Erie Indemnity Company Annual Report

2008 Erie Indemnity Company Annual Report

Member • Erie Insurance Group An Equal Opportunity Employer

Home Office • 100 Erie Insurance Place • Erie, PA 16530 814.870.2000 • www.erieinsurance.com

At Erie Indemnity Company, we provide sales, underwriting and policy issuance services as the attorney-in-fact for the Erie Insurance Exchange, a reciprocal insurance exchange. We are also engaged in the property/casualty insurance business through three wholly-owned insurance subsidiaries and have a common stock interest in Erie Family Life, an affiliated life insurance company. The Exchange, the Company and their subsidiaries and affiliates operate collectively under the name Erie Insurance Group (The ERIE). The ERIE seeks to insure standard and preferred risks in property/casualty and life markets, primarily private passenger automobile, homeowners, commercial lines, and life and annuity lines.

Based in Erie, Pa., since 1925, The ERIE is represented in 11 midwestern, mid-Atlantic and southeastern states and the District of Columbia by more than 2,000 independent insurance agencies. It is staffed by more than 4,200 Employees at its home office and 23 field offices.

Erie Insurance Group Organizational Chart

1 Annual Report 2008 Shareholders’ Letter

Dear Shareholders: For all the years I’ve been in the business—going on 34—I always regarded ERIE as a competitor, one of the best, one you measured yourself against. Now that I’m at the helm of this great Company and am responsible for preserving ERIE’s reputation, I have come to understand the attitude of Founder H.O. Hirt when he pointed out that ERIE is not merely a competitor, we are the competition. I know this attitude means a lot to you, our Shareholders. You’re invested in Erie Indemnity Company because you believe in our business philosophy and our operating model—one that’s dependent upon the performance of all the companies that make up the entire Erie Insurance Group. Even in these tough economic times, we will keep our promise of financial protection to our customers and enhance shareholder value. It’s no small job given the current economy and the continuing challenges in the insurance marketplace. But it’s also not my job alone. That’s what makes it entirely achievable. The people who have made this Company great—ERIE Employees and Agents—will keep us moving forward, with a focus on execution and building a stronger business for the future. I know that, together, we’ll get the job done. 2008: A Starting Point

Since joining the ERIE team in July 2008 my focus has been on the Company’s core disciplines—underwriting, pricing, and service. One of my first observations, shared by many at ERIE, was that the Company could benefit from more emphasis on execution. That’s why early on in my tenure we made the decision to postpone plans for geographic expansion in 2008 and instead concentrate efforts on building market share in our existing territories where opportunities abound. We also took steps to better align our organizational structure to provide for a more unified approach and a clearer line of sight. As part of our realignment, we placed some key talent in leadership positions to infuse new discipline and skill into the operation. We’ve also accelerated efforts on the technology front, which remains a strong focus for us. Another early observation—ERIE has a unique relationship with its independent Agents. These men and women are intensely loyal to the Company—they “bleed ERIE blue” as we like to say. In most of our more than 2,000 agencies, ERIE is the dominant carrier. We recognize that position is a responsibility and an opportunity to do more. We’re working hard on our value proposition to Agents to ensure we maintain that leading position.

SM We’re also leveraging ERIE’s Above All in SERVICE promise and the recognition that comes with it. In February 2008, Business Week magazine placed ERIE on its top 50 list of Customer Service Elite saying, “Policyholders rave about the insurance company’s convenient and timely billing process, as well as its knowledgeable, friendly, accessible insurance agents. ERIE gets high customer satisfaction ratings—well above the industry average—for its auto and home insurance products.”

2 ERIE was also recognized in 2008 by J.D. Power and Associates as the top insurer for customer satisfaction in the auto insurance purchase experience. It is the service our Agents and The ERIE provide that put us over the top. These efforts and much more helped ERIE remain fundamentally strong during 2008. Despite challenging market conditions and a tumultuous economy, ERIE’s financial position is solid and our underlying business operations are productive. Within this market turmoil comes opportunity for focused, well-positioned companies to succeed. I believe ERIE is one such company. An overview of ERIE’s 2008 financial results follows this letter. Those results, not unlike the results of most other companies, were dampened by the extreme volatility in the credit and equity markets. Despite losses in our investment operations, Erie Indemnity Company’s balance sheet remains strong. We have a more than adequate liquidity position with strong underlying cash flows from all three segments of our business—management, underwriting and investment operations. We take pride in the fact that we have no debt on our balance sheet. ERIE’s continued balance sheet strength has allowed us to adhere to our capital management approach and return capital to our shareholders through share repurchases and dividend payouts. Given the context of a weak economy and deteriorating investment returns, we slowed share repurchase activity during the second half “Despite challenging of 2008 to preserve our liquidity position until investment markets improve. During 2008, the Company repurchased 2.1 million shares of its outstanding Class A common stock in conjunction with its stock market conditions repurchase plan at a total cost of $102.0 million. At year end, $89.9 million of repurchase authority remains under the program through and a tumultuous June 30, 2009. The year 2008 marks the 75th consecutive year Erie Indemnity Company economy, ERIE’s has paid dividends to its shareholders. In December 2008, our Board of Directors increased the regular quarterly cash dividend from $0.44 to financial position $0.45 on each Class A share and from $66.00 to $67.50 on each Class B share. This is a 2.3 percent increase in the payout per share over the is solid and our 2008 dividend rates. During 2008, A.M. Best affirmed the A+ Superior ratings of all the underlying business companies that make up ERIE’s Property & Casualty Group. One of the primary factors in its rating considerations is the strong Policyholders’ operations are surplus of our combined Property & Casualty operations. At the end of 2008, our combined operations produced a surplus of $4.3 billion, giving productive.” us a .89 to 1 ratio of total direct premium written to surplus. While the surplus is down significantly from the nearly $5.0 billion in surplus at year-end 2007 given the unstable credit and securities markets, we continue to be well–positioned for what’s ahead in 2009 both from a financial and operational perspective.

