
M&U]RX9M"B@B=P+\'93@!$P'7C^4NT^6,UB5I<<<(24`2*202"23*X3NNE'%#
MG3=1650=!;IV'%`$F>*1`L';$X'/=$XA)LUEBHZKMZS;IR92G&%@B[''*4ZQ
M0U;EB*Q[E@B+0T7+2H-5VJR8O3NEDBHIF`P[8%9;5(7@4DXII`Z\0Q"7PMC3
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M[I?W+=.ELE+@)Q3$A+JTSC82^7*E`V6)JDJ$XSD)MS'LHYZK7)_[?._E06^F
M1J]E+&F@6TD^%N<$D#N`4,8`+LWC%*)JE=J&O58&(!))&D`:3U6QS5Y@Q15(
MIZ@@8C(&8()Z(A<+S0X;L$8\G8VS*?0&T`[M#><>PEBC(R:@(^23A9&2K:\A
M#MAL:;"9<(LU"L@74\4NFF4IM\HCVC+ZU92`V<15A[#*?Y177G>7(QS<$DHQ
M=HG*SXQ8%)R=6,@?5R5Y1]XJOOQBY^+EHN3@IJ$?G9-I-HC)P\RR8R#8DA'.
MTUVZ@DX:R9MI!'8.R.JIG*0@+M"DS!%UGC%C+:YK,F2\V"F2I2-_;%-VSF,K
ML%GJ(Q"+Z+:@QB&LI<9232E@192MF`6F.Z9$23)$T,C:;,X;N7)D'RI3&:IH
ME1(95RGJ\SE+[U`G,$F:%J("93-@FHW_`$B<IRO[#&/5\2,4N8N9<ZV1Z:02
MO%9;<`)7GMN^`B%M^;N`EY/&4JC"VB)K%P;9F(]BY"EV=W:UI'%LQ#Q8.8V/
M81BSM2+214=KN5"HG3*GNE,8IR&+J5[(JI(<0E:`^G#+3]5VGNO,Q%-/%5,I
M:2&EJ9(,S/RB?1=$PS;FP]2Q]2K[4YNJ,H>Y6VEP+:S6AK+2=<9P=N2=.D;"
M9G#2$-)N-YNB0$DRK)FVJ;3AL`0TR++Q6K?;KTJ!IVG5JE*9]%800`9@$S)M
MN`E#B/-7*"GI:B@<2/NG66Q><)>05A1E>$RD0+3HB-5GF`,QFD%;;>:1-TOT
MQ<W,UHJE>L$:R=RJF16=+BV,?'2,K8YE=5P#@C<&Y3'4<OCDX92[0*/-1ER'
MT8\M0M*5+D,4B98<1GAD+I_")J3-7:-)&;/(6L)_E!$S.7\W3%O%YA\<>'_4
M[F"3?UE.N?9AJU9"WT9]6,&;3C`I9X@MB$YH0/&<8&XM_"@*O$W"B(4/L:S'
M,(_]7#/U-%\KNVR-,9Y18,),JR<O2_FGT1]X?F!QK/358KT3*/9*8N,7)S,$
MPCH.>?.`C825"!G',V5&*$E8+"SNUDZ"1,V,@[`4C@!]@#T]0U+"2IU)"1*_
MK$Q^((/88L4V:4M6<+*@5RNZ)6$?`V1=*:A%4R*)F`Q#E`Q3`.T!`?R$.@=4
MXT8YZ0BH,KO;=&QJ3^K2M.KK=FJJ^M%GNPR"T17*['1SQ\[DRQS!_#A(+BL@
MDD8%GK5%N@<ZYC'X8)GNT"&'G5(=0HJE9AE,DW7_`!C'SYVI9HT.,.)0,5LP
M;M-T4Q4\TY,L,AR^B[I,##UK+D)8%)Z17D95*60F(^M3]CATJY`O&399&(DX
MN#3>&5D%`7*@_31`H*)J&&VY29<RRZI;G^=#D@C#>++2JZ=]G5/HBC]]G56^
MRW3,G[<M`J<Q"0,S9AOND9]=FF)%4LCY%1RHCCRY-*4^5=T>:N\JTI@SJSK'
MS5"R1<14(^R2DFX%G-/;JP=NE4#)M8U05HMR!45$2\4*[Z<M10*J%J+:PH80
M1]0(.(@_TD`:;^D1,R[GB<R138`ZRI)*E!5B"#8#TS%METHTT[D3+4)DB(I3
M=GCR8>6]MD"0KU88.YY&>A:Y5HARZK=MN=AXSA@A$V*S%;QKM)*+*9LJ^*""
MKLR*P#-2TM#441J$G"$!)$Q]140"D:00/FF3=.ZR*U;79HSF8I0)H43,@_0`
M+">D$V2ZI1%(_,F4I3)!\/,G6/9BT$DE6SB\1L18?LZ#6@ZNWG[A774&K9!E
M)6R0$A+Q+8>#(HH\"3`ZR:2Z*J)K0H<O9I4UM6E00N>%-F(S^DSE+"1,W3F+
MXIN9CF[M>K+Z%Q*G&P%*5;*70!?.<AV&Z+DK.0;/=,1M+BU4J])FV2U@968\
MZRDK#6HUQ29^8K]K,BBTF*T_,P*M!.%FZIW)>&D)=\%!V[<AYB@^]%+-3K)N
M"?E.@@DD&Z<B-)NC;%9FBLN-0&TM5";25'$FR<Q(2-MDCHTSBN(W+^735G`<
M]*56H&;94ML;&VM^@XFHA2$KUG>/U*<:#KJBLN\^N24(=HZ=BY?<!F)54]AA
M,3<OC*LH2FH=;*TO,CY4'YIFS%-5P`G*4IFRZ1C+1FF=?<TK#WI%JHQ34D$8
M9))$@;23A[!&DS+GG(&(98RTW&TJ98S06_[>I\(K._=S6`@HK_X*X3\^X4&#
M:1DW;7+**=(`P3*V4DVX)N7"A%":GRS+6*Y4L)04R)TSZ19+^69'89Z(BS;.
