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MERCHANTS
<br />BONDING COMPANY.
<br />POWER OF ATTORNEY
<br />Know All Persons By These Presents, that MERCHANTS BONDING COMPANY (MUTUAL) and MERCHANTS NATIONAL BONDING,
<br />INC., both being corporations duly organized under the laws of the State of Iowa (herein collectively called the "Companies"),
<br />and that the Companies do hereby make, constitute and appoint, individually,
<br />Barbara E. Pearson, Nicole L. Bicknell, Sandra K. Wallace, Mark E. Wobbe,
<br />Debra K. Livrone, Jennifer L. Kasznia, William J. Cemey III
<br />of South Bend and State of Indiana their true and lawful Attorney -in -Fact, with full power
<br />and authority hereby conferred in their name, place and stead, to sign, execute, acknowledge and deliver in their behalf as .surety
<br />any and all bonds, undertakings, recognizances or other written obligations in the nature thereof, subject to the limitation that any
<br />such instrument shall not exceed the amount of:
<br />FIFTEEN MILLION ($15,000,000.00) DOLLARS
<br />and to bind the Companies thereby as fully and to the same extent as if such bond or undertaking was signed by the duly
<br />authorized officers of the Companies, and all the acts of said Attorney -in -Fact, pursuant to the authority herein given, are
<br />hereby ratified and confirmed.
<br />This Power -of -Attorney is made and executed pursuant to and by authority of the following By -Laws adopted by the Board of
<br />Directors of the Merchants Bonding Company (Mutual) on April 23, 2011 and adopted by the Board of Directors of Merchants National
<br />Bonding, Inc., on October 24, 2011.
<br />"The President, Secretary, Treasurer, or any Assistant Treasurer or any Assistant Secretary or any Vice President shall have
<br />power and authority to appoint Attomeys-in-Fact, and to authorize them to execute on behalf of the Company, and attach the
<br />seal of the Company thereto, bonds and undertakings, recognizances, contracts of indemnity and other writings obligatory in
<br />the nature thereof.
<br />The signature of any authorized officer and the seal of the Company may be affixed by facsimile or electronic transmission to
<br />any Power of Attorney or Certification thereof authorizing the execution and delivery of any bond, undertaking, recognizance,
<br />or other suretyship obligations of the Company, and such signature and seal when so used shall have the same force and
<br />effect as though manually fixed."
<br />In Witness Whereof, the Companies have caused this instrument to be signed and sealed this 11th day of July , 2012 .
<br />ravNG C...
<br />POq 9.
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<br />Q.
<br />:y�•• 1933
<br />•car.
<br />STATE OF IOWA
<br />COUNTY OF POLK ss.
<br />MERCHANTS BONDING COMPANY (MUTUAL)
<br />MERCHANTS NATIONAL BONDING, INC.
<br />By 1-40TI
<br />sident
<br />On this 11th day of July 1 2012 before me appeared Larry Taylor, tome personally known, who being by me duly sworn did
<br />say that he is President of the MERCHANTS BONDING COMPANY (MUTUAL) and MERCHANTS NATIONAL BONDING, INC.; and
<br />that the seals affixed to the foregoing instrument is the Corporate,Seais of the Companies; and that the said instrument was signed and
<br />sealed in behalf of the Companies by authority of their respective Boards of Directors.
<br />In Testimony Whereof, 1 have hereunto set my hand and affixed my Official Seal at the City of Des Moines, Iowa, the day and year
<br />first above written.
<br />,�y�4 J MARANDA GREENWALT ,..,6
<br />±� F Commission Number770312
<br />My Commission Expires
<br />October 28, 2014
<br />Notary Public, Polk County, Iowa
<br />STATE OF IOWA
<br />COUNTY OF POLK ss.
<br />I, William Warner, Jr., Secretary of the MERCHANTS BONDING COMPANY (MUTUAL) and MERCHANTS NATIONAL BONDING, INC.,
<br />do hereby certify that the above and foregoing is a true and correct copy of the POWER -OF -ATTORNEY executed by said Companies,
<br />which is still in full force and effect and has not been amended or revoked.
<br />In Witness Whereof, I have hereunto set my hand and affixed the seal of the Companies on
<br />this'104� day of A v�v5'� �;, �
<br />.nu.•�n_ �uG n.. •.
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<br />1933 C;
<br />Secretary
<br />POA 0014 (11111) :��' ........
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