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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 of the State of Iowa (herein collectively called the "Companies") do hereby make, constitute and appoint,
<br />individually,
<br />Barbara E Pearson; Debra K Hull; Jennifer L Kasznia; Jordan M Scheiber; Mark E Wobbe; Megan E
<br />Riesenberg; Nicole L Bicknell; Sandra L Junk; Theresa M Burns; Wesley L Mantooth; William J Cerney III
<br />their true and lawful Attorney(s)-In-Fact, to make, execute, seal and deliver on behalf of the Companies, as Surety, bonds, undertakings
<br />and other written obligations in the nature thereof, subject to the limitation that any such instrument shall not exceed the amount of:
<br />FIFTEEN MILLION ($15,000,000.00) DOLLARS
<br />This Power -of -Attorney is granted and is signed and sealed by facsimile under and by authority of the following By -Laws adopted by the
<br />Board of Directors of Merchants Bonding Company (Mutual) on April 23, 2011 and adopted by the Board of Directors of Merchants
<br />National 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 power and
<br />authority to appoint Attorneys -in -Fact, and to authorize them to execute on behalf of the Company, and attach the seal of the Company
<br />thereto, bonds and undertakings, recognizances, contracts of indemnity and other writings obligatory in 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 any Power of
<br />Attorney or Certification thereof authorizing the execution and delivery of any bond, undertaking, recognizance, or other suretyship
<br />obligations of the Company, and such signature and seal when so used shall have the same force and effect as though manually fixed."
<br />In connection with obligations in favor of the Florida Department of Transportation only, it is agreed that the power and authority hereby given
<br />to the Attorney -in -Fact includes any and all consents for the release of retained percentages and/or final estimates on engineering and
<br />construction contracts required by the State of Florida Department of Transportation. It is fully understood that consenting to the State ofFiorida
<br />Department of Transportation making payment of the final estimate to the Contractor and/or its assignee, shall not relieve this surety company
<br />of any of its obligations under its bond.
<br />In connection with obligations in favor of the Kentucky Department of Highways only, it is agreed that the power and authority hereby given
<br />to the Attorney -in -Fact cannot be modified or revoked unless prior written personal notice of such intent has been given to the Commissioner -
<br />Department of Highways of the Commonwealth of Kentucky at least thirty (30) days prior to the modification or revocation.
<br />In Witness Whereof, the Companies have caused this instrument to be signed and sealed this 15th day of August , 2015
<br />„°,uu•""% G MERCHANTS BONDING COMPANY (MUTUAL)
<br />4O�a �: ©O •. OO���P•Pq p9y� • MERCHANTS NATIONAL BONDING, INC.
<br />_p •�Ir -o- o:
<br />�`•., 2003 >.�: :y�. 1933 B
<br />STATE OF IOWA •'••n,� ,�.••N`r4',, •' • • • "•
<br />COUNTY OF Dallas ss. President
<br />On this 15th day of August 2015 before me appeared Larry Taylor, tome personally known, who being by me sworn did say that
<br />he is President of the MERCHANTS BONDING COMPANY (MUTUAL) and MERCHANTS NATIONAL BONDING, INC.; and that the seals affixed
<br />to the foregoing instrument are the Corporate seals of the Companies; and that the said Instrument was signed and sealed in behalf of the
<br />Companies by authority of their respective Boards of Directors.
<br />1PRrAtS WEon N WOODY
<br />o ' Commission Number 784654
<br />° ° ° ° My Commission Expires
<br />rowP June 20, 2017 Notary Pub1 , County, Iowa
<br />(Expiration of notary's commission
<br />does not invalidate this instrument)
<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 this U -.day day of
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<br />'yvd�;W.. � ...\ado:•
<br />Secretary
<br />POA 0014 (6/15)
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