3 2009: Forward Progress The insurance industry will continue to feel the impact as the crippled economy struggles to recover. The industry will see continued pressure on revenue as exposure growth declines, loss severity increases and investment results deteriorate consistent with financial market dislocation. ERIE will face these same challenges, but I’m confident we’ll sustain a healthy position moving forward despite these pressures. The ERIE has tremendous financial strength with which to take advantage of market opportunities. We have the pricing discipline to take rate actions as experience dictates and—supported by a strong balance sheet—maintain competitiveness. We are sustaining our high value edge with creative pricing strategies, extra product features and hands-on service. At ERIE, we do business through independent Agents and only through independent Agents. We see this as a distinct advantage. Unlike direct marketers, we have local experts on the ground helping customers decipher a complex product. Our customers value that and tell us that the relationship they have with their ERIE Agent is an important factor in their decision to stay with us. This group of insurance experts works with the talented and service-oriented staff of The ERIE to create a compelling and winning proposition for our existing and future customers. Enhancing our Agents’ ability to compete with direct insurance marketers is an important part of our growth strategy. The ERIE Agents “Unlike direct Online initiative will provide our agency force with an advanced marketers, we have Web presence that’s connected to ERIE, offering greater access and convenience to ERIE Policyholders. In test, the concept is performing local experts on well and receiving high marks from agencies. the ground helping We’re also working with ERIE Agents to help them perpetuate their businesses, spur same store sales and expand their market reach. customers decipher a ERIE agencies have a residual value that typically exceeds non-ERIE complex product. Our independent agencies. Preserving that value for our agency principals is a key element in our agency distribution strategy. By helping our customers value that Agents to grow and remain profitable, we’re securing ERIE’s revenue and tell us that the base. We’re also looking to top performing agencies to open new store fronts. relationship they have These Agents have proven track records in managing and growing with their ERIE Agent their businesses. is an important factor Appointing new Agents continues to be a part of our plan as well. We anticipate appointing 127 agencies and expect to see greater in their decision to production from those we appointed in 2006, 2007 and 2008. ERIE currently has over 2,000 agencies with over 8,800 licensed Agents stay with us.” representing the Company. Personal lines makes up 71 percent of the Property & Casualty Group’s business; of that, private passenger auto is our largest line of business. Continuing to generate added value for new and existing personal lines customers is an ongoing challenge. Competition for new business,

4 particularly in private passenger auto, is incredibly aggressive. While ERIE doesn’t advertise directly, we do provide creative materials and co-op marketing dollars to support our Agents’ marketing efforts. We’re also maintaining our competitive position through unique pricing and product features and aligning sales and underwriting incentives to encourage profitable growth. On the commercial side, we’re streamlining our quoting process and enhancing our service capacity to make it easier for Agents to quote ERIE. Agents say access to ERIE underwriters and the resulting relationship are differentiators for the Company. This refined commercial quoting process will provide even better, more consistent interactions between Agents and commercial underwriters. In 2009, we’ll continue to make investments in technology. These technology enhancements are designed to improve business flow, accelerate productivity gains and provide greater online access for Agents and customers. They’ll also free key Employees to provide more meaningful personalized service, enhancing the ERIE customer experience. These are examples of some of the initiatives we’re working on to positively impact our quality revenue growth long-term and create enhanced value for shareholders of the Erie Indemnity Company. These are challenging times, but I’m confident we’re making the right decisions now for ERIE’s future. You won’t see us shy away from opportunities because of a sluggish economy. We won’t take risks that might disadvantage us either. As the economic situation turns upward and financial markets respond accordingly, it’s our plan that ERIE will emerge an even stronger regional competitor. I am privileged to lead Erie Insurance. ERIE’s executives, Employees and Agents are people who look to continually exceed expectations. I find them to be engaged in the work and excited about the future. In 2009, we look to expand our skills and hone our focus to provide the best insurance experience available. On behalf of all my fellow associates, I thank you for your support and confidence.

Terrence W. Cavanaugh President and Chief Executive Officer

5 Overview of 2008 Operations The year 2008 began under the leadership of longtime Company executive John J. Brinling, who returned to ERIE mid-2007 as interim CEO after a brief retirement. In late July 2008, the Company named Terrence W. Cavanaugh as its new CEO. Mr. Cavanaugh is the first CEO to come to ERIE from outside of the Company. He spent 33 years at the Chubb Group of Insurance Companies and has deep knowledge of the property and casualty insurance business. ERIE’s mission, its values and core business model will continue to guide the Company’s operations under Mr. Cavanaugh’s leadership. His primary focus for 2008 and 2009 is bringing ERIE to operational excellence. 2008 Financial Results By the end of 2008, the Erie Insurance Property & Casualty Group hit a significant milestone—reaching over 4 million policies in force. This was an increase of 2.9 percent in total policies in force (PIF) over year-end 2007. Of this number, new policies in force grew by 3.1 percent to 479,948. Renewal policies increased by 2.9 percent, yielding a retention ratio of 90.6 percent, the highest in 22 quarters. These increases speak to the improvement in our competitive position. Our 2008 average premium per policy was $949, down 2.5 percent from 2007 levels. As a result of PIF growth, however, direct written premium increased 0.4 percent over 2007 levels. Management fee revenue for Erie Indemnity Company was virtually flat, up only 0.3 percent from year-end 2007 levels. For both years, the management fee rate was set at its highest level, 25 percent. The Board of Directors has set the same management fee rate, 25 percent, for 2009. As a result of a 5.5 percent increase in non-commission operating expenses over year-end 2007, ERIE’s gross margin fell to 17.6 percent at December 31, 2008, from 18.1 percent at December 31, 2007. This is primarily due to higher personnel costs, Agent marketing and advertising program expenses and contract labor costs, related to various information technology initiatives, in 2008. The Company’s Underwriting Operations saw another positive year in 2008; albeit sharply down from an outstanding 2007 result. Erie Indemnity’s GAAP combined ratio moved from 88.1 percent in 2007 to 93.6 percent at year-end 2008. This produced an underwriting profit of $13.3 million for 2008, compared to $24.7 million for 2007. The reported statutory combined ratio for the Property & Casualty Group was 93.3 percent at year-end 2008, up from 87.7 percent at year-end 2007. When adjusted for the management fee paid to the Indemnity Company, the adjusted combined ratio for the Property & Casualty Group was 89.6 percent at the close of 2008, compared to 83.8 percent at year-end 2007. Less favorable development of prior accident year loss reserves, as well as greater catastrophe losses, were the primary contributors to the 2008 combined ratio results. While the loss and loss adjustment expense ratio for the P&C Group has grown—to 66.0 percent at year-end 2008 compared to 60.5 percent at year-end 2007—it is a historically favorable result. Last year was marred by a severely weakened investment market. Income from Erie Indemnity’s Management and Underwriting Operations was significantly offset by losses in our Investment Operations. Net investment income was $44.2 million for 2008 compared to $52.8 million in 2007. For 2008, net realized capital losses in Indemnity’s portfolio amounted to $113.0 million, compared to $5.2 million in 2007. The Company’s equity share in Erie Family Life Insurance Company, which produced earnings of $3.1 million in 2007, resulted in $14.6 million in losses in 2008 as Erie Family Life also took significant impairments of invested assets in its portfolio. Our investments in limited partnerships produced income of $5.7 million for the year, down from $59.7 million at year- end 2007. Total losses from Investment Operations at year-end 2008 were $77.8 million, compared to net revenues of $110.5 million for the full-year 2007. Total invested assets at December 31, 2008, were $1.0 billion, down from $1.2 billion at December 31, 2007. Hampered by investment losses, the Company’s resulting net income at year-end 2008 was $69.2 million, down 67.5 percent from $212.9 million at December 31, 2007. We ended 2008 with a net income per share-diluted of $1.19, down 65.2 percent from $3.43 per share-diluted at December 31, 2007. 2008 was a challenging year, but ERIE has experience navigating economic downturns. With the strength of its balance sheet and high-value, high-service reputation, ERIE is poised to take advantage of opportunities that emerge in 2009 and beyond.