MZR@:46U37(R-TM`)OTF7ZQ>..K;<0M]LQ]?`K;N<@X>IVIC-51I)1D7)PUH/
M-QJK4\/*R$P^;/H69K3E,5?$J)N6ZB*@%3,)R!G5=.TA@5;2#Z>(ID93G9;,
M=1!C8RS,%J?^QJUARI*,4Q8.R1MB]=48VX:0AI"&D(:0AI"&D(C%DM\#4S01
M)UZ1D:RSK6LPO$(L)'DZ^;NW3*/XB:2B:"CI)BKN&4$I!,7=V[1`!F986^2$
M:!,]D5*NM9HT!;MQ,HJ^'YDL/6!.G*PUP82"=_.^3J:R"4AX:3-'2DC".>*Y
M.Q(C&E"7BEVQ!="B"JJ8@3>Z-LSF6YDT\II;"@$7DZ+`;K[B+HHMY_E3J$+;
M>2<?7=;*WXB,0W,KAJP*T].&N3)\2^M)5]4W!&\BDTE&T*ZE6;]11RNR21C0
M*O!/"I^*,CQQ;'X>\(:Z5E>8MO*9=94DHE.?292$K](CE?$&6H"3Z@.(V6QO
MZ9FW'.0F\4\I<^C86DW54KK%N6*#TR3JMKR+J(2DOXC5-1`AY1@N@":I2+"=
M$^P@[HZX?H:RG?\`1>;*9&1)LD9`REV&<649M0NHQ-K"CAQ2'1_O$<6YE<5-
M&SIP_D9Z+4:S-:KY8Z6IUNC9I]*W)RZ9U1&+@W4&27DD;`[9+)-ED43I&43$
MHF`0V:E7E.8A!6VT5H"5JF+OD$U2Z9151Q%E2P1Z@#@E\NFV-$?FQQ0K"3\S
M%J6:4^A0ETE_!$J%H8.91QCY,1MT!&#)P[-)S8H!<HIO&0#XAKNF,H0"E,(6
M6LAS)=6*5QLH3ZC22HW)#TL"CU&=G3'CW$%`W3K?02LI0I4AIPC$0.L"_HO,
M=Q+FEQ5M9(/GDY$R"]+K%^D6$E5;0@>O5NWN74?`/+"Y"%.TB1DY9BLU;D6.
M11PJ3:F4Q1`PQ#)LR4^XTAHJ;;?=:Q"4E%I)6HIZ;!.6@6Q&WQ-EBDH+JL"U
MLLN!)OD\H(2#V$_'1$JLV=<?529=5^3?2+B;92P0CB)A8*=GI,K_`.W&MN5`
MC"&C'SI9JTK3U)TNN0IDD2J`4Q@,(`---%7.H+K+14V!,F8`D3(7]=G;%ZJS
MC+:-STGW0'"92TSB.LN9.B+25^C))E9X5:B7**HN\^K4\<;589J!B9Z-CZ@W
M:QB[RP/7"$H(<%LFJH":)EQ`$#$4&X[E-0TPS4$@I>25`"\`$@SMZOTBM2Y]
M1U-344YF@L&1)N/9'S;<TV&WAHE!K/R*LA,6*RU5**&L6E.38S5+1B7%Q;3;
M0\(52!1JK:<:JOW+S@-&Z:N\9784VS@Y76I<P+01\H,^I5Q'3/1TP'$.6J8+
MZ5S$R)=:;_PT]$;!CS)8J?`B<9E['INV,3*1:DQ7[)"EG8F=GHBLQ,Q732T.
MR3GHAU.S[-`7#4RB:8N$S&$"'(8T9RZM));;*FTJ*5'RD`D@]@!_")!GE"E*
M0^H(><2"A)-J@92([9B-E8\\X\J\RG79%_(.;"M-R%;;0$+`V&?F7<[%UV*M
MC^.:1\-$OEESM:[-MG1U`_A%(ILWMX!``H*G!ZJDR;(FD^8$D3'Q!'PCQ6=T
MH=]!/S/),G!,3;-\C\#&Z3R[1#T4^2AG&Y*6FFX.>8.F[+NJM912%78G8':D
MDR2J<NF+069D0=`[_@"GQ/TZKLTM<MY5.\RIMX:"09@V@]A%O9%M[,J!MA-0
MTXEQE5Q'2+"/@;(C;WF&QQ'`W3>*6E&1<-)21&"&B7<]C:1,(JV2EYN1@$J\
M>680D?XU'>=J(@@H90"I&4,`@$HHZB6,I_Q3EBT3Z(A5G%`@@+6`HB<HU4IS
M18<B%S(KV1=V0C2GOE7D-!62<C$&^0DS'H0N)6*AG<:@M<C;B<>D*O$<+*%(
M!=XQ-Z9O*J]9DILI"IX9GZL)DJ7]IOB%W/:)MHNH.-`E.77=;UQ:-&OM?R'$
MK3-<6<*-&T@^B7B#YD^BY2-EXIR=G*1,O$R;9G(1<G'N4]U5%5,#EV@/X"&J
MKS"V"$KO(G\.F+U'6MUK9<;N!E$UU#%R&D(:0AI"&D(:0AI"&D(\_<PW+W5N
M96KPN/<A+N'..4+E5[7<*<D5'Z;D=A4W2\M'4RUF.F*YJLK82,GSA)$Y#N#L
M2)&'A'4`UFCJWJ-TN-R!PD`Z039/HBC74#5<A*7+0%`D=(&BR1MTR,>=V_\`
M=RX5KV14KQC4KW%D4ZM6$KW9:+4RME*U9[O@.WREEI-K?&E4GLFWE745-KPK
MX4E2E6C4T```.@F8+)S-]QO`]\R@"`3>$J$B+`+(JKRAI+J%4_R-B1(MD5`S
M!O,6!6N3FKU>Z8\NS6UV%Z_QSFOF(S?&M'B46#-_.<QS.T,+-#/129@N2*KS
M>V./IYDS%6$2$!4QB[P#4=S"O6TM"<&)>`6D_2@S&B^++&6TS3J%VX$!?XKP
M@]R8D%?Y6J]7[G1;JE89EV^H63L[Y2C6:Y8\K1[+Y\^JA88QV8C/CIQL*274
M!D9,Q53"4.,)P$0U,[F%0H+2F6%QM"3_`,""/RCQG+*5I"`)XDN*5U?-9%'0
M7]WZ:`6\*WSS=G]7K='S+C[%-0FZ5BZ:K]!KF;9^,L5C;2K&3JKI+)1X]>)3
M9MOK)5$AC1,DHF=4QW!K0SAX($D)]4O)6HS(GA20`)76VV2_2*KN4)<J?5Q?
