Financial Statements. For the year ended December 31, 2013. (Unaudited)

Financial Statements For the year ended December 31, 2013 (Unaudited)

Citizens Property Insurance Corporation Table of contents December 31, 2013 Summary of financial results - (unaudited) 1 Consolidated financial statements - (unaudited) Statutory consolidated statements of admitted assets, liabilities and accumulated surplus 3 Statutory consolidated statements of operations 4 Comparative financial statements - (unaudited) Statutory comparative statements of admitted assets, liabilities and accumulated surplus 5 Statutory comparative statements of operations 6 Statutory comparative statements of operations PLA 7 Statutory comparative statements of operations CLA 8 Statutory comparative statements of operations COASTAL 9 Statutory comparative administrative expenses schedule 10 Budgetary analysis - (unaudited) Statutory statements of operations 11 Statutory statements of operations PLA 12 Statutory statements of operations CLA 13 Statutory statements of operations COASTAL 14 Statutory comparative administrative expenses schedule 15 GAAP analysis - (unaudited) GAAP consolidated statement of net assets 16 GAAP consolidated statement of revenues, expenses and 17 changes in net assets Reconciliation of STAT to GAAP 18 Adjusted GAAP total net assets - (unaudited) 19

1 Citizens Property Insurance Corporation Summary of financial results - statutory basis (unaudited) December 31, 2013.Variance from budget..variance from prior year Amount Percent Amount Percent Key Financial Data (in millions) Consolidated Actual YTD Consolidated Budget YTD Consolidated Actual Prior YTD Fav/(Unfav) Fav/(Unfav) Fav/(Unfav) Fav/(Unfav) Direct written premiums $ 2,761.7 $ 3,214.0 $ 3,180.8 $ (452.3) -14% (419.1) -13% Ceded written premiums to: Takeout companies (387.6) (168.2) (262.0) (219.4) -130% (125.6) -48% FHCF (390.9) (475.0) (475.1) 84.1 18% 84.2 18% Private reinsurers (281.0) (327.1) (334.0) 46.1 14% 53.0 16% Net written premiums $ 1,702.2 $ 2,243.7 $ 2,109.7 $ (541.5) -24% $ (407.5) -19% Net earned premiums $ 1,880.8 $ 2,176.0 $ 2,248.1 $ (295.2) -14% $ (367.3) -16% Losses incurred $ 502.4 $ 982.4 $ 815.5 $ 480.0 49% $ 313.1 38% LAE incurred 248.1 278.0 258.1 29.9 11% 10.0 4% Net underwriting income $ 668.7 $ 393.9 $ 611.9 $ 274.8 70% $ 56.8 9% Net Income (loss) $ 665.3 $ 355.1 $ 664.8 $ 310.2 87% $ 0.5 0% Cash and invested assets $ 14,323.8 $ 14,797.2 $ (473.4) -3% Loss and LAE reserves 1,256.8 1,419.1 162.3 11% Ending surplus (deficit) $ 7,008.2 $ 6,295.2 $ 713.0 11% Policy Data Policies in-force 1,021,694 1,194,629 1,314,811 (172,935) -14% (293,117) -22% Polices serviced 1,387,461 1,350,879 1,591,813 36,582 3% (204,352) -13% Key Underwriting Ratios Loss Ratio 27% 45% 36% 18% 40% 9% 25% LAE Ratio 13% 13% 11% 0% 0% -2% -18% Expense Ratio (based on DWP) 17% 16% 18% -1% -6% 1% 6% Combined Ratio 57% 74% 65% 17% 23% 8% 12% Direct Loss Ratio - PLA only 32% 42% 10% 24% Direct Loss Ratio (sinkhole) 109% 324% 215% 66% Direct Loss Ratio (ex-sinkhole) 29% 32% 2% 6%