6 F.W. Hirt Quality Agency Award WINNERS 2004–2008

The F.W. Hirt Quality Agency Award is the highest honor bestowed on an ERIE agency. It recognizes long-term profitability and growth, thorough and responsible underwriting practices, and continuing commitment to education.

Allentown/Bethlehem Branch Parkersburg Branch 2008 Walton-Ebert Agency 2007 Paree Insurance Centers 2007 D.E. Cressman Insurance Agency 2006 Appalachian Insurance Agency 2006 Gieseler Insurance Agency 2005 Morgan & Morgan 2005 Miller’s Insurance Agency Peoria Branch 2004 Brunner Insurance 2008 Woodman Cison & Associates Canton Branch 2005 Midwest Insurance Center 2008 DiSalvatore Insurance Agency Pittsburgh Branch* 2006 Insurance Center of Akron 2008 Walker MacCartney Insurance Services 2005 Broadbent Insurance Agency 2007 Anthony M. Zuback Sr. Charlotte Branch 2005 McElhinny Insurance Agency 2008 Abee Insurance Agency 2004 Riley Insurance Agency 2007 Deal Insurance Group Raleigh Branch 2006 Stanberry Insurance Agency 2008 Schultze Insurance Agency 2005 Main Street Financial Group 2007 Bowen Insurance Agency Columbus Branch 2006 Kornegay Insurance Services 2008 Dwyer Family Insurance Agency 2004 Herring & Bickers Insurance Agency 2006 Robert F. Williamson II Richmond Branch 2005 Simpkins Insurance Agency 2008 Downs & Associates Erie Branch 2007 Colony Insurance Agency 2008 Mantsch-Lafaro Insurance Agency 2006 Centerville Insurance Agency 2007 Pratt Insurance Agency 2005 Cowne & Weybright 2006 W. E. Swanson Agency 2004 Preferred Insurance Services 2005 William R. Siegel Roanoke Branch 2004 James J. Murray Insurance 2008 Banks Insurance Agency Harrisburg Branch 2007 Castle-Rock Insurance Agency 2008 The Hess Agency 2006 Huffman Insurance Agency 2007 Shiner Insurance Agency 2005 Wilkins & Walter Insurance Agency 2006 Douple Agency 2004 Craddock Insurance Services 2005 Carl L. Cramer Insurance Rochester Branch 2004 J. P. Wolfe Insurance 2008 J.B. True Agency Indianapolis Branch 2007 Insurance Consultants of Rochester 2007 Johnson Insurance Agency 2006 J. James Wolfe Agency 2006 Inman Insurance Agency 2005 Wallin Insurance Agency 2005 Shepherd Insurance & Financial Services Silver Spring Branch 2004 Aldridge Insurance 2008 Lindquist Insurance Associates Knoxville Branch 2007 Joseph W. McCartin Insurance 2007 Burnette & Associates 2006 Boizelle Insurance Partnership 2005 J. E. Schenk & Associates Murrysville Branch 2007 John Sebak Agency Waukesha Branch 2006 Hallman Agency 2008 Wayne Syring Insurance 2005 Kattan–Ferretti 2006 Sparks Insurance 2005 Western Insurance Services

*formerly the Warrendale Branch 7 Financial Highlights

(amounts in thousands, except per share data) 2008 2007 2006 For the years ended December 31 Total operating revenue $ 1,137,231 $ 1,132,291 $ 1,133,982 Total operating expenses 951,397 930,454 934,204 Total investment (loss) income—unaffiliated (63,128) 107,331 99,021 Provision for income taxes 39,865 99,137 99,055 Equity in (losses) earnings of Erie Family Life Insurance, net of tax (13,603) 2,914 4,281 Net income 69,238 212,945 204,025 Net income per share-diluted $ 1.19 $ 3.43 $ 3.13 Book value per share—Class A common and equivalent B shares 13.79 17.68 18.17 (4)

