| INSIDER TRANSACTIONS REPORTED - LAST TWO YEARS |
| Date | Insider | Shares | Type | Transaction | Value* | | 10-Mar-09 | DONEGAL MUTUAL INSURANCE CO Beneficial Owner (10% or more) | 26,568 | Direct | Purchase at $18 per share. | $478,224 | | 20-Nov-08 | DONEGAL MUTUAL INSURANCE CO Beneficial Owner (10% or more) | 20,337 | Direct | Purchase at $18.75 per share. | $381,318 | | 25-Aug-08 | DONEGAL MUTUAL INSURANCE CO Beneficial Owner (10% or more) | 6,964 | Direct | Purchase at $20.50 per share. | $142,762 | | 28-Jul-08 | DONEGAL MUTUAL INSURANCE CO Beneficial Owner (10% or more) | 1,001 | Direct | Purchase at $20 per share. | $20,020 | | 26-Mar-08 | DONEGAL MUTUAL INSURANCE CO Beneficial Owner (10% or more) | 13,149 | Direct | Purchase at $20.50 per share. | $269,554 | | 10-Jan-08 | DONEGAL MUTUAL INSURANCE CO Beneficial Owner (10% or more) | 1,000 | Direct | Purchase at $20 per share. | $20,000 |
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* = Where indicated, some values are estimates. 1 = Potential proceeds estimated by the filer. 2 = Estimated based on the average of multiple prices reported. 3 = Multiple dates reported. Most recent date shown. |
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