2 Citizens Property Insurance Corporation Summary of financial results - statutory basis (unaudited) December 31, 2013 Key Financial Data (in millions) YTD Actual YTD Budget Prior YTD Actual PLA CLA COASTAL PLA CLA COASTAL PLA CLA COASTAL Direct written premiums $ 1,395.5 $ 191.5 $ 1,174.7 $ 1,724.4 $ 208.0 $ 1,281.6 $ 1,749.0 $ 200.8 $ 1,231.0 Ceded written premiums to: Takeout companies (289.3) - (98.3) (151.8) - (16.4) (235.2) - (26.8) FHCF (131.8) (32.5) (226.6) (160.0) (35.0) (280.0) (184.0) (30.8) (260.3) Private reinsurers (16.2) - (264.8) - - (327.1) - - (334.0) Net written premiums $ 958.2 $ 159.0 $ 585.0 $ 1,412.6 $ 173.0 $ 658.1 $ 1,329.8 $ 170.0 $ 609.9 Net earned premiums $ 1,142.4 $ 162.5 $ 575.9 $ 1,394.9 $ 165.8 $ 615.3 $ 1,438.1 $ 171.1 $ 638.8 Losses incurred $ 414.4 $ 14.9 $ 73.1 $ 800.8 $ 36.1 $ 145.5 $ 687.0 $ 12.3 $ 116.2 LAE incurred 187.2 9.0 51.9 209.8 9.8 58.3 200.4 7.9 49.9 Net underwriting income $ 305.8 $ 103.2 $ 259.7 $ 115.9 $ 78.2 $ 199.8 $ 251.6 $ 109.9 $ 250.4 Net Income (loss) $ 319.8 $ 122.4 $ 223.1 $ 140.4 $ 93.5 $ 121.2 $ 304.1 $ 137.1 $ 223.7 Cash and invested assets $ 4,991.1 $ 1,859.8 $ 7,472.9 $ 5,111.6 $ 1,778.1 $ 7,907.6 Loss and LAE reserves 951.3 135.9 169.6 1,083.6 144.7 190.8 Ending surplus (deficit) $ 2,336.3 $ 1,469.4 $ 3,202.5 $ 2,008.9 $ 1,343.4 $ 2,942.9 Policy Data Policies in-force 627,391 7,615 386,688 753,278 8,229 433,122 860,502 8,146 446,163 Polices serviced 928,774 7,615 451,072 897,028 8,229 445,622 1,113,470 8,146 470,197 Key Underwriting Ratios Loss Ratio 36% 9% 13% 57% 22% 24% 48% 7% 18% LAE Ratio 16% 6% 9% 15% 6% 9% 14% 5% 8% Expense Ratio (based on DWP) 17% 18% 16% 16% 20% 17% 17% 20% 18% Combined Ratio 69% 33% 38% 88% 48% 50% 79% 32% 44%

Consolidated Financial Statements

3 Citizens Property Insurance Corporation Statements of admitted assets, liabilities and accumulated surplus - statutory basis (unaudited) As of December 31, 2013 Consolidated PLA CLA COASTAL Assets Cash and invested assets $ 14,323,843,687 $ 4,991,056,570 $ 1,859,842,046 $ 7,472,945,071 Premium receivable, net 147,567,063 65,940,727 4,988,944 76,637,392 Due from takeout companies 27,133,006 21,163,974-5,969,032 Reinsurance recoverable 2,351,031 2,108,173-242,858 Edp equipment, net 6,698,580 6,698,580 - - Accrued investment income 81,873,098 24,208,412 6,314,429 51,350,257 Other assets 121,072 121,072 - - Due from investment broker - - - - Inter-account receivable (payable) 124,992 55,193,871 (26,898,104) (28,170,775) Assessment receivables 176,894,426 7,456,633 4,973,398 164,464,395 Total assets $ 14,766,606,955 $ 5,173,948,012 $ 1,849,220,713 $ 7,743,438,230 Liabilities Loss reserves $ 953,328,815 $ 725,317,945 $ 106,237,213 $ 121,773,657 Loss expense reserves 303,443,586 225,939,061 29,649,680 47,854,845 Retroactive reinsurance reserves (1,626,175) (1,509,290) - (116,885) Unearned premiums, net 1,093,991,666 505,109,597 89,146,162 499,735,907 Unearned assessment income 43,601,585 - - 43,601,585 Reinsurance premiums payable 153,480,489 8,190,514-145,289,975 Funds held under reinsurance treaties 2,226 - - 2,226 Provision for reinsurance 1,881,030 1,847,128-33,902 Advance premiums & suspended cash 70,439,790 30,863,854 6,272,156 33,303,780 Notes payable 4,995,038,224 1,248,213,928 143,328,913 3,603,495,383 Interest payable 25,845,781 4,293,779 493,043 21,058,959 Taxes and fees payable 3,142,571 2,710,997 585,712 (154,138) Due to investment broker - - - - Other liabilities 115,828,858 86,657,328 4,075,416 25,096,114 Total liabilities $ 7,758,398,446 2,837,634,841 379,788,295 4,540,975,310 Accumulated surplus Unrestricted surplus 6,992,869,123 2,336,313,171 1,469,432,418 3,187,123,534 Restricted surplus 15,339,386 - - 15,339,386 Ending surplus (deficit) 7,008,208,509 2,336,313,171 1,469,432,418 3,202,462,920 Total liabilities & surplus (deficit) $ 14,766,606,955 $ 5,173,948,012 $ 1,849,220,713 $ 7,743,438,230

