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ENCLOSURE <br />DEDUCTIONS <br />Common Stocks 01 <br />INFO: Merchants Bonding Group, Inc. owns 100% Merchants $9,06 055 <br />National Bonding, Inc., a T-listed subsidiary ............................................ <br />TotalDeductions........................................................................................ $9,066,055 <br />UThe common stock of insurance subsidiaries certified by the Treasury, if held by other certified companies, will be considered <br />a non -admitted asset when determining the parent company's Treasury underwriting limitation. This valuation method is effective <br />for certifications dated after December 31, 1988, and will be applied to new subsidiary relationships created by reorganization or <br />by changes in the organization structure of the group due to new acquisitions or combinations. (See Instruction III of Treasury's <br />Annual Letter dated December 31, 2017.) <br />