Meeting of the Board of Directors September 16, 2010

INDEPENDENT SCHOOLS COMPENSATION CORPORATION

MEETING OF THE BOARD OF DIRECTORS

Thursday, September 16, 2010

10:00 a.m.

Assumption College

Agenda

I. Minutes of the June 9, 2010 Meeting

II. Nominating Committee Report – Mr. Vincent

III. Marketing Report – Mr. Schneiter

IV. Proposal to Amend Member Net Worth Requirements – Mr. Bakker

V. Claim & Loss Control Committee Report – Mr. Greenlaw

VI. Treasurer’s Report – Mr. Vincent

VII. Financial Report as of June 30, 2010 – Ms. DiPietro

VIII. 2011 Deviation Discussion – Ms. DiPietro

IX. Next Meeting – Wednesday December 8, 2010 College of the Holy Cross

X. Other Business

Independent Schools Compensation Corporation • c/o Meadowbrook/TPA Associates 10 New England Business Center, Suite 303, Andover, MA 01810 Tel: (978) 691-2470 • Fax: (978) 691-2477

ISCC

BOARD OF DIRECTORS MEETING

Board Book Materials Index

Information Section

Minutes A

Financial Charts and Graphs B

Financial Statements C

Dividends D

Investment Information E

Marketing F

Loss Control Report G

Member Net Worth Requiements H

Section A

Minutes

A1 A2

Section B

Financial Charts and Graphs

INDEPENDENT SCHOOLS COMPENSATION CORPORATION CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2010

Assets Cash and Invested Assets Premium Receivable

Other Assets

ASSETS June 30, 2010 December 31, 2009

Cash and Invested Assets $ 17,786,747 96% $ 17,521,438 99% Premium Receivable 679,367 4% (56,185) 0% Other Assets 47,503 0% 189,851 1%

TOTAL $ 18,513,616 100% $ 17,655,100 100%

Liabilities Unearned Premium

Reserve for Losses and LAE Member Dividend Payable Other Liabilities

LIABILITIES June 30, 2010 December 31, 2009

Unearned Premium $ 3,163,863 17% $ - 0% Reserve for Losses and LAE 4,970,325 27% 4,794,966 27% Member Dividend Payable 9,992,356 54% 12,310,648 70% Other Liabilities 387,069 2% 549,486 3%

TOTAL $ 18,513,616 100% $17,655,100 100%

B1 INDEPENDENT SCHOOLS COMPENSATION CORPORATION OVERVIEW OF INCOME STATEMENT TRENDS BY CALENDAR YEAR CONSOLIDATED

Written Premium

$5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0

1 2 3 4 5 6 7 8 9 0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/1 0 0 0 0 0 0 0 0 0 0

Combined Ratios

120% 100% 80% 60% 40% 20% 0%

1 2 3 4 5 6 7 8 9 0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/1 0 0 0 0 0 0 0 0 0 0

Dividends Earned

120% 100% 80% 60% 40% 20% 0%

-20% 1 2 3 4 5 6 7 8 9 0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/1 0 0 0 0 0 0 0 0 0 0

B2 INDEPENDENT SCHOOLS COMPENSATION CORPORATION OVERVIEW OF INCOME STATEMENT TRENDS BY FUND YEAR CONSOLIDATED

Written Premium

$10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 01 02 03 04 05 06 07 08 09

Combined Ratios

100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 01 02 03 04 05 06 07 08 09

Dividends Earned

100.0%

80.0%

60.0%

40.0%

20.0%

0.0% 01 02 03 04 05 06 07 08 09

B3 ISCC Reinsurance Recoverable on Large Losses June 30, 2010 AIG Mead Total Paid Paid Paid Reserve Incurred Limit Recov Received A B TOTAL

1995 The Learning 180,766 135,085 315,851 (250,000) 65,851 (51,529) 14,322 Center for Deaf Children 107,503 107,503 107,503

180,766 135,085 315,851 107,503 423,354 (250,000) 173,354 (51,529) 121,825 121,825

1996 Allen Chase Foundation 280,372 29,138 309,510 (250,000) 59,510 (58,648) 862 (Eaglebrook) 11,561 11,561 11,561

280,372 29,138 309,510 11,561 321,071 (250,000) 71,071 (58,648) 12,424 12,424

1999 Amherst College 40,846 280,628 321,474 (250,000) 71,474 (85,793) (14,319) 57,189 57,189 57,189

40,846 280,628 321,474 57,189 378,663 (250,000) 128,663 (85,793) 42,869 42,869

2002 Linden Hill 0 421,180 421,180 (300,000) 121,180 (138,853) (17,672) 000

0 421,180 421,180 0 421,180 (300,000) 121,180 (138,853) (17,672) (17,672)

2003 Wellesley College 0 0 (512,922) (512,922) 00

00000 0 0(512,922) 0 (512,922) (512,922)

EXCESS LIMITS 494,268 (847,745) 116,576 (470,053) (353,476) 1992 - 2001 250,000 2002 300,000 2003 350,000 Reinsurance Recov - Paid (2,488) (527,241) (529,729) * 2004 500,000 2005 500,000 Reinsurance Recov - Unpaid 119,064 57,189 176,253 2005 (statutory limits) 25,500,000 of payroll 2006 500,000 2006 (statutory limits) 25,500,000 of payroll 116,576 (470,053) (353,476) 2007 thru 2010 500,000

* Awaiting reimbursement from excess carrier.

B4 INDEPENDENT SCHOOLS COMPENSATION CORPORATION

CLASS A 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999

# of Members 160 155 150 151 148 144 143 133 123 107 106 103

Manual Premium 6,209,692 5,973,191 5,503,364 6,087,264 5,754,237 5,850,352 5,335,720 4,909,323 4,352,021 3,508,420 3,318,105 3,235,201

Standard Premium 5,693,702 5,503,490 5,232,026 5,973,507 5,728,361 5,308,389 4,794,863 4,203,708 3,693,115 2,957,419 2,886,048 3,014,823

Net Premium 5,554,474 5,383,464 5,119,794 5,985,775 5,795,605 5,223,799 4,734,181 4,061,876 3,563,798 2,886,532 2,853,334 2,981,221 Before Deviation

Deviation % 20% 20% 10% 10% 10% 15% 10% 10% 10% 10% 15% 10%

Net Premium 4,415,730 4,282,765 4,596,603 5,388,430 5,222,780 4,434,572 4,263,691 3,643,589 3,194,700 2,590,791 2,420,432 2,679,739

Average Premium 27,598 27,631 30,644 35,685 35,289 30,796 29,816 27,395 25,973 24,213 22,834 26,017

CLASS B 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999

# of Members 555555555444

Manual Premium 3,098,930 3,080,017 2,871,697 3,098,647 2,924,451 2,979,077 2,875,786 3,000,703 2,897,758 2,096,633 2,001,444 2,010,550

Standard Premium 2,563,019 2,672,144 2,734,297 3,101,289 2,912,857 2,590,898 2,462,320 2,577,068 2,276,465 1,572,651 1,548,187 1,701,845

Net Premium 2,359,563 2,458,820 2,500,252 2,906,584 2,700,559 2,369,914 2,239,771 2,366,396 2,085,511 1,443,694 1,421,584 1,560,423 Before Deviation

Deviation % 20% 20% 10% 10% 10% 15% 10% 15% 15% 15% 15% 15%

Net Premium 1,846,959 1,924,392 2,226,823 2,596,455 2,409,273 1,981,278 1,993,540 1,979,836 1,744,042 1,207,796 1,189,357 1,305,145

Average Premium 369,392 384,878 445,365 519,291 481,855 396,256 398,708 395,967 348,808 301,949 297,339 326,286

Manual Premium Payroll multiplied by applicable rates Standard Premuim Manual premium multiplied by experience modification factor Net Premium Before Deviation Standard premium multiplied by member ARAP if any, and reduced by premium discount B5 INDEPENDENT SCHOOLS COMPENSATION CORPORATION

COMPARISON OF EXPENSE RATIOS

2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Net Premium 6,262,689 6,207,157 6,823,426 7,984,885 7,632,053 6,415,850 6,257,231 5,623,425 4,938,742 3,798,587 3,609,789

Underwriting expenses incurred Administration and services Claims administration 3.0% 3.1% 2.7% 2.3% 2.4% 2.8% 3.0% 3.0% 3.0% 4.0% 4.7% Loss control 4.1% 4.1% 3.6% 3.0% 3.2% 3.8% 3.5% 3.5% 3.7% 4.6% 4.5% Broker services 2.6% 2.5% 2.7% 4.3% 4.3% 4.4% 4.4% 4.3% 4.4% 4.5% 5.0% Association services 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Consulting fees 0.5% 0.5% 0.4% 0.6% 0.6% 0.7% 0.8% 0.5% 0.7% 0.8% 1.2% Program management 5.6% 5.6% 5.1% 4.7% 4.8% 5.2% 5.4% 5.6% 5.7% 6.3% 6.8% Subtotal 15.8% 15.9% 14.6% 14.9% 15.2% 16.9% 17.1% 16.9% 17.5% 20.3% 22.3% Insurance expense Excess insurance 7.5% 7.6% 6.5% 7.2% 9.0% 10.1% 4.8% 6.3% 6.5% 10.8% 8.4% D&O insurance 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.3% Other insurance 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.1% 0.0% 0.1% 0.0% Subtotal 7.7% 7.8% 6.7% 7.3% 9.1% 10.2% 5.0% 6.5% 6.7% 11.1% 8.7% Other expenses Directors fees 0.2% 0.2% 0.2% 0.2% 0.1% 0.0% 0.1% 0.2% 0.2% 0.3% 0.3% Actuarial services 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 0.1% 0.2% 0.1% 0.2% 0.2% Premium audit services 0.5% 0.4% 0.4% 0.4% 0.4% 0.5% 0.5% 0.3% 0.3% 0.3% 0.4% Legal services 0.1% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.0% CPA 0.3% 0.3% 0.3% 0.2% 0.2% 0.3% 0.3% 0.3% 0.3% 0.6% 0.6% State examination 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% Invest manager / cash custodian 1.1% 1.1% 0.9% 0.7% 0.7% 0.7% 0.7% 0.7% 0.8% 1.0% 1.1% Licenses, taxes, & misc. 0.9% 0.9% 0.5% 0.4% 0.4% 0.6% 0.4% 0.2% 0.3% 0.6% 0.3% DIA fees (net of assessments) 0.0% -0.1% 1.5% 1.5% 0.6% -0.4% 5.3% 4.7% 4.1% 3.9% 3.8% Subtotal 3.3% 2.9% 4.1% 3.7% 2.7% 1.9% 7.5% 6.8% 6.3% 7.2% 6.7%

Total 26.7% 26.5% 25.4% 25.8% 27.1% 29.0% 29.5% 30.2% 30.5% 38.6% 37.7%

Total Underwriting Expenses 1,672,624 1,647,852 1,731,312 2,061,498 2,066,863 1,863,034 1,847,903 1,697,056 1,506,268 1,467,280 1,362,307

B6 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CONSOLIDATED

STATEMENT OF OPERATIONS - FUND YEARS 2009 & 2010

Actual Budget Comments Year Ending Year Ending December 31, 2009 % December 31, 2010 % Net Premium $6,207,157 100.0% $6,262,689 100.0% 20% deviation for both Class A and Class B

Underwriting expenses incurred Administration and services Claims administration $190,250 3.1% $190,000 3.0% Meadowbrook.; $125 med, $900 ind + $10,000 admin Loss control $256,430 4.1% $256,430 4.1% Meadowbrook, hourly rate @$130 + $1,500 library Broker services $157,747 2.5% $160,000 2.6% B&L; Class B agents, dev std Consulting fees $30,000 0.5% $30,000 0.5% Program management $350,521 5.6% $350,692 5.6% flat fee of 350k + 3% std dev. prem. for new members Subtotal $984,948 15.9% $987,122 15.8% and renewal of new members since 2008 Insurance expense Excess insurance $469,240 7.6% $467,651 7.5% New York Marine and General Ins. Company D&O insurance $12,669 0.2% $11,203 0.2% Other insurance $1,323 0.0% $1,326 0.0% Subtotal $483,232 7.8% $480,180 7.7%

Other expenses Directors fees $11,500 0.2% $13,000 0.2% $1,000 per director Actuarial services $8,000 0.1% $8,000 0.1% Tillinghast Premium audit services $23,598 0.4% $34,238 0.5% 2.5 hrs x $83/hr x 165 members Legal services $0 0.0% $4,000 0.1% CPA $18,500 0.3% $18,500 0.3% Shores, Tagman, Butler & Co. (audit & tax) Investment mgr/cash cust. $69,659 1.1% $70,000 1.1% Licenses, taxes, & misc. $56,578 0.9% $57,000 * 0.9% DIA fees (net of expenses) ($8,163) (0.1%) $585 ** 0.0% Standard premium @ .0198 Subtotal $179,672 2.9% $205,323 3.3%

Total underwriting expenses $1,647,852 26.5% $1,672,624 26.7%

* Includes a DIA operations assessment for 2009 of $10,065.94 and $10,320.28 for 2010

** DIA rate decreased from .05767 to .0198 July 1, 2009

B7 INDEPENDENT SCHOOLS COMPENSATION CORPORATION BALANCE SHEET - CLASS A JUNE 30, 2010

Assets Cash and Invested Assets Premium Receivable

Other Assets

ASSETS June 30, 2010 December 31, 2009

Cash and Invested Assets $ 11,740,435 94% $ 11,751,492 98% Premium Receivable 426,364 3% (56,185) 0% Other Assets 377,213 3% 236,525 2%

TOTAL $ 12,544,012 100% $ 11,931,831 100%

Liabilities Unearned Premium

Reserve for Losses and LAE Member Dividend Payable Other Liabilities

LIABILITIES June 30, 2010 December 31, 2009

Unearned Premium $ 2,232,793 18% $ - 0% Reserve for Losses and LAE 3,331,785 27% 3,163,587 27% Member Dividend Payable 6,727,839 54% 8,411,078 70% Other Liabilities 251,595 2% 357,166 3%

TOTAL $12,544,012 100% $11,931,831 100%

B8 INDEPENDENT SCHOOLS COMPENSATION CORPORATION BALANCE SHEET - CLASS B JUNE 30, 2010

Assets Cash and Invested Assets Premium Receivable

Other Assets

ASSETS June 30, 2010 December 31, 2009

Cash and Invested Assets $ 6,046,311 101% $ 5,769,946 101% Premium Receivable 253,002 4% - 0% Other Assets (329,710) -6% (46,674) -1%

TOTAL $ 5,969,600 100% $ 5,723,269 100%

Liabilities Unearned Premium

Reserve for Losses and LAE Member Dividend Payable Other Liabilities

LIABILITIES June 30, 2010 December 31, 2009

Unearned Premium $ 931,071 16% $ - 0% Reserve for Losses and LAE 1,638,540 27% 1,631,379 29% Member Dividend Payable 3,264,517 55% 3,899,570 68% Other Liabilities 135,474 2% 192,320 3%

TOTAL $ 5,969,602 100% $5,723,269 100%

B9 INDEPENDENT SCHOOLS COMPENSATION CORPROATION OVERVIEW OF INCOME STATEMENT TRENDS BY CALENDAR YEAR CLASS A

Written Premium

$3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0

1 2 3 4 5 6 7 8 9 0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/1 0 0 0 0 0 0 0 0 0 0

Combined Ratios

100.0% 80.0% 60.0% 40.0% 20.0% 0.0%

1 2 3 4 5 6 7 8 9 0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/1 0 0 0 0 0 0 0 0 0 0

Dividends Earned

100.0%

80.0%

60.0%

40.0%

20.0%

0.0%

1 2 3 4 5 6 7 8 9 0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/1 0 0 0 0 0 0 0 0 0 0

B10 INDEPENDENT SCHOOLS COMPENSATION CORPORATION OVERVIEW OF INCOME STATEMENT TRENDS BY CALENDAR YEAR CLASS B

Written Premium

$1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0

1 2 3 4 5 6 7 8 9 0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/1 0 0 0 0 0 0 0 0 0 0

Combined Ratios

150.0% 125.0% 100.0% 75.0% 50.0% 25.0% 0.0%

1 2 3 4 5 6 7 8 9 0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/1 0 0 0 0 0 0 0 0 0 0

Dividends Earned

80.0% 60.0% 40.0% 20.0% 0.0% -20.0% 1 2 3 4 5 6 7 8 9 0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/0 6/1 0 0 0 0 0 0 0 0 0 0 -40.0%

B11

Section C

Financial Statements

INDEPENDENT SCHOOLS COMPENSATION CORPORATION UNAUDITED FINANCIALS FOR THE PERIOD ENDING JUNE 30, 2010

Consolidated Balance Sheet C1

Consolidated Statement of Operations C2

Financials - Class A C3 - 6

Financials - Class B C7 - 10

Prepared by Meadowbrook/ TPA Associates INDEPENDENT SCHOOLS COMPENSATION CORPORATION CONSOLIDATED BALANCE SHEET UNAUDITED FINANCIALS FOR THE PERIOD ENDING JUNE 30, 2010

Three As of As of As of Month 6/30/2010 6/30/2009 12/31/2009 Variance

Assets Cash & Investments $ 16,836,747 $ 17,604,443 $ 16,596,438 $240,309 Funds on Deposit - Comm. of Mass. 950,000 925,000 925,000 $25,000 Interest Receivable 165,379 154,862 176,729 ($11,350) Premiums & Assessments Receivable 679,367 626,089 (56,185) $735,552 Reins Recov on Unpaid Losses 176,253 220,336 201,345 ($25,092) Reins Recov on Paid Losses (529,730) (183,901) (185,123) ($344,607) Funds Held in Escrow (2,554) 6,508 (5,139) $2,585 Other Assets 238,155 196,564 2,039 $236,115

Total Assets $18,513,611$ 19,549,896 $ 17,655,099 $858,511

Liabilities Unearned Premiums $ 3,163,863 $ 2,993,577 $ - $3,163,863 Reserve for Losses 4,970,325 4,754,632 4,794,966 $175,359 Member Dividends Payable 9,992,356 11,116,448 12,310,648 ($2,318,292) Income Taxes Payable - - - $0 Accounts Payable 387,069 685,239 549,486 ($162,417)

Total Liabilities $18,513,616 $19,549,896$ 17,655,099 $858,516

Liquidity Ratio 91% 90% 94% -3% Reserve Ratio 27% 24% 27% 0% Dividends Payable 54% 57% 70% -16%

C1 INDEPENDENT SCHOOLS COMPENSATION CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS UNAUDITED FINANCIALS FOR THE PERIOD ENDING JUNE 30, 2010

Period Period Year Twelve Ending Ending Ending Month 6/30/2010 6/30/2009 12/31/2009 Variance

Premiums Earned $3,358,683 $3,243,244 $6,224,136 $115,439

Losses Incurred Paid $1,296,262 $1,217,416 $2,614,238 $78,846 Case Estimates $257,764 ($85,425) ($25,758) $343,189 Reins Recov -Unpaid Losses $25,092 $46,635 $65,626 ($21,543) Reins Recov -Paid Losses $344,607 ($32,040) ($49,400) $376,647 IBNR Reserves ($25,201) $167,821 $129,596 ($193,022) Sub-total $1,898,524 $1,314,407 $2,734,302 $584,117 Change in Discount ($57,203) ($31,441) ($12,551) ($25,762) Total Losses Incurred $1,841,321 $1,282,966 $2,721,751 $558,355

Expenses Incurred Administration $534,978 $550,012 $941,597 ($15,034) Insurance $234,585 $259,451 $504,472 ($24,866) Other $97,942 $93,628 $201,115 $4,314 Sub-total $867,505 $903,091 $1,647,184 ($35,586) DIA Fee (net of expense) $1,016 ($23,901) ($18,137) $24,917 Total Expenses $868,521 $879,190 $1,629,047 ($10,669)

Investment & Other Income $408,223 $458,793 $860,743 ($50,570)

Net Income (Pre-Tax / Pre-Dividend) $1,057,064 $1,539,881 $2,734,081 ($482,817)

KEY RATIOS Losses Incurred Paid 38.6% 37.5% 42.0% 1.1% Case Estimates 18.7% -2.2% -0.2% 20.9% IBNR Reserves -0.8% 5.2% 2.1% -5.9% Sub-total 56.5% 40.5% 43.9% 16.0% Change in Discount -1.7% -1.0% -0.2% -0.7% Total 54.8% 39.6% 43.7% 15.3%

Expenses 25.9% 27.1% 26.2% -1.2% Investment & Other Income 12.2% 14.1% 13.8% -2.0% Net Income/Premiums 31.5% 47.5% 43.9% -16.0%

C2 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS A MEMBERSHIP UNAUDITED BALANCE SHEET UNAUDITED FINANCIALS FOR THE PERIOD ENDING JUNE 30, 2010

As of As of Balance at June 30, 2010 June 30,2009 December 31, 2009

Assets Cash and investments $ 11,122,935 $ 12,051,021 $ 11,150,242 Funds on deposit - Commonwealth of Mass. 617,500 601,250 601,250 Interest receivable 107,496 100,660 114,874 Premiums and assessments receivable 426,364 363,844 (56,185) Reinsurance recoverable on unpaid losses 119,064 149,542 133,173 Reinsurance recoverable on paid losses (2,488) (351) (9,508) Funds held in escrow (1,660) 4,230 (3,340) Other assets 154,800 127,767 1,326

Total assets $ 12,544,012 $ 13,397,961 $ 11,931,831

Liabilities Unearned premiums $ 2,232,793 $ 2,051,047 $ - Reserve for losses and LAE 3,331,785 3,024,959 3,163,587 Member dividends payable 6,727,839 7,876,550 8,411,078 Income taxes payable - - - Accounts payable and accrued expenses 251,595 445,405 357,166