4 Citizens Property Insurance Corporation Statements of operations - statutory basis (unaudited) For the twelve months ended December 31, 2013 Consolidated PLA CLA COASTAL Net earned premiums: Direct earned premiums $ 2,954,579,893 $ 1,560,192,340 $ 195,004,015 $ 1,199,383,538 Ceded earned premiums (1,073,818,646) (417,742,848) (32,546,832) (623,528,966) Net earned premiums 1,880,761,247 1,142,449,492 162,457,183 575,854,572 Underwriting expense: Losses incurred $ 502,375,404 $ 414,386,019 $ 14,891,664 $ 73,097,721 Loss adjustment expense incurred 248,050,125 187,181,928 8,988,321 51,879,876 Producer commissions 224,041,552 99,666,722 21,466,282 102,908,548 Ceded commissions - - - - Taxes and assessments 41,322,658 21,718,829 3,125,200 16,478,629 Administrative and other underwriting 196,318,474 113,741,280 10,772,290 71,804,904 Total underwriting expenses 1,212,108,213 836,694,778 59,243,757 316,169,678 Net underwriting income $ 668,653,034 $ 305,754,714 $ 103,213,426 $ 259,684,894 Other income (expense) Investment income $ 181,268,348 $ 57,725,821 $ 23,304,621 $ 100,237,906 Interest expense (200,711,212) (35,318,113) (4,055,480) (161,337,619) Financing costs - - - - Takeout bonuses - - - - Assessment income 26,166,347 - - 26,166,347 Other income and expense (10,030,028) (8,375,830) (21,320) (1,632,878) Total other income (expense) (3,306,545) 14,031,878 19,227,821 (36,566,244) Net income (loss) $ 665,346,489 $ 319,786,592 $ 122,441,247 $ 223,118,650

Comparative Financial Statements

5 Citizens Property Insurance Corporation Statutory statements of admitted assets, liabilities and accumulated surplus - comparative (unaudited) As of PLA / CLA / COASTAL December 31, 2013 December 31, 2012 Variance Assets Cash and invested assets $ 14,323,843,687 $ 14,797,187,898-3% Premium receivable, net 147,567,063 178,230,651-17% Due from takeout companies 27,133,006 18,407,148 47% Reinsurance recoverable 2,351,031 (4,348,717) 154% Edp equipment, net 6,698,580 9,808,284-32% Accrued investment income 81,873,098 88,285,945-7% Other assets 121,072 1,302,877-91% Due from investment broker - - 0% Inter-account receivable (payable) 124,992 58,296 114% Assessment receivables 176,894,426 354,287,091-50% Total assets $ 14,766,606,955 $ 15,443,219,473-4% Liabilities Loss reserves $ 953,328,815 $ 1,140,376,987-16% Loss expense reserves 303,443,586 278,678,186 9% Retroactive reinsurance reserves (1,626,175) - -100% Unearned premiums, net 1,093,991,666 1,272,645,451-14% Unearned assessment income 43,601,585 85,051,218-49% Reinsurance premiums payable 153,480,489 189,533,501-19% Funds held under reinsurance treaties 2,226 2,667-17% Provision for reinsurance 1,881,030 2,046,705-8% Advance premiums & suspended cash 70,439,790 85,824,225-18% Notes payable 4,995,038,224 5,910,316,098-15% Interest payable 25,845,781 31,771,747-19% Taxes and fees payable 3,142,571 5,988,763-48% Due to investment broker - 23,653,641-100% Other liabilities 115,828,858 122,173,560-5% Total liabilities 7,758,398,446 9,148,062,749-15% Accumulated surplus Unrestricted surplus 6,992,869,123 6,284,044,272 11% Restricted surplus 15,339,386 11,112,452 38% Ending surplus (deficit) 7,008,208,509 6,295,156,724 11% Total liabilities & surplus (deficit) $ 14,766,606,955 $ 15,443,219,473-4%