MX@@I`TB9GV&)3B;DG7P\YQ"]K&7)I-QC![EGZDV3JE6:U^UUO,$[7K-/4J*K
MJ34[3&=:A9FJL_I24*<G@V_$3_6)Q,'"\T=<IWJ=P30Z4F^T%,Y$]-YGTWQS
M39*U35J*H&Q))^!T2T2T1Z0@<3MZ_EO(>7&LDZ4E<BT[&=-DXE84?IK%GC%W
M>7<6Y9'31(Z,M('OKD%P4,8H%1)N``B;6>X^\:)FE;EB;429W2/1^`C132I_
M<7:M7_4X@#KL_CICSZTY(*BR;Y,;)VZQJ)Y.Q/F_$DH8Z40"D?#9RR;<LHSL
MC'[&`D&2AI:[.6S0%0.B9NDF94IC[VV[^Z5*7F7@$XFG$JTWIE+\HB:RRF:#
MH$_\B2/QM_.*XF?[MZH3MX&[2&1[&J="2N4JP;&K=*6L*1[MA:;P<_A7F0G4
M(O;WE/AJU.JNHF'!9)HP=E*`\9,I2A.SGE6U3N,@#$LC^8RD%8@<-V*RU1F9
M2$5#DS1`!/\`$I7_`*19%TY):_:S0,@PO]IJUGIU"P?4*19XUI`/W%7E\`VF
M<MM,N245+QCJ*E9&0=SZ[219N4S,UF*AR$*FH8%"QC-'@VIN]*E*41TXA(B.
MCD[94%D_,``):)7&-5<^2)[D-L:1O&<+79;XZK&/ZW+6MS4J4RB)U#'.4Y[*
M<.TGZ%'QC:NSE8?.YP8U[$N!,BZ8($%10ZPF4-XSF;C2,`2,,R>NT2F"9R.D
M'08\.3-%4RHG_>?X1*.7SDQJ?+Y8HFRPEKF)V0BX3,<,"+J'K$!$J$S7E:#R
MU8E&D+58B(C(EO#S$$FTCVS9,B23(VZ??.7?&+,,TK,P3A<";`!.9G)(PB?2
M91WEV34^6N%QDF9)/XF9[XZ60^3MUEO(<;9,H9AM=WQ[5[E-WVD8G?UNC1K.
MM6"<IL]156@7V&K[&\/ZLS@[5(BA'J.`,95P''77(DF0OM)7&C0GTT_Y`D"9
MG>+9RNT"WJCUS*Q5%T52IMK62`!:`;IG](JW&7]VQ3L;Q+2#+D%>5CH.4Q`X
MK#ACB_$U.L;&(PSD*`R'`Q5@M54JD=,W%U-O:RR:R;MXH`+HH\4$2N3"L-JJ
MSNIJ5J60D%1),KID2/POZ3;?%>DX?HZ5(0"2!_K%MVCDHHMDSED/.QK!8FLU
MD?#TKBN2JJ2S#[1BYF<AB5*7RU%M#1XO"9$?4)HS@E%CJF0/',4B<,!WA&K^
MZU8HDT@"9)7B[Y@3E.0-H'3%MS+&5/%ULD33+\1(_$B-'%<DYH1"S5",R_;6
M^%LAUIM7\H8?4@::ZCKJY+B>(PW)RJ%O6A?NJJEL-6@&2[YJR6`AI!J59`Z!
M5%DU)3FCJUH?<$ZA`L5T6E0LTRF0.JSKB(Y4/1-.#_A5>/A*_P"$5K!_W;<1
M!XWMF/TLEP;]2R-:5"$FI3ERY?7*"E6HZT@NTB;5!)4I!M<G\RL](N\D%E6R
MY';9-=J5L8504M*XAJU.).$8!B)D2#-5FCH%@G/XQ29X8HF6EH23-9!N%DH]
M2\ON';WA=NYI<ID)U<L75.BXMHF*8^:,#^WMBT^$D6UQM=UL!V+965G;?*/4
M"D23,9LU9QZ($*0YU-N37/(J7`^VD)=F9Z!(FP"_1&U0THHV?2!)%G7\?C_I
M%<1G)%2XM&ZMTK=9E4[KB_/6*G8KIQ)C,H7F!RA8\J65^TW6)=KZ%F+$=NR(
M<3(BV3**A3'$QAM#-:A326G`,"5I4)=*4X1W1G#(J=%0NH0HXUI*3V$S_..]