Total liabilities $ 12,544,012 $ 13,397,961 $ 11,931,831

3 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS A MEMBERSHIP STATEMENTS OF OPERATIONS UNAUDITED FINANCIALS FOR THE PERIOD ENDING JUNE 30, 2010

Period Ending Period Ending Year Ending June 30, 2010 % June 30, 2009 % December 31, 2009 %

Premiums earned $ 2,380,902 100.0% $ 2,223,978 100.0% $ 4,282,078 100.0%

Losses and LAE incurred 1,336,906 56.2% 1,183,402 53.2% 2,381,140 55.6% Underwriting expenses incurred 620,646 26.1% 593,843 26.7% 1,175,513 27.5% 1,957,552 82.2% 1,777,245 79.9% 3,556,653 83.1%

Net underwriting gain 423,350 17.8% 446,733 20.1% 725,425 16.9%

Net investment income 265,345 11.1% 298,214 13.4% 559,484 13.1% Other income (1,273) (0.1%) 12,214 0.5% 6,780 0.2% 264,072 11.1% 310,428 14.0% 566,264 13.2%

Net income before income taxes and dividends to members 687,422 28.9% 757,161 34.0% 1,291,689 30.2%

Income taxes 296 0.0% 296 0.0% 296 0.0%

Net income before dividends to members 687,126 28.9% 756,865 34.0% 1,291,393 30.2%

Dividends to members 687,126 28.9% 756,865 34.0% 1,291,393 30.2%

Net income $ - 0.0% $ - 0.0% $ - 0.0%

4 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS A MEMBERSHIP

STATEMENTS OF MEMBER DIVIDENDS

Cumulative Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Years Consolidated 2010 2009 2008 2007 2006 2005 2004 2003-1992 Fund Years

Premiums earned $ 2,182,937 100.0%$ 4,282,765 100.0%$ 4,596,603 100.0%$ 5,388,430 100.0%$ 5,222,780 100.0%$ 4,434,572 100.0%$ 4,263,691 100.0%$ 31,064,506 100.0%$ 61,436,284 100.0%

Losses incurred 1,283,853 58.8% 2,587,006 60.4% 2,035,055 44.3% 2,173,947 40.3% 1,564,182 29.9% 1,359,972 30.7% 1,396,207 32.7% 10,043,999 32.3% 22,444,222 36.5% Underwriting expenses incurred 609,431 27.9% 1,146,230 26.8% 1,126,352 24.5% 1,313,246 24.4% 1,377,057 26.4% 1,298,938 29.3% 1,256,590 29.5% 10,175,279 32.8% 18,303,123 29.8% 1,893,284 86.7% 3,733,236 87.2% 3,161,407 68.8% 3,487,193 64.7% 2,941,239 56.3% 2,658,909 60.0% 2,652,798 62.2% 20,219,278 65.1% 40,747,344 66.3%

Net underwriting gain 289,653 13.3% 549,529 12.8% 1,435,197 31.2% 1,901,237 35.3% 2,281,541 43.7% 1,775,663 40.0% 1,610,893 37.8% 10,845,228 34.9% 20,688,940 33.7%

Net investment income earned 37,381 1.7% 127,408 3.0% 317,077 6.9% 442,622 8.2% 534,264 10.2% 433,712 9.8% 391,985 9.2% 4,408,978 14.2% 6,693,427 10.9% Other income (1,261) (0.1%) 750 0.0% (76,118) (1.7%) (85,381) (1.6%) (37,388) (0.7%) 12,285 0.3% - 0.0% 188,604 0.6% 1,492 0.0% 36,121 1.7% 128,158 3.0% 240,959 5.2% 357,241 6.6% 496,876 9.5% 445,997 10.1% 391,985 9.2% 4,597,582 14.8% 6,694,919 10.9%

Net income before dividends to members and income taxes 325,774 14.9% 677,687 15.8% 1,676,156 36.5% 2,258,478 41.9% 2,778,417 53.2% 2,221,660 50.1% 2,002,878 47.0% 15,442,806 49.7% 27,383,855 44.6%

Income tax expense 296 0.0% 296 0.0% 296 0.0% 296 0.0% 296 0.0% 296 0.0% 296 0.0% 5,446 0.0% 7,518 0.0%

Dividends payable to members 325,478 14.9% 677,391 15.8% 1,675,860 36.5% 2,258,182 41.9% 2,778,121 53.2% 2,221,364 50.1% 2,002,582 47.0% 15,437,360 49.7% 27,376,337 44.6%

Member dividends paid - 0.0% - 0.0% - 0.0% 527,279 9.8% 1,280,011 24.5% 1,552,876 35.0% 1,880,566 44.1% 15,407,759 49.6% 20,648,491 33.6%

Net dividends payable to members at June 30, 2010 $ 325,478 14.9%$ 677,391 15.8%$ 1,675,860 36.5%$ 1,730,903 32.1%$ 1,498,110 28.7%$ 668,488 15.1%$ 122,016 2.9% $ 29,601 0.1%$ 6,727,839 11.0%

5 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS A MEMBERSHIP

STATEMENT OF OPERATIONS FOR THE 2010 CALENDAR YEAR

Cumulative Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Changes Consolidated 2010 2009 2008 Changes 2007 Changes 2006 Changes 2005 Changes 2004 Changes 2003 to 1992 Calendar Year

Premiums earned $ 2,182,937 $ 197,965 $ - $ - $ - $ - $ - $ - $ 2,380,902

Losses incurred 1,283,853 69,567 (26,784) 17,028 (2,095) 1,585 894 (7,144) 1,336,906 Underwriting expenses incurred 609,431 9,416 125 1,675 0 (0) 0 (1) 620,646 1,893,284 78,983 (26,659) 18,703 (2,095) 1,584 895 (7,144) 1,957,552

Net underwriting gain (loss) 289,653 118,982 26,659 (18,703) 2,095 (1,584) (895) 7,144 423,350

Net investment income earned 37,381 46,668 53,434 51,279 42,470 21,478 8,551 4,084 265,345 Other income (1,261) 1,409 (1,421) - - - - - (1,273) 36,121 48,077 52,013 51,279 42,470 21,478 8,551 4,084 264,073

Net income before dividends to members and income taxes 325,774 167,059 78,672 32,576 44,565 19,894 7,656 11,228 687,423

Dividends to members 325,478 167,059 78,672 32,576 44,565 19,894 7,656 11,228 687,127

Income before income taxes 296 ------296

Income tax expense 296 - 296

Net income after taxes $ - $ - $ - $ - $ - $ - $ - $ - $ -

6 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS B MEMBERSHIP UNAUDITED BALANCE SHEET UNAUDITED FINANCIALS FOR THE PERIOD ENDING JUNE 30, 2010

As of As of Balance at June 30, 2010 June 30, 2009 December 31, 2009

Assets Cash and investments $ 5,713,811 $ 5,553,422 $ 5,446,196 Funds on deposit - Commonwealth of Mass. 332,500 323,750 323,750 Interest receivable 57,883 54,202 61,855 Premiums and assessments receivable 253,002 262,246 - Reinsurance recoverable on unpaid losses 57,189 70,794 68,172 Reinsurance recoverable on paid losses (527,242) (183,550) (175,615) Funds held in escrow (894) 2,278 (1,799) Other assets 83,354 68,797 714

Total assets $ 5,969,604 $ 6,151,935 $ 5,723,269

Liabilities Unearned premiums $ 931,071 $ 942,530 $ - Reserve for losses and LAE 1,638,540 1,729,673 1,631,379 Member dividends payable 3,264,517 3,239,898 3,899,570 Income taxes payable - - - Accounts payable and accrued expenses 135,474 239,834 192,320

Total liabilities $ 5,969,604 $ 6,151,935 $ 5,723,269

7 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS B MEMBERSHIP STATEMENT OF OPERATIONS UNAUDITED FINANCIALS FOR THE PERIOD ENDING JUNE 30, 2010

Period Ending Period Ending Year Ending June 30, 2010 % June 30, 2009 % December 31, 2009 %

Premiums earned $ 977,781 100.0% $ 1,019,266 100.0% $ 1,942,058 100.0%

Losses and LAE incurred 504,416 51.6% 99,562 9.8% 340,611 17.5% Underwriting expenses incurred 246,858 25.2% 309,248 30.3% 471,671 24.3% 751,274 76.8% 408,810 40.1% 812,282 41.8%

Net underwriting gain 226,507 23.2% 610,456 59.9% 1,129,776 58.2%

Net investment income 142,878 14.6% 160,579 15.8% 301,261 15.5% Other income 257 0.0% 11,687 1.1% 11,357 0.6% 143,135 14.6% 172,266 16.9% 312,618 16.1%

Net income before income taxes and dividends to members 369,642 37.8% 782,722 76.8% 1,442,394 74.3%

Income taxes 160 0.0% 160 0.0% 160 0.0%

Net income before dividends to members 369,482 37.8% 782,562 76.8% 1,442,234 74.3%

Dividends to members 369,482 37.8% 782,562 76.8% 1,442,234 74.3%

Net income $ - 0.0% $ - 0.0% $ - 0.0%

8 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS B MEMBERSHIP

STATEMENT OF MEMBER DIVIDENDS

Cumulative Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Years Consolidated 2010 % 2009 % 2008 2007 % 2006 % 2005 % 2004 % 2003 % 2003-1993 % Fund Years %

Premiums earned $ 915,888 100% $ 1,924,392 100% $ 2,226,823 100% $ 2,596,455 100% $ 2,409,273 100% $ 1,981,278 100% $ 1,993,540 100% $ 1,979,836 100% $ 17,495,093 100% $ 31,542,742 100%

Losses incurred 609,229 67% 1,240,594 64% 855,399 38% 980,718 38% 1,042,912 43% 939,311 47% 993,329 50% 1,663,437 84% 8,124,537 46% 14,786,029 47% Underwriting expenses incurred 244,319 27% 509,785 26% 499,753 22% 629,267 24% 645,767 27% 592,520 30% 591,313 30% 596,730 30% 5,318,653 30% 9,031,377 29% 853,548 93% 1,750,379 91% 1,355,153 61% 1,609,985 62% 1,688,679 70% 1,531,830 77% 1,584,642 79% 2,260,167 114% 13,443,190 77% 23,817,406 76%

Net underwriting gain 62,341 7% 174,013 9% 871,670 39% 986,470 38% 720,594 30% 449,448 23% 408,898 21% (280,331) (14%) 4,051,903 23% 7,725,337 24%

Net investment income earned 22,412 2% 65,761 3% 190,047 9% 277,001 11% 319,206 13% 226,718 11% 222,048 11% 121,972 6% 2,664,259 15% 3,987,452 13% Other income 968 0% 7,413 0% (29,089) (1%) (33,604) (1%) (6,651) (0%) 16,139 1% - 0% - 0% 139,313 1% 94,489 0% 23,380 3% 73,174 4% 160,958 7% 243,397 9% 312,555 13% 242,857 12% 222,048 11% 121,972 6% 2,803,572 16% 4,081,941 13%

Net income before dividends to members and income taxes 85,720 9% 247,187 13% 1,032,628 46% 1,229,867 47% 1,033,149 43% 692,305 35% 630,946 32% (158,359) (8%) 6,855,474 39% 11,807,276 37%

Income tax expense 160 0% 160 0% 160 0% 160 0% 160 0% 160 0% 160 0% 192 0% 4,301 0% 5,421 0%

Dividends payable to members 85,560 9% 247,027 13% 1,032,468 46% 1,229,707 47% 1,032,989 43% 692,145 35% 630,786 32% (158,551) (8%) 6,851,173 39% 11,801,855 37%

Member dividends paid - 0% - 0% - 0% 273,369 11% 445,081 18% 441,143 22% 610,094 31% (226,878) (11%) 6,767,653 39% 8,537,340 27%

Net dividends payable to members at June 30, 2010 $ 85,560 9%$ 247,027 13%$ 1,032,468 46%$ 956,338 37%$ 587,908 24%$ 251,002 13%$ 20,692 1%$ 68,327 3%$ 83,520 0%$ 3,264,517 10%

9 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS B MEMBERSHIP

CONSOLIDATING STATEMENT OF OPERATIONS FOR THE 2010 CALENDAR YEAR

Premiums earned $ 915,888 $ 61,893 $ - $ - $ - $ - $ - $ - $ 977,781

Losses incurred 609,229 53,051 (48,015) (24,009) (38,970) 647 264 (222) 504,416 Underwriting expenses incurred 244,319 2,539 $ 0 $ 0 $ 0 $ (0) (0) 0 246,858 853,548 55,590 (48,014) (24,009) (38,970) 646 264 (222) 751,274

Net underwriting gain 62,341 6,303 48,014 24,009 38,970 (646) (264) 222 226,508

Net investment income earned 22,412 22,834 30,214 30,001 20,525 8,892 3,040 2,603 142,878 Other income 968 (22) (689) - - - - - 257 23,380 22,812 29,525 30,001 20,525 8,892 3,040 2,603 143,135

Net income before dividends to members and income taxes 85,720 29,115 77,539 54,010 59,495 8,246 2,776 2,825 369,642

Dividends to members 85,560 29,115 77,539 54,010 59,495 8,246 2,776 2,825 369,482

Income before income taxes 160 ------160 - Income tax expense 160 ------160

Net income after taxes $ - $ - $ - $ - $ - $ - $ - $ - $ -

Section D

Dividends

ISCC Dividends Dividends Paid/Assessed 26% Remaining Dividends

74%

June 30, 2010 Total % 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992

Dividends Earned 39,178,192 100% 411,038 924,418 2,708,328 3,487,889 3,811,110 2,913,509 2,633,368 1,070,470 1,550,836 861,953 1,494,955 1,772,539 2,401,571 1,436,610 1,697,622 3,327,306 3,384,776 2,683,214 606,679 Dividends Paid/Assessed 29,185,831 74% 0 0 0 800,648 1,725,092 1,994,019 2,490,660 968,321 1,541,107 856,151 1,489,934 1,767,093 2,418,576 1,436,262 1,696,552 3,326,762 3,384,766 2,683,202 606,686 Remaining Dividends 9,992,356 26% 411,038 924,418 2,708,328 2,687,241 2,086,018 919,490 142,708 102,149 9,729 5,802 5,021 5,446 (17,005) 348 1,070 544 10 12 (7)

Projected Payout % 25% 33% 50% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Projected Payout * 3,791,146 677,082 895,738 1,043,009 919,490 142,708 102,149 9,729 5,802 5,021 5,446 (17,005) 348 1,070 544 10 12 (7)

* Deficits may be assessed at 100%

D1 INDEPENDENT SCHOOLS COMPENSATION CORPORATION

Assessment Formula (Effective January 1, 2003)

CLASS A

In the event of a shortfall in funds for Class A, all Class A Members will be assessed a share of the shortfall proportionate to their net premium.

CLASS B

Class B members will be individually assessable for poor loss experience up to 40% of their net premium. If a deficit still exists after the individual assessments, all members, including those individually assessable, will share in the remaining deficit in an amount proportionate to ther respective premium to total Class B premium.

D2 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2010 Valued as of June 30, 2010

Totals 1992-2003 2004 Fund Year 2005 Fund Year 2006 Fund Year 2007 Fund Year Premiums Total Ratio to Premiums Total Ratio to Premiums Total Ratio to Premiums Total Ratio to Premiums Total Ratio to Member Name Earned Dividends Premiums Earned Dividends Premiums Earned Dividends Premiums Earned Dividends Premiums Earned Dividends Premiums

