Corporate Performance The following graph shows a five-year comparison of cumulative total return for the Company's Class B Common Stock, the Russell 2000 Index and the Company's peer group as determined by management (the "PTVCB Peer Group"). The basis of comparison is a $100 investment at December 31, 2013, in each of (i) Protective, (ii) the Russell 2000 Index and (iii) the PTVCB Peer Group. All dividends are assumed to be reinvested. Year Ended December 31 Index 2013 2014 2015 2016 2017 2018 Protective Insurance Corporation $ 100.00 $ 98.17 $ 95.51 $ 104.38 $ 103.91 $ 75.93 Russell 2000 Index 100.00 104.89 100.26 121.63 139.44 124.09 PTVCB Peer Group 100.00 104.36 113.12 136.57 148.11 154.20 PTVCB Peer Group HCI Group, Inc. Heritage Insurance Holdings, Inc. James River Group Holdings, Ltd. NMI Holdings, Inc. Safety Insurance Group, Inc. United Insurance Holdings Corp. Universal Insurance Holdings, Inc. Amerisafe, Inc. Atlas Financial Holdings, Inc. Donegal Group Inc. EMC Insurance Group Inc. Employers Holdings, Inc. FedNat Holding Company Hallmark Financial Services, Inc. - 19 -