Cash dividends declared per share: Class A common 1.770 1.640 1.480 Class B common 265.50 246.00 222.00 Financial ratios Effective management fee rate 25.00% 25.00% 24.75% 3.53.5 3.5 2020 20 Gross margin from management operations 17.6 18.1 19.2 2.02.0 2.0 3.03.0 3.0 GAAP combined ratio 93.6 88.1 93.7 GAAP combined ratio excluding direct catastrophe losses 90.2 15 15 15 86.4 89.7 2.52.5 2.5 1.51.5 1.5 At year-end December 31 2.02.0 2.0 (1) Total investments $ 981,675 1010 $ 1,277,78110 $ 1,380,219 1.51.5 1.5 Total assets 2,613,386 2,878,623 3,039,361 1.01.0 1.0 (2) (4) 1.01.0 1.0 Shareholders’ equity 791,875 1,051,279 1,161,848 55 5 Shares repurchased 2,056 4,490 (3) 4,010 0.50.5 0.5 0.50.5 0.5 Weighted average Class A common and equivalent shares 57,967 62,097 65,257 0.00.0 0.0 00 0 0.00.0 0.0

(1) Includes investment in Erie Family Life Insurance. $3.4$3.43 3 $3.43 $18.17$18.17 $18.17 $1.7$1.77070 $1.770 $17.68$17.68 $17.68 $1.640$1.640 $1.640 (2) At January 1, 2008, we adopted the recognition $3.1$3.13 3 $3.13 provisions of Statement of Financial Accounting $1.480$1.480 $1.480 Standards No. 159, “The Fair Value Option for $13.79$13.79 $13.79 Financial Assets and Financial Liabilities,” for our common stock portfolio. The net impact of the cumulative effect adjustment on January 81,8 2008, increased8 retained earnings and reduced other comprehensive income by $11.2 million, net of tax, resulting in no effect on shareholder’s equity. $1.1$1.19 9 $1.19

(3) Includes 1.9 million shares of our Class A nonvoting common stock purchased from the F. William Hirt Estate separate from our current stock repurchase program. 20062006 200720072006200820082007 2008 20062006 200720072006200820082007 2008 20062006 200720072006200820082007 2008 (4) At December 31, 2006, shareholders’ equity decreased by $21.1 million, net of taxes, as a result NetNet income incomeNet income BookBook value valueBook value ClassClass A A common commonClass A stockcommon stock stock of initially applying the recognition provisions perper share-diluted share-dilutedper share-diluted perper share— share—per share— cashcash dividends dividendscash dividends of Statement of Financial Accounting Standards ClassClass A A common commonClass A common declareddeclared perdeclared per share share per share No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans.”

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!$2C"! )) ) 6 % / < ) 6 = 6 = ) ) & % @ /< % = & % % R & / N % & 6% "#:' ) * & #$ ) $ ) % /1 = && && O 1 & = 6 "'/< ) & #: & && 6 % / #: & 6 % 6 % % 6 ) & - ) /< ) % #:&% = % & 5 # % %& 0 %& 6 ) " %@ ) @ ) @ 'S # % % ) 6 & S # % % 6 ) S # % % % & ) 6 = 6 S #% % & 6 & & ) =& S # % 6 % % % % & - ) = % @ S #& % $ ) 6 ) / #:& =6& & % #:&% %% % 6 & % # . #$ % / ; & &% & & % 6 $ ) % I ) % 6 6& & ) &) % ) 6 / #: & ) - = = & 6@ % /K 6% & = ) % $ = 6 /.= & & = = ) && & & % = % % % @ %&&& & / 1 & #: % & && O & = ) & (& K &/< % & % & @ ) 6/: & ) 6 & & & ) % ) 6/< &) % & % % ) & & @ & & & $& % & % 6% %/ 1 #:&% )) = @ % & ) &- ) 6 6 @ /#: ) & 6 &) %% = & ) / C("! !#! -# ! )!! # ! ! " ! ! # N & &% & #$ % = & & & ) / :% ) #$ % & % %

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

C("! !*! !- (! !%# !%< )* " " #+ !" & , !! ! # < (& K & & = % && O % = ) % /: & % ) % & % /. & = % & = (& K &/ . = & % ) = & @ & 6 & % O& = $ & & /1 ) % = & % % % & & % & / < && O % & ) & & ) /. & && O & = ) % O ) = = & & ) &) @ 6 %6 && (& K &R %= = ) & / < %= & & & & & /N & % Q R = % /N $& & %=/ & % ) % % % %& %= / %= ) & & & ) 6 % %& % & / & " ! * # < % ) & (& K &R & % % R& R = (& K &/. # . K & 6 && = ) % % & = & =) ) % & = % ) / # . K & & & % & % % % & ) (& K &R & ) & = ) / N ) & & ) & & & ) /N = & & & & ) & & & ) / 1) % 6 & /1 & &% & & & = &&& / = ) $& & ) )% = /N & & & % % = ) / * * & " #' " "# % % && % & & 6= & % & /

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

3* ! * + 3 # . & 1 6 ,V(4 *, 6. $ ,V(4 (& . . $

! * + 3 .@ # . & 1 6 7W 7+ 7 7!+ 7! A. ,V(4 *, 6. $ W + * ! 1 ,V(4 (& . . $ W 3 ! * @@ W1 7 ) % %& % & % 1 6,V(R *, 6. $,V(R (& . . $/

" (E!%" ! 1 6 & &= 0 H != % & &7* % 1 6 % +/ I &&) 6 & &% 7* + 7 , & 3 7 1& = 0 & %H 8/N & & 6 %& ) % & % & ) %6 ) & /, & % / 7/ / ) & & & = /3 7+/ /, . /O , , && M , P = & & & /N M # 3/ 1&&$ L < , < 1) % , ( :> I , ( ( ( ( ( ( ( ( , 1 ( J ( M A2 ) M 2 M 190/. 9:2@@ 190/. < 190/. 190/. A@1010

!$/2"!# #!#"! #.#.#:.<>:(1> > # ! .@ 3 + * ! !*#!F <& % ) A09B0.9 78 78 7!8* 7!! <& % $& 1:091B 8!*! 8!! 83 !8+ < ) " ' +/90.@, 3 88 *3 8 () $ 910@/: 883 88** 3 *! #@ " ' % # ; . $ +90/9, 8! ! *+ A/10.9@ 78!* 7!* 7! 7+! #!F & A21 7/! 7/ 7/! 7/ I6) & 1 @ ) I 92B1 3/+ /3 "!' / /! ) & 1 2BB /+! /! /* /83 ) & I ./:2: !+/ / /* !*/* " ! #!F .) "'A1@0/B: 7333 78 7!*! 73!! ) #$ % 090/ 33 * 8* *3! < .0/909@/ 3+ 8+ + 8! , 4 @ B10@B: "' *38 +! "!' 3+ ++ < 6 @01/ 38! !3 *!33 **8 ) & /011: !88 "' !! +! !*! "'. ) # ; . / "'1H = & % &) , 1 %, /*8X< L & 1 ; X 6& /< & ) - H % & ) 7/ $ % R @ / "'. /8 1) % 6 /N M # & 6 & &%/ "!'1 + 4 @ 7/ $ && % % &) , 1 %, /*X#& 41 % I ( ( ( /X

