Management

Relationship between the Exchanges and Farmers Group, Inc.

The Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange are California inter-insurance exchanges owned by their policyholders. Each of the Exchanges is governed by its own Board of Governors, which in turn appoints the Exchange's officers.

Farmers Group, Inc., or one of its wholly owned subsidiaries provides certain administrative services for each Exchange pursuant to a power of attorney. Farmers Group, Inc., has a Board of Directors, which in turn appoints Farmers Group, Inc.'s officers.

The Exchanges do not hold an ownership interest in Farmers Group, Inc., or its subsidiaries, and neither Farmers Group, Inc., nor any of its subsidiaries holds an ownership interest in any of the Exchanges.