Citizens Property Insurance Corporation Statutory statements of operations - comparative (unaudited) 6 PLA / CLA / COASTAL For the twelve months ended December 31, 2013 December 31, 2012 Variance Net earned premiums: Direct earned premiums $ 2,954,579,893 $ 3,129,665,899-6% Ceded earned premiums (1,073,818,646) (881,570,563) -22% Net earned premiums 1,880,761,247 2,248,095,336-16% Underwriting expense: Losses incurred 502,375,404 815,507,486-38% Loss adjustment expense incurred 248,050,125 258,109,329-4% Producer commissions 224,041,552 255,760,024-12% Ceded commissions - 4,388,646-100% Taxes and assessments 41,322,658 77,653,233-47% Administrative and other underwriting 196,318,474 224,763,522-13% Total underwriting expenses 1,212,108,213 1,636,182,240-26% Net underwriting income 668,653,034 611,913,096 9% Other income (expense) Investment income 181,268,348 191,178,104-5% Interest expense (200,711,212) (197,691,484) -2% Financing costs - (8,332,784) 100% Takeout bonuses - 43,103-100% Assessment income 26,166,347 59,421,067-56% Other income and expense (10,030,028) 8,285,321-221% Total other income (expense) (3,306,545) 52,903,327-106% Net income (loss) $ 665,346,489 $ 664,816,423 0%

Citizens Property Insurance Corporation Statutory statements of operations - comparative (unaudited) 7 For the twelve months ended PLA December 31, 2013 December 31, 2012 Variance Net earned premiums: Direct earned premiums $ 1,560,192,340 $ 1,740,154,269-10% Ceded earned premiums (417,742,848) (302,034,648) -38% Net earned premiums 1,142,449,492 1,438,119,621-21% Underwriting expense: Losses incurred 414,386,019 686,973,615-40% Loss adjustment expense incurred 187,181,928 200,359,118-7% Producer commissions 99,666,722 124,445,203-20% Ceded commissions - 3,815,989-100% Taxes and assessments 21,718,829 43,626,674-50% Administrative and other underwriting 113,741,280 127,296,944-11% Total underwriting expenses 836,694,778 1,186,517,543-29% Net underwriting income (loss) 305,754,714 251,602,078 22% Other income (expense) Investment income 57,725,821 58,561,200-1% Interest expense (35,318,113) (19,142,470) -85% Financing costs - (7,442,843) 100% Take-out bonuses - 43,103-100% Assessment income - 15,246,500-100% Other income and expense (8,375,830) 5,184,876-262% Total other income (expense) 14,031,878 52,450,366-73% Net income (loss) $ 319,786,592 $ 304,052,444 5%

Citizens Property Insurance Corporation Statutory statements of operations - comparative (unaudited) 8 For the twelve months ended CLA December 31, 2013 December 31, 2012 Variance Net earned premiums: Direct earned premiums $ 195,004,015 $ 201,934,631-3% Ceded earned premiums (32,546,832) (30,792,333) -6% Net earned premiums 162,457,183 171,142,298-5% Underwriting expense: Losses incurred 14,891,664 12,286,565 21% Loss adjustment expense incurred 8,988,321 7,890,269 14% Producer commissions 21,466,282 22,762,486-6% Ceded commissions - - 0% Taxes and assessments 3,125,200 5,233,399-40% Administrative and other underwriting 10,772,290 13,049,611-17% Total underwriting expenses 59,243,757 61,222,330-3% Net underwriting income (loss) 103,213,426 109,919,968-6% Other income (expense) Investment income 23,304,621 28,026,225-17% Interest expense (4,055,480) (2,288,867) -77% Financing costs - (889,941) 100% Take-out bonuses - - 0% Assessment income - 1,822,343-100% Other income and expense (21,320) 513,635-104% Total other income (expense) 19,227,821 27,183,395-29% Net income (loss) $ 122,441,247 $ 137,103,363-11%