!$B2*$!R" #% (" #! #! ( ! < = % & % % % % &/< - = = 1 & A & & ) % & % / = 6 % = % , 31 , 1 8, # , #$ % 1 8!/= 6 % & & % = O & PO ) P O PO $& PO PO 6 PO&PO&- PO 6PO PO% PO= P $& ) /= 6 % = & = & % - ) $& @ /#$& %% ) % & = %& ) ) % && /, % & )) 6 & /< = $& = 6 % /1% 6 ) & = 6 % = %5 % && O % %& & % ) % ) & %) % % &&) 0 @ ) $& ) % S % %& % % &S & % ) % % S % ) % S & % % S & & % S @ @ ) & S & &= # . #$ % S 6 &= , #$ % % (.O. 1/ 6 P = &/1 = 6 % & 6 = &R /< & 6 % & & ) = 6 % = = ) % & = / DD3 < = ) % 5% & = %& ) & /< % & % :% R 1 = % ) && & , & / " $"##! %)#("! I = % & % ) % % ) = #$ % = & (& K &/< && O % = & %& % = % & "O6 P' = & & & $ & "O 6 P'/< && O = & 0 = ) 6 ) ) ) & ) 6 / % V % +/ = 8*/+ 3/N ) ) ) & = % & % % & % = % /< 6 & & %&& & / % V % & % = %= 8= = $& %=/N & && % % = 6 %= & & / < & % & % ) = & (& K &

% = % /( %& % = % % & / % ) %= /P = & (& K & /!P & 3/< (& K & & & &&$ 7 = ) = ) & %= 0 8 & &&$ 7+ = & % 6 8/< % / < & ) 6 @ % ) & ) & /N % 3 & %% %=% 6 /N & = = ) = ) ) = = ) &/ .& % = & ) $ % = & % ) ) / %= & 7+8/* & ) 6 % /. & % = 7+/ % $ 7/* % & 6/< #$ % % 0 & % 7++/ = 7!/ 7/8 & 67!*/ 6/: & % = & = / < ) ) & = % & ) 6 / 0 $ = 7!/ & = 7/8 0 % 3= 0 % & ) /< = 7!/3 0 @ & = 7/ 3/ % & = = 0 7!/* & 73/ % 3/ ) ) = & 6 /#@ % & & 7*!/ ) 3/< ) - & & ) % & = % ) @ %/1 & & % ) % = & & ) 6 @ / ) % N ) & ) / % ) % &) % % ) #$ % /< % & % $ *P = & (& K &/< I ) % #$ % &&- ) / I 8 *P $ ) / , = % ) && O = & = % (& K &/1 (& K && = % /J & %% #$ % 8!/*P (& K &R = & /< % & # . &# . & =>6 */*P (& K &R = & &) % ) % = % & ) & / = % ) $ @ ) ) & /< & % = ) ==$ 0 % $ % 6= ) ) & & / % @ % 6 ) = % 0 7+8/* & % ) & 6 & 6 % /< - & & 6 ) % /N 6 7/+ ) - & & % = = = 6 /N ) % % ) = & = 7*/ / = & ) & ) & 6 & &%/

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

< & % & % %6 % = = = % & & & /N = ) & &&& $& % & & & / & &) . /O , , && M , P = &/ 3 7 < , . /O , , && M , P = & %& / 78 < > G * P% .@ 4 3) .@ .B 3 + + :% ) A1=10BB: 29G 78!3 /!P 78!!* , ) % ) 9.0.1@ @2/ 83! /3 8!+ < ) % & [email protected]B9 2: 83+33 /* 838 % & @10:=@ 2. 388*83 / 3*+ . % & AB.0:.: +.2/,G 7333! "*/'P 7+! K % B2/G /P 8/P A & # < % = *P 3/ # = & (& K & /!P / ( /8P!8 3/ > ) ) % & & & /*P78!8 783 3/ ( % 7/ = & / # */*P= /+P / # % 7!/+ 7+/ 7*/ & ) & % & ) / ( /P7*/ & 5 7!/3 % ) % & % ) S $ ) ) 7/8 & 7/ 3S 7/3 & / , & 3/P7+/ & %% 6 %) %&% / 1 & % /P7/ ) 7*/ % 7/ = = & ) % ) /.3= 7!/ % - % % /

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

.3 (& K &R ) ) & & ) % )% % ) = 7/ &) */ & / 7/ 7/ & /< (& K & ) 3& &) ) - O - /.+ & ) ) & /8& 7!/ = &) @ - O - !* /< ) ) & /8& = /& 7!/ ) % % & 8+ & - ) / !! & 6 && O ) & = % /. % 6= &== ) = % $& % %& % /< (& K & && & ) % /< (& K & && & ) % % & & ) = = ) = % (& K &/ %3+ & (& K & 73/ 7/+ 7/* & ) /!& /3& !/& & ) /< (& K &R &- & ) +/+ & & / & = & %= M .6 & ( ) /.3 & = ( ) /, = $& ) += = & . ) %- & / D > G * P% .@ 4 3) .@ .B 3 + + ) A==0@ +/2=,G 7* "*/*'P 7**8 0 " '% ) +901, "*8' : * #@ % & & :0B +12=, *8+8 !/8 !3++ #@ " ' % #; +=0/.B, "/' !+! ) ) & A+BB0B::, 7!+! +/+P 7+* :Y % A & # ) 7/3 = == & 6/ & 7/ & 7+/3 3/ # 0 ) & & % 7+8/* $ & 6 0 6 7/+ /I % %H = 6& % ) /N % 0 % = & % 0 % / ##@ % & & 7*!/ & ) & / ##@ #;= 7!/+ & ) #;R % & % ) 6 /1 $ ) = = & = $ $& 0 /

.) & ) $ @ & /< ) 3 & & 6 6 & &%/.) = @ & 6 & % ) ) & /< 6 & &% %H 8/ .& % 7+8/* 7+/ $ 7/* & 6 = /.& % % % & 6 % @ /.& % = & ) $& % % & 6 /< % 0 % $ $& & = ) ) ) /, 0 & = & % & % 6) /

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

WW< & % ) & ) ) ) %= = 0 & % P/ , & ) = & ) & = = = / < /N & % ) = & & ) ) =& / ) = 6 6 = & % & & % / N & 6 = ) ) & = & ) = % ) = / > ) 6= & % = 7/3 /, . / O , , && M * , P = & & ,1,*8/ !

