On March 25, 2019, Gregory M. Shepard announced that he has sent a letter to EMC Insurance Group Inc special committee of the Board of Directors (the ‘March 25 Letter’). In the letter, Gregory M. Shepard expressed his view on an opportunistic proposal made by Employers Mutual Casualty Company (‘EMCC’), to acquire the shares of the Company that EMCC did not already own (the ‘Proposal’) and also he expressed that the special committee of the Company’s Board has an obligation to resist any effort by EMCC (and its CEO, Mr. Kelley) to take advantage of the public shareholders of the Company and must consider precedent transactions and all alternatives to the proposal, including the sale of the Company to other bidders, to maximize value for all public shareholders. In addition, Gregory M. Shepard stated that he has concerned about the independence of the special committee and the lack of economic and emotional alignment with shareholder interests. Further, Gregory M. Shepard expressed his view that it is incumbent upon the special committee to vigorously defend the interests of the Company’s public shareholders and he will settle for no less than that.