Citizens Property Insurance Corporation Statutory statements of operations - comparative (unaudited) 9 For the twelve months ended COASTAL December 31, 2013 December 31, 2012 Variance Net earned premiums: Direct earned premiums $ 1,199,383,538 $ 1,187,576,999 1% Ceded earned premiums (623,528,966) (548,743,582) -14% Net earned premiums 575,854,572 638,833,417-10% Underwriting expense: Losses incurred 73,097,721 116,247,306-37% Loss adjustment expense incurred 51,879,876 49,859,942 4% Producer commissions 102,908,548 108,552,335-5% Ceded commissions - 572,657-100% Taxes and assessments 16,478,629 28,793,160-43% Administrative and other underwriting 71,804,904 84,416,967-15% Total underwriting expenses 316,169,678 388,442,367-19% Net underwriting income (loss) 259,684,894 250,391,050 4% Other income (expense) Investment income 100,237,906 104,590,679-4% Interest expense (161,337,619) (176,260,147) 8% Financing costs - - 0% Take-out bonuses - - 0% Assessment income 26,166,347 42,352,224-38% Other income and expense (1,632,878) 2,586,810-163% Total other income (expense) (36,566,244) (26,730,434) -37% Net income (loss) $ 223,118,650 $ 223,660,616 0%

10 Citizens Property Insurance Corporation Statutory comparative administrative and other expenses (unaudited) For the twelve months ended December 31, 2013 December 31, 2012 Variance Salaries $ 75,415,107 $ 72,588,210 4% Employee benefits 16,773,250 15,967,625 5% Payroll taxes 5,960,624 5,936,132 0% Temporary services 5,051,638 10,352,057-51% Other underwriting fees 10,092,647 39,579,594-75% Other processing fees 1,335,095 1,413,180-6% Training 445,467 651,781-32% Recruiting 764,972 899,210-15% Printing 6,129,232 6,627,902-8% Office supplies 998,393 2,879,253-65% Subscriptions & dues 1,062,108 1,067,883-1% Postage 6,070,800 8,186,951-26% Telecommunications 4,355,597 3,422,514 27% Legal 1,099,979 1,625,805-32% Insurance 670,636 549,813 22% Travel & meals 1,355,031 1,930,558-30% Servicing carrier fees 8,792,021 10,060,915-13% Professional consulting 43,795,207 40,786,004 7% Miscellaneous 6,393 11,500-44% Rent - facilities 8,203,085 7,577,459 8% Rent - ofc equip & furn 1,372,783 644,879 113% Depreciation 6,435,735 4,485,141 43% Producer fees collected (833,201) (795,508) -5% Maintenance & repairs 2,042,041 1,979,791 3% Bank charges 324,609 343,871-6% Software maint & licensing 14,994,565 13,883,283 8% FMAP funding (207,418) (253,002) 18% ULAE expense allocation (26,187,922) (27,639,279) 5% Total admin and other $ 196,318,474 $ 224,763,522-13% Capital acquisitions $ 2,297,731 $ 12,155,786-81% Total expenditures $ 198,616,205 $ 236,919,308-16% Employee count 1,152 1,167-1%

Budgetary Analysis

Citizens Property Insurance Corporation Statements of operations - statutory basis (unaudited) For the twelve months ended December 31, 2013 11 PLA / CLA / COASTAL Actual Budget Favorable (Unfavorable) Net earned premiums: Direct earned premiums $ 2,954,579,893 $ 3,263,137,799-9% Ceded earned premiums (1,073,818,646) (1,087,135,801) 1% Net earned premiums 1,880,761,247 2,176,001,998-14% Underwriting expense: Losses incurred 502,375,404 982,393,003 49% Loss adjustment expense incurred 248,050,125 277,967,896 11% Producer commissions 224,041,552 264,187,609 15% Ceded commissions - - 0% Taxes and assessments 41,322,658 50,691,767 18% Administrative and other underwriting 196,318,474 206,890,641 5% Total underwriting expenses 1,212,108,213 1,782,130,916 32% Net underwriting income (loss) 668,653,034 393,871,082 70% Other income (expense) Investment income 181,268,348 152,282,139 19% Interest expense (200,711,212) (220,372,329) 9% Financing costs - (3,259,536) 100% Take-out bonuses - - 0% Assessment income 26,166,347 26,166,348 0% Other income and expense (10,030,028) 6,432,447-256% Total other income (expense) (3,306,545) (38,750,931) 91% Net income (loss) $ 665,346,489 $ 355,120,151 87%