< 6= 0 " '% ) = 5 > .@ 3 + , A+.90=9, 7+38 73333 .& 5 $ +9:01B=, "*' "*' #@ +990:9, "3*+' "!8' 6) - +.0B9, ; & & 0/.@ !3+ < 0 " '% "'A+901, 7"*8' 7* "', . /O , , && M + , P = & % % 0 " '% ) / < & $ @ & 6 & = 5 <= !'I# ! $ N & "' +.2:,G $ N &"' 92B1 ( 6"' +.2B, 6"' +12::, :6 5 I NJ/,/& . 299 ,V(*& . $ +@2=, "', . 31/O9 ) 9 ) :6 6P ) / "'. ) & & 6 $ $ &/< & % & ) % $)% / "' $ % / # ) = %&% & = % = $& & %/; & ) ) 73/* 78/! 3/ < & @ % & & = 5 > G * P% .@ 4 3) .@ .B 3 + + ( ) @ A90@9 +@92=,G 78! /8P 7++* +90B, + 3/ 3+! : 00 :0/B +=2., +*+ 8/+ *!+3 < @ % & & A:0B +12=,G 7*8+8 !/8P 7!3++ :Y % ; & & % & ) J/,/ %& ) @ 00 & & /L - ) & & /< - & @ % & & , & / ( ) @ 00 & & % % $ %) - 7/+ 7/+ 7*/ 3+ & ) / & & % 7/ 7*/+ 7/+ 3+ & ) /N $& % ) % 0 ) 6 % = & % ) /; & & % 6 % & & ) /K & & % @ % = ) % *

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email protected] A10B AB0119 A:/90=.1 #@ @ 6 & 6/.) 6 & 6 / & 6& &) & ) = ) % / < = % & & 6 5 ( , 6#@ , 6#@ . , ) . , ) A0/. I A0/./ 0B= .01. # % =0@/ .0@=/ 9:01== 109. K) B1 ) === . 0.1. # % 091@ < % .09@9 B0@/. J B0./9 0B/@ < A::0.@ . 909 < % @// J 0.B: < A99099@ 3

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

) / && O R & - ) 7/ & 78/3 3/< & 8+ & - ) & 3= & = $& ) / . & & - = @ & ) $! /.= % & ) 8P % %=P % %=/*P& *P/.3 & = P % %=P& *P/< & & - ) % & ) 7/* (& K & = && O R = 7/ /.3= % & % ) 3*P= % = $& *P= % & /< & & 8+ & - ) % % ) % % 7*/3 (& K & = && O R = 7/ /< =6 & & - ) = % 7/+ (& K & && O R = 7/3 / & - & = 7/ 7/ 7/ %3+ & ) / # RE!% ( & 1- R @ = ,1,*O#& R1 % I ( ( ( 1,I, /3+"'/P< @ = % 0 & & & = & %- & ) $/1 R @ 78/+ $ = 7/ & 0 & ) 78/3 & & /< = & ) % % $& ) ) & ) 6 $& % % +/+P +/+P 3/1 %= & & & & % #$ % #; & &&$ *P $& & /1 3 R @ 7+/ $ = 7/ & 0 & ) 7*/ & & % /, R @ 7/ $ + && % % &) ,1,*/ 8 (& O & - $& $ = & 6=/ @ %& = & & & & % & /: & & % =6 & & = (& K &/ 8J7 8 7 "# (" ; @ &R % = % @ & / @ @ ) & % % & = */*P& & = % &= #$ % ) ) /(& O & % % & & & & /N = % 0 % ) = & = = % 8

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email protected]:= .@90B9= 1=0:B@ =0..@ K % "*' A0=B0=/ A:B0.: A9/90=B. A10=// A=0..@ K % ) = 5 ( & ! " < 8 K % "*' A0=B0=/ A:B0.: A9/90=B. A10=// A=0..@ # ) BB@09.@ 9@10/= ..@0@.@ B/0.B/ @=0/ # :=0// 10.1 .@0@/@ /0B1 % A9=0=B. A/.0:B A:0BB/ A./0=B A.0/@ "'; & & = @ & & % $& /< & % $& = % = /1 & & ) & ) @ 7!/ ) 7/ 00 73/ /N $& ) = & & ) = % $ % & & ) & & /

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"! (! ! ( $% & .@ ! 3 ) & #$ % A@@B09/B 9=2G 78!!3 /P ) #$ % "% ' .@0.=9 @29 3* 3/ ) #; .:0 2 * /8 < & ) A090/ =929G 733 !/P

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

& & %8= ) 6 & ) (& K &R & /, & % & % O = /:% & % &&) & %= %&&) % & (& K & &&$ 7+ 8/ < (& K & & % % & ) & % = /< = %& % & % % & &) % % $ & % & = ) % % 6/ %& % % &) & ) & = ) % 6 6 & ) /< =& %) & $ %& (& K &R =& / < ) % & = (& K & & ) % O = / ) % & & ) % & 6/ "%* )! ( ) %= & (& K & & % & / = % & % & % % %= =& &) /< %= & (& K & & & (& K &R $ % =& /1 6 =& %= $ % ) ) %= & ) (& K & @ % / !! < (& K & & : 1 : = , & J , /1 & & ) & % = =6 & :L % & ( ) /1 % & ) = & ) & & & (& K &/ & ) ) = @ 6 = /. = (& K & & $& 1 = % 6 :L % ( ) /< (& K & && & = % & & $& /< && & ) % &) ) % & 8*P 7! $ (& K &R 7!* & /< % = = 8 ) % / N (& K & $& %=6 & 6 &) % < 6. (% 0 #$ 1 3 % !/< (& K & & ) % & /1 % %% 6 = ) & (& K & 6 (& K & % / " #-! ! !#+>, < (& K & $& = & ) % & % & /N $& ) */*P& & & & %% = #$ % /N $ & % ) & ) ) /M= ) ) = / < ) % & ) & - ) /< =6 & & = ( ) 83* 8*&) /< - % - % !+