M2.5*RXPGY];&^>+A4Z+9DY"6E*`E4J'*I$OK^@QE$4N,99Y2$<34<@*L,UFC
M18;[0\ND([P-E%&QH7ZM3Z,*A:+)]4R?UOBW2Y<W3.^HD_#X2CUC68R1A:]"
M0\O./;/*1<6PCY"R22#!K(V!XS:I-W$V_:135C%-7THJF*ZR;5!%N10X@F0A
M-A0IQHQO-(0'\!TMT7QX3(3BOK]"SD[&MFU?M<C395N];R#>681L9+IK$:CO
M+QDG'2J)T'44_3-N+$(HW7V[HIJD,&W45$XZS4J2X@K21HN_&R*F8TZ*FDEC
M2@S_`)K(IUORUUY:+J45,RSFQMZ_DJ5R[.C(L8A,ETN<J_?3J+B2009<..B(
MNQND7S=FV`A#J,6P*F4!,V_IN9M4.3<I9)5APR)(D!HTQCL<.L@8:CYDSG=>
M8GV0,.P&2)&*?6)=RJC&5#(%-4C2E3,U?1^1&L"UE%UC'(*J3J/+`D%J)!`"
MF4$1VB!=GM'7OT1Q-&2L:56>9))_"T_"+]?DM-F+814`'"@I'81+\1($=<52
MIRH5]&J1U;;VRQF494:M4IS-2AVDG(V5Q"WE/($A8;:B*#="?>VZ?,N:9;B"
M:#Y-TL780#!NV/WATMKQ('J*?+EEPL(``Z@8S5<-H]`4C:@EL(PSTFV9)Z2>
MLQT(KE0J;>%/"_7I9-3PEY:MW4/&P%=3B']WR!4,E$D86+CHX8V/"N6&D,SL
M4!251X0"145!WCF'.GEK#JT*`LE/H2G!:9SM!-L>L<-T],W]NTM,I&Z^TXKI
M0LO*FG<IF8M=YO[^T6-TM07<2[=5BMA!5UQCTEU38IM*L=JNVD&,VC?7Y'Z3
MMPL8PGWT5$#`3=[9S^J0TBDI`D,I6LJM\\KISNPB*KW"5&MQ^JJB5/.I0D$"
M[")6W7S,2^N\O$#%,U")S)3*J4*]41XK"5ZNUJ/52OTJPF9B5;0T*Q0:(/6C
MB.*1`#BH<P&$5E%3?JU`O/'JCU&%I$BZE5_E20!WF+;/#5-3!IU).)#6'X$S
M_P!HW=HPTO8*SB^%KMUE*=(XG>1;RN6-M$0LNX7-%U*3IFY(1LH@:.6!W%2J
MPF$@)B102B7HZ-1-5CC"W$^FE33WU3-HM!&&P]$NR+57ES>8!IP/+:6T"$E-
MUO3=:(K9SRRDF[O%7NSWR1L$Y'S5,L:J[^L5H'9G]*%%%!G7Y-1-T[J-?FRH
M\5XQ8"EXAT913B[%#$"XO/EH0FF98""4K2"+OFD3,WV7"<Y"R6F,H<*-AW[F
MIJB\`02";1*<I=NGID(V,SRI4Z5IE7ICV6F7+&J8\D*#&N%$8U991!Y/U"SM
M)EPW69J-%I*)EJ2T.FD9,S9<N\55,P#L"-'$%=2S])`+JEA1E=8"G]8E<X4H
M'B'EJ(;P81,R-\XW="Q#8,<342O`SM9)`/9B2D+X2+I=?JBTLR;UCZ/582*9
M03$-Q!C**`Z7<.7*Z^U,R28E24X98ZFO344JO5:<-1(!-@D)_43:.J5G;$V5
M96_0UZ?2=:^R`45#$9ST2$I'3.WLCZV7!C>QV2SO@M4LPK-VLM/N%NJ:$9$.