Citizens Property Insurance Corporation Statutory statements of operations - budget to actual (unaudited) For the twelve months ended December 31, 2013 12 PLA Actual Budget Favorable (Unfavorable) Net earned premiums: Direct earned premiums $ 1,560,192,340 $ 1,808,710,761-14% Ceded earned premiums (417,742,848) (413,798,032) -1% Net earned premiums 1,142,449,492 1,394,912,729-18% Underwriting expense: Losses incurred 414,386,019 800,780,056 48% Loss adjustment expense incurred 187,181,928 209,804,376 11% Producer commissions 99,666,722 123,920,071 20% Ceded commissions - - 0% Taxes and assessments 21,718,829 28,097,364 23% Administrative and other underwriting 113,741,280 116,434,265 2% Total underwriting expenses 836,694,778 1,279,036,132 35% Net underwriting income (loss) 305,754,714 115,876,597 164% Other income (expense) Investment income 57,725,821 56,575,225 2% Interest expense (35,318,113) (35,462,475) 0% Financing costs - - 0% Take-out bonuses - - 0% Assessment income - - 0% Other income and expense (8,375,830) 3,451,140-343% Total other income (expense) 14,031,878 24,563,890-43% Net income (loss) $ 319,786,592 $ 140,440,487 128%

Citizens Property Insurance Corporation Statutory statements of operations - budget to actual (unaudited) For the twelve months ended December 31, 2013 13 CLA Actual Budget Favorable (Unfavorable) Net earned premiums: Direct earned premiums $ 195,004,015 $ 200,829,875-3% Ceded earned premiums (32,546,832) (35,000,000) 7% Net earned premiums 162,457,183 165,829,875-2% Underwriting expense: Losses incurred 14,891,664 36,149,378 59% Loss adjustment expense incurred 8,988,321 9,832,630 9% Producer commissions 21,466,282 23,875,164 10% Ceded commissions - - 0% Taxes and assessments 3,125,200 3,534,227 12% Administrative and other underwriting 10,772,290 14,265,633 24% Total underwriting expenses 59,243,757 87,657,032 32% Net underwriting income (loss) 103,213,426 78,172,843 32% Other income (expense) Investment income 23,304,621 19,175,796 22% Interest expense (4,055,480) (4,278,079) 5% Financing costs - - 0% Take-out bonuses - - 0% Assessment income - - 0% Other income and expense (21,320) 416,334-105% Total other income (expense) 19,227,821 15,314,051 26% Net income (loss) $ 122,441,247 $ 93,486,894 31%

Citizens Property Insurance Corporation Statutory statements of operations - budget to actual (unaudited) For the twelve months ended December 31, 2013 14 COASTAL Actual Budget Favorable (Unfavorable) Net earned premiums: Direct earned premiums $ 1,199,383,538 $ 1,253,597,163-4% Ceded earned premiums (623,528,966) (638,337,769) 2% Net earned premiums 575,854,572 615,259,394-6% Underwriting expense: Losses incurred 73,097,721 145,463,569 50% Loss adjustment expense incurred 51,879,876 58,330,890 11% Producer commissions 102,908,548 116,392,374 12% Ceded commissions - - 0% Taxes and assessments 16,478,629 19,060,176 14% Administrative and other underwriting 71,804,904 76,190,743 6% Total underwriting expenses 316,169,678 415,437,752 24% Net underwriting income (loss) 259,684,894 199,821,642 30% Other income (expense) Investment income 100,237,906 76,531,118 31% Interest expense (161,337,619) (180,631,775) 11% Financing costs - (3,259,536) 100% Take-out bonuses - - 0% Assessment income 26,166,347 26,166,348 0% Other income and expense (1,632,878) 2,564,973-164% Total other income (expense) (36,566,244) (78,628,872) 53% Net income (loss) $ 223,118,650 $ 121,192,770 84%