CLASS A MEMBERS

GROUP I - INDEPENDENT SCHOOLS

Academy at Charlemont, Inc.,The (new 9/22/09) AISNE (ISAM) $12,488 $6,897 55.2% $932 $530 56.9% $912 $541 59.3% $927 $576 62.1% $972 $512 52.7% Applewild School, Inc. $171,210 $92,091 53.8% $23,171 $9,259 40.0% $23,293 $13,020 55.9% $26,276 $6,988 26.6% $24,888 $12,882 51.8% Atrium School, The Bancroft School $338,402 $171,278 50.6% $34,484 $8,098 23.5% $33,854 $19,780 58.4% $37,048 $22,478 60.7% $40,882 $21,553 52.7% Bay Farm Montessori Academy $7,076 $2,988 $11,650 $2,736 23.5% $10,605 $2,656 25.0% $14,816 $9,203 62.1% $20,455 $10,784 52.7% Beaver Country Day School $271,429 $147,747 54.4% $34,318 $18,491 53.9% $34,085 $19,935 58.5% $39,110 $24,274 62.1% $38,877 $20,359 52.4% Belmont Day School $169,344 $98,590 58.2% $19,089 $10,862 56.9% $20,270 $11,612 57.3% $22,171 $13,772 62.1% $23,365 $10,948 46.9% Belmont Hill School, Inc. $420,307 $224,793 53.5% $42,440 $19,501 45.9% $43,168 $17,639 40.9% $52,168 $24,942 47.8% $56,432 $16,899 29.9% Bement School $7,800 $3,294 $16,993 $9,670 56.9% $15,909 $7,783 48.9% $16,571 $9,367 56.5% $17,458 $9,204 52.7% Berkshire Country Day School $8,413 $3,553 $17,186 $8,036 46.8% $16,858 $9,846 58.4% $17,647 $10,962 62.1% $15,144 $7,675 50.7% Boston College High School $449,341 $246,384 54.8% $49,077 $27,310 55.6% $50,779 $27,280 53.7% $54,541 $32,463 59.5% $62,507 $32,318 51.7% Boston Trinity Academy Brimmer & May School $192,714 $99,499 51.6% $29,767 $16,674 56.0% $29,657 $17,429 58.8% $32,301 $18,693 57.9% $34,001 $15,969 47.0% Brooks School $727,404 $352,896 48.5% $68,373 $16,057 23.5% $74,774 $41,890 56.0% $97,275 $50,496 51.9% $131,726 $63,784 48.4% Brookwood School, Inc. $249,056 $110,187 44.2% $28,200 $12,946 45.9% $35,118 $20,828 59.3% $34,222 $21,258 62.1% $40,187 $21,187 52.7% Buckingham, Browne, & Nichols School $767,020 $386,352 50.4% $80,853 $30,195 37.3% $82,696 $20,712 25.0% $101,963 $44,688 43.8% $113,046 $53,130 47.0% Cambridge Friends School, Inc $24,760 $10,163 41.0% $20,800 $11,836 56.9% $20,364 $12,078 59.3% $21,417 $10,634 49.7% $19,776 $10,311 52.1% Cambridge Montessori School, Inc. $9,659 $3,992 41.3% $9,326 $5,307 56.9% $11,546 $6,848 59.3% $12,557 $7,800 62.1% $13,614 $7,177 52.7% Cambridge School of Weston $35,101 $10,913 31.1% $33,915 $17,147 50.6% $36,867 $21,653 58.7% $40,655 $22,089 54.3% $41,056 $20,382 49.6% Cape Cod Academy, Inc. $154,117 $81,918 53.2% $22,067 $11,499 52.1% $20,991 $11,903 56.7% $25,165 $15,453 61.4% $29,462 $9,256 31.4% Carroll School $271,350 $144,240 53.2% $32,081 $17,878 55.7% $26,758 $15,870 59.3% $34,304 $20,302 59.2% $35,542 $7,447 21.0% Chapel Hill - Chauncy School $151,076 $80,107 53.0% $16,543 $9,227 55.8% $16,096 $7,959 49.4% $16,291 $10,120 62.1% $18,286 $8,315 45.5% Charles River School $21,416 $8,312 38.8% $14,790 $8,416 56.9% $14,868 $8,818 59.3% $16,508 $10,254 62.1% $18,298 $9,647 52.7% Chestnut Hill School $162,180 $91,264 56.3% $20,218 $11,215 55.5% $17,585 $10,429 59.3% $21,010 $13,051 62.1% $21,410 $11,143 52.0% Clark School for Creative Learning, Inc. $3,049 $1,735 56.9% $1,849 $1,097 59.3% $2,175 $1,351 62.1% $3,890 $2,051 52.7% Clarke School for the Deaf $19,368 $7,632 39.4% Common School $42,226 $23,043 54.6% $5,535 $3,150 56.9% $6,496 $3,853 59.3% $6,244 $3,879 62.1% $5,645 $2,976 52.7% Commonwealth School $12,330 $5,153 41.8% $11,962 $6,807 56.9% $12,803 $7,593 59.3% $14,173 $8,804 62.1% $14,874 $7,842 52.7% COMPASS $172,860 $90,531 52.4% $25,049 $14,010 55.9% $27,677 $10,638 38.4% $13,736 $3,653 26.6% $20,256 $10,127 50.0% Covenant Christian School, Inc. $6,273 $2,508 40.0% $3,658 $2,082 56.9% $4,098 $2,430 59.3% $5,313 $3,070 57.8% $6,233 $3,193 51.2% Creative Education, Inc. New 7/9/06 $1,567 $973 62.1% $4,391 $2,315 52.7% Cushing Academy $97,865 $38,498 39.3% $61,580 $32,664 53.0% $53,374 $30,784 57.7% $58,185 $31,704 54.5% $69,563 $27,930 40.2% Dana Hall School $652,935 $280,847 43.0% $71,068 $40,291 56.7% $77,162 $44,367 57.5% $85,574 $50,303 58.8% $72,182 $36,514 50.6% Dedham Country Day School $181,503 $103,982 57.3% $18,695 $10,569 56.5% $19,257 $11,310 58.7% $19,754 $7,701 39.0% $20,436 $10,774 52.7% Derby Academy $126,656 $61,628 48.7% $18,146 $9,298 51.2% $18,942 $11,234 59.3% $21,864 $13,581 62.1% $23,865 $5,001 21.0% Dexter School $147,394 $59,027 40.0% $56,506 $13,270 23.5% $57,683 $33,338 57.8% $80,644 $49,179 61.0% $78,813 $16,514 21.0% Eaglebrook (Allen-Chase Foundation) $523,363 $268,001 51.2% $51,107 $28,246 55.3% $48,502 $17,886 36.9% $52,188 $28,455 54.5% $69,027 $34,360 49.8% Eli & Bessie Cohen Hillel Academy Inc Eliot Montessori School, Inc. $7,426 $3,084 41.5% $5,799 $3,300 56.9% $5,738 $2,809 48.9% $5,946 $3,694 62.1% $7,369 $3,885 52.7% Epiphany School (New 9/30/09) Falmouth Academy, Inc. $97,704 $51,741 53.0% $10,506 $5,978 56.9% $12,089 $7,170 59.3% $14,657 $6,983 47.6% $15,576 $6,630 42.6% Fay School, Inc. $479,469 $211,352 44.1% $49,023 $25,960 53.0% $47,698 $24,720 51.8% $51,265 $23,764 46.4% $50,332 $10,547 21.0% Fayerweather Street School, Inc. $14,144 $5,867 41.5% $12,154 $6,916 56.9% $12,102 $7,178 59.3% $13,607 $8,452 62.1% $14,336 $7,558 52.7% Fenn School $218,255 $122,592 56.2% $28,697 $16,020 55.8% $29,280 $17,366 59.3% $31,334 $18,547 59.2% $32,950 $8,734 26.5% Fessenden School $549,408 $297,089 54.1% $56,208 $31,879 56.7% $50,562 $28,965 57.3% $53,868 $29,649 55.0% $55,102 $28,855 52.4% Franklin Foundation $130,405 $70,078 53.7% $15,503 $8,496 54.8% $16,688 $4,180 25.0% $18,057 $11,217 62.1% $29,694 $15,655 52.7% Friends Academy, Trustees of $26,538 $10,662 40.2% $20,901 $6,360 30.4% $18,345 $10,880 59.3% $18,313 $11,376 62.1% $17,675 $9,198 52.0% German International School of Boston $3,708 $2,303 $4,703 $2,479 52.7% Glen Urquhart School, Inc. $87,708 $49,708 56.7% $12,901 $7,341 56.9% $12,376 $3,100 25.0% $13,292 $4,815 36.2% $18,424 $9,613 52.2% Governor's Academy $529,994 $249,533 47.1% $53,220 $12,498 23.5% $52,106 $26,834 51.5% $109,824 $66,453 60.5% $86,929 $18,215 21.0% Great Barrington Rudolf Steiner School $60,089 $32,689 54.4% $8,141 $4,633 56.9% $7,819 $4,637 59.3% $9,442 $5,865 62.1% $8,711 $4,593 52.7% Groton School $678,225 $306,844 45.2% $52,805 $29,616 56.1% $48,486 $27,580 56.9% $54,071 $31,059 57.4% $58,492 $30,175 51.6% Harborlight Montessori School $65,710 $33,733 51.3% $11,566 $6,581 56.9% $11,030 $6,333 57.4% $12,578 $7,813 62.1% $13,198 $6,958 52.7% Heritage Plantation of Sandwich Inc Hillside School, Inc. $96,711 $52,558 54.3% $14,432 $5,692 39.4% $15,285 $7,676 50.2% $18,796 $11,676 62.1% $22,827 $12,035 52.7% Inly School $81,242 $40,982 50.4% $12,512 $7,120 56.9% $11,503 $2,881 25.0% $12,243 $7,555 61.7% $13,492 $7,090 52.5% International Institute of Boston Inc. $27,592 $11,685 42.4% $8,399 $4,779 56.9% $9,807 $5,816 59.3% $9,805 $6,003 61.2% $9,543 $5,031 52.7% International School of Boston (formerly Ecole Bilingue) $91,122 $39,798 43.7% $29,020 $14,160 48.8% $25,352 $15,036 59.3% $25,267 $14,818 58.6% $25,794 $8,760 34.0% Julie's Family Learning Program, Inc. $2,568 $1,354 52.7% Kingsley Montessori School $9,006 $3,665 40.7% $7,510 $4,273 56.9% $7,044 $4,178 59.3% $8,874 $4,577 51.6% $11,633 $6,133 52.7% Kripalu Center for Yoga & Health Inc. Landmark Foundation, Inc. $624,461 $325,045 52.1% $72,084 $38,158 52.9% $77,033 $19,294 25.0% $89,605 $42,909 47.9% $102,858 $40,014 38.9% Laurel School $17,672 $9,449 53.5% $3,068 $1,746 56.9% $3,057 $1,813 59.3% $2,800 $1,739 62.1% $2,395 $1,263 52.7% Lawrence Academy, Trustees of $314,758 $171,600 54.5% $35,614 $8,364 23.5% $41,164 $23,465 57.0% $82,747 $50,177 60.6% $50,685 $24,815 49.0% Learning Center for Deaf Children $480,792 $194,199 40.4% $82,358 $38,142 46.3% $110,020 $61,382 55.8% $149,923 $85,319 56.9% $117,472 $59,742 50.9% Learning Project, Inc. $30,968 $16,227 52.4% $5,617 $3,196 56.9% $5,621 $3,334 59.3% $5,441 $3,380 62.1% $6,246 $3,293 52.7% Lexington Christian Academy $26,539 $10,686 40.3% $19,315 $10,991 56.9% $17,974 $10,660 59.3% $20,036 $12,446 62.1% $20,334 $10,018 49.3% Lexington Montessori School $56,948 $28,505 50.1% $11,526 $6,383 55.4% $11,301 $6,365 56.3% $11,912 $6,599 55.4% $12,587 $6,636 52.7% Linden Hill School $73,424 $32,770 44.6% $17,593 $10,011 56.9% $16,475 $7,893 47.9% $17,323 $4,607 26.6% $14,183 $2,972 21.0% Maimonides School, Inc. N.B. 3/26/04 $27,914 $15,884 56.9% $33,697 $9,643 28.6% $32,881 $16,229 49.4% $37,476 $19,758 52.7% Massachusetts Historical Society, Inc. $2,406 $1,016 $4,656 $2,649 56.9% $4,487 $2,661 59.3% $4,260 $2,646 62.1% $4,405 $2,322 52.7% Meadowbrook School of Weston, Inc. $244,865 $145,070 59.2% $21,879 $10,618 48.5% $19,632 $11,061 56.3% $26,796 $15,959 59.6% $29,413 $6,163 21.0% Middlesex School $597,882 $301,529 50.4% $54,138 $22,545 41.6% $53,157 $13,314 25.0% $63,376 $16,856 26.6% $77,198 $16,176 21.0%

D3 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2010 Valued as of June 30, 2010

Milton Academy, Trustees of $1,029,381 $462,357 44.9% $93,860 $48,596 51.8% $104,976 $51,523 49.1% $120,851 $54,540 45.1% $128,331 $63,808 49.7% Nashoba Brooks School $174,120 $92,727 53.3% $20,467 $11,165 54.5% $23,099 $5,785 25.0% $27,208 $16,524 60.7% $44,589 $23,508 52.7% New England Assoc. of Schools $49,311 $25,939 52.6% $6,866 $3,907 56.9% $5,985 $3,550 59.3% $7,257 $4,508 62.1% $7,421 $3,912 52.7% Newton Country Day School $151,862 $74,179 48.8% $29,336 $15,507 52.9% $28,585 $16,953 59.3% $29,650 $7,886 26.6% $33,039 $8,664 26.2% Noble & Greenough School $712,904 $362,813 50.9% $59,420 $23,975 40.3% $59,791 $27,541 46.1% $80,208 $45,717 57.0% $88,275 $44,348 50.2% North Bennet Street School $65,457 $34,475 52.7% $11,295 $6,427 56.9% $10,536 $6,249 59.3% $11,867 $6,381 53.8% $11,245 $5,928 52.7% North Shore Nursery School N.B. 6/30/03 $771 $326 $1,586 $902 56.9% $1,608 $954 59.3% $1,672 $1,039 62.1% $1,864 $983 52.7% Oak Meadow Montessori School $31,065 $15,670 50.4% $7,753 $4,412 56.9% $7,491 $3,522 47.0% $8,275 $5,140 62.1% $10,059 $5,303 52.7% Park School Corporation, The $451,704 $234,345 51.9% $44,149 $23,055 52.2% $44,709 $23,670 52.9% $55,281 $14,703 26.6% $61,953 $12,982 21.0% Park Street Kids, Inc. (new 9/1/09) Phoenix School $14,658 $7,619 52.0% $2,564 $1,459 56.9% $2,126 $1,261 59.3% $1,712 $1,063 62.1% $1,375 $725 52.7% Pike School $266,693 $131,042 49.1% $28,904 $13,401 46.4% $40,742 $24,132 59.2% $66,084 $40,420 61.2% $48,437 $25,536 52.7% Pincushion Hill Montessori N.B. 6/23/03 $2,660 $1,123 $5,232 $2,977 56.9% $5,664 $3,359 59.3% $5,024 $3,121 62.1% $4,744 $2,501 52.7% Pine Cobble School, Inc. $82,458 $42,437 51.5% $7,295 $4,044 55.4% $6,631 $3,933 59.3% $7,240 $3,195 44.1% $6,909 $3,642 52.7% Pingree School $291,456 $169,354 58.1% $26,423 $15,036 56.9% $26,080 $15,339 58.8% $29,063 $7,730 26.6% $30,673 $16,171 52.7% Rashi School $71,233 $34,965 49.1% $17,249 $9,366 54.3% $18,006 $10,657 59.2% $20,038 $12,447 62.1% $21,802 $11,494 52.7% Rivers School Corporation $430,382 $230,470 53.6% $42,997 $18,005 41.9% $44,011 $24,692 56.1% $52,308 $17,648 33.7% $53,308 $25,890 48.6% Riverview School, Inc. $158,583 $50,327 31.7% $78,942 $27,864 35.3% $65,443 $16,391 25.0% $91,746 $24,401 26.6% $102,730 $21,894 21.3% Roxbury Latin, Trustees of $205,278 $103,552 50.4% $27,644 $15,730 56.9% $26,955 $15,987 59.3% $27,843 $16,804 60.4% $29,239 $15,415 52.7% The Sage Center for Learning $3,128 $1,855 59.3% $9,874 $6,133 62.1% $10,463 $5,516 52.7% Shady Hill School $371,927 $184,352 49.6% $43,742 $24,670 56.4% $42,284 $24,282 57.4% $45,506 $27,260 59.9% $45,931 $23,096 50.3% Shore Country Day School $274,344 $136,199 49.6% $25,908 $14,528 56.1% $26,809 $15,883 59.2% $29,317 $7,860 26.8% $32,406 $15,506 47.9% Showa Boston Institute for Language & Culture, Inc. $219,517 $115,225 52.5% $16,192 $8,273 51.1% $19,961 $10,286 51.5% $24,784 $14,629 59.0% $24,205 $12,482 51.6% Solomon Schechter Day School of Greater Boston $37,952 $9,983 26.3% $29,646 $16,870 56.9% $32,212 $17,867 55.5% $34,388 $20,800 60.5% $34,703 $18,064 52.1% South Area Solomon Schechter Day School $4,712 $2,681 56.9% $11,999 $7,116 59.3% $13,140 $3,495 26.6% $13,143 $6,929 52.7% South Shore Conservatory of Music New 5/15/03 $5,398 $2,280 $9,673 $5,504 56.9% $9,966 $5,911 59.3% $10,976 $6,818 62.1% $10,542 $5,558 52.7% St. Mark's School $521,341 $292,628 56.1% $47,476 $26,512 55.8% $48,501 $24,356 50.2% $52,710 $23,738 45.0% $50,825 $21,538 42.4% Stoneleigh-Burnham School $464,313 $150,131 32.3% $57,939 $13,606 23.5% $67,229 $36,593 54.4% $75,150 $42,765 56.9% $82,351 $38,970 47.3% Stoneridge Children's Montessori School $28,239 $13,424 47.5% $7,453 $4,241 56.9% $7,409 $4,394 59.3% $7,293 $3,007 41.2% $7,714 $2,204 28.6% Summit Montessori School, Inc (The) Tenacre Country Day School $235,942 $126,838 53.8% $18,982 $8,974 47.3% $18,213 $10,802 59.3% $24,479 $15,044 61.5% $21,970 $10,783 49.1% Thacher Montessori School, Inc. $8,001 $3,066 $9,253 $4,819 52.1% $9,573 $5,678 59.3% $9,796 $6,085 62.1% $8,456 $4,182 49.5% Thayer Academy, Trustees of $440,962 $213,456 48.4% $52,248 $19,300 36.9% $53,691 $28,830 53.7% $81,356 $48,922 60.1% $81,892 $17,160 21.0% Tower School in Marblehead, Inc. $159,842 $93,214 58.3% $17,190 $9,782 56.9% $18,454 $9,057 49.1% $21,528 $12,792 59.4% $24,491 $7,201 29.4% Waldorf High School of MA $0 $0 $2,055 $1,277 $3,314 $1,747 52.7% Waldorf School $131,987 $64,845 49.1% $11,296 $6,428 56.9% $11,927 $5,877 49.3% $13,382 $8,313 62.1% $16,320 $8,604 52.7% Walnut Hill School, Inc. $300,362 $160,076 53.3% $32,587 $13,385 41.1% $41,761 $10,459 25.0% $35,525 $19,575 55.1% $64,010 $32,777 51.2% Waring School (The) N.B. 1/25/03 $8,412 $3,552 $9,766 $5,557 56.9% $10,397 $6,166 59.3% $10,686 $6,638 62.1% $10,582 $5,579 52.7% Wilbraham Monson Academy $404,219 $236,340 58.5% $26,522 $13,024 49.1% $27,452 $12,307 44.8% $32,571 $13,818 42.4% $42,715 $19,719 46.2% Williston Northampton School $835,212 $388,421 46.5% $163,297 $82,773 50.7% $135,605 $74,639 55.0% $142,461 $71,081 49.9% $93,916 $19,679 21.0% Willow Hill School, Inc. New 4/1/03 $4,299 $1,260 $6,750 $3,841 56.9% $7,192 $4,265 59.3% $10,404 $6,228 59.9% $10,108 $5,329 52.7% Winchendon School, Inc. $199,758 $97,182 48.6% $23,176 $7,135 30.8% $50,591 $29,351 58.0% $66,011 $35,798 54.2% $69,455 $14,554 21.0% Winsor School $337,544 $180,110 53.4% $40,309 $13,833 34.3% $36,590 $21,701 59.3% $43,504 $27,024 62.1% $45,875 $24,186 52.7% Woodward School $7,959 $3,295 41.4% $6,964 $3,963 56.9% $7,112 $4,218 59.3% $6,322 $3,927 62.1% $6,106 $3,219 52.7% Worcester Academy $330,866 $143,528 43.4% $53,617 $12,591 23.5% $48,823 $22,307 45.7% $69,829 $34,359 49.2% $71,301 $34,683 48.6%

Non Current Group I Bartlett School New 7Cancelled 11/18/09 $4,388 $2,726 62.1% $7,973 $4,203 52.7% Savio Prep, Inc. $78,231 $37,105 47.4% $9,398 $5,348 56.9% $7,021 $4,164 59.3% $5,061 $3,144 62.1% $2,294 $1,209 52.7%

Subtotals 118 (Group I) $21,903,134 $10,870,659 49.6% $2,953,765 $1,388,770 47.0% $3,028,162 $1,533,125 50.6% $3,614,230 $1,894,520 52.4% $3,779,581 $1,602,162 42.4%

GROUP II - HIGHER EDUCATION Andover Newton Theological School $245,989 $129,389 52.6% $19,134 $9,982 52.2% $17,887 $10,409 58.2% $19,229 $11,591 60.3% $19,557 $10,311 52.7% Boston Conservatory $138,353 $68,971 49.9% $31,938 $10,935 34.2% $33,490 $19,863 59.3% $43,056 $19,757 45.9% $50,219 $26,007 51.8% Cambridge College, Inc. $391,569 $177,060 45.2% $69,957 $38,798 55.5% $68,425 $40,582 59.3% $78,362 $48,417 61.8% $81,765 $43,020 52.6% Eastern Nazarene College $341,017 $171,821 50.4% $49,463 $11,616 23.5% $59,627 $34,562 58.0% $58,629 $36,093 61.6% $59,382 $29,484 49.7% Episcopal Divinity School $90,738 $45,769 50.4% $18,342 $10,083 55.0% $18,753 $10,760 57.4% $20,008 $12,279 61.4% $19,557 $10,311 52.7% Five Colleges, Inc. $5,149 $2,930 56.9% $4,369 $2,591 59.3% $4,834 $3,003 62.1% $5,059 $2,667 52.7% Hampshire College, Trustees of Hebrew College $206,133 $114,599 55.6% $40,839 $23,239 56.9% $39,117 $23,200 59.3% $38,941 $24,189 62.1% $40,164 $21,175 52.7% Lesley University $1,195,265 $661,066 55.3% $158,900 $62,108 39.1% $152,554 $84,759 55.6% $183,338 $91,636 50.0% $182,466 $95,484 52.3% Marine Biological Laboratory N.B. 3/1/04 $80,557 $44,708 55.5% $95,114 $55,364 58.2% $101,570 $52,077 51.3% $96,540 $46,272 47.9% Mass Higher Education Consortium $1,482 $592 39.9% $715 $407 56.9% $899 $533 59.3% $918 $570 62.1% $927 $489 52.7% Montesserat College of Art $137,693 $70,660 51.3% $22,025 $9,421 42.8% $25,335 $7,600 30.0% $22,936 $13,507 58.9% $23,078 $11,770 51.0% Mount Ida College $30,116 $15,669 52.0% $53,821 $30,472 56.6% $62,847 $30,810 49.0% $67,898 $33,513 49.4% Nichols College $24,560 $13,976 56.9% $46,820 $25,444 54.3% $57,231 $32,336 56.5% $50,338 $10,548 21.0% Sea Education Association, Inc. $131,376 $68,193 51.9% $11,657 $6,633 56.9% $11,899 $2,980 25.0% $10,247 $6,365 62.1% $17,670 $9,316 52.7% Wellesley College (thru 2/93) $199,952 $82,788 Wheaton College $95,683 $41,886 43.8% $189,238 $76,829 40.6% $222,404 $133,598 60.1% $224,547 $86,475 38.5%

Subtotals 16 (Group II) $3,079,567 $1,590,907 51.7% $659,035 $302,390 45.9% $817,348 $425,949 52.1% $924,550 $516,228 55.8% $939,167 $436,840 46.5%

GROUP III - CULTURAL INSTITUTIONS American Congregational Association $50,528 $32,261 63.8% $3,065 $1,744 56.9% $2,929 $1,737 59.3% $3,027 $1,880 62.1% $3,113 $1,641 52.7% Boston Center for Adult Education, Inc. $87,898 $47,276 53.8% $9,959 $5,480 55.0% $8,429 $4,999 59.3% $9,565 $5,942 62.1% $7,627 $4,021 52.7% Boston Lyric Opera Company $6,077 $3,204 52.7%

D4 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2010 Valued as of June 30, 2010

Bostonian Society, Inc. (The) $2,152 $1,225 56.9% $2,159 $1,280 59.3% $2,523 $1,287 51.0% $2,909 $1,534 52.7% Cambridge Center for Adult Education $113,677 $63,240 55.6% $11,458 $6,245 54.5% $10,155 $6,023 59.3% $11,168 $6,937 62.1% $11,020 $5,810 52.7% Children's Museum $185,364 $90,477 48.8% $17,156 $6,563 38.3% $10,474 $2,623 25.0% $11,653 $3,099 26.6% $13,542 $6,768 50.0% Concord Antiquarian Society $3,861 $1,559 40.4% $1,329 $756 56.9% $1,343 $797 59.3% $1,330 $826 62.1% $1,344 $709 52.7% Hammond Museum, Inc. $11,258 $5,083 45.2% $2,503 $1,424 56.9% $2,040 $1,210 59.3% $3,172 $1,970 62.1% $3,150 $1,661 52.7% House of Seven Gables $63,770 $30,558 47.9% $8,575 $4,879 56.9% $7,131 $2,881 40.4% $7,565 $4,699 62.1% $9,763 $5,147 52.7% Institute of Contemporary Art, Inc. $2,817 $1,603 56.9% $5,179 $3,072 59.3% $13,791 $7,476 54.2% $17,696 $9,329 52.7% Isabella Stewart Gardner Museum $381,061 $228,894 60.1% $30,102 $16,800 55.8% $29,596 $17,154 58.0% $28,127 $16,887 60.0% $31,671 $16,535 52.2% Library of the Boston Athenaem $53,316 $28,763 53.9% $9,880 $4,608 46.6% $9,600 $5,664 59.0% $11,074 $6,879 62.1% $11,018 $5,809 52.7% MA Audubon Society $646,445 $334,587 51.8% $58,344 $29,298 50.2% $56,478 $31,072 55.0% $61,173 $30,423 49.7% $66,383 $13,910 21.0% New England Aquarium Corp. $1,102,010 $593,967 53.9% $91,278 $48,370 53.0% $103,211 $55,744 54.0% $111,462 $67,433 60.5% $82,428 $17,272 21.0% Old Sturbridge Village $735,712 $339,384 46.1% $63,401 $28,122 44.4% $62,960 $26,467 42.0% $63,067 $38,425 60.9% $45,986 $19,378 42.1% Peabody Essex Museum $281,311 $155,938 55.4% $39,800 $20,343 51.1% $43,538 $25,588 58.8% $45,920 $26,402 57.5% $48,901 $22,597 46.2% Pilgrim Society $8,314 $4,124 49.6% $1,559 $887 56.9% $1,529 $907 59.3% $1,747 $1,085 62.1% $1,729 $912 52.7% Plimoth Plantation, Inc. $705,341 $253,487 35.9% $86,718 $34,739 40.1% $81,612 $22,281 27.3% $111,086 $43,937 39.6% $111,914 $23,450 21.0% SPNEA $276,335 $157,829 57.1% $29,319 $10,258 35.0% $20,191 $9,875 48.9% $39,456 $19,769 50.1% $34,161 $10,717 31.4% Stephen Phillips Memorial Charitable Trust $2,903 $1,179 40.6% $1,963 $1,117 56.9% $1,531 $908 59.3% $720 $447 62.1% $812 $428 52.7% Trustees of Reservations $912,126 $396,311 43.4% $136,356 $74,001 54.3% $87,863 $22,006 25.0% $90,583 $51,580 56.9% $105,245 $22,053 21.0% Wellspring House, Inc. $32,235 $15,303 47.5% $4,896 $2,786 56.9% $4,964 $1,243 25.0% $5,279 $3,279 62.1% $5,518 $2,909 52.7% Worcester Art Museum $302,884 $136,561 45.1% $25,123 $7,090 28.2% $23,723 $11,387 48.0% $27,762 $13,036 47.0% $30,258 $15,952 52.7% Worcester Natural History Society (EcoTarium) $125,456 $59,018 47.0% $13,138 $3,085 23.5% $12,427 $7,370 59.3% $22,750 $13,673 60.1% $17,417 $7,435 42.7%