M$I6Q4<(`D<HTFW"1I&(9OPJT:5ZFF"BBA6O\%1#?..O&<SJZ:G92R@A]I*A,
MW85`@B_K.C3;$C^24>85=0^^I)IUX;`;9I(ZK+A"G8%9U=S%*?<DG)$K0Y50
M@T%H]BU\)&Y:FVEDF&+I9N0QGYHV4;F%LL()[Q#%*<HB0#&Z<S1]<WG$?Y2I
M),IR)3*7<(C&0TS:/1IUH]/`I-MX"@>KI,29EA:&:TS$]+1D9`L?B*6IDK"N
M=YN#J26I4<O&L220D2X9D7J3DPK;@$$3!M#9J`9C6)6^ZT$A50AU)G.P..)7
M^0,^N+)R1IUNF0L@_;N,K!Z2RTI'YF8ZHZN1L#1.1;"-H=3<I$3*,!!P\6[C
M?"&-$OZU>8S(,%8&Y'C5T@X>L9R*3***Q#(+(B8IPZ0$)6<SJ*5@,L`$3),^
MM.$CXB%7D=/7G'43QRLET@X@?Q[HBG_3>\/8QR*I?GXY6^L(R86X(6+^C>`0
MKQZO]K_9X@9F,`I%J&.(^(\9XLP*\;])4PD_=WPU^WI2G]M(MM^:<Y]G?\(H
M<LH54_NJE?\`VXN/\ETI=,OA.)9C7!$7CFPEM"4[*SDTXA+-&S+V1*R(,S)V
MZ[*WV=G7"31HW2;N%YEP=-)%(`11:@0@`(@)A\K<S<K6TM*$D(P@=02D)`_"
MV?3%[+,E;RY:G4&;BYE7:58CW]T7WK+NL$;L-(11^:L5/,LQ\)"A:#041&SS
M*<E8E2%93D1;?IR:QXV'LD>\41^H0K23.F]%MQ"HKK-TRK%42WB&T,OK!2*6
MH))<*9!0LPSO(/3HC(SBD<K&D-I4@)"IR.GX2CONJ*>6E<=3<W/.G\MCIY,/
MT';:/9Q3>8>35<E:L[%VR3,<C-)-O*F.F5$P&!1,`$0`=56JIUNG>4EK$5+D
M`;P`09B_Q$=+I`JH;9]?!)H?3<3;_%D5_1<'V:BL;:FQRK(O92Y/GDY(6E[3
MZ\I:UY]VN@9&7D9)T9TUEBQT6GX%HT.V3:M60$32(3A%#5ZKS55=Z)=ITA+;
M83(&P`=723:2;23:8I4N2+HP\E%6LK<7.V^[I_@#0+XZD9@^SP<KDJP,\J2:
M4QDX9@KR=5J\&K98,CENJTJ3&"GUS&*G$4%!P)HYIX;PPJ;ZRI#+**J&/YH'
MC3L_;J]!F=B;0J<IE5NG3^`D)1'3Y*NA;J74U(74U`$BL_3AG=>;)]T=.!Y<
MGE;B*8QAKU]&FZ`ZDG=,FHZI1B!6J5@CW#&VMK%'.'S@+4I:57/C'3IPLFZ/
M()D6%0QP/O25&;*>>4KT"IA8$Q.X@V2Z`!9+KB!C(PVPE*ZCTZXD_,+B#?HM
M[2-`$2/T%2)C21Q=]WV(],EH:-BG[!=&.^INS'L3VP7MZ[E$V:+Q1WD@9!5L
M_+M!!LD81;D()C:A5F*UUB:E#2$J3;9?*0``%UG69SM-L6QE"Z"B73J?4Y,:
M;1TDSOF>R+`M%(:VX*@W>*+1Y*C;*W;F";'A)$4=5TCD[-B*9DS<../XC<.)
M`*<"E#8(:H(>4TZM:TK(?LT?++2JVR>B4YQH.422W1KQ(]1`4;SY2)#JM^$4
MZKRY+/WV4GEEOLG/1^6$I"-GVZ\+&)S+.$X2R%<@:_9BB5W"QE.6/QV":")"
MG=B9=4%55#G-H*S<4KC3U.TX2S;(6S.DRG:3IF;KHQ4Y(XMFIIZYQO\`]@2!
MZ+9@$RL`EH%]NB+2H&-7M6E[#:[!:9"Z6B<85R'7FI)A'1`(0543>FC(YK&Q
MB7!2,=Y*/'3E03&%=RZ,(`FF4B9<MVOJZBB+(04`.%0!%I$P3TS,A(#OC:I\
MLI&*P584"0WA)GI`E/\`6+<;.TG13F2WOX9Q3.!@`#$.4`$2F`!'=,`#^'Y#
MKE"BM,R"D]!L,:"5I7]!Q#JNCZ\4NT2].T`V[-G^3I_'74QBP3^:.R%!&.5G
M1ICZ:]CR&D(:0AI"&D(JC,V+&.9*-)T61DY.#;R2D<Y1GH-=%M.0DA$RK&58
M2,0X7;.B(NTU6@D$V[TIG,4?WMH7:"M705`?0)D:.G1(]49.;98G-*<L*,@8
MI&6Y.*3)1F3XII,3L"WR*:EFCQAUF*!L=EI)T7C9*D"+#:P),S'B'CP3[XF7
M=*"7=_3LT^:,U]=MPX5(;G>?JGTB6@2E;9(=$8;7!65M-D)GC5?U2Z/UG'9G
M>3VC2[/(C)K-3T(E?)6DR#'Z6=@D-";4P"'^DT\3,A%K&S[QS(KOBJB<QSRK
MD"B4HE`OB.),P%0EYS"K"#>2<1/F'X2[(.\'4*TR22)J![)='ZQ*H#EV8U28
MNLE5K3.U]O>Y4KF3BX\L41K$PH5R8C_MJK+#&^*K\:G:9YU/$42$SCZBJ8!-
MP#"GJG49M55*T!V10C2;R>DZ#8!,]4:#'#M+3A2FB0M22):)'1TQ!:5R=5^H
M.X]^I:74B\C9+'4HFNTKU>@#2#O&KNQNXQY.C&,Q7G9B</8C#)OG*IUW"B8&
M)P@$2ZM/<1UXIUL4R4`*0Z+3(3<2$SL%PD!9<.F*5)P=E[+YJ75*+LQ+H$NV
M)PYY;X-W&(QBTY+<).2S9(&,06J9SCG`;`:;1$P-C%*2$"PJ%9B!?_;**F]T
M@/`XBS+UEN8485&FE:;F,,]&DIF+8ON\-T!IU--3QE#@$[IK24V]5L=/_IK9
M/*_:8><M$A(OK9CO'^/GDNS9,8TS-'&KJ=?UR;8,N&Z23D?&30&63.91!042
MCN@!C!KH\0UR74%E*`T*I]PVGZ7D!)2!TV`=A-L9S_!]&_3R4H_<BDIV@;AB
M86%@]DP/](BT_P`I[BUM;H%ER2^EI&^V%O89QX^J%5=(,'#.GQE*9EJ;91J#
MJK.HQA%$=,G:#DSIN^.<YS+)CPP(SMRF3*G1)(1AE,VVSMT*F;P1*VR1MCT\
M),5;@=S%6)S&%6=(NE=*6B4?"\X4EZX=W9*ZZN=G?N+Y3KE#M8%6JELU3GH>
MC-\<S=G*]M2[5E<F<O6&94G\:Z.FJJ#A=1!4%C$`OE+7NUS##"BAH-HPDKF!