15 Citizens Property Insurance Corporation Administrative and other expenses - statutory basis (unaudited) For the twelve months ended December 31, 2013 Actual Budget Favorable (Unfavorable) Salaries $ 75,415,107 $ 74,727,039-1% Employee benefits 16,773,250 15,784,422-6% Payroll taxes 5,960,624 6,240,312 4% Temporary services 5,051,638 5,956,030 15% Other underwriting fees 10,092,647 16,438,011 39% Other processing fees 1,335,095 1,625,688 18% Training 445,467 583,229 24% Recruiting 764,972 353,749-116% Printing 6,129,232 6,794,935 10% Office supplies 998,393 1,270,830 21% Subscriptions & dues 1,062,108 1,013,594-5% Postage 6,070,800 8,305,639 27% Telecommunications 4,355,597 3,828,145-14% Legal 1,099,979 907,508-21% Insurance 670,636 787,200 15% Travel & meals 1,355,031 2,015,461 33% Servicing carrier fees 8,792,021 9,117,991 4% Professional consulting 43,795,207 47,986,246 9% Miscellaneous 6,393 34,599 82% Rent - facilities 8,203,085 8,861,267 7% Rent - ofc equip & furn 1,372,783 1,340,081-2% Depreciation 6,435,735 6,820,456 6% Producer fees collected (833,201) (1,117,000) -25% Maintenance & repairs 2,042,041 1,986,587-3% Bank charges 324,609 343,200 5% Software maint & licensing 14,994,565 14,578,509-3% FMAP funding (207,418) (212,346) -2% ULAE expense allocation (26,187,922) (29,480,741) -11% Total admin and other $ 196,318,474 $ 206,890,641 5% Capital acquisitions $ 2,297,731 $ 6,607,900 65% Total expenditures $ 198,616,205 $ 213,498,541 7% Employee count 1,152 1,262 9%

GAAP Financials

16 Citizens Property Insurance Corporation GAAP Consolidated statements of net assets (unaudited) As of December 31, 2013 Consolidated PLA CLA COASTAL Assets Cash and investments $ 14,488,318,754 $ 5,019,311,808 $ 1,866,898,562 $ 7,602,108,384 Premium receivable, net 147,567,063 65,940,727 4,988,944 76,637,392 Due from takeout companies 27,133,006 21,163,974-5,969,032 Reinsurance recoverables 2,351,031 2,108,173-242,858 Accrued investment income 81,873,098 24,208,412 6,314,429 51,350,257 Prepaid reinsurance premiums 201,274,652 159,175,895-42,098,757 Deferred policy acquisition costs 113,370,576 48,693,448 11,562,332 53,114,796 Deferred takeout bonus - - - Deferred financing costs 67,431,660 4,566,709 524,382 62,340,569 Fixed assets, net 12,361,766 12,361,766 - - Other assets 7,794,130 7,784,044-10,086 Due from investment broker - - - - Inter-account receivable (payable) 124,992 55,193,871 (26,898,104) (28,170,775) Assessment receivables 165,180,965 80,906 4,540,379 160,559,680 Total assets $ 15,314,781,693 $ 5,420,589,733 $ 1,867,930,924 $ 8,026,261,036 Liabilities Loss reserves $ 953,328,815 $ 725,317,945 $ 106,237,213 $ 121,773,657 Loss expense reserves 303,443,586 225,939,061 29,649,680 47,854,845 Retroactive reinsurance reserves (1,626,175) (1,509,290) - (116,885) Direct unearned premiums 1,295,266,318 664,285,492 89,146,162 541,834,664 Unearned assessment income 67,313,084 - - 67,313,084 Reinsurance premiums payable 153,480,489 8,190,514-145,289,975 Funds held under reinsurance treaties 2,226 - - 2,226 Advance premiums & suspended cash 70,439,790 30,863,854 6,272,156 33,303,780 Notes payable 4,995,038,224 1,248,213,928 143,328,913 3,603,495,383 Interest payable 25,845,781 4,293,779 493,043 21,058,959 Taxes and fees payable 3,296,709 2,710,997 585,712 - Due to investment broker (154,138) - - (154,138) Other liabilities 115,828,858 86,657,328 4,075,416 25,096,114 Total liabilities 7,981,503,567 2,994,963,608 379,788,295 4,606,751,664 Net assets Invested in capital assets 12,361,766 12,361,766 - - Restricted 15,339,386 - - 15,339,386 Unrestricted 7,305,576,974 2,413,264,359 1,488,142,629 3,404,169,986 Total net assets 7,333,278,126 2,425,626,125 1,488,142,629 3,419,509,372 Total liabilities and net assets $ 15,314,781,693 $ 5,420,589,733 $ 1,867,930,924 $ 8,026,261,036

