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## 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. 

<img src='content_image/1037499.jpg'>

<img src='content_image/1037500.jpg'>

Amerisafe, Inc. Atlas Financial Holdings, Inc. Donegal Group Inc. EMC Insurance Group Inc. Employers Holdings, Inc. FedNat Holding Company Hallmark Financial Services, Inc. 

## 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. 