M*94;@K2;#9UQ5S+*4Y>_4U3:7%^N9@(`)%DK9D?A'0Q)RXR*J$Y9\D.YQY-6
M69S,JM#SJ\)XY6MY68T*%7:S1J\D>-BGS>/H*(HM62BR31)R*1E53$WAFS#/
M77'$_:I`0A+:9&Z;9)F#:;2?]HDRKA!ABEP59Q+45&SH6!8;KI?G$GE>5M2Q
M,XUG9<CS\R:J55&J4!Y]*@6+FK(-)VHV!I+.P;,N%9)SQU&C"JJK`BBH@W,0
M$BG544U69SRJIDN(92G"^LJ<)O)(4"!U?.KHB]4\+TM:ZS45*E>K3I"6Y7`)
ME*?78)WQ&7_+SD6/R95K3`9+FEY22MV1KS=;2\BZT:.9/)[']+I$36FM5.DF
M9S63M:P0Z)"+^,;KIBH=P8IA`TXS=A=*FF?;)2TVE#8'0%J62HV6_,>F*AX:
MJ6ZYRNIEH#E2HJ=G.\I"9)LNL%\HL3_IT*:FGHY[M.C$K/'ME6=E;0I90<DN
M<C$R@CD<CGZ69(DFULY1$L<"?TX4#;AB&V;1I?NU4[6&K?2@#"$@"?TI3@`,
M^J5O3&DCAVDIZ!%!3%6!*BJ:O,I6(G\29=4?:0P7;'LTC;TLLR;"[_;DE4'L
M\VJ=;\$ZK3^23EFC-O`J)G;L9&`?D.JR=BLL83N%0<$7)N%)XG,7`S]L4CT<
M>+KG*7Y1&]PW3OK#BU'&$8>J4Y_G;VQTXKEAK$-"G@6$G*(QQY'#$B"2BS=R
MHFKA)]#R$"45S-""N,TO#$%^<2E,<3F$FZ`[-6'<^KZDH;?P^BT'`B5\G#,S
MLZ;K[(Z;X;I6J53#9^I23U?+%Q4*A,J&6VE9.W#O[ONT]>'G'*B4&K^P"V,Z
M9-N$0@G:HF:@)#'VJ#OCM'\-9;S[CRAC^E*0!&Q1T;=(@I1]2C,Q/M11;AI"
M&D(:0AI"&D(:0AI"&D(:0AI"&D(:0AI"&D(:0AI"&D(:0AI"&D(:0AI"&D(:
M0AI"&D(:0AI"&D(:70CS!S713^P8^KE>C;'8:B[L.5,5PJ5DJ\BXBYB),_N\
M00CA!PW4)QD15*4JS93:BZ2$45`$AS!K:R.H33U"GEMI<0&U6*N-DOUCYGB:
ME^[IDM)<4AS&+NV/,+OF4MU6N%H5L3%PZR5CK$\76;EC^-=ODX12WS>7*[6Z
MW=XUGL$I:C:X^?3D6SDA3*D8\9H90%FZ@%TF>'V:I212*3@6LA))PV8"LSG<
M1(@]8CYZLXGS&A2?609I1;(3MQ`62T2M[HFJG-)E*OH+LK1CLA9R5E9VFT8%
M57%<1M61%H.OSV/:X,=(KR,A7V]C\;(MW1W!UE4BQW&2!0JNP!X<8_E=;,AB
M,E)("02%*F+#(BR5\X[3Q96E(/I*U2)G0+;1\8MNC7O_`*D<?WZ/7;RM=B%$
M&=."9K\TZ93T;<`KD:^N2;&12!J9E)T&T/!8I*E#];MFH!RB&\76/5TZ<NK6
MFUR,U77@@&SX*`G\8^AH<R5F&6O/-XO52-(E(R$P.PV10-!O^:5+1#/K+)UQ
M]=IR;R)AN`5=/Y9&A-&&$W3AO<+J]@HWP+B2O^3["U!9O'HF(5A'MA(FML36
M!77K6J`J6Q3!7VWRJN&+YP"E/8F9!.DB<?.4*\X0TG,7L(6HJLG9\I()[3+^
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M8?=-O@)=I?F3*1Q`D)PGL)!GT3ZHX;6^'J1VA4I;542%8IB6&T$`]()$>J>9
M:`=(8=CB0UCM5:;5"Q8W=-R05@<L'$HFQM];C&D3/2?ZY>1BA*J`K)>(+XPX
M`#@54Q.0^1D[].JH4MQ*2E:%B9!LL)F.@S'P%T?1<0M59I&F6"0I*P3(W@62
MCSKE6=E8IAF_(L/.RR>8:%F^HTS'\&G-20,0@7C3'Y(RHH5=-S]+DHRZ1DY(
M.G`J-E#&6.HKO@+7:3:R5IA^L;8JPD42V5E2C>#(G%U%)``/1VQ\YG;CU)0J
M<IBK[L/I3(`_3.X:"#T7F0ZY[*LH545*/7V-SE)J-RE@*.M]J0D\B3D+]VW?