Subtotals 24 (Group III) $6,081,805 $2,975,798 48.9% $650,891 $311,423 47.8% $589,062 $262,289 44.5% $684,000 $367,372 53.7% $669,682 $219,180 32.7%

Totals 158 (Class A) $31,064,506 $15,437,364 49.7% $4,263,691 $2,002,582 47.0% $4,434,572 $2,221,364 50.1% $5,222,780 $2,778,121 53.2% $5,388,430 $2,258,182 41.9%

CLASS B MEMBERS Amherst College $2,845,204 $845,765 29.7% $343,243 $144,284 42.0% $346,762 $149,239 43.0% $425,020 $243,036 57.2% $382,921 $100,450 26.2% Clark University, Trustees of $525,352 $31,469 6.0% $254,449 $167,121 65.7% $266,320 $130,800 49.1% $268,040 $10,155 3.8% $310,954 $113,887 36.6% College of the Holy Cross $3,429,192 $1,440,177 42.0% $334,783 $186,838 55.8% $346,445 $211,164 61.0% $342,300 $214,853 62.8% $375,883 $112,699 30.0% Smith College $5,710,244 $2,712,616 47.5% $542,397 $141,969 26.2% $455,917 $275,144 60.3% $576,600 $162,634 28.2% $562,529 $268,645 47.8% Wellesley College $4,985,101 $1,821,146 36.5% $518,668 -$9,426 -1.8% $565,834 -$74,203 -13.1% $797,313 $402,311 50.5% $964,168 $634,025 65.8%

Totals 5 (Class B) $17,495,093 $6,851,173 39.2% $1,993,540 $630,786 31.6% $1,981,278 $692,145 34.9% $2,409,273 $1,032,989 42.9% $2,596,455 $1,229,707 47.4%

Totals 163 (Class A & B) $48,559,599 $22,288,537 45.9% $6,257,231 $2,633,368 42.1% $6,415,850 $2,913,509 45.4% $7,632,053 $3,811,109 49.9% $7,984,885 $3,487,889 43.7%

D5 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2010 Valued as of June 30, 2010

Total for Fund Years 2008 Fund Year 2009 Fund Year 2010 Fund Year 1992 Through 2010 Premiums Total Ratio to Premiums Total Ratio to Premiums Total Ratio to Premiums Total Ratio to Member Name Earned Dividends Premiums Earned Dividends Premiums Earned Dividends Premiums Earned Dividends Premiums

CLASS A MEMBERS

GROUP I - INDEPENDENT SCHOOLS

Academy at Charlemont, Inc.,The (new 9/22/09) $2,503 $522 20.8% $3,310 $613 18.5% $5,813 $1,135 19.5% AISNE (ISAM) $904 $406 44.9% $872 $182 20.8% $426 $79 18.5% $18,433 $9,723 52.7% Applewild School, Inc. $27,125 $11,921 43.9% $20,960 $3,909 18.6% $9,681 $1,794 18.5% $326,604 $151,865 46.5% Atrium School, The $586 $109 18.5% $586 $109 18.5% Bancroft School $36,817 $16,156 43.9% $31,601 $6,455 20.4% $15,802 $2,344 14.8% $568,890 $268,143 47.1% Bay Farm Montessori Academy $12,734 $5,715 44.9% $8,059 $1,679 20.8% $3,324 $248 7.5% $88,719 $36,010 40.6% Beaver Country Day School $34,283 $14,593 42.6% $33,152 $6,909 20.8% $15,273 $2,830 18.5% $500,527 $255,138 51.0% Belmont Day School $20,504 $7,673 37.4% $22,171 $4,437 20.0% $10,373 $1,922 18.5% $307,287 $159,816 52.0% Belmont Hill School, Inc. $50,643 $12,596 24.9% $50,077 $10,436 20.8% $24,341 $3,523 14.5% $739,576 $330,329 44.7% Bement School $16,525 $7,417 44.9% $16,725 $3,088 18.5% $7,353 $1,289 17.5% $115,334 $51,111 44.3% Berkshire Country Day School $12,432 $5,397 43.4% $10,167 $2,119 20.8% $4,797 $492 10.3% $102,644 $48,080 46.8% Boston College High School $58,245 $25,472 43.7% $54,744 $9,380 17.1% $25,765 $1,921 7.5% $804,999 $402,528 50.0% Boston Trinity Academy $7,689 $1,602 20.8% $3,924 $506 12.9% $11,613 $2,109 18.2% Brimmer & May School $31,431 $12,589 40.1% $31,753 $6,617 20.8% $15,461 $2,865 18.5% $397,085 $190,334 47.9% Brooks School $72,543 $28,718 39.6% $67,629 $13,875 20.5% $31,250 $5,285 16.9% $1,270,974 $573,000 45.1% Brookwood School, Inc. $26,225 $10,779 41.1% $22,917 $4,776 20.8% $11,928 $2,210 18.5% $447,853 $204,171 45.6% Buckingham, Browne, & Nichols School $86,314 $33,172 38.4% $89,134 $17,825 20.0% $43,150 $7,758 18.0% $1,364,176 $593,832 43.5% Cambridge Friends School, Inc $17,257 $7,745 44.9% $15,974 $3,230 20.2% $8,057 $1,493 18.5% $148,405 $67,489 45.5% Cambridge Montessori School, Inc. $12,131 $5,445 44.9% $11,923 $2,485 20.8% $5,363 $400 7.5% $86,119 $39,453 45.8% Cambridge School of Weston $37,996 $17,000 44.7% $30,814 $2,437 7.9% $16,564 $3,069 18.5% $272,968 $114,690 42.0% Cape Cod Academy, Inc. $26,620 $11,621 43.7% $26,728 $3,899 14.6% $13,322 $993 7.5% $318,472 $146,543 46.0% Carroll School $30,919 $11,750 38.0% $46,161 $5,990 13.0% $16,891 $2,954 17.5% $494,006 $226,430 45.8% Chapel Hill - Chauncy School $15,258 $6,612 43.3% $15,837 $2,857 18.0% $7,279 $543 7.5% $256,666 $125,740 49.0% Charles River School $15,742 $6,355 40.4% $15,994 $3,333 20.8% $7,328 $995 13.6% $124,944 $56,130 44.9% Chestnut Hill School $18,014 $7,454 41.4% $18,921 $3,879 20.5% $8,718 $1,253 14.4% $288,056 $149,687 52.0% Clark School for Creative Learning, Inc. $3,089 $1,386 44.9% $3,470 $723 20.8% $1,472 $273 18.5% $18,994 $8,616 45.4% Clarke School for the Deaf $34,990 $15,131 43.2% $34,286 $6,901 20.1% $17,683 $2,916 16.5% $106,327 $32,580 30.6% Common School $4,878 $1,794 36.8% $4,753 $835 17.6% $2,506 $464 18.5% $78,283 $39,993 51.1% Commonwealth School $12,637 $5,672 44.9% $12,679 $2,260 17.8% $6,176 $1,144 18.5% $97,634 $45,275 46.4% COMPASS $26,785 $4,883 18.2% $27,218 $4,614 17.0% $9,921 $740 7.5% $323,502 $139,196 43.0% Covenant Christian School, Inc. $5,398 $984 18.2% $5,524 $1,151 20.8% $3,864 $716 18.5% $40,361 $16,134 40.0% Creative Education, Inc. New 7/9/06 $3,270 $1,468 44.9% $3,659 $763 20.8% $1,544 $286 18.5% $14,431 $5,805 40.2% Cushing Academy $64,853 $20,652 31.8% $63,548 $11,454 18.0% $33,916 $5,685 16.8% $502,884 $199,370 39.6% Dana Hall School $62,135 $26,397 42.5% $62,448 $6,484 10.4% $27,055 $2,017 7.5% $1,110,559 $487,219 43.9% Dedham Country Day School $18,884 $8,475 44.9% $20,849 $4,345 20.8% $9,554 $1,770 18.5% $308,932 $158,925 51.4% Derby Academy $22,024 $9,659 43.9% $22,719 $4,091 18.0% $10,942 $816 7.5% $265,158 $115,309 43.5% Dexter School $79,195 $29,980 37.9% $65,103 $8,737 13.4% $34,333 $2,560 7.5% $599,671 $212,604 35.5% Eaglebrook (Allen-Chase Foundation) $51,724 $22,912 44.3% $46,171 $7,253 15.7% $21,503 $3,623 16.8% $863,585 $410,735 47.6% Eli & Bessie Cohen Hillel Academy Inc $3,483 $726 20.8% $4,427 $820 18.5% $7,910 $1,546 19.5% Eliot Montessori School, Inc. $6,586 $2,956 44.9% $5,517 $1,106 20.1% $3,572 $662 18.5% $47,953 $21,495 44.8% Epiphany School (New 9/30/09) $1,122 $234 20.8% $2,870 $214 7.5% $3,992 $448 11.2% Falmouth Academy, Inc. $16,577 $5,983 36.1% $17,103 $1,353 7.9% $8,741 $652 7.5% $192,953 $86,488 44.8% Fay School, Inc. $48,941 $15,655 32.0% $46,716 $4,667 10.0% $23,654 $3,616 15.3% $797,098 $320,281 40.2% Fayerweather Street School, Inc. $12,138 $5,448 44.9% $11,791 $2,457 20.8% $5,519 $1,023 18.5% $95,791 $44,898 46.9% Fenn School $28,199 $12,607 44.7% $29,366 $5,742 19.6% $14,226 $2,636 18.5% $412,307 $204,242 49.5% Fessenden School $50,376 $9,183 18.2% $49,765 $6,415 12.9% $26,802 $4,966 18.5% $892,091 $437,002 49.0% Franklin Foundation $23,482 $10,507 44.7% $22,376 $4,663 20.8% $9,969 $1,099 11.0% $266,174 $125,895 47.3% Friends Academy, Trustees of $16,126 $6,928 43.0% $14,372 $2,705 18.8% $6,871 $721 10.5% $139,141 $58,828 42.3% German International School of Boston $4,627 $2,077 44.9% $5,723 $1,193 20.8% $2,838 $289 10.2% $21,599 $8,341 38.6% Glen Urquhart School, Inc. $16,112 $2,937 18.2% $19,366 $4,036 20.8% $8,112 $1,062 13.1% $188,291 $82,611 43.9% Governor's Academy $62,599 $27,039 43.2% $50,812 $10,498 20.7% $25,731 $3,853 15.0% $971,215 $414,923 42.7% Great Barrington Rudolf Steiner School $7,322 $3,286 44.9% $7,136 $1,487 20.8% $3,442 $638 18.5% $112,102 $57,828 51.6% Groton School $50,224 $18,566 37.0% $48,394 $9,849 20.4% $24,839 $4,133 16.6% $1,015,536 $457,822 45.1% Harborlight Montessori School $14,141 $6,243 44.1% $12,056 $2,258 18.7% $5,939 $1,100 18.5% $146,218 $71,019 48.6% Heritage Plantation of Sandwich Inc $9,254 $690 7.5% $9,254 $690 7.5% Hillside School, Inc. $22,888 $9,660 42.2% $18,086 $1,430 7.9% $9,186 $1,339 14.6% $218,211 $102,066 46.8% Inly School $18,830 $8,247 43.8% $18,520 $2,906 15.7% $5,599 $675 12.1% $173,941 $77,455 44.5% International Institute of Boston Inc. $7,492 $2,986 39.8% $6,916 $1,441 20.8% $13,740 $2,546 18.5% $93,294 $40,288 43.2% International School of Boston (formerly Ecole Bilingue) $25,508 $11,448 44.9% $26,898 $5,318 19.8% $3,621 $671 18.5% $252,582 $110,010 43.6% Julie's Family Learning Program, Inc. $3,962 $1,778 44.9% $3,387 $706 20.8% $1,471 $273 18.5% $11,388 $4,111 36.1% Kingsley Montessori School $11,161 $5,009 44.9% $11,450 $906 7.9% $5,570 $951 17.1% $72,248 $29,692 41.1% Kripalu Center for Yoga & Health Inc. $29,132 $2,172 7.5% $29,132 $2,172 7.5% Landmark Foundation, Inc. $82,432 $15,142 18.4% $77,491 $11,713 15.1% $35,744 $5,310 14.9% $1,161,708 $497,584 42.8% Laurel School $2,127 $893 42.0% $2,213 $461 20.8% $1,011 $187 18.5% $34,343 $17,552 51.1% Lawrence Academy, Trustees of $41,400 $18,168 43.9% $36,726 $7,125 19.4% $17,540 $3,250 18.5% $620,634 $306,964 49.5% Learning Center for Deaf Children $68,891 $12,558 18.2% $53,394 $4,223 7.9% $37,925 $6,166 16.3% $1,100,775 $461,731 41.9% Learning Project, Inc. $5,529 $2,482 44.9% $5,437 $1,133 20.8% $2,573 $477 18.5% $67,432 $33,521 49.7% Lexington Christian Academy $16,807 $7,543 44.9% $16,617 $3,463 20.8% $8,141 $1,508 18.5% $145,763 $67,316 46.2% Lexington Montessori School $11,082 $4,974 44.9% $10,863 $1,669 15.4% $5,011 $771 15.4% $131,230 $61,901 47.2% Linden Hill School $14,043 $5,513 39.3% $18,634 $1,562 8.4% $8,625 $1,598 18.5% $180,300 $66,926 37.1% Maimonides School, Inc. N.B. 3/26/04 $33,657 $15,106 44.9% $35,514 $7,401 20.8% $14,840 $2,749 18.5% $215,979 $86,770 40.2% Massachusetts Historical Society, Inc. $5,391 $2,420 44.9% $4,855 $1,012 20.8% $2,519 $467 18.5% $32,979 $15,193 46.1% Meadowbrook School of Weston, Inc. $26,415 $11,856 44.9% $26,859 $4,815 17.9% $10,464 $1,579 15.1% $406,323 $207,121 51.0% Middlesex School $90,405 $39,103 43.3% $79,592 $15,529 19.5% $36,075 $5,896 16.3% $1,051,823 $430,948 41.0%

D6 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2010 Valued as of June 30, 2010

Milton Academy, Trustees of $109,814 $39,432 35.9% $95,987 $7,591 7.9% $49,334 $7,609 15.4% $1,732,534 $735,457 42.4% Nashoba Brooks School $26,805 $12,031 44.9% $23,919 $4,985 20.8% $9,350 $1,732 18.5% $349,557 $168,455 48.2% New England Assoc. of Schools $5,345 $2,399 44.9% $5,069 $1,056 20.8% $2,436 $451 18.5% $89,690 $45,723 51.0% Newton Country Day School $45,356 $20,090 44.3% $35,452 $7,388 20.8% $16,228 $3,007 18.5% $369,508 $153,674 41.6% Noble & Greenough School $75,688 $25,195 33.3% $64,962 $5,137 7.9% $29,086 $5,038 17.3% $1,170,334 $539,765 46.1% North Bennet Street School $11,743 $5,270 44.9% $8,596 $1,791 20.8% $5,227 $968 18.5% $135,966 $67,491 49.6% North Shore Nursery School N.B. 6/30/03 $1,712 $705 41.2% $1,692 $353 20.8% $817 $151 18.5% $11,722 $5,412 46.2% Oak Meadow Montessori School $10,505 $4,372 41.6% $10,393 $2,166 20.8% $5,131 $951 18.5% $90,672 $41,536 45.8% Park School Corporation, The $62,595 $27,374 43.7% $51,530 $8,540 16.6% $24,674 $4,177 16.9% $796,595 $348,846 43.8% Park Street Kids, Inc. (new 9/1/09) $3,343 $697 20.8% $4,748 $880 18.5% $8,091 $1,576 19.5% Phoenix School $1,144 $513 44.9% $1,128 $235 20.8% $553 $102 18.5% $25,260 $12,979 51.4% Pike School $26,056 $11,694 44.9% $23,408 $1,851 7.9% $11,088 $2,054 18.5% $511,412 $250,132 48.9% Pincushion Hill Montessori N.B. 6/23/03 $3,771 $1,692 44.9% $4,016 $837 20.8% $1,778 $329 18.5% $32,889 $15,941 48.5% Pine Cobble School, Inc. $7,652 $3,434 44.9% $6,932 $1,445 20.8% $3,523 $653 18.5% $128,640 $62,783 48.8% Pingree School $31,345 $12,572 40.1% $27,702 $5,773 20.8% $14,144 $2,621 18.5% $476,886 $244,595 51.3% Rashi School $19,780 $8,878 44.9% $18,472 $3,568 19.3% $8,790 $1,448 16.5% $195,370 $92,824 47.5% Rivers School Corporation $52,558 $22,893 43.6% $47,478 $6,254 13.2% $22,743 $3,362 14.8% $745,785 $349,214 46.8% Riverview School, Inc. $84,694 $34,295 40.5% $83,726 $12,818 15.3% $32,321 $5,134 15.9% $698,185 $193,124 27.7% Roxbury Latin, Trustees of $27,236 $12,219 44.9% $26,610 $5,545 20.8% $12,502 $2,316 18.5% $383,307 $187,569 48.9% The Sage Center for Learning $8,401 $3,771 44.9% $8,507 $1,773 20.8% $3,957 $733 18.5% $44,330 $19,781 44.6% Shady Hill School $38,341 $16,309 42.5% $40,481 $8,224 20.3% $20,074 $3,719 18.5% $648,286 $311,910 48.1% Shore Country Day School $28,652 $5,223 18.2% $31,025 $6,466 20.8% $17,144 $1,278 7.5% $465,605 $202,943 43.6% Showa Boston Institute for Language & Culture, Inc. $24,867 $11,161 44.9% $21,113 $4,374 20.7% $9,813 $732 7.5% $360,452 $177,161 49.1% Solomon Schechter Day School of Greater Boston $27,436 $12,273 44.7% $26,175 $5,455 20.8% $12,466 $2,310 18.5% $234,978 $103,622 44.1% South Area Solomon Schechter Day School $19,800 $8,314 42.0% $19,237 $3,903 20.3% $9,927 $1,287 13.0% $91,958 $33,725 36.7% South Shore Conservatory of Music New 5/15/03 $9,321 $4,183 44.9% $9,257 $1,787 19.3% $4,412 $360 8.2% $69,545 $32,401 46.6% St. Mark's School $49,814 $20,169 40.5% $56,735 $11,083 19.5% $28,134 $5,203 18.5% $855,536 $425,226 49.7% Stoneleigh-Burnham School $49,164 $8,962 18.2% $27,955 $5,201 18.6% $20,785 $2,626 12.6% $844,886 $298,855 35.4% Stoneridge Children's Montessori School $7,983 $3,583 44.9% $8,194 $1,679 20.5% $4,434 $821 18.5% $78,719 $33,354 42.4% Summit Montessori School, Inc (The) $737 $137 18.5% $737 $137 18.5% Tenacre Country Day School $17,239 $7,737 44.9% $17,739 $3,697 20.8% $8,703 $1,604 18.4% $363,267 $185,479 51.1% Thacher Montessori School, Inc. $7,118 $3,195 44.9% $7,464 $1,323 17.7% $3,273 $606 18.5% $62,934 $28,953 46.0% Thayer Academy, Trustees of $56,656 $22,392 39.5% $50,387 $3,985 7.9% $24,940 $4,621 18.5% $842,132 $358,666 42.6% Tower School in Marblehead, Inc. $21,811 $8,499 39.0% $21,649 $4,118 19.0% $9,195 $1,341 14.6% $294,160 $146,004 49.6% Waldorf High School of MA $2,674 $1,200 44.9% $2,371 $494 20.8% $1,211 $224 18.5% $11,625 $4,942 42.5% Waldorf School $11,714 $4,876 41.6% $10,820 $2,255 20.8% $5,153 $955 18.5% $212,599 $102,152 48.0% Walnut Hill School, Inc. $48,358 $21,092 43.6% $39,772 $8,034 20.2% $14,620 $2,346 16.0% $576,995 $267,744 46.4% Waring School (The) N.B. 1/25/03 $9,230 $4,143 44.9% $9,312 $1,941 20.8% $4,618 $856 18.5% $73,003 $34,432 47.2% Wilbraham Monson Academy $45,782 $19,317 42.2% $40,586 $7,428 18.3% $18,148 $2,038 11.2% $637,995 $323,991 50.8% Williston Northampton School $82,840 $34,687 41.9% $86,496 $14,963 17.3% $41,282 $6,375 15.4% $1,581,109 $692,617 43.8% Willow Hill School, Inc. New 4/1/03 $6,794 $2,235 32.9% $7,294 $1,520 20.8% $3,328 $617 18.5% $56,169 $25,295 45.0% Winchendon School, Inc. $44,440 $17,957 40.4% $45,787 $8,519 18.6% $23,084 $2,433 10.5% $522,302 $212,928 40.8% Winsor School $40,403 $18,134 44.9% $36,405 $7,168 19.7% $17,993 $3,334 18.5% $598,623 $295,488 49.4% Woodward School $5,417 $2,431 44.9% $5,524 $1,151 20.8% $2,534 $469 18.5% $47,938 $22,674 47.3% Worcester Academy $68,039 $25,556 37.6% $48,730 $3,854 7.9% $23,540 $4,362 18.5% $714,745 $281,241 39.3%