Citizens Property Insurance Corporation GAAP consolidated statements of revenues, expenses and change in net assets (unaudited) For the twelve months ended December 31, 2013 17 Consolidated PLA CLA COASTAL Operating revenue: Premiums earned $ 1,880,761,247 1,142,449,492 162,457,183 575,854,572 Operating expenses: Losses incurred 502,375,404 $ 414,386,019 $ 14,891,664 $ 73,097,721 Loss adjustment expense incurred 248,050,125 187,181,928 8,988,321 51,879,876 Producer commissions, net 238,742,194 114,135,105 21,978,615 102,628,474 Taxes and assessments 44,968,833 25,047,577 3,243,013 16,678,243 Administrative and other underwriting 208,782,105 120,724,539 10,805,186 77,252,380 Total operating expenses 1,242,918,661 861,475,168 59,906,799 321,536,694 Operating income 637,842,586 280,974,324 102,550,384 254,317,878 Non-operating revenues (expenses): Investments income 112,332,782 31,382,520 7,706,341 73,243,921 Interest expense (217,432,240) (35,318,113) (4,055,480) (178,058,647) Financing costs (6,575,322) (1,635,052) (217,163) (4,723,107) Takeout bonuses - - - - Assessment Income 56,441,796 7,870,773 1,389,324 47,181,699 Other income and expense (8,216,511) (7,673,939) (44,691) (497,881) Total non-operating revenues (63,449,495) (5,373,811) 4,778,331 (62,854,015) Gain from operations 574,393,091 275,600,513 107,328,715 191,463,863 Federal income tax benefit - - - - Change in net assets $ 574,393,091 $ 275,600,513 $ 107,328,715 $ 191,463,863

18 Citizens Property Insurance Corporation Reconciliation of STAT to GAAP (unaudited) As of December 31, 2013 Consolidated PLA CLA COASTAL Net income - Statutory Basis $ 665,346,489 $ 319,786,592 $ 122,441,247 $ 223,118,650 Adjustments: Change in deferred policy acquisition costs (30,810,446) (24,780,388) (663,042) (5,367,016) Change in deferred financing costs (23,296,348) (1,635,052) (217,163) (21,444,133) Change in deferred takeout bonuses - - - - Change in allowance for doubtful accounts 1,813,515 701,889 (23,371) 1,134,997 Change in unearned assessment income 14,229,835 - - 14,229,835 Change in 2012 FIGA assessment income 16,045,613 7,870,773 1,389,324 6,785,516 Change in unrealized gain (loss) on investments (68,935,567) (26,343,301) (15,598,280) (26,993,986) Change in net assets - GAAP $ 574,393,091 $ 275,600,513 $ 107,328,715 $ 191,463,863 Consolidated PLA CLA COASTAL Accumulated surplus - Statutory Basis $ 7,008,208,509 $ 2,336,313,171 $ 1,469,432,418 $ 3,202,462,920 Adjustments: Deferred policy acquisition costs 113,370,576 48,693,448 11,562,332 53,114,796 Deferred financing costs 67,431,660 4,566,709 524,382 62,340,569 Deferred takeout bonuses - - - - Unrealized gain (loss) on investments 103,222,299 18,151,495 5,314,008 79,756,796 Statutory non-admitted assets other than premium 74,589,012 23,429,901 1,742,508 49,416,603 Unrealized assessment income change (23,711,499) - - (23,711,499) 2012 FIGA assessment income change (11,713,461) (7,375,727) (433,019) (3,904,715) Statutory provision for reinsurance-sch F penalty 1,881,030 1,847,128-33,902 Total net assets - GAAP $ 7,333,278,126 $ 2,425,626,125 $ 1,488,142,629 $ 3,419,509,372

Citizens Property Insurance Corporation Adjusted GAAP total net assets per 16(L) of the Plan of Operations (unaudited)* As of December 31, 2013 19 Consolidated PLA CLA COASTAL GAAP total net assets $ 7,333,278,126 $ 2,425,626,125 $ 1,488,142,629 $ 3,419,509,372 Deferred takeout bonus - - - - Deferred financing costs (67,431,660) (4,566,709) (524,382) (62,340,569) Net assets related to pre-event notes (157,066,800) (45,356,259) (6,096,237) (105,614,304) Restricted cash - FSLSO (15,339,386) - - (15,339,386) Adjusted GAAP total net assets $ 7,093,440,280 $ 2,375,703,157 $ 1,481,522,010 $ 3,236,215,113 * GAAP for purposes of assessment calculation