M[AHRE+E338RA7D6^O\G*24<NDT,F#M!$4."8J0EU64M`=6'TI2I+Q`D)R29@
M@#JL(ZX8PY2I:IUJ!4@$DS2";[23+^G1^,XH.7EK[+5R2K+=84)?'-1Y@9FQ
MP<AE2PQ[#%[R(NS$("2H=S:-U7N39/'T>84&!))-HV(14B:YVXGX0:B::@"V
M@I4@XML!03/$"GYL0E\MMG?IC(6]5X'5,N)4XTE1PX[I'^6V:O\`3IC]<Z?*
M%F*]"RA%72Z,A$1,@BN^;^$=JIR#!N[24<M1_4V<G37`RB8_N',(:^%?!17O
M,"Y)EU67RC]6HG#^V,O.?6I(G\8EFN(M0TA#2$-(0TA'G3F)=T]G6F"]Q2M,
MT3ZVR0KE!J<L^BY+)5I<M'[>&J1$X]['JR)%'"HN3%6<(,VH(`Z<&!)`PAHY
M4*I=0M#(2`$_49?*-)ML'\`1@Y^]1LTZ%5!5C*A(`$XN@66^$4W#5"XU*T<I
M7WA>;3*S*#2XU:PPB-C>/JF\<)8ZM\\=202X3=U:9")X#=HV?/S*F40:%5*F
MFHJJH:\Y5LK0^RPA(FH&<I$2(_`&^7XQFLT;R'6ZRH6KT@B5\^Z^.UB=G%&R
M?8;93I^?-C>LPEHK-MMMJN$G+)Y3R)(V.*ECR$8G*.18EA\:)LW4<62;I-VZ
MR[]5FEOILQ-KRK+[5(&%MXJE<E(2`/E3=:=!5?(]NF):$T[]:JH2Y*C1,*))
M$U7V`WRZ1V1I',;7YC*ULD*M:[A&UVI)WP^:LGN;Y*),4I*PUQZQC<=U@KAR
M>$;>GJ3DLJNY0:D3KYFC9(#JN%G`$]!J6J)"7&AZK@&!,I7$?-/3BG+K^$5G
M4T=17+J$.G[5@G$1:?F$I2ZI?"<5[4XIO-7VB,ESW&K8`R9,61>J52=MMF"0
ML[BE4X#1$_,+/)4]CKR-[5>/)5"/%V0SE.(0=+$*HHJEK16C[:E6TE(.:-I'
MJ'Y2$I4JY-DB4V`G1,C1&:D_<U?W+ZE)R95C7U8E.#S)O2")F9LLZXMR'MU9
M><K*TWDEU)6^*JK"V2#/B3$BC/V.'KMSL<)CI4[^'>LI1=]:6$4S105$X@^7
M5`1$XF';BK:)KTI`"9K&.5N%)^H@:2+Y"V-Q;H.3E-0222`F^V^0,KIW3C6+
MT&P8]J7*HT>VZXMI&!RE6$;%#(6F15AI64O3B8D9N/EE'JSR8GHJO.GZ[.+:
M.'2C=)`I1X0G(B=.1=91/.URJ=$J(R2R2/FL4+2-!5_-UGHB-+%53U>7M.*4
M0C%B$[/F0K\9:(K'F<F)"BSY[O0Y9_%,9\EYA;%>HG),O.RA;22JRB4C4W%'
M=N%X:O0M&@8E>:(];"=6/DF"28H)%745-I9/3TS\_4DIT82$2D#(Z3UV`]/P
MC`XAJJWU/3:FEE14"J<S:-`ZK[+IVZ(],8P:(5W(.5*7199\]J[*CX^L#%I*
MSLM8V$-<)\UW07%-V^?/GR3:?B(R-?KI$5V'WP7*`<<1'.?4AU;3M0F0QR,I
M`D`@D`767"?QC<RU+C-$\PPI1/IG"3.\ID#\;SUW"/-="S9.X=PYB9)",K<Q
M(/:36+YDXD#$VA9P9O=+&$(VM4E8';]*-CG\LLDN)G+U1XJ\=H&3*B5(H*%U
M%Y(,US-QQHI12>HI*,2@"2D%4@G2`!\)])C,5GZLERM#"$K<KI#%\I($R$S)
MNO,>CL=YYFKIF"\8K>Q<(S"AA,"M8&<NY6;W%,DJU;1HTQNJB4CU2K(*"TM6
M\J?Z9+G1;AM!7HQLTR=IG*T9BA<E."P:4R\W1/\`EZ1&WE6?5=1FRLM>0))-
M^@]A_/HCUDF(BFF(CM$2%$1_,1*`B/\`/K'3:D'JCZHB1(CGKJ/(:0AI"&D(
M:0AI"&D(:0AI"&D(:0AI"/@JB54NPZ8'#\C"`ALV[?P':'[-$J41\WRF!6M/
MT@*CZ%(0G[I0+T`'0&SH```-OY[`#2$<](1C=+MV[`V[1';^W:(;!'^<-(1G
M2$-(0TA#2$-(0TA#2$-(0TA#2$-(0TA#2$-(0TA#2$-(0TA#2$-(0TA#2$-(
M0TA#2$-(0TA#2$-(0TA#2$-(0TA#2$-(1KI"*CI0C<DBR0>D:NVK]L1PD14J
M#YBL5PR>)%4`P)NFBY`.DH'ZB&`!`0'7275M3")VB1[(B<8:>EZ@G*-,_I%/
MEGC^1E*O!2+^5ATZ])/'T6R=N9"`17<.DH1XLNBH=S$INGBJI6YQ%(%%#&`N
M\(CJ1NIJ&2%-K4"#,2LD>D=<0N4=+4`AUL&=D:R)Q;CB!8L8R%HU6BH^+EPL