Non Current Group I Bartlett School New 7Cancelled 11/18/09 $6,078 $2,728 44.9% $3,799 $792 20.8% $22,238 $10,449 47.0% Savio Prep, Inc. $102,005 $50,970 50.0%

Subtotals 118 (Group I) $3,238,165 $1,255,459 38.8% $3,046,711 $512,945 16.8% $1,514,306 $231,624 15.3% $43,078,054 $19,289,263 44.8%

GROUP II - HIGHER EDUCATION Andover Newton Theological School $13,071 $5,513 42.2% $13,077 $1,034 7.9% $5,842 $1,082 18.5% $353,786 $179,310 50.7% Boston Conservatory $42,863 $19,238 44.9% $38,238 $7,286 19.1% $18,664 $3,458 18.5% $396,821 $175,514 44.2% Cambridge College, Inc. $61,578 $26,009 42.2% $49,913 $3,947 7.9% $28,069 $4,579 16.3% $829,638 $382,414 46.1% Eastern Nazarene College $51,057 $22,433 43.9% $47,507 $9,522 20.0% $23,558 $3,419 14.5% $690,240 $318,949 46.2% Episcopal Divinity School $18,111 $8,038 44.4% $10,352 $1,925 18.6% $5,075 $940 18.5% $200,936 $100,106 49.8% Five Colleges, Inc. $4,138 $1,827 44.1% $3,643 $759 20.8% $1,767 $327 18.5% $28,960 $14,104 48.7% Hampshire College, Trustees of $47,136 $3,514 7.5% $47,136 $3,514 7.5% Hebrew College $31,395 $5,723 18.2% $24,655 $3,147 12.8% $16,341 $3,028 18.5% $437,585 $218,299 49.9% Lesley University $150,949 $33,953 22.5% $127,896 $10,114 7.9% $66,959 $9,443 14.1% $2,218,327 $1,048,564 47.3% Marine Biological Laboratory N.B. 3/1/04 $89,479 $16,311 18.2% $86,436 $16,435 19.0% $45,796 $5,550 12.1% $595,492 $236,716 39.8% Mass Higher Education Consortium $889 $399 44.9% $867 $181 20.8% $419 $78 18.5% $7,116 $3,248 45.6% Montesserat College of Art $20,555 $8,715 42.4% $18,816 $1,488 7.9% $8,047 $1,128 14.0% $278,485 $124,289 44.6% Mount Ida College $59,577 $16,957 28.5% $58,092 $4,594 7.9% $27,285 $2,034 7.5% $359,636 $134,048 37.3% Nichols College $44,298 $18,170 41.0% $49,327 $10,171 20.6% $25,475 $4,720 18.5% $298,049 $115,364 38.7% Sea Education Association, Inc. $13,394 $6,011 44.9% $11,576 $915 7.9% $3,658 $475 13.0% $211,477 $100,889 47.7% Wellesley College (thru 2/93) $199,952 $82,788 41.4% Wheaton College $176,663 $46,995 26.6% $167,037 $27,357 16.4% $82,292 $12,771 15.5% $1,157,864 $425,911 36.8%

Subtotals 16 (Group II) $778,017 $236,292 30.4% $707,432 $98,875 14.0% $406,384 $56,547 13.9% $8,311,501 $3,664,028 44.1%

GROUP III - CULTURAL INSTITUTIONS American Congregational Association $2,838 $1,274 44.9% $1,486 $310 20.8% $1,363 $252 18.5% $68,349 $41,100 60.1% Boston Center for Adult Education, Inc. $4,064 $1,824 44.9% $3,797 $791 20.8% $1,909 $354 18.5% $133,248 $70,687 53.0% Boston Lyric Opera Company $10,679 $4,568 42.8% $12,615 $2,327 18.4% $6,321 $1,107 17.5% $35,692 $11,206 31.4%

D7 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2010 Valued as of June 30, 2010

Bostonian Society, Inc. (The) $2,357 $1,058 44.9% $2,108 $401 19.0% $1,023 $76 7.5% $15,231 $6,860 45.0% Cambridge Center for Adult Education $9,496 $4,218 44.4% $8,402 $1,751 20.8% $4,166 $772 18.5% $179,542 $94,995 52.9% Children's Museum $8,119 $3,644 44.9% $10,743 $2,239 20.8% $2,669 $494 18.5% $259,720 $115,907 44.6% Concord Antiquarian Society $1,387 $623 44.9% $1,265 $264 20.8% $655 $121 18.5% $12,514 $5,654 45.2% Hammond Museum, Inc. $3,380 $1,517 44.9% $3,374 $703 20.8% $1,637 $303 18.5% $30,514 $13,872 45.5% House of Seven Gables $7,670 $2,312 30.1% $5,706 $1,189 20.8% $3,554 $658 18.5% $113,734 $52,325 46.0% Institute of Contemporary Art, Inc. $16,683 $7,169 43.0% $15,286 $3,132 20.5% $10,119 $1,644 16.3% $81,571 $33,425 41.0% Isabella Stewart Gardner Museum $33,378 $14,799 44.3% $31,066 $3,083 9.9% $15,998 $2,964 18.5% $580,999 $317,115 54.6% Library of the Boston Athenaem $11,071 $4,875 44.0% $7,529 $1,569 20.8% $4,060 $752 18.5% $117,548 $58,919 50.1% MA Audubon Society $61,715 $15,254 24.7% $63,989 $6,015 9.4% $30,070 $2,242 7.5% $1,044,597 $462,801 44.3% New England Aquarium Corp. $69,568 $18,760 27.0% $78,732 $6,226 7.9% $37,147 $6,048 16.3% $1,675,836 $813,819 48.6% Old Sturbridge Village $32,340 $5,895 18.2% $25,316 $2,002 7.9% $15,922 $2,792 17.5% $1,044,704 $462,465 44.3% Peabody Essex Museum $49,061 $8,943 18.2% $44,559 $9,152 20.5% $25,405 $4,707 18.5% $578,495 $273,670 47.3% Pilgrim Society $1,570 $705 44.9% $1,496 $312 20.8% $723 $134 18.5% $18,667 $9,065 48.6% Plimoth Plantation, Inc. $90,117 $23,696 26.3% $56,674 $4,482 7.9% $27,201 $4,017 14.8% $1,270,663 $410,091 32.3% SPNEA $31,489 $13,400 42.6% $15,990 $1,265 7.9% $9,985 $1,188 11.9% $456,926 $224,301 49.1% Stephen Phillips Memorial Charitable Trust $585 $263 44.9% $588 $123 20.8% $292 $54 18.5% $9,394 $4,518 48.1% Trustees of Reservations $83,230 $29,030 34.9% $98,310 $10,157 10.3% $42,533 $4,349 10.2% $1,556,246 $609,486 39.2% Wellspring House, Inc. $4,835 $2,170 44.9% $4,110 $857 20.8% $2,038 $378 18.5% $63,875 $28,925 45.3% Worcester Art Museum $30,933 $12,191 39.4% $26,653 $5,554 20.8% $13,126 $1,312 10.0% $480,462 $203,083 42.3% Worcester Natural History Society (EcoTarium) $13,856 $5,922 42.7% $8,828 $1,668 18.9% $4,332 $566 13.1% $218,204 $98,738 45.3%

Subtotals 24 (Group III) $580,421 $184,109 31.7% $528,622 $65,571 12.4% $262,246 $37,285 14.2% $10,046,729 $4,423,028 44.0%

Totals 158 (Class A) $4,596,603 $1,675,860 36.5% $4,282,765 $677,391 15.8% $2,182,937 $325,478 14.9% $61,436,284 $27,376,319 44.6%

CLASS B MEMBERS Amherst College $358,209 $72,986 20.4% $333,592 $49,819 14.9% $161,038 $21,429 13.3% $5,195,989 $1,627,008 31.3% Clark University, Trustees of $266,876 $209,308 78.4% $283,969 $18,979 6.7% $126,590 $54,001 42.7% $2,302,550 $735,720 32.0% College of the Holy Cross $328,554 $202,009 61.5% $280,773 $45,927 16.4% $153,518 $32,104 20.9% $5,591,448 $2,445,771 43.7% Smith College $547,163 $272,577 49.8% $463,609 $72,194 15.6% $227,229 $44,478 19.6% $9,085,688 $3,950,258 43.5% Wellesley College $726,021 $275,588 38.0% $562,449 $60,107 10.7% $247,515 $66,452 -26.8% $9,367,069 $3,043,097 32.5%

Totals 5 (Class B) $2,226,823 $1,032,468 46.4% $1,924,392 $247,027 12.8% $915,888 $85,560 9.3% $31,542,742 $11,801,854 183.0%

Totals 163 (Class A & B) $6,823,426 $2,708,328 39.7% $6,207,157 $924,418 14.9% $3,098,826 $411,038 13.3% $92,979,027 $39,178,174 42.1%

-$18

Section E

Investment Information

William J. Piel, CFA Portfolio Manager

July 15, 2010

Mr. Donald Vincent 10 Yearling Lane Marston Mills, MA 02648

Dear Don:

Signs of slowing growth, in the US but also China, and persistent worries over European fiscal woes have pushed Treasury yields back to lows last seen in early 2009. Even with continued heavy issuance of Treasuries, the US benefits from its role as global steward of the paramount reserve currency. This decline in rates during the second quarter caused most bond prices to rally, producing an attractive total return for the Barclays Aggregate Index of 3.49%.

Low yield is the annoying by-product from this sudden bond market rally, with ten year Treasuries yielding less than 3% and five year instruments yielding well under 2%. Most observers have come around to our view that the first Fed tightening is not likely before the first quarter of 2011, and some argue it could come much later. Inflation fears are quite absent from the market; rather, deflation worries are now more commonly aired, but the Fed has few tools at its disposal to counter this threat other than more asset purchases.

Fortunately, G-20 leaders have heard the message loud and clear that structural deficits are not sustainable and will no longer be tolerated by bond investors. Fiscal austerity measures are now de rigueur among the major industrial economies, with the notable exception of our own federal government, but our state and local governments have also heard the message and are in the process of making some necessary and overdue spending cuts and benefit changes. These developments are part of the secular deleveraging process made necessary by the decline of the developed economies and simultaneous rise of the developing world, a theme you will hear much more of in coming quarters.

Performance results Investment income for the quarter was $199,565. As noted above, income generation is particularly difficult in this low-yield environment. Any bonds rolling off are being replaced with much lower yields, and new cash contributions have the same effect in decaying a portfolio’s embedded book yield.

Second quarter total return for ISCC was 3.82%, while the Barclays Capital U.S. Aggregate returned 3.49%. Midway through the quarter investors began to shed risk over heightened concerns surrounding financial regulation, the Gulf of Mexico, and European sovereign debt burdens. Although we are overweight spread sectors, we are invested in lower beta names with a shorter duration than the benchmark thus leading to our out-performance. Year to date performance remains strong at 5.58% versus 5.33% for the benchmark.

Elaborating further on results, the above-mentioned fears pushed corporate bond spreads wider to the point where excess returns were -1.10% for the year. Financials took the brunt of the weakening as pending reform proposals raised uncertainties about capital adequacy and profitability. European austerity programs being enacted on low growth economies caused concern on the strength of our own recovery as worries developed over international revenue growth in the industrial sector. Reservations

(508) 855-2815, Fax (508) 855-4846 E1 Page 2 over debt burdens were mirrored in the municipal sector as a number of states face large budget deficits that need to be closed.

Portfolio Strategy At the outset of the year we acknowledged that volatility would be a factor as spreads quickly rebounded in anticipation of an economic recovery. Coupon clipping will certainly play an important role as price returns will be minimal with absolute yields so low. • Overweight Corporate Bonds: Even though spreads have been volatile recently, corporate fundamentals (balance sheets, profitability, liquidity) are extremely supportive, as are technical factors such as supply and demand • Underweight Agency MBS: Pass-through prices sit at record highs, and therefore record low yields. Favor high coupon mortgage pools as lending remains tight and housing values are depressed, which limits refinancing activity • Underweight Treasuries: Low inflation and moderate GDP growth is a positive for spread sectors, yields will eventually come off historically low levels

Concluding remarks The fixed income investor is caught in a quandary: Selling bonds locks in gains, but reinvestment opportunities are unattractive. This state of affairs may last much longer than we want to believe due to: • Global imbalances that incentivize the developing world to export goods to the US, producing dollars that need to be “parked” in Treasuries (China’s model). • Oil-rich nations whose earnings also need to be parked in Treasuries. • Weak growth and anemic private credit demand that leads to banks holding Treasuries rather than making loans. • Deflationary forces that worry the Fed, keeping fed funds at zero longer than most predicted. • Persistent high unemployment which makes Fed tightening politically unfeasible.

Thus far, the economic recovery remains on track much as we expected, but there is a delicate balance that leaves the US vulnerable to shocks and Black Swan events.

As always, we are ever grateful for your continued confidence in Opus Investment Management as stewards of your fixed income assets.

Sincerely,

William J. Piel, CFA Portfolio Manager (508) 855-2159 [email protected]

E2 Independent Schools Compensation Corp

Quarter Ended June 30, 2010

E3 Investment Objective & Guidelines

Investment Objective: Outperform the benchmark of the Barclays Capital Aggregate Index over a full market cycle. Maximization of current yield.

Investment Guidelines: • The portfolio may be invested in all sectors of the fixed income market, including US. Treasuries, Agencies, corporate bonds, and mortgage-backed securities, as permitted in section 63 of chapter 175 of the Massachusetts General Laws. • 100% of the portfolio must be invested in securities rated investment grade by two of the major rating agencies: Moody's; Standard & Poor’s; or Fitch or issued or guaranteed by the US. Government or its Agencies or instrumentalities at time of purchase. • Cash, in two pools, will be managed as a sector of the long term portfolio; and as a pool designated for working capital. The short-term portfolio must be invested in securities rated a minimum of A- 1/P-1 by the major rating agencies. • Securities must be dollar-denominated. • Portfolio duration shall be maintained within a band of plus or minus 25% of the benchmark duration. • Net capital gains/losses must be $0 or positive by year-end.

E4 Summary of Change in Market Value 01/01/2010 to 06/30/2010

Beginning Market Value $ 17,996,457

Net Contributions / (Withdrawals) $ (635,000) Reinvestment of realized gains/(losses) $ 10,926 Reinvestment of net income earned $ 401,009

Unrealized gains/(losses) $ 547,018

Earnings on cash balances $ 24 Ending Market Value $ 18,320,434

E5 Total Return – 06/30/2010

10.00 9.00

8.00

7.00 9.43 9.50 ISCC Barclays 8.60 6.00 Q2 2010 3.82% 3.49% 7.55 5.00 Q1 2010 1.70% 1.78% 6.26 6.19 5.67 5.94 Q4 2009 0.09% 0.20% 4.00 5.58 5.33

% Q3 2009 3.55% 3.74% 3.00 3.82 3.49 2.00

1.00 Index 3 Months 12 Months

0.00 6 Month T-Bill 0.05 0.24 YTD onths onths Barclays Capital Agg. 3.49 9.50 3 Years 5 Years Inception 3 M 12 M Barclays Capital HY -0.11 26.77 Independent Schools Barclays U.S. Aggregate S&P 500 -11.43 14.43 EAFE -13.69 6.56

*Source: Opus, Barclays Capital, Bloomberg 4

E6 Portfolio Positioning - 06/30/2010

Duration Distribution Sector Breakdown

50.0 ISCC ARMs Cash 1% 1% 40.0 Total Munis Treasuries 17% ISCC: 4.45 2% 30.0 BAR: 4.32 MBS 28% %

20.0 Agency 13%

10.0

0.0 0-2 2-4 4-6 6-8 8-10 10+ Credit Independent Schools Barclays Capital Aggregate 38% Barclays U.S. Capital Aggregate Quality Breakdown Hybrid CMBS ABS CMO 1% 3% 0% Independent Barclays 0% Schools Aggregate Treasuries 34% AAA 59.8% 78.9% MBS 33% AA 7.7% 4.1% A 21.5% 8.9% BAA 11.0% 7.8% < BAA 0.0% 0.3% Agency 9% Credit 20% *Source: Opus, Barclays Capital 6

E7 Treasuries/Agencies - 06/30/2010

Treasury Curve • Treasuries have rallied in the 2Q over European debt crisis, Gulf of Mexico, 5.00 and financial reform 4.00 ¾ 10yr rate 90bps lower since 1Q

3.00 • Although still very high, issuance sizes

2.00 have been reduced in most recent auctions 1.00 • Difficult to envision higher rates as 0.00 inflation remains almost non-existent 1 Yr 2 Yr 3 Yr 5 Yr 7 Yr

10 Yr 30 Yr and labor market showing tepid 3 Mos 6 Mos

6/30/2010 3/31/2010 improvement

Agency Spread Curve

70 • Fannie Mae and Freddie Mac debt 60 issuance has been light and entirely focused on the short end of the curve 50 40

• Investors, in search of yield, have BPS 30 swallowed large amounts of callable 20 paper reducing the attractiveness of the bonds 10 0 0 2 3 4 5 7 8 9 10 12 13 14 15 17 18 19 21 22 YRS *Source: Bloomberg 7

E8 Corporates – 06/30/2010

Sector Allocation • Currently O/W Credit, Portfolio 38% versus Index at 20%

37% • 2Q earnings season is about to begin, EPS Industrial 53% estimates are for an increase of 32% YoY for the S&P 500 ¾ Focus will be on guidance with cost cutting 46% measures approaching end of life Financial 35% • Uncertainty with reform proposals pushed

18% Utility 12% financial spreads wider ¾ Tradeoff between capital ratios and profitability ISCC BAR

ISCC BAR • Net supply down versus 2009, boon for spreads Industrial 36.5% 53.4% Basic 0.0% 4.9% Representative Rating Changes Capital Goods 5.1% 5.3% Security Rating Change Date Communications 5.1% 11.4% Source Consumer Cyclical 2.4% 5.2% Consumer Noncyclical 12.4% 13.3% Lowe’s S&P A+ ↓ A 04/08/10 Energy 4.3% 7.1% State of California Moody’s Baa1 ↑ A1 04/19/10 Technology 2.4% 3.9% Aetna Moody’s A3 ↓ Baa1 05/10/10 Other 4.8% 2.3% Financial 46.0% 35.1% University of Moody’s Aa31 ↑ Aa2 05/10/10 Alabama Banking 33.4% 23.4% Captive/Non Captive 3.4% 4.0% Consumers Energy S&P BBB ↑ BBB+ 05/27/10 Insurance/Other 9.2% 7.7% Utilities 17.6% 11.5% *Source: Opus, Barclays Capital 8

E9 Agency RMBS – 06/30/2010

Recent Prepay History • Underweight sector as prices have hit record highs and therefore record low yields • Mortgage pools paying slower than generic

3 Months counterparts which protects yield in high price environment

6 Months • Up-in-coupon bias for incremental money to hedge against higher interest rates and wider spreads ¾ Challenging lending standards coupled with fallen 12 Months home prices preventing refinancing ¾ Modification programs have been ineffective 0 5 10 15 20 25 ¾ Fast prepays could erode performance due to high CPR dollar price of pools Generics ISCC

Coupon Stack

ISCC BAR ISCC BAR ISCC BAR 30 YR 85.4% 84.7% 20 YR 0.0% 2.8% 15 YR 14.6% 12.5% ≤ 4.5% 15.1% 24.3% ≤ 4.5% 0.0% 1.0% ≤ 4.5% 7.9% 7.9% 4.5%< to ≤ 5.5% 50.8% 42.3% 4.5%< to ≤ 5.5% 0.0% 1.5% 4.5%< to ≤ 5.5% 6.8% 4.1% 5.5%< to ≤ 6.5% 19.4% 17.0% 5.5%< to ≤ 6.5% 0.0% 0.3% 5.5%< to ≤ 6.5% 0.0% 0.6% > 6.5% 0.0% 1.2% > 6.5% 0.0% 0.0% > 6.5% 0.0% 0.0%

*Source: Opus, Barclays Capital, Bloomberg 9

E10 Economic Outlook 12.0 • Economic indicators have been mixed as of late, 600 Labor Market causing doubts about the strength of the recovery 400 10.0 ¾ Forecasts for 2010 GDP are still in the 3% area 200 8.0 • The unemployment rate has remained stubbornly 0 high and the latest number showed improvement 6.0 driven by a decline in the labor force -200

¾ However, private payrolls have increased in 6 -400 4.0 consecutive months -600 NonFarm Change (000) Change NonFarm ¾ Average weekly hours worked stands at 41.5 hrs, the 2.0 Unemployment Rate (%) highest in a decade -800 -1000 0.0 • Manufacturing indicators still show expansion, but have retraced some of their gains Jan-04 Sep-04 Jan-05 Sep-05 Jan-06 Sep-06 Jan-07 Sep-07 Jan-08 Sep-08 Jan-09 Sep-09 Jan-10 May-04 May-05 May-06 May-07 May-08 May-09 May-10 • Prices appear to have stabilized in the housing U.S. GDP market, but volumes and activity remain weak 8.00

• Austerity packages are being implemented in 6.00

European countries that have heavy debt loads 4.00

causing concern about growth 2.00

0.00

¾ Domestic governments will have to face the same %

difficult decisions -2.00 • Core inflation (ex. Food and Energy) has dropped -4.00 below 1% on a YoY basis, deflation fears are -6.00 surfacing -8.00 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10

*Source: Bloomberg 10

E11 Strategy

• Yields continue to fall as flight to quality pushes Sector Spreads (06/30/10) Treasuries lower 400 ¾ Average yield for Barclays US Aggregate was 2.83% 350 as of 06/30/10 300 250 ¾ Over 75% of the index is now UST or GSE 200 Bps • Higher beta sectors underperformed in May and 150 June as the market became skittish 100 50 • Technicals continue to play out as net supply trends 0 behind 2009 levels ABS MBS Arm CMBS Hybrid ¾ Corporations already flush with cash, have no need to Agency Bar Agg Bar

issue as they deleverage Corporate

• Maintain overweight to corporate bonds as Higher Beta Divergence fundamentals improve 6.00 • Underweight mortgages as yields are at record lows 5.50 5.00 • Eye on long term performance, not short term 4.50 market timing 4.00 3.50

Yield to Worst 3.00 2.50 2.00 04/05/10 04/12/10 04/19/10 04/26/10 05/03/10 05/10/10 05/17/10 05/24/10 05/31/10 06/07/10 06/14/10 06/21/10 06/28/10

U.S . Ag g Corporates CMBS MBS *Source: Opus, Barclays Capital 11

E12 Appendix

E13 Fundamentals of Fixed Income

Bond Prices and Interest Rates Risk Spectrum- Fixed Income typically move in opposite directions Interest More Risk Less Risk Rates

Junk Bonds Investment Grade Mortgage-Backed U.S. Treasuries Corporate Bonds Securities Bond U.S. Agencies Prices Commercial Mortgage- Municipal Backed Securities Bonds Bond Asset-Backed Prices Securities

Interest Bond Ratings Rates

Moody's S&P Portfolio Duration A measure of the portfolio’s interest rate sensitivity. Highest Quality Aaa AAA Approximates the % change in the portfolio’s market High Quality Aa+/Aa/Aa- AA+/AA/AA- value given a % change in interest rates.

