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<br />MERCHANT•
<br />BONDING COMPANY
<br />POWER OF ATTORNEY
<br />Know All Persons By These Presents, that the MERCHANTS BONDING COMPANY (MUTUAL), a corporation duly organized under
<br />the laws of the State of Iowa, and having its principal office in the City of Des Moines, County of Polk, State of Iowa, hath made,
<br />constituted and appointed, and does by these presents make, constitute and appoint
<br />Debra L. Koltes, Vicky M. Hesse, Carol A. Loberg, Gail M. Kummet,
<br />Steven R. Klaverkamp, Justin W. Pool
<br />of St. Cloud and State of Minnesota its true and lawful Attorney -in -Fact, with full power
<br />and authority hereby conferred in its name, place and stead, to sign, execute, acknowledge and deliver in its behalf as surety any
<br />and all bonds, undertakings, recognizances or other written obligations in the nature thereof, subject to the limitation that any such
<br />instrument shall not exceed the amount of:
<br />FIVE MILLION ($5,000,000.00) DOLLARS
<br />and to bind the MERCHANTS BONDING COMPANY (MUTUAL) thereby as fully and to the same extent as if such bond or
<br />undertaking was signed by the duly authorized officers of the MERCHANTS BONDING COMPANY (MUTUAL), and all the acts of
<br />said Attorney -in -Fact, pursuant to the authority herein given, are hereby ratified and confirmed.
<br />This Power -of- Attorney is made and executed pursuant to and by authority of the following Amended Substituted and Restated By-
<br />Laws adopted by the Board of Directors of the MERCHANTS BONDING COMPANY (MUTUAL) on November 16, 2002.
<br />ARTICLE II, SECTION 8 - The Chairman of the Board or President or any Vice President or Secretary 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
<br />Company thereto, bonds and undertakings, recognizances, contracts of indemnity and other writings obligatory in the nature
<br />thereof.
<br />ARTICLE II, SECTION 9 - The signature of any authorized officer and the Seal of the Company may be affixed by facsimile
<br />to any Power of Attorney or Certification thereof authorizing the execution and delivery of any bond, undertaking,
<br />recognizance, or other suretyship obligations of the Company, and such signature and seal when so used shall have the
<br />same force and effect as though manually fixed.
<br />In Witness Whereof, MERCHANTS BONDING COMPANY (MUTUAL) has caused these presents to be signed by its President and
<br />its corporate seal to be hereto affixed, this 16th day of March , 2010.
<br />STATE OF IOWA
<br />COUNTY OF POLK ss.
<br />• • 0. •009 •:°q•
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<br />y By
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<br />MERCHANTS BONDING COMPANY (MUTUAL)
<br />7, /7,
<br />President
<br />On this 16th day of March , 2010 , before me appeared Larry Taylor, to me personally known, who being by me duly sworn did say that
<br />he is President of the MERCHANTS BONDING COMPANY (MUTUAL), the corporation described in the foregoing instrument, and that the
<br />Seal affixed to the said instrument is the Corporate Seal of the said Corporation and that the said instrument was signed and sealed in behalf
<br />of said Corporation by authority of its Board of Directors.
<br />In Testimony Whereof, I have hereunto set my hand and affixed my Official Seal at the City of Des Moines, Iowa, the day and year first
<br />above written.
<br />y CINDY SMYTH
<br />;. Commission Number 173504
<br />cw� My Commission Expires
<br />March 16, 2012
<br />STATE OF IOWA
<br />COUNTY OF POLK ss.
<br />Notary Public, Polk County, Iowa
<br />I, William Warner, Jr., Secretary of the MERCHANTS BONDING COMPANY (MUTUAL), do hereby certify that the above and foregoing
<br />is a true and correct copy of the POWER -OF- ATTORNEY executed by said MERCHANTS BONDING COMPANY (MUTUAL), which is
<br />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 Company on this 2nd day of December , 2010 ,
<br />POA 0001 (1/09)
<br />2.>, �/7:
<br />Secretary
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