M$<T80D>V093I"J)DFFQ$T"@E*II*F(5P&Q8I!W0,`=&NE5=4LXE+45$2^!O'
M9'@H*-(D&TRB0Q5<A(-!RVAHMG%-G3]_*+MH]!)H@I)2KI5])OA20*1,7<@^
M7.LLH("=14YC&$1$1&)QU;R@MTDJ3<3$C5)3LI4EL22N\1I97'=&G8E6"FJC
M`2\,M(+2ZL9(Q3)XS4EW#A9VYE1;K(G2"3<NG*JJBX`"IU%#F$PB8VTBKJ?5
MQ?,.N<<_8TWHAB0](:([2-'J"+,8]&L0B+`88U<,R3C6:;0U>,*@F@A;$2*A
M]',*Q]K;=X([P_IZ1T=J:I2YA1.GXQRC+Z-L80@'_2^4:-3%=*^[H6ZMX%HT
ML$(5]X9ZT*#85U7T42!,YDBI"7ZF[:0@&:M5%M\[9`YR$$I3"&N_N7'*<TSU
MJ29SZ.SHZ_A$0H$-50JF/EDF1`T]L2T*]#`N_<A&,RN)4$0E5BH)E4DRMFYF
M;<D@<"[7A$&BADB%4W@*0PE#H'57%4I4E6,GT[$CMMBVJGIUI4E2!)RU761T
MQTX^FU:)80,3%UZ(CHJK`4E9C6#!JT85U,C):.33A&B"::$6FDQ7.B4J!2`5
M,YBAL`1#4J7ZD*6M2B2Z)*[`9V_&.#24Q],!``9^GJGT1MI"*CY1H+"29H/V
M9C(G.U=ID<(J&;K)N$#*)J@8AS(N$2*%$>D#E`WXAKQM:F!_CG$CS+=1_P!E
MT1U?']*<6)M;W%4@W-K9I<!K9'$:T5FVR'Z@X2$F9,7B9-TQB[`.`;IC!^!C
M`,R:M\CTYE*.Z(1E](3-:0>V-03$6+V[*;C4,=4Y./LRO'L;).NQ)6LXL`[Q
M%95$K8"/C)'$3$$X#PSB)B[!$1UX''2X'%+.(1$[14:DEI3(4R;Y1UUL-8L=
M1L-"N\<4M>'KJAU8",/78Q1C#G45!=8S!J=#@-0<+%`ZH%+L5.`"<#"`#KM&
M8UA45$K2I-QF+>R40'(,C;`#5.`2;^B>DV_C%EHMTD$P33*)2@!>@3";]W9^
M8CTCLU7M*BX?K-\:H0E*`T!\B;H^^D=0TA#2$-(0TA$.MF/Z3>B,D[E5(&TI
MQKD7D<2=C&<H5@Z.B=LHX9%>)*@V64;*F3.8FZ)TS"4VTO1J=BI>IR2RHI)$
MC+HBM4T5-6`"H2#*Z<=QE3ZO&M89E'P$4Q:5P%BU]JT9-V[>%!PU69+_`$M%
M(A$F/&:.%$C<,"[2'$/P$=1EU8)5,DF_KCLT[10&Y?(!(1#8_"6(X<KLD1C*
MCQJ<@V.S?I,ZS$MTGC-1TF].S<I(MTTU6AWB15A2$!)Q2@;9O!MU(YF&9NE*
MDNE)1=/]/A9%499ER`4J:Q!5\HY%PCB(',J]'&='\7-I2:$PN-:BC*2J,V*H
MS24@*C8X/$Y<5S^**IO`XWAW][;KU68YH[A-2ZI9;^BT_+V6V:+HY:RG+&4K
M13M!`<EBZY73OZ8^J>%\3I0SVOIXXIQ8.3<MGDC#A7XOZ<\=LB`1HZ<,_#>'
M4<-B!NIG$N\4!$`'I'7BLPK"OUBI9=(E.=LHD&640:#`2/2!F!UQ(34&E&()
M#52`$IF\"S,7Z4Q`!9U5V>0K+,P<'8+2O/E#+,DOW&J@B9,"CKG[EZ>.9Q&8
M_&^)%45.M`;4!@!!'PNC<.X.*?F:B]8HNO!/&\@S\04%O"/VH&!L];<3>%%T
MWWAW#EV&+M'9^.HDG`DMI^E1M_.)%T[2W$NJ^M%WY?K$6#%V.4[&]N"5%JR=
MJDD%6LA84X*+),/6[@A4W*3I^#8'*Q'2)"D6WC#Q2%`I]XH`&I!4O-IPHG*(
M',LI'E8U@8HV=6HE.I+!>,I]8A*M'.72KUPQ@(UI$M5GBQ=Q5RJ@Q20346.G
ML+O"&T"E`H=```%U+SYQNDE?2;8E:I&*<86A\L:Q]BG&DJ:&4DZ#4I!2O-2,
M8%1]`1CH\,Q24*JBRC#+ME!9-$%2`=--/=(F<`,4`'IU(W5U;((:<4)]!E.=
MGY61&[04=1(NMI)'5&S9TBJ,%H]=G78ILO$C*&BETF3<BT::;6,XF18JE("C
M499R857.X(<=0=\^TW3JHZJH?8-,XK_&;^N/6LOI&'_NFD@.Q+`#8``'X```
M'\VNDC"D)Z!%N^V,Z]A#2$-(0TA#2$-(0TA#2$-(0TA#2$-(0TA#2$-(0TA#
22$-(0TA#2$-(0TA#2$-(1__9
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