Upper Medium A+/A/A- A+/A/A- Investment Grade

Medium Baa1/Baa2 BBB+/BBB Example: If Portfolio Duration = 3 years Lower Medium Baa3 BBB- Interest Rate Changes Portfolio Market Value Changes

Speculative Ba1/Ba2/Ba3 BB+/BB/BB- 1% 3% Below Investment Highly Speculative B,Caa B,CCC Grade (Junk) Default 1% 3%

E14 Different Shapes of the Yield Curve

Risk-Return Tradeoff between Different Asset Classes (1997-2009)

Source: Barclays Capital Municipal Strategies and Index Group 14

E15 INDEPENDENT SCHOOLS COMPENSATION CORPORATION Summary Portfolio Report by Security Type and Investment Category as of 06/30/2010 Date: 07/09/2010 Page: 1

Par/Shares Market Accrued Book Moody's/ Book Est.Annual Unrealized Pct. of Principal Value Interest Value S&P Yield Income Gain/Loss Total CASH & EQUIVALENTS Cash Holdings 19,866 $19,866 $19,866 P1 $0 0.1% A1+ Money Market Funds 150,000 $149,973 $149,973 P1 $0 0.8% A1+ Receivables(+) 151 $151 $151 P1 $0 0.0% A1+ Total CASH & EQUIVALENTS 170,017 $169,990 $169,990 P1 $0 0.9% A1+ FIXED INCOME SECURITIES GOVERNMENTS U. S. Treasury Notes & Bonds 2,875,000 $3,148,231 $29,894 $2,916,487 AAA 3.182% 100,595 $231,744 17.3% AAA U. S. Agency 2,100,000 $2,270,375 $10,926 $2,186,556 AAA 3.597% 82,807 $83,818 12.5% AAA Total GOVERNMENTS 4,975,000 $5,418,606 $40,820 $5,103,043 AAA 3.356% 183,402 $315,562 29.8% AAA CREDIT Industrials 2,290,121 $2,513,349 $35,857 $2,316,219 A2 5.062% 121,492 $197,129 13.8% A- Utilities 1,118,000 $1,208,619 $14,732 $1,129,728 A3 5.311% 59,925 $78,890 6.7% A- Finance 2,975,000 $3,163,937 $42,575 $2,971,702 A2 5.406% 164,714 $192,235 17.4% A Total CREDIT 6,383,121 $6,885,904 $93,165 $6,417,649 A2 5.264% 346,131 $468,254 37.9% A- MORTGAGE-BACKED GNMA 30yr. 484,221 $526,537 $2,358 $483,981 AAA 5.799% 28,293 $42,556 2.9% AAA FNMA 30yr. 1,263,789 $1,356,057 $5,702 $1,234,893 AAA 6.131% 68,419 $121,163 7.5% AAA

E16 Opus Investment Management Where knowledge becomes power INDEPENDENT SCHOOLS COMPENSATION CORPORATION Summary Portfolio Report by Security Type and Investment Category as of 06/30/2010 Date: 07/09/2010 Page: 2

Par/Shares Market Accrued Book Moody's/ Book Est.Annual Unrealized Pct. of Principal Value Interest Value S&P Yield Income Gain/Loss Total MORTGAGE-BACKED (continued) FNMA 15yr. 135,990 $146,050 $567 $134,039 AAA 5.450% 6,799 $12,011 0.8% AAA FHLMC 30yr. 2,374,767 $2,520,807 $10,123 $2,389,525 AAA 4.935% 121,477 $131,282 13.9% AAA FHLMC 15yr. 574,209 $611,175 $2,233 $560,976 AAA 5.524% 26,796 $50,198 3.4% AAA ARM's 94,923 $101,637 $457 $99,646 AAA 4.654% 5,479 $1,991 0.6% AAA Total MORTGAGE-BACKED 4,927,898 $5,262,263 $21,439 $4,903,059 AAA 5.406% 257,263 $359,203 29.1% AAA MUNICIPALS General Obligation Bonds 200,000 $210,078 $3,975 $200,223 A1 7.940% 15,900 $9,855 1.2% A- Revenue Bonds 200,000 $208,214 $5,980 $200,000 AA2 5.980% 11,960 $8,214 1.1% AA- Total MUNICIPALS 400,000 $418,292 $9,955 $400,223 AA3 7.002% 27,860 $18,069 2.3% A Total FIXED INCOME SECURITIES 16,686,018 $17,985,065 $165,379 $16,823,974 AA2 4.772% 814,656 $1,161,090 99.1% AA TOTAL PORTFOLIO 16,856,035 $18,155,055 $165,379 $16,993,964 AA2 4.772% 814,656 $1,161,090 100.0% AA

E17 Opus Investment Management Where knowledge becomes power INDEPENDENT SCHOOLS COMPENSATION CORPORATION

SUPPLEMENTAL INVESTMENT DETAIL

Rollforward of investment income due and accrued: Bond Portfolio Accrued interest receivable at January 1, 2009 $165,213 Interest earned in 2010 $401,010 Interest received in 2010 ($411,252) 154,971

Paid for accrued interest in 2010 $10,413

Accrued interest receivable at June 30, 2010 $165,384 Certificates of Deposit Accrued interest receivable at January 1, 2009 $11,516 Interest earned in 2010 $3,839 Interest received in 2010 ($15,355)

Accrued interest receivable at June 30, 2010 ($0) Mutual Funds Dividends receivable from Bank of America at June 30, 2010 $0

Total interest and dividends receivable at June 30, 2010 $165,384

Detail of investment income at June 30, 2010

Investment income earned on securities portfolio $401,010 Interest earned on cash held by Opus & misc inc 31 Interest earned on certificate of deposit 3,839 Dividends earned on Bank of America Mutual Funds 0 Gross investment income earned 404,880

Net amortization of premiums (7,582)

Net realized gain (loss) on disposal of securities 10,926

Net investment income earned $408,224

E18

Section F

Marketing Report

INDEPENDENT SCHOOLS COMPENSATION CORP.

As of SEPTEMBER 8, 2010 there are 161 Class A Members. 1 AISNE 2 American Congregational Association 3 Andover-Newton Theological School 4 Applewild School 5 Atrium School 6 Bancroft School 7 Bay Farm Academy 8 Beaver Country Day School 9 Belmont Day School 10 Belmont Hill School 11 Bement School 12 Berkshire Country Day School 13 Boston Athenaeum 14 Boston Center for Adult Education 15 Boston College High School 16 Boston Lyric Opera 17 Boston Conservatory of Music 18 Boston Trinity Academy 19 Bostonian Society 20 Brimmer & May School 21 Brooks School 22 Brookwood School 23 Buckingham, Browne & Nichols 24 Cambridge Center for Adult Education 25 Cambridge College 26 Cambridge Friends School 27 Cambridge Montessori School 28 Cambridge School of Weston 29 Cape Cod Academy 30 Carroll School 31 Chapel Hill Chauncy Hall School 32 Charles River School 33 Chestnut Hill School 34 Stoneridge Children's Montessori School 35 Children's Museum 36 Clark School 37 Clarke School for The Deaf 38 Cohen Hillel School 39 Common School 40 Commonwealth School 41 Compass 42 Concord Museum 43 Covenant Christian School 44 Creative Education - Odyssey DayCare 45 Cushing Academy 46 Dana Hall School 47 Dedham Country Day School 48 Derby Academy 49 Dexter and Southfield Schools 50 Eaglebrook School 51 Eastern Nazarene College 52 Ecole Bilingue International School 53 Ecotarium (Worcester Nat. History Soc.) 54 Eliot Montessori 55 Episcopal Divinity School 56 Epiphany School 57 Falmouth Academy 58 Fay School 59 Fayerweather School 60 Fenn School 61 Fessenden School 62 Five College's Inc. 63 Franklin Institute 64 Friends Academy 65 Gann Academy 66 German International School 67 Glen Urquhart School 68 Governor Dummer Academy 69 Great Barrington Rudolf Steiner School 70 Groton School 71 Hammond Museum 72 Hampshire College (Trustees of) 73 Harborlight Montessori 74 Hebrew College 75 Heritage Plantation of Sandwich, Inc. 76 Hillside School 77 House of Seven Gables 78 ICArt 79 INLY School

F1 INDEPENDENT SCHOOLS COMPENSATION CORP.

As of SEPTEMBER 8, 2010 there are 161 Class A Members. 80 International Institute of Boston 81 Isabella Stewart Gardner Museum 82 Julie's Family Learning Center 83 Kingsley Montessori School 84 Kripalu Center for Yoga & Health, Inc. 85 Landmark School 86 Lawrence Academy 87 Learning Center for Deaf Children 88 Lesley University 89 Lexington Christian Academy 90 Lexington Montessori School 91 Linden Hill School 92 Maimondes School 93 Marine Biological Laboratory 94 Massachusetts Audubon Society 95 Massachusetts Higher Education Consortium 96 Massachusetts Historical Society 97 Meadowbrook School of Weston 98 Middlesex School 99 Milton Academy 100 Montessori Community School 101 Montserrat College of Art 102 Mt. Ida College 103 Nashoba Brooks School 104 NE Assn. of Schools and Colleges 105 New England Aquarium 106 Newton Country Day School 107 Nichols College 108 Noble and Greenough School 109 North Bennett Street School 110 North Shore Nursery School 111 Oak Meadow Montessori School 112 Odyssey Day School 113 Old Sturbridge Village 114 Park School 115 Park Street School 116 Peabody Essex Museum 117 Phillips Memorial Charitable Trusts 118 Pike School 119 Pilgrim Society 120 Pincushion Hill School 121 Pine Cobble School 122 Pingree School 123 Plimouth Plantation 124 Rivers School 125 Riverview School 126 Roxbury Latin School 127 Sage School- Foxboro 128 Sea Education Association 129 Shady Hill School 130 Shore Country Day School 131 Showa Boston 132 Society for the Preservation of NE Antiquities 133 Solomon Schechter Day School of Gr. Boston 134 South Area Solomon Schecter School 135 South Shore Conservatory of Music 136 St. Mark's School 137 Stoneleigh Burnham School 138 Summit Montessori 139 Tenacre Country Day School 140 Thacher Montessori 141 Thayer Academy 142 The Laurel School 143 The Learning Project 144 The Phoenix School 145 The Rashi School 146 The Trustees of Reservations 147 Tower School 148 Waldorf School 149 Waldorf High School 150 Walnut Hill School 151 Waring School 152 Wellspring House 153 Wheaton College 154 Wilbraham and Monson Academy 155 Williston Northampton School 156 Willow Hill School 157 Winchendon School 158 Winsor School 159 Woodward School

F2 INDEPENDENT SCHOOLS COMPENSATION CORP.

As of SEPTEMBER 8, 2010 there are 161 Class A Members. 160 Worcester Academy 161 Worcester Art Museum

There are five Class B Members.

1 Amherst College 2 College of the Holy Cross 3 Smith College 4 Wellesley College 5 Clark University

Confidential

2010 Activity 1 Perkins School for Blind Good progress made, concern by HR over disrupting current claim service 2 Museum of Science Approved by Underwriting & ISCC Board- Hoping for 1/1/20011 eff. Date 3 Merrimack College HUB account trying to push them 4 Dean College Met with CFO; Pres. friend of HUB Producer. ;Ins. Adv. Has recommended ISCC 5 Essex County Greenbelt Interest for March 2011 expiration 6 South Shore Christian Premium Indication done in 5/2010. New Biz. Mgr. very fam. w/ ISCC 7 Newton Montessori Biz. Mgr. Unwilling to move. JCS to meet with them 8 Becker College Not Interested; Have asked for referral 9 Unitarian Universalist Association HR Department will not break out Massachusetts empl. From National prgm. 10 Fisher College Not Interested; Referrals? 11 Gordon Conwell Theological Acct. decided against joining 12 Northeast Document Conservation center They were interested, but new pres. Asked to put off until next year 13 New England Historic Genealogical Society Not Interested 14 American Meteorological Society Being considered for Mass Payroll (also have an office in D.C.) 15 Old North Foundation Not interested 16 Paul Revere Memorial Assoc. Feb. renewal - met w/ exec. Dir. This will be presented to Board with positive rec. 17 USS Constitution Museum Discussing w/ Board Chair 18 Waldorf School Cape Cod Called & awaiting response 19 Exploration School 2nd meeting occurred.. Went well. Business Manager will not advise status 20 Jewish Community Day School Waiting for new financials to be released 7/1 Tom Britt is CFO/ They recently included Bartlett School (ISCC Member) in their 21 Schools for Children organization. 22 TERC (Technical Ed. Resource Center) out of State Emp.; Determining if 1Beacon will write just out of state. 23 DeCordova Museum Contact made - in process; Feb. 2010 renewal 24 SparHawk School Waiting for appointment 25 Shed School Andover Pre-School 1st Meeting, 2nd being scheduled 26 Gann School Bound 27 Summit Montessori Bound 28 Sterling & Francine Clark Museum JCS has met with CFO 29 New Bed. Whaling Museum Bakker has arranged an introduction 30 Atrium School Bound 31 Bradford Christian School Declined due to financials 32 Buxton School Not Interested 33 Becker College Not Interested 34 Nellie Mae Foundation Not Interested 35 New England College of Optometry Not Interested But new CFO. Who is familiar with our program 36 New England Historic Genealogical Society Not Interested 37 Massachusetts School of Law Not Interested 38 Museum Of Fine Arts Have Expressed Interest Rick Nowell is folowing up. 39 Nativity Prep Have Expressed Interest 40 Teaching & Learning Alliance Start Up.. No financials or history 41 New Chinese School Underwriting questions about solvency

CLOSED PROSPECTS

1 American Antiquarian Society Was closed, CFO has agreed to re-consider as Out of State payroll not an issue 2 Woods Hole Research Decided to stay put (no time to consider) 3 Bay State College Not, a Not for profit, therefore, not acceptable to ISCC 4 Newbury College D/NQ Financial were not acceptable. (Update: Written by NEEIA 2007) 5 Fuller Craft Museum Declined due to financials 6 Boston Graduate School of Psychology Not Interested 7 Boston Architectural College Not Interested- Joined NEIA Comp. several years ago 8 Emmanuel College Not Interested; with religious order 9 New Eng. Jour. Of Medicine Part of Mass Med Society- Not a 501 (c ) 3 org. 10 Springfield Museum & Library Assoc. Political issues in Springfield created issues. 11 Curry College No interest 12 Gordon Conwell Theological Decided to stay

Section G

Loss Control Report

DRAFT

INDEPENDENT SCHOOLS COMPENSATION CORPORATION

Minutes of the Claim/Loss Control Committee Meeting September 3, 2010

WebEx

Attendees______

ISCC Claim/Loss Control Committee Thom Greenlaw, [email protected], Buckingham Browne & Nichols School, Chairperson CL/LC Committee, ISCC Board of Directors Nick Bakker, [email protected], President, ISCC Trish MacDonald, [email protected], Clark University Richard Dalrymple, [email protected], The Riverview School Karen White, [email protected], ISCC Board of Director, Independent School Consultant Jock Burns, [email protected], Pingree School, ISCC Board of Director Beth Carmichael, [email protected], Smith College, Amherst College & Five Colleges, Inc. Kathy Stewart, [email protected], Wellesley College Remle Gordon, [email protected], Wheaton College Laura Gaudette, [email protected], Belmont Hill School Kathleen Ouimette, [email protected], Williston-Northampton

TPA Associates Laura Cogliano, [email protected], Meadowbrook TPA Terry Buckhout, [email protected], Meadowbrook TPA John Kosar, [email protected], Meadowbrook TPA William O’Connell Jr. [email protected], Meadowbrook TPA John Kosar, [email protected], Meadowbrook TPA Cheryl McCarthy, [email protected], Meadowbrook TPA Margery Young, [email protected], Meadowbrook TPA Jon Claflin, [email protected], Meadowbrook TPA

Visitors Ted Wade, [email protected], Board of Director’s member Matt Ottinger, The Bostonian Society Paul Coute, MA Higher Ed Consortium Mary O’Connor, South Shore Conservatory Colleen Simo, Kripalu Center

G1 Members Absent Christopher Huggins, [email protected], The Learning Center for the Deaf Nancy Costello, [email protected], The College of the Holy Cross John Tarantino, [email protected], Hub International Brewer & Lord

Meeting Venue______WebEx

Meeting Convened______The meeting was called to order at 10:01 AM, by Thom Greenlaw, BB&N, Chairman of the Claim and Loss Control Committee.

Minutes The May 2010, Claims and Loss Control Committee meeting minutes were reviewed and approved as written.

Material Provided Information was provided for all attending that included the following: o An agenda for the meeting o Minutes from the May 2010, meeting o Critical Claims update – new charts o Loss Control Updates o Website update – www.iscc-wc.com o Online training questionnaire results o Workshop training status o Statistical review Watch list Loss ratios Lag-time Frequency/severity

Claims Update Laura Cogliano provided the committee with an overview of a claim from Smith College and then requested settlement authority. The Committee recommended that a Class B subcommittee answer this. The committee will be formed and meet prior to the Board meeting with a recommendation to the Board. Thom Greenlaw requested to be a part of this subcommittee.

John presented 3 new claim charts for the committee. These charts detailed claims over $100,000, Claims by month for 2010, and claims within the past 6 months. These charts will be used from now on.

Loss Control Update: Terry Buckhout, Margery Young and William O’Connell Jr. provided the Committee with an update of the Loss Control activities since the last meeting.

G2 Accidents discussed were: ladder fall – House of Seven Gables, bleach in eye – Kripalu, lips and fall on building material – Brookwood School, Student employee fall from shed roof – Hampshire College, and moving faulty cart – Smith College.

Terry provided an overview on the 2010 ISCC Workshops to date. 73 employees at 65 schools attended the spring and summer workshops – a good turnout for the first half of the year. So far, the fall has 31 employees from 26 schools signed up for the remaining workshops leaving about 76 members to sign up and attend for the rest of the year.

Online training questionnaire results were presented to the committee. 45 members responded with 40 members responding positively for this initiative. We will continue this effort with obtaining quotes from various vendors and present to the committee.

Member statistics were presented to the committee covering loss ratios, (watch list) key members of concern, 5 year frequency charts, and lag time reports were discussed.

ISCC Website The ISCC Website was presented to the committee, with a little demonstration. All committee members are welcome to sign in to review and comment to Terry of any changes suggested. For those interested you can go to: www.iscc-wc.com to review the site.

Return to Work Policy We discussed the possibility of requiring a Return to Work Policy for all members to mitigate the cost of current and future claims. This will be a topic for future meetings.

Post Offer/Pre-Hire Physical Policy We discussed the possibility of requiring a Post Offer/Pre-Hire Physical Policy for all members. This will be a topic for future meetings.

Next Meeting: The next meeting will be December 3, 2010. This will be held at Holy Cross, information will be sent prior to the meeting.

2010 Claim and Loss Control Meetings December 3, 2010 – Hogan Center, Holy Cross 2010 Board of Directors meetings are: September 16 December 8

Meeting Adjourned: ______The meeting adjourned at 11.43 am.

G3 ISCC B Schools Settlement Conference Call September 10, 2010

Attendees:

Thom Greenlaw, Buckingham Browne & Nichols School, Committee Chairperson Elizabeth Carmichael, Smith College & Amherst College William Conley, College of the Holy Cross Kathryn Stewart, Wellesley College Paul Wykes, Clark University John Kosar, Meadowbrook/TPA Associates

The meeting was called to order at 11:33am by Mr. Greenlaw to discuss the Smith College claim from 3/1/2006 with regards to settlement authority. He turned the discussion over to Mr. Kosar, who presented a summary of details from the claim as the settlement demand is $130,000 and Meadowbrook/TPA Associates is seeking authority up to $100,000 to resolve the claim.

