ERIE INDEMNITY COMPANY FINANCIAL HIGHLIGHTS (dollars in millions, except share data) Property & Casualty Group: Direct written premium $ 4,035 $ 4,271 $ 4,631 Statutory combined ratio 99.0 108.0 103.8 Indemnity Shareholder Interest: Operating data:  Management fee revenue, net $ 1,009 $ 1,067 $ 1,157 Income from management operations  (1) 202 208 205  Income from property and casualty insurance operations (1) (2) 0 - - Income from life insurance operations  (1) (3) 11 3 -  Income from investment operations  (1) (2) 56 45 36  Net income 162 169 160 Indemnity Financial ratios:  Management fee rate 25% 25% 25% Gross margin from management operations 19.4% 18.9% 17.3% Per share data:  Net income per Class A share - diluted $ 2.85 $ 3.08 $ 2.99 Book value per share - Class A common and equivalent B shares 16.24 14.48 12.11 Dividends declared per Class A share  (4) 1.955 2.0975 4.25 Dividends declared per Class B share  (4) 293.25 314.625 637.50 Financial position data: Total assets $ 1,312 $ 1,237 $ 1,160 Total equity 912 781 642 Weighted average Class A common and equivalent B shares outstanding - diluted 56,884,894 55,057,437 53,547,833 2010 2011 2012 (1) Before income taxes  (2) Prior to and through December 31, 2010, the underwriting results retained by EIC and ENY and the investment results of EIC, ENY  and EPC accrued to Indemnity. Due to the sale of Indemnity’s subsidiaries to the Exchange on December 31, 2010, all underwriting and  investment results for these companies accrue to the Exchange. (3) Prior to and through March 31, 2011, Indemnity retained a 21.6% ownership interest in EFL and the Exchange retained a 78.4% ownership  interest in EFL. Due to the sale of Indemnity’s ownership interest in EFL to the Exchange on March 31, 2011, 100% of EFL’s life insurance  results accrue to the Exchange. (4) In addition to the regular quarterly dividend declared in November 2012, Indemnity’s Board of Directors also declared a special one-time  cash dividend of $2.00 on each class A share and $300.00 on each class B share. * For a defi nition of the non-GAAP fi nancial measure, operating income, and a reconciliation to the most directly comparable GAAP fi nancial  measure, net income, please see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Form  10-K or our quarterly earnings news release, both of which are available on the Investors page of our website at  www.erieinsurance.com . 9 Net income per Class A share - diluted Dividends declared per Class A share 2010 $1.955 2011 $2.0975 2012 $4.25 2011 $3.08 2010 $2.85 2012 $2.99 Operating income per Class A share - diluted * Return on Equity 2010 17.9 % 2011 20.0% 2012 22.5% 2011 $3.04 2010 $2.88 2012 $2.92