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

#.#.#:.<>:(1> <#,<,;.1<#.1.1;,<1<#:#<, !2 ! ! $!-(!+" !#, < % = /P 8) ) %/1 & % = ) = % 5 .@ 3 + # & 5 ( % A@ 7! 7+3 < ) & 9. ! ** # & 5 ( % A+B, 7"' 7"!' < ) & +9@, "8' "*' 1 % 0 & ) &= = 5 & .@ 3 1 0 % A9 7 1 0 & ) .=@ * % % % +/9/, "+' 1 +9, < % 0 & ) A+:/, 7"*' < 0 & ) &= 0 & ) & %8 7/ / ! ;!>(!( !% ##"$- 90 .@ 3 + '"!#(! "( )F #$& & 5 = % A099 7 73+ = % 0/1. !! 8+ = % 0@/. 3 *+ ! = % 0B9= * * = % 0999 * ! > + % = % .0=/ !* **8*W W< $& & + % ) % ) % & &R % /< * & = = ) % & & & = % +*= ) ) /

#.#.#:.<>:(1> <#,<,;.1<#.1.1;,<1<#:#<, !2 ! ! $!-(!+" !#, #& ) % & N ) @ !"6' ) % & & /# % & & & 6 & & . ) , ) /N P & & &P & *P & & ) P &*P & /1 % & & % & & &/: % & &= 7/ 7/ 73/8 3+ & ) /: % = 7/* 7/! 3+/#& & ) & % 1 6 = /< & @ & 6 % &/(& & / 1 3+/# ) H 3 % & & % & & !"6' !"6'/< & %&) !"6'& ) /; !"6'& & , ( & $& / !2"!4##( #" $! N ) & % ) & $ ) % % ) & /N 6 ) & & $ ) % / 1 ) & < ) & & & $ ) % ) & / < ) ) & ) & & % /< % #$ ) & ) & I ) /. ) &= & $ ) % & & & (& K & &/. ) 3&= & $ ) % & - & % %= && (& K & &/. ) +&= & - & % %= = & (& K & &/ < & % & & ) & & / # & /< % $& ) & = 7/ 7/ 7/3 3+ & ) /1 $& = 7/+ 7/3 7/ 3+ & ) / ;% ) & < % ) &";<.(' 6=& % = $ ) % ) & = ) % & & = % & 1& 6/ * 45563)*M( != = ) & & % %= % /< *& & = & =& & !;<.(/

#.#.#:.<>:(1> <#,<,;.1<#.1.1;,<1<#:#<, !2"!4##( #" $! +" !#, 1 = *& & ) /< ) % %& *& & = 7*/+*/< &= 7/* = & H 8/ & = 7/ / 45563)*MI % % ! ;<.(= ) ) - ) & ) & & & % & && O & = & & /< = & %= = & ) # . K &/< 3+ = = - %= = & ) # . K &/< & & & % & & /I = & & % &) & = %& & /< - ) & % & = &- / < 6= % % % & & /< $ = & % & & % * /< %% % 1 6 & = % ;<.( / /1 & $& % 0 ) & & /, 6= ) & & / 1 = +M& & = ) = !;<.(&/< = & & = & & & % &/< = & % & , & * /< %& = ) % %= 6& = & / 6& H 8= 7*/!*/ # & /< $ & % & 6= = 7/3 7/ 7/! % 3+ & ) / & & < & & % $ ) % ) & = & & & & & /< & & % & & ) = & % /, && & & & $ @ !"6'& $ & &/, && & & & = & % % !"6'&/< & & = & & % / & & % & & ) = & % / < = & & % ) & = = /< % & & , ( =

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

#.#.#:.<>:(1> <#,<,;.1<#.1.1;,<1<#:#<, !=27# # #?!$!' < = % &) % % % - $& = = && O 5 .@ 3 + < & - $& H % A0./0:9 73*3 78!*8 ; ) @9=0=:9 38*! 383 H 1.0B@ ++ 8*! . 5 :.0./ !++ *838 ( +:091, "' "!8' < 9B0/B *8 8+ ( 5 @:0.1 33+ 3*8 ( :B0=/9 *++* *!3 <& =.0=1. !!! **+ @/0B:9 83 ++ ( ) BB@09.@ !!* 38*! < & - $& % A1/:0@ 7+* 73*3 ) % ) ) & 3+& ) = &) @ ) - O - / !:2!# !%! "! :% 1% % #$ % ) = &) R % = & #$ % /< & % = & (& K &/< & % - & I $ *P/< ) % % #$ % = *P 3!/3*P +/< I *P % %H 8/ < &) % && #$ % && & 4 & / . & & %% #.#.(% &#.> ) & & %% = #$ % = & && O #$ % /#.#.> *P/*P & ) & #$ % " % #.#.>' & %% /< % &&) I /< & %& % = 88*/. & & = @ %& /< & & & %% & 6 (& K & ) =

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! [THIS PAGE INTENTIONALLY LEFT BLANK] Corporate Directory (as of March 1, 2009)