It was further discussed that for the 2006 year, the proposed settlement would be within Smith College’s exposure and would not affect the other B School members.

A vote was taken to approve the recommendation of settlement authority up to $100,000. Mr. Greenlaw will take this recommendation to the ISCC Board of Directors at their meeting on September 16, 2010 for final approval on behalf of the Committee.

The meeting was adjourned at 11:45am.

Respectfully submitted,

Thom Greenlaw Chairperson, ISCC Claim and Loss Control Committee

ISCC Claims and Loss Control Meeting Summary Report September 2010

Over 100k – There are 20 open claims with a total incurred value over $100,000. Of note is that only 4 remain active claims (#6, 7, 12, 16) in which they are receiving Indemnity benefits. The remaining claims have all been resolved and remain open for active treatment and/or subrogation. Several have had substantial recoveries from the Second Injury Fund (SIF) or Subrogation and one of the active claims (#6) is into Excess and also has an active and ongoing SIF reimbursement. For the number of claims ISCC has had on an annual basis, to only have 4 open and active claims over the $100,000 threshold is reflective of the proactive approach members take in bringing their employees back to work.

The respective departments reflected in this report do not show any particular trend as far as common areas of employment. Mostly what it reflects is the fact that injuries can occur in any position at any time, so safety must always be a priority. Lifting injuries and slips/falls are the most common occurrence for these claims and areas in which extra attention is routinely placed by Loss Control.

MO – These are the open Medical Only claims for 2010. While this does not reflect all of the Medical Only claims for 2010, these are the ones which remain active. This provides a good snapshot of the areas in which trends can develop as well as the types of accidents that are the cost drivers for these claims.

In reviewing the causes of the injuries, it is noted that of the 172 open Medical Only claims, 48 were slips and falls, which represents 28% of the claims. Much of this can be attributed to the season and weather in which they occur, but it underscores the importance of proper maintenance of all passageways especially during foul weather. The next most frequent causes are contact with objects (21 or 12%), hit/hit by (19 or 11%), and strain lifting (13 or 8%). All of these are routinely addressed by Terry and his staff and remain key areas of focus.

With regards to departments, the most frequent was Camp Counselors at 25 or 15%. Given the nature of the season, it is not surprising or unusual that this is the most frequent department as a large number of institutions run summer camps, which increases the frequency of bee stings, sprains/strains, as well as slips and falls. The next most frequent departments were Faculty (20 or 12%), Grounds (12 or 7%), Maintenance (12 or 7%), and Dining Services (11 or 6%). Again, there were not any particular trends noted with these departments as given the nature of the work being performed within the membership of ISCC, these are the departments with the most exposure. It was surprising to see Faculty as a frequent department, however, upon further review of the claims, the accidents stem mostly from slips/falls and hit by, which are common exposures. For Faculty members that are physicial education instructors, struck by is an inherent risk in the position.

Previous 6 months – This reflects the open Lost Time claims occuring within the 6 months prior to the meeting. Of the 57 claims on the report, 20 (35%) are the result of slips and falls. Again, this highlights the importance of proper maintenance of passageways as not only is it the most frequent cause of Lost

Meadowbrook TPA Associates 10 New England Business Center, Ste. 303, Andover, MA 01810 • (888) 444.4872 • Fax (978) 691.2477 www.meadowbrook.com G5

Time injuries, it represents over $190,000 in total incurred dollars. As the committee has discussed numerous times over the years, frequency breeds severity and when combined with the MO totals from the previous tab, slips and falls represent over $325,000 in total incurred dollars for ISCC. By focusing additional time and resources in the prevention of these incidents, ISCC’s performance can be positively impacted and improved upon.

Dining Services and Custodial Services were the most frequent departments within the last 6 months in terms of Lost Time injuries. Dining Services had 16 claims (28%) and Custodial Services had 11 (19%) while the total incurred amounts were $216,000 for Dining Services and $159,000 for Custodial Services. This highlights that even though the frequency is less in Custodial Services their cost per claim is higher in comparison to Dining Services.

Settlement Authority – There is one claim for settlement authority. Please see attachment for the summary.

Meadowbrook TPA Associates 10 New England Business Center, Ste. 303, Andover, MA 01810 • (888) 444.4872 • Fax (978) 691.2477 www.meadowbrook.com G6

Member Loss Year Date of Loss Claim Number Injury Ind Paid Med Paid Exp Paid Legal PaidTotal Paid Ind Res Med Res Exp Res Legal Res Voc Res Total Inc Dept

Trustees of Amherst College 1999 5/14/1999 34NWC0100285 Strain Lifting $169,731 $68,150 $1,272 $42,111 $281,264 $1 $49,545 $4,228 $2,778 $0 $337,817 Post Office Trustees of Reservations 2003 5/17/2003 34NC10403921 Insect Bite or Sting $132,604 $146,030 $12,061 $8,513 $299,209 $0 $7,957 $0 $3,074 $5,000 $315,239 Property Worker Wellesley College 2003 8/1/2003 34NWC0302158 Slip/Fall on Stairs $20,769 $168,149 $14,780 $74,836 $278,534 $0 $792 $0 $1,552 $8,000 $288,878 Custodian Trustees of Struck By Object Amherst College 2002 5/11/2002 34NWC0201283 Handled by Other $128,484 $96,675 $3,471 $10,631 $239,261 $1 $29,219 $4,709 $6,000 $0 $279,190 Other Trustees of Milton Academy 2009 2/6/2009 34NC10900070 Slip/Fall-Ice or Snow $157,037 $69,408 $6,062 $3,994 $236,502 $1 $10,690 $145 $5,006 $5,000 $257,343 Campus Police Learning Center for the Deaf (The) 1995 9/20/1995 34NWC0100276 Strain Lifting $132,230 -$36,981 $15,324 $32,139 $142,712 $85,890 $13,817 $320 $0 $0 $242,739 Clerical Stoneleigh- Repetitive Motion Strain Burnham School 2008 3/1/2008 34NC10800459 using Tool or Machine $34,751 $75,864 $12,084 $7,048 $129,747 $44,249 $15,126 $2,916 $5,930 $2,500 $200,468 Dining Services Other

Middlesex School 2007 4/2/2007 34NC10700232 Strain Pushing or Pulling $79,061 $58,656 $11,081 $2,845 $151,642 $0 $27,654 $1,610 $2,155 $6,500 $189,561 Grounds Trustees of Clark Person in the act of a University 2006 12/1/2006 34NC10406591 Crime $7,585 $121,206 $6,580 $3,888 $139,258 $5 $12,380 $0 $473 $0 $152,116 Campus Police South Area Solomon Schechter Day School, Inc. 2006 11/17/2006 34NC10406587 $46,398 $65,440 $10,949 $7,455 $130,242 $0 $12,176 $0 $760 $0 $143,178 Admin/Clerical Wellesley College 1999 9/15/1999 34NWC0100289 Slip/Fall at Same Level $99,914 $12,361 $4,727 $11,571 $128,573 $0 $11,522 $343 $2,641 $0 $143,080 Dining Services Trustees of The Smith College 2006 3/1/2006 34NC10406123 Miscellaneous Strain $59,817 $42,141 $4,121 $5,743 $111,823 $24,175 $3,516 $3,000 $257 $0 $142,771 Mechanic Bay Farm Montessori Strain Twisting, Turning, Academy 2004 2/26/2004 34NWC0402712 Bending $53,172 $26,435 $8,920 $17,330 $105,857 $0 $18,986 $1,866 $3,670 $0 $130,379 Admissions Nichols College 2007 2/2/2007 34NC10700076 Slip/Fall on Stairs $51,818 $34,867 $10,990 $3,422 $101,096 $5,715 $8,704 $2,066 $5,078 $5,000 $127,659 Administration Trustees of Reservations 2005 2/26/2005 34NC10403424 Strain Lifting $67,569 $17,430 $7,209 $19,601 $111,809 $0 $3,984 $2,920 $2,388 $0 $121,101 Events Trustees of Thayer Academy 2009 2/20/2009 34NC10900164 Slip/Fall on Stairs $2,376 $61,929 $9,411 $4,048 $77,763 $23,674 $13,524 $3,000 $2,453 $0 $120,414 Education Lesley University 2008 10/22/2008 34NC10800579 $29,739 $55,502 $4,999 $2,199 $92,438 $0 $18,592 $809 $7,801 $0 $119,641 Development Strain Twisting, Turning, Dexter School 2007 11/29/2007 34NC10700644 Bending $43,530 $45,844 $13,718 $0 $103,092 $10,000 $1,170 $357 $0 $0 $114,619 Maintenance Marine Biological Other than Physical Laboratory 2008 5/9/2008 34NC10800266 Cause of Injury $33,238 $38,919 $8,783 $8,401 $89,341 $0 $16,739 $3,325 $4,997 $0 $114,401 Custodial Services Park School Corporation, The 2007 7/17/2007 34NC10700395 $22,287 $63,432 $11,114 $8,053 $104,887 $834 $4,708 $0 $0 $0 $110,430 Custodian

G7 Member Loss Year Date of Loss Claim Number Injury Med Paid Exp Paid Total PaidMed Res Exp Res Total Inc claimtype Dept

Berkshire Country Slip/Fall at Recreational Day School 2010 1/11/2010 34NC11000019 Area $2,948 $18 $2,966 $0 $282 $3,248 Medical Administration

Trustees of Amherst Repetitive Motion Strain College 2010 1/14/2010 34NC11000084 using Tool or Machine $249 $9 $259 $2,251 $391 $2,900 Medical Administration

Chapel Hill - Chauncy Hall School 2010 1/14/2010 34NC11000025 Slip/Trip/Fall $4,150 $99 $4,249 $0 $301 $4,550 Medical Faculty Lesley University 2010 1/20/2010 34NC11000032 Slip/Fall-Ice or Snow $5,727 $26 $5,753 $12,063 $974 $18,791 Medical Academic Depts Wellesley College 2010 1/22/2010 34NC11000134 Strain Lifting $339 $64 $404 $1,661 $336 $2,400 Medical Faculty Strain Pushing or Wellesley College 2010 1/28/2010 34NC11000076 Pulling $6,089 $154 $6,243 $0 $146 $6,389 Medical Dining Services Other Glen Urquhart School, Inc. 2010 2/5/2010 34NC11000269 Slip/Fall-Ice or Snow $72 $0 $72 $428 $0 $500 Medical Administration/Office Worcester Art Museum 2010 2/5/2010 34NC11000068 Miscellaneous Strain $3,988 $10 $3,998 $0 $290 $4,288 Medical Dining Services Other Inly School, Inc. 2010 2/11/2010 34NC11000080 Slip/Fall-Ice or Snow $83 $0 $83 $1,917 $300 $2,300 Medical Faculty Trustees of Friends Strain Pushing or Academy, Inc. 2010 2/11/2010 34NC11000120 Pulling $634 $34 $668 $2,366 $466 $3,500 Medical Grounds Dexter School 2010 2/12/2010 34NC11000236 Slip/Fall on Stairs $180 $0 $180 $2,820 $400 $3,400 Medical Faculty Dexter School 2010 3/10/2010 34NC11000130 Slip/Trip/Fall $7,045 $333 $7,378 $0 $67 $7,445 Medical Faculty Trustees of Amherst Strain Pushing or College 2010 3/11/2010 34NC11000405 Pulling $0 $0 $0 $800 $400 $1,200 Medical Academic Depts Winchendon School, Inc. 2010 3/11/2010 34NC11000154 Slip/Trip/Fall $4,813 $8 $4,822 $1,186 $392 $6,399 Medical Admissions Wellesley College 2010 3/11/2010 34NC11000189 Miscellaneous Strain $5,084 $7 $5,091 $0 $393 $5,484 Medical Custodial Services Franklin Foundation dba The 2010 3/17/2010 34NC11000146 Slip/Fall on Stairs $5,685 $93 $5,778 $0 $207 $5,985 Medical Library Stoneleigh-Burnham School 2010 3/30/2010 34NC11000191 Strain Lifting $783 $29 $812 $4,000 $500 $5,312 Medical Dining Services Other Worcester Art Museum 2010 4/1/2010 34NC11000400 Slip/Trip/Fall $0 $0 $0 $2,000 $500 $2,500 Medical Carpenters Rivers School Corporation, The 2010 4/6/2010 34NC11000178 Slip/Fall in Parking Lot $1,797 $24 $1,820 $1,203 $176 $3,200 Medical Faculty

Tower School in Repetitive Motion Strain Marblehead, Inc. 2010 4/9/2010 34NC11000197 using Tool or Machine $402 $0 $402 $1,598 $300 $2,300 Medical Faculty Williston Northampton School, The 2010 4/10/2010 34NC11000183 Hit/Hit by $627 $20 $647 $2,373 $480 $3,500 Medical Faculty Wellesley College 2010 4/11/2010 34NC11000190 Strain Lifting $2,710 $6 $2,716 $11,324 $1,000 $15,040 Medical Mechanic Winchendon School, Slip/Fall at Recreational Inc. 2010 4/13/2010 34NC11000201 Area $760 $0 $760 $740 $300 $1,800 Medical Faculty Glen Urquhart School, Inc. 2010 4/20/2010 34NC11000204 Strain Lifting $1,730 $0 $1,730 $270 $300 $2,300 Medical Faculty

Trustees of Amherst Repetitive Motion Strain College 2010 4/20/2010 34NC11000202 using Tool or Machine $549 $8 $557 $1,451 $292 $2,300 Medical Administration Derby Academy 2010 4/22/2010 34NC11000231 Miscellaneous Strain $4,901 $14 $4,915 $100 $0 $5,015 Medical Faculty Massachusetts Audubon Society 2010 4/24/2010 34NC11000266 Insect Bite or Sting $0 $0 $0 $2,000 $200 $2,200 Medical Volunteers Trustees of Amherst Strain Twisting, College 2010 4/25/2010 34NC11000308 Turning, Bending $0 $0 $0 $800 $300 $1,100 Medical Custodial Services

Trustees of Struck by Falling Object Reservations 2010 4/27/2010 34NC11000213 (Collapse, etc.) $435 $0 $435 $3,565 $200 $4,200 Medical Other COMPASS 2010 4/30/2010 34NC11000223 Human Bite $570 $0 $570 $230 $200 $1,000 Medical Education Trustees of Milton Strain Twisting, Academy 2010 4/30/2010 34NC11000385 Turning, Bending $0 $0 $0 $800 $800 $1,600 Medical Personnel G8 Charles River School 2010 4/30/2010 34NC11000229 Hit/Hit by $965 $0 $965 $1,035 $300 $2,300 Medical Faculty

College of the Holy Repetitive Motion Strain Cross, (The) 2010 5/1/2010 34NC11000346 using Tool or Machine $1,214 $0 $1,214 $1,786 $500 $3,500 Medical Faculty

Buckingham, Browne & Nichols School 2010 5/1/2010 34NC11000268 Hit/Hit by $551 $0 $551 $649 $300 $1,500 Medical Faculty

Cushing Academy 2010 5/3/2010 34NC11000244 Strain Holding/Carrying $293 $0 $293 $1,707 $300 $2,300 Medical Grounds

Bay Farm Montessori Academy 2010 5/3/2010 34NC11000293 Hit/Hit by $0 $0 $0 $1,200 $300 $1,500 Medical Maintenance College of the Holy Cross, (The) 2010 5/4/2010 34NC11000238 Strain Lifting $0 $0 $0 $1,500 $300 $1,800 Medical Other Nichols College 2010 5/8/2010 34NC11000324 Slip/Trip/Fall $0 $0 $0 $1,200 $300 $1,500 Medical Faculty Marine Biological Laboratory 2010 5/10/2010 34NC11000233 Strain Lifting $0 $0 $0 $1,500 $250 $1,750 Medical Maintenance Clarke School for the Deaf 2010 5/10/2010 34NC11000237 Contact Hot/Cold $5 $0 $5 $1,495 $250 $1,750 Medical Dining Services Other Trustees of The Strain Twisting, Smith College 2010 5/10/2010 34NC11000239 Turning, Bending $72 $0 $72 $1,928 $300 $2,300 Medical Other Slip/Fall in Liquid or Epiphany School Inc 2010 5/12/2010 34NC11000247 Grease Spill $562 $0 $562 $1,438 $300 $2,300 Medical Dining Services Other Williston Northampton School, The 2010 5/13/2010 34NC11000246 Strain Lifting $1,722 $0 $1,722 $278 $300 $2,300 Medical Dining Services Other Trustees of The Contact with Sharp Smith College 2010 5/13/2010 34NC11000242 Objects $907 $0 $907 $293 $300 $1,500 Medical Driver Shore Country Day School 2010 5/14/2010 34NC11000256 Miscellaneous Strain $1,545 $0 $1,545 $10,455 $500 $12,500 Medical Faculty Struck by Moving Massachusetts Object (Truck, Forklift, Audubon Society 2010 5/14/2010 34NC11000279 etc.) $0 $0 $0 $0 $0 $0 Medical Administration Struck by Flying Object (Welding, Grinding, Dana Hall School 2010 5/15/2010 34NC11000250 etc.) $193 $0 $193 $1,808 $300 $2,300 Medical Administration College of the Holy Strain Twisting, Cross, (The) 2010 5/17/2010 34NC11000416 Turning, Bending $0 $0 $0 $800 $800 $1,600 Medical Personnel Plimoth Plantation, Inc 2010 5/18/2010 34NC11000260 Slip/Trip/Fall $0 $0 $0 $1,200 $300 $1,500 Medical Fine Arts Massachusetts Audubon Society 2010 5/18/2010 34NC11000249 Struck Against Misc. $61 $0 $61 $2,939 $200 $3,200 Medical Education Cape Cod Academy, Inc. 2010 5/18/2010 34NC11000243 Hit/Hit by $344 $0 $344 $1,656 $300 $2,300 Medical Faculty Marine Biological Contact with Sharp Laboratory 2010 5/19/2010 34NC11000259 Objects $219 $0 $219 $281 $0 $500 Medical Research Worcester Art Museum 2010 5/20/2010 34NC11000264 Slip/Fall on Stairs $77 $0 $77 $1,923 $300 $2,300 Medical Development Massachusetts Audubon Society 2010 5/20/2010 34NC11000257 Slip/Trip/Fall $0 $0 $0 $1,200 $300 $1,500 Medical Property Worker Strain Twisting, Groton School 2010 5/20/2010 34NC11000271 Turning, Bending $72 $0 $72 $428 $0 $500 Medical Admin/Clerical Wilbraham & Contact with Sharp Monson Academy 2010 5/21/2010 34NC11000254 Objects $0 $0 $0 $2,000 $400 $2,400 Medical Maintenance Shore Country Day School 2010 5/24/2010 34NC11000258 Slip/Trip/Fall $0 $0 $0 $3,000 $500 $3,500 Medical Maintenance Winchendon School, Inc. 2010 5/24/2010 34NC11000263 Miscellaneous Strain $0 $0 $0 $3,000 $500 $3,500 Medical Maintenance Brooks School 2010 5/25/2010 34NC11000291 Slip/Fall on Stairs $8 $0 $8 $1,993 $300 $2,300 Medical Custodial Services Trustees of Amherst G9 College 2010 5/27/2010 34NC11000312 Insect Bite or Sting $0 $0 $0 $0 $0 $0 Medical Dining Services Other College of the Holy Slip/Did not Fall at Cross, (The) 2010 5/27/2010 34NC11000270 Same Level $0 $0 $0 $500 $0 $500 Medical Electricians

Chapel Hill - Chauncy Hall School 2010 5/28/2010 34NC11000272 Strain Lifting $0 $0 $0 $500 $0 $500 Medical Bldg Svcs Trustees of Contact with Sharp Reservations 2010 5/28/2010 34NC11000267 Objects $0 $0 $0 $1,200 $300 $1,500 Medical Public Safety Old Sturbridge Village, Inc. 2010 5/31/2010 34NC11000365 Contact With $0 $0 $0 $800 $300 $1,100 Medical Interpretation Old Sturbridge Village, Inc. 2010 6/1/2010 34NC11000325 Slip/Trip/Fall $0 $0 $0 $1,200 $300 $1,500 Medical Interpretation Rivers School Contact with Sharp Corporation, The 2010 6/2/2010 34NC11000265 Objects $0 $0 $0 $2,000 $200 $2,200 Medical Maintenance Massachusetts Audubon Society 2010 6/2/2010 34NC11000277 Hit/Hit by $212 $0 $212 $2,788 $300 $3,300 Medical Grounds South Area Solomon Schechter Day School, Inc. 2010 6/2/2010 34NC11000275 Strain Lifting $681 $0 $681 $2,319 $500 $3,500 Medical Grounds Beaver Country Day School 2010 6/3/2010 34NC11000328 Slip/Trip/Fall $0 $0 $0 $1,000 $600 $1,600 Medical Academic Depts Strain Twisting, Cushing Academy 2010 6/4/2010 34NC11000284 Turning, Bending $0 $0 $0 $1,200 $300 $1,500 Medical Housekeeper Kripalu Center for Yoga & Health Inc 2010 6/5/2010 34NC11000296 Miscellaneous Strain $139 $0 $139 $2,361 $300 $2,800 Medical Other Riverview School, Inc. 2010 6/7/2010 34NC11000288 Miscellaneous Strain $0 $0 $0 $1,500 $300 $1,800 Medical Other Massachusetts Audubon Society 2010 6/8/2010 34NC11000276 Noise Exposure $0 $0 $0 $2,000 $300 $2,300 Medical Admin/Clerical Boston College High School 2010 6/8/2010 34NC11000397 Not Currently Captured $0 $0 $0 $5,000 $400 $5,400 Medical Faculty College of the Holy Cross, (The) 2010 6/8/2010 34NC11000285 Hit/Hit by $0 $0 $0 $1,200 $300 $1,500 Medical Admin/Clerical Plimoth Plantation, Contact with Sharp Inc 2010 6/10/2010 34NC11000289 Objects $0 $0 $0 $1,200 $300 $1,500 Medical Carpenters Bancroft School 2010 6/10/2010 34NC11000283 Hit/Hit by $72 $0 $72 $1,128 $300 $1,500 Medical Admin/Clerical Kripalu Center for Yoga & Health Inc 2010 6/11/2010 34NC11000301 Contact With $0 $0 $0 $1,200 $300 $1,500 Medical Admin/Clerical Massachusetts Audubon Society 2010 6/11/2010 34NC11000290 Insect Bite or Sting $0 $0 $0 $2,000 $300 $2,300 Medical Camp Counselor Trustees of Amherst College 2010 6/14/2010 34NC11000310 Striking Against $0 $0 $0 $300 $200 $500 Medical Administration/Office Worcester Natural History Soci 2010 6/14/2010 34NC11000287 Hit/Hit by $0 $0 $0 $1,200 $300 $1,500 Medical Museum Education Worcester Art Slip/Fall from Museum 2010 6/15/2010 34NC11000286 Ladder/Scaffold $0 $0 $0 $2,000 $300 $2,300 Medical Custodial Services Society for the Preservation of New England Antiquities 2010 6/16/2010 34NC11000295 Slip/Trip/Fall $0 $0 $0 $2,000 $200 $2,200 Medical Grounds Wheaton College 2010 6/17/2010 34NC11000300 Contact With $0 $0 $0 $1,200 $300 $1,500 Medical Grounds