Executive and Senior Officers Terrence W. Cavanaugh John F. Kearns, FCII President and Chief Executive Officer Senior Vice President, Commercial Lines Underwriting Philip A. Garcia, CPA, FLMI, ACS Christina M. Marsh, CPA, CFP Executive Vice President and Chief Financial Officer Senior Vice President, Human Resources George R. Lucore, CPCU, CIC, LUTCF, AAM, Eric A. Miller, CPA, CFP AIC, AIM, AIT Senior Vice President and Chief Information Officer, Executive Vice President, Field Operations Information Technology James J. Tanous, Esq. Matthew W. Myers, CPCU, CIC, SCLA, AAM, Executive Vice President, Secretary and General Counsel AIC, AIM Michael S. Zavasky, CPCU, CIC, ARe Senior Vice President, Claims Executive Vice President, Insurance Operations Timothy G. NeCastro, CPA Jeffrey W. Brinling, CIC, LUTCF, AIS Senior Vice President, Product & Policyholder Services Senior Vice President, Corporate Training & Development Eric D. Root, CIC, CPIA, AIS, Louis F. Colaizzo, CIC Senior Vice President, Erie Branch Senior Vice President, Agency Operations Douglas E. Smith, FCAS, MAAA Eugene C. Connell, CPCU, FCAS, FCIA, Senior Vice President, Personal Lines Underwriting MAAA, AIM, CFA Gary D. Veshecco Senior Vice President, Actuarial Senior Vice President and Deputy General Counsel, Chip Dufala, CPCU, CIC, LUTCF, CPIA, ACS, AIC, Law & Government Affairs AIS, API Douglas F. Ziegler Senior Vice President, Erie Family Life Insurance Company Senior Vice President, Investment Lorianne Feltz-Upperman, CPCU, CIC, CPIW Christopher J. Zimmer, CIC, LUTCF Senior Vice President, Marketing Senior Vice President, Field Claims Operations Cheryl A. Ferrie, CPM, APP Terry L. Hamman, CIC Senior Vice President, Corporate Services Regional Vice President, West Region Gregory J. Gutting, FLMI, AIAF Timothy G. Maher, CPCU, CLU, CIC, AIC Senior Vice President and Controller Regional Vice President, East Region Board of Directors J. Ralph Borneman Jr., CIC, CPIA1, 5, 7C, 8 Claude C. Lilly III, Ph.D., CPCU, CLU2C, 6, 7, 8 President, Chief Executive Officer and Chairman of the Board, Dean, College of Business & Behavioral Science, Body-Borneman Insurance & Financial Services, LLC Clemson University; Former Dean, Belk College of Business First elected 1992 Administration, University of North Carolina, Charlotte Terrence W. Cavanaugh5, 6, 7 First elected 2000 President and CEO, Erie Insurance Group Lucian L. Morrison, Esq.2, 3, 8 First elected 2008 Independent trustee and consultant in trust, estate, probate and Patricia A. Garrison-Corbin1, 3, 4, 6, 7 qualified plan matters First elected 2006 President and Chairman, P.G. Corbin & Company, Inc.; President and Chief Executive Officer, P.G. Corbin Asset Management, Inc.; Thomas W. Palmer, Esq.2, 3, 4, 7 Chairman, Delancey Capital Group, LP; Chairman, P.G. Corbin A member and a managing partner of the law firm of Group, Inc. Marshall & Melhorn, LLC First elected 2000 First elected 2006 Jonathan Hirt Hagen3, 4C, 7, 8 Elizabeth A. Vorsheck1, 5C, 7, 8 Vice Chairman, Custom Group Industries Co-Trustee, H.O. Hirt Trusts First elected 2005 First elected 2007 Susan Hirt Hagen1, 5, 8C Robert C. Wilburn, Ph.D.2, 3C, 6 Co-Trustee, H.O. Hirt Trusts President and Chief Executive Officer, Gettysburg National First elected 1980 Battlefield Museum Foundation Thomas B. Hagen1C, 9 First elected 1999 Chairman of the Board of Erie Indemnity Company, Chairman/ 1Member of the Executive Committee Owner, Custom Group Industries 2Member of the Audit Committee First elected 1979-1998 and 2007 3Member of the Executive Compensation and Development Committee 2, 6C, 7 4Member of the Nominating and Governance Committee C. Scott Hartz, CPA 5Member of the Charitable Giving Committee Chief Executive Officer, Hartz Group; Former CEO, PwC 6Member of the Investment Committee Consulting 7Member of the Strategy Committee and Technology Subcommittee First elected 2003 8Member of the Exchange Relationship Committee 9Ex-Officio member of all committees CDenotes Committee Chairperson Corporate Information for Erie Indemnity Company

Corporate Headquarters/Home Office Stock Listing 100 Erie Insurance Place The Erie Indemnity Company’s Class A Erie, PA 16530 non-voting common stock is traded on 814.870.2000 The NASDAQ Stock MarketSM LLC under the symbol “ERIE.” Field Offices Stock Transfer Information East Region West Region Hagerstown, Md. Peoria, Ill. American Stock Transfer and Trust Company Silver Spring, Md. Fort Wayne, Ind. 59 Maiden Lane Rochester, N.Y. Indianapolis, Ind. Plaza Level Charlotte, N.C. Canton, Oh. New York, NY 10038 Raleigh, N.C. Columbus, Oh. 800.937.5449 Allentown/Bethlehem, Pa. Knoxville, Tenn. Erie, Pa. Parkersburg, W.Va. Annual Meeting of Shareholders Harrisburg, Pa. Waukesha, Wis. The Annual Meeting of Shareholders will be Johnstown, Pa. held on May 5, 2009, at 9:30 a.m., local time, Murrysville, Pa. at our Home Office in Erie, Pa. Philadelphia, Pa. Pittsburgh, Pa. Independent Registered Public Richmond, Va. Accounting Firm Roanoke, Va. Ernst & Young LLP Waynesboro, Va. 1300 Huntington Building 925 Euclid Avenue

Cleveland, OH 44115 Online Information Financial statement filings—specifically Erie Indemnity’s information statement and the annual report—are available online at www.erieindemnityinfostatement.com. Additional financial and shareholder information, as well as press releases, Code of Conduct and general news about the Company may be accessed at www.erieinsurance.com.

Active States

Home Office, Erie Branch Office

Field Offices 2008 Erie Indemnity Company Annual Report

Member • Erie Insurance Group An Equal Opportunity Employer

Home Office • 100 Erie Insurance Place • Erie, PA 16530 814.870.2000 • www.erieinsurance.com