Carroll School, (The) 2010 6/18/2010 34NC11000292 Miscellaneous Strain $72 $0 $72 $728 $200 $1,000 Medical Maintenance Society for the Preservation of New England Antiquities 2010 6/18/2010 34NC11000304 Contact With $0 $0 $0 $1,200 $800 $2,000 Medical Grounds & Service

Wellesley College 2010 6/20/2010 34NC11000302 Slip/Fall at Same Level $0 $0 $0 $1,200 $800 $2,000 Medical Institutional Research Dexter School 2010 6/21/2010 34NC11000355 Hit/Hit by $0 $0 $0 $1,200 $300 $1,500 Medical Camp Counselor Plimoth Plantation, Strain Pushing or Inc 2010 6/21/2010 34NC11000294 Pulling $72 $0 $72 $1,928 $300 $2,300 Medical Carpenters Solomon Schechter Day School of G10 Greater Boston 2010 6/22/2010 34NC11000307 Hit/Hit by $51 $0 $51 $249 $800 $1,100 Medical Academic Depts Slip/Fall at Recreational Fenn School, (The) 2010 6/23/2010 34NC11000380 Area $0 $0 $0 $800 $600 $1,400 Medical Financial Services Groton School 2010 6/23/2010 34NC11000299 Strain Lifting $0 $0 $0 $1,200 $300 $1,500 Medical Grounds Plimoth Plantation, Inc 2010 6/27/2010 34NC11000317 Contact With $45 $0 $45 $1,155 $800 $2,000 Medical Housekeeper Trustees of Reservations 2010 6/29/2010 34NC11000315 Hit/Hit by $0 $0 $0 $1,200 $600 $1,800 Medical Student Workers Kripalu Center for Yoga & Health Inc 2010 6/29/2010 34NC11000316 Slip/Trip/Fall $0 $0 $0 $300 $800 $1,100 Medical Housekeeper Williston Northampton School, The 2010 6/29/2010 34NC11000306 Striking Against $0 $0 $0 $800 $1,200 $2,000 Medical Carpenters Williston Northampton School, The 2010 6/30/2010 34NC11000309 Slip/Fall on Stairs $0 $0 $0 $500 $300 $800 Medical Admin/Clerical Plimoth Plantation, Inc 2010 7/1/2010 34NC11000318 Injury by Misc. $34 $0 $34 $766 $300 $1,100 Medical Carpenters Governor Dummer Foreign Object in Eye Academy 2010 7/1/2010 34NC11000323 (Misc.) $0 $0 $0 $1,200 $300 $1,500 Medical Maintenance Trustees of Amherst College 2010 7/1/2010 34NC11000398 Strain Lifting $0 $0 $0 $2,000 $400 $2,400 Medical Dining Services Other Wheaton College 2010 7/1/2010 34NC11000320 Contact With $0 $0 $0 $1,200 $800 $2,000 Medical Grounds Stoneleigh-Burnham Slip/Fall from Other School 2010 7/4/2010 34NC11000362 Surface $72 $0 $72 $728 $300 $1,100 Medical Camp Counselor Noble and Slip/Fall at Recreational Greenough School 2010 7/6/2010 34NC11000333 Area $0 $0 $0 $1,000 $300 $1,300 Medical Camp Counselor Landmark School, Inc. 2010 7/6/2010 34NC11000353 Slip/Fall on Stairs $0 $0 $0 $2,000 $300 $2,300 Medical Administration Massachusetts Audubon Society 2010 7/7/2010 34NC11000332 Hit/Hit by $51 $0 $51 $2,949 $300 $3,300 Medical Camp Counselor Noble and Greenough School 2010 7/8/2010 34NC11000330 Hit/Hit by $0 $0 $0 $1,200 $600 $1,800 Medical Camp Counselor New England Aquarium Corp. 2010 7/8/2010 34NC11000334 Caught In/On/Between $0 $0 $0 $300 $800 $1,100 Medical Research

Five Colleges, Inc. 2010 7/9/2010 34NC11000335 Caught In/On/Between $0 $0 $0 $1,300 $800 $2,100 Medical Academic Programs Other Trustees of Reservations 2010 7/9/2010 34NC11000331 Insect Bite or Sting $0 $0 $0 $1,000 $300 $1,300 Medical Maintenance Massachusetts Exposure to Temp. Audubon Society 2010 7/9/2010 34NC11000336 Extremes $0 $0 $0 $1,300 $800 $2,100 Medical Volunteers Trustees of Reservations 2010 7/12/2010 34NC11000337 Contact With $0 $0 $0 $800 $400 $1,200 Medical Student Workers Episcopal Divinity School 2010 7/12/2010 34NC11000364 Striking Against $0 $0 $0 $800 $300 $1,100 Medical Finance Peabody Essex Museum 2010 7/13/2010 34NC11000340 Miscellaneous Strain $0 $0 $0 $800 $300 $1,100 Medical Security Caught in/Between Derby Academy 2010 7/13/2010 34NC11000341 (Misc.) $0 $0 $0 $800 $300 $1,100 Medical Camp Counselor Contact with Kripalu Center for Chemicals, Caustics, Yoga & Health Inc 2010 7/13/2010 34NC11000376 Acids, Oils $0 $0 $0 $800 $500 $1,300 Medical Housekeeper Governor Dummer Academy 2010 7/13/2010 34NC11000339 Hit/Hit by $0 $0 $0 $800 $300 $1,100 Medical Grounds College of the Holy Strain Pushing or Cross, (The) 2010 7/14/2010 34NC11000350 Pulling $136 $0 $136 $2,864 $500 $3,500 Medical Custodial Services Fay School, Inc., Foreign Object in Eye (The) 2010 7/14/2010 34NC11000381 (Misc.) $0 $0 $0 $800 $800 $1,600 Medical Personnel Slip/Fall in Pit, Shaft, Wheaton College 2010 7/15/2010 34NC11000368 Hole, etc. $0 $0 $0 $1,000 $600 $1,600 Medical Development Massachusetts Audubon Society 2010 7/15/2010 34NC11000345 Animal Bite or Scratch $0 $0 $0 $800 $300 $1,100 Medical Helpers G11 Trustees of The Smith College 2010 7/15/2010 34NC11000351 Slip/Trip/Fall $0 $0 $0 $5,000 $1,000 $6,000 Medical Custodial Services New England Aquarium Corp. 2010 7/15/2010 34NC11000343 Miscellaneous Strain $139 $0 $139 $861 $600 $1,600 Medical Electricians Massachusetts Audubon Society 2010 7/16/2010 34NC11000371 Slip/Fall-Different Level $0 $0 $0 $600 $300 $900 Medical Camp Counselor Trustees of The Smith College 2010 7/16/2010 34NC11000347 Strain Reaching $0 $0 $0 $600 $300 $900 Medical Dining Services Other Trustees of The Smith College 2010 7/16/2010 34NC11000348 Slip/Fall at Same Level $0 $0 $0 $800 $300 $1,100 Medical Dining Services Other Tenacre Country Day School 2010 7/19/2010 34NC11000344 Contact With $0 $0 $0 $600 $300 $900 Medical Camp Counselor

Hebrew College 2010 7/20/2010 34NC11000359 Slip/Fall in Parking Lot $0 $0 $0 $4,000 $500 $4,500 Medical Administration Learning Center for the Deaf (The) 2010 7/20/2010 34NC11000360 Strain Jumping $0 $0 $0 $3,000 $300 $3,300 Medical Faculty Massachusetts Foreign Object in Eye Audubon Society 2010 7/20/2010 34NC11000370 (Misc.) $31 $0 $31 $1,969 $300 $2,300 Medical Camp Counselor Trustees of Clark University 2010 7/20/2010 34NC11000352 Strain Lifting $747 $0 $747 $1,254 $300 $2,300 Medical Custodial Services Trustees of Strain Twisting, Hampshire College 2010 7/20/2010 34NC11000356 Turning, Bending $0 $0 $0 $2,000 $300 $2,300 Medical Other Noble and Greenough School 2010 7/20/2010 34NC11000357 Insect Bite or Sting $39 $0 $39 $1,162 $300 $1,500 Medical Camp Counselor Fay School, Inc., Foreign Object in Eye (The) 2010 7/21/2010 34NC11000379 (Misc.) $0 $0 $0 $800 $800 $1,600 Medical Personnel Fenn School, (The) 2010 7/21/2010 34NC11000374 Miscellaneous Strain $0 $0 $0 $3,000 $300 $3,300 Medical Camp Counselor

Buckingham, Browne Slip/Fall from & Nichols School 2010 7/21/2010 34NC11000354 Ladder/Scaffold $0 $0 $0 $3,000 $300 $3,300 Medical Maintenance Massachusetts Audubon Society 2010 7/22/2010 34NC11000382 Hit/Hit by $0 $0 $0 $1,200 $800 $2,000 Medical Volunteers Massachusetts Audubon Society 2010 7/22/2010 34NC11000358 Unknown $0 $0 $0 $1,000 $600 $1,600 Medical Camp Counselor Contact with Trustees of Clark Chemicals, Caustics, University 2010 7/22/2010 34NC11000372 Acids, Oils $0 $0 $0 $3,000 $400 $3,400 Medical Student Workers Trustees of The Smith College 2010 7/23/2010 34NC11000361 Lifting $199 $0 $199 $602 $300 $1,100 Medical Custodial Services Cambridge School of Weston 2010 7/23/2010 34NC11000363 Strain Jumping $0 $0 $0 $800 $300 $1,100 Medical Camp Counselor Massachusetts Audubon Society 2010 7/27/2010 34NC11000369 Slip/Trip/Fall $0 $0 $0 $600 $300 $900 Medical Academic Programs Other

Worcester Academy 2010 7/27/2010 34NC11000388 Slip/Fall on Stairs $0 $0 $0 $4,000 $300 $4,300 Medical Library Wellesley College 2010 7/27/2010 34NC11000366 Slip/Fall on Stairs $1,166 $0 $1,166 $2,834 $500 $4,500 Medical Other

Belmont Day School 2010 7/27/2010 34NC11000367 Hit/Hit by $0 $0 $0 $2,000 $300 $2,300 Medical Camp Counselor Noble and Greenough School 2010 7/28/2010 34NC11000375 Unknown $0 $0 $0 $800 $600 $1,400 Medical Camp Counselor Massachusetts Audubon Society 2010 7/28/2010 34NC11000373 Insect Bite or Sting $0 $0 $0 $800 $400 $1,200 Medical Camp Counselor Kripalu Center for Yoga & Health Inc 2010 7/28/2010 34NC11000378 Miscellaneous Strain $0 $0 $0 $1,300 $700 $2,000 Medical Housekeeper Noble and Greenough School 2010 7/29/2010 34NC11000393 Hit/Hit by $0 $0 $0 $2,000 $300 $2,300 Medical Camp Counselor Trustees of Milton Slip/Fall at Recreational Academy 2010 7/30/2010 34NC11000384 Area $0 $0 $0 $500 $800 $1,300 Medical Personnel Marine Biological Laboratory 2010 8/1/2010 34NC11000377 Human Violence $0 $0 $0 $800 $600 $1,400 Medical Security Beaver Country Day Slip/Fall at Recreational G12 School 2010 8/3/2010 34NC11000383 Area $0 $0 $0 $800 $400 $1,200 Medical Camp Counselor Massachusetts Not Otherwise Audubon Society 2010 8/4/2010 34NC11000415 Classified $0 $0 $0 $500 $800 $1,300 Medical Personnel Noble and Greenough School 2010 8/4/2010 34NC11000394 Slip/Fall on Stairs $0 $0 $0 $1,200 $300 $1,500 Medical Camp Counselor Bostonian Society, Inc., (The) 2010 8/5/2010 34NC11000386 Contact With $0 $0 $0 $800 $300 $1,100 Medical Sales Trustees of The Smith College 2010 8/6/2010 34NC11000401 Inhalation of Substance $0 $0 $0 $0 $0 $0 Medical Grounds

Trustees of Amherst Repetitive Motion Strain College 2010 8/6/2010 34NC11000411 using Tool or Machine $0 $0 $0 $3,000 $500 $3,500 Medical Admin/Clerical New England Aquarium Corp. 2010 8/7/2010 34NC11000392 Slip/Trip/Fall $0 $0 $0 $2,000 $500 $2,500 Medical Education Plimoth Plantation, Inc 2010 8/7/2010 34NC11000407 Contact With $0 $0 $0 $0 $0 $0 Medical Interpretation Trustees of The Smith College 2010 8/8/2010 34NC11000412 Slip/Trip/Fall $0 $0 $0 $2,000 $300 $2,300 Medical Faculty Marine Biological Laboratory 2010 8/9/2010 34NC11000391 Slip/Fall on Stairs $0 $0 $0 $4,000 $500 $4,500 Medical Maintenance Marine Biological Laboratory 2010 8/9/2010 34NC11000389 Strain Lifting $0 $0 $0 $2,000 $300 $2,300 Medical Maintenance Contact with Sharp Cushing Academy 2010 8/9/2010 34NC11000390 Objects $0 $0 $0 $1,200 $300 $1,500 Medical Housekeeper Massachusetts Audubon Society 2010 8/10/2010 34NC11000396 Insect Bite or Sting $0 $0 $0 $1,000 $200 $1,200 Medical Camp Counselor Rivers School Corporation, The 2010 8/12/2010 34NC11000399 Reaching $0 $0 $0 $800 $300 $1,100 Medical Camp Counselor Trustees of Thayer Academy 2010 8/12/2010 34NC11000420 Slip/Fall on Stairs $0 $0 $0 $1,200 $200 $1,400 Medical Camp Counselor Old Sturbridge Village, Inc. 2010 8/12/2010 34NC11000408 Human Violence $0 $0 $0 $0 $0 $0 Medical Interpretation Massachusetts Audubon Society 2010 8/13/2010 34NC11000402 Slip/Trip/Fall $0 $0 $0 $1,000 $300 $1,300 Medical Camp Counselor Plimoth Plantation, Contact with Sharp Inc 2010 8/15/2010 34NC11000410 Objects $0 $0 $0 $1,200 $200 $1,400 Medical Carpenters

Trustees of The Temperature Extremes-- Smith College 2010 8/17/2010 34NC11000409 Hot Substances $0 $0 $0 $2,000 $300 $2,300 Medical Dining Services Other Mount Ida College 2010 8/19/2010 34NC11000413 Other $0 $0 $0 $3,000 $300 $3,300 Medical Camp Counselor Mount Ida College 2010 8/24/2010 34NC11000414 Hit/Hit by $0 $0 $0 $2,000 $1,000 $3,000 Medical Grounds & Service Massachusetts Audubon Society 2010 8/27/2010 34NC11000419 Unknown $0 $0 $0 $5,000 $300 $5,300 Medical Administration

G13 Member Loss Year Date of Loss Claim Number Injury Ind Paid Med Paid Exp Paid Total PaidInd Res Med Res Exp Res Total Inc Dept

Trustees of Amherst College 2010 3/10/2010 34NC11000145 Strain Reaching $6,320 $9,547 $854 $16,720 $19,289 $0 $0 $36,009 Dining Services Other Repetitive Motion Strain using Tool Wellesley College 2010 3/13/2010 34NC11000137 or Machine $3,237 $5,372 $214 $8,822 $5,988 $7,128 $3,186 $25,125 Dining Services Other Wellesley College 2010 3/13/2010 34NC11000135 Hit/Hit by $12,528 $9,770 $113 $22,411 $13,948 $7,230 $387 $43,977 Dining Services Other Middlesex School 2010 3/15/2010 34NC11000136 Slip/Fall on Stairs $662 $2,024 $87 $2,773 $1,338 $476 $413 $5,000 Housekeeper Stoneleigh-Burnham Miscellaneous School 2010 3/15/2010 34NC11000141 Strain $469 $3,891 $18 $4,378 $0 $0 $1,982 $6,360 Equestrian Center Dexter School 2010 3/23/2010 34NC11000199 Hit/Hit by $8,127 $6,064 $26 $14,217 $4,523 $18,883 $474 $38,097 Maintenance Trustees of Amherst Slip/Fall in Liquid College 2010 3/23/2010 34NC11000152 or Grease Spill $1,523 $3,236 $73 $4,832 $3,477 $4,764 $427 $13,500 Dining Services Other Wellesley College 2010 3/24/2010 34NC11000164 Slip/Fall on Stairs $2,351 $5,708 $187 $8,246 $0 $0 $1,313 $9,559 Custodial Services Slip/Fall at Same Wellesley College 2010 3/29/2010 34NC11000163 Level $120 $1,223 $106 $1,448 $380 $1,777 $194 $3,800 Bldg Svcs Heritage Plantation of Sandwich Inc 2010 4/1/2010 34NC11000200 Insect Bite or Sting $0 $65 $0 $65 $2,000 $2,935 $1,500 $6,500 Grounds Wellesley College 2010 4/1/2010 34NC11000165 Lifting $0 $737 $74 $811 $3,000 $3,263 $226 $7,300 Dining Services Other Boston College High Strain Pushing or School 2010 4/1/2010 34NC11000168 Pulling $8,534 $2,598 $0 $11,133 $355 $5,541 $3,000 $20,029 Custodial Services Trustees of The Smith Strain Pushing or College 2010 4/11/2010 34NC11000187 Pulling $8,817 $5,001 $96 $13,915 $8,517 $5,999 $3,904 $35,835 Other Trustees of The Smith College 2010 4/12/2010 34NC11000188 Strain Lifting $1,451 $1,257 $94 $2,802 $2,549 $3,743 $406 $9,500 Dining Services Other Kripalu Center for Yoga & Health Inc 2010 4/15/2010 34NC11000193 Auto Accident $0 $3,507 $66 $3,573 $3,000 $1,493 $434 $8,500 Administration Learning Center for the Strain Pushing or Deaf (The) 2010 4/15/2010 34NC11000222 Pulling $0 $1,715 $0 $1,715 $2,000 $285 $200 $4,200 Other Wilbraham & Monson Contact with Sharp Academy 2010 4/17/2010 34NC11000196 Objects $337 $767 $26 $1,129 $1,163 $2,233 $1,474 $6,000 Dining Services Other Trustees of Amherst College 2010 4/21/2010 34NC11000220 Hit/Hit by $73 $0 $0 $73 $1,927 $2,000 $200 $4,200 Dining Services Other Trustees of The Smith Strain Twisting, College 2010 4/26/2010 34NC11000207 Turning, Bending $186 $227 $19 $432 $3,814 $4,773 $481 $9,500 Administration New England Aquarium Corp. 2010 4/27/2010 34NC11000210 Slip/Fall on Stairs $53 $9 $0 $62 $0 $1,991 $300 $2,353 Customer Service Trustees of Amherst College 2010 4/27/2010 34NC11000219 Slip/Fall on Stairs $78 $413 $0 $491 $722 $2,087 $200 $3,500 Dining Services Other Trustees of Amherst College 2010 4/29/2010 34NC11000218 Slip/Fall on Stairs $260 $634 $0 $894 $1,740 $1,866 $300 $4,800 Library COMPASS 2010 4/30/2010 34NC11000217 Human Bite $271 $1,843 $0 $2,115 $729 $1,157 $1,400 $5,400 Education Derby Academy 2010 5/13/2010 34NC11000241 Slip/Trip/Fall $1,709 $1,602 $0 $3,311 $91 $3,398 $1,000 $7,800 Maintenance Trustees of The Smith College 2010 5/13/2010 34NC11000245 Slip/Fall on Stairs $796 $897 $0 $1,693 $1,204 $1,103 $300 $4,300 Housekeeper Strain Pushing or Wheaton College 2010 5/15/2010 34NC11000248 Pulling $1,951 $904 $0 $2,855 $649 $1,096 $2,300 $6,900 Bldg Svcs Trustees of The Smith Strain Twisting, College 2010 5/17/2010 34NC11000255 Turning, Bending $501 $227 $0 $728 $3,499 $4,773 $300 $9,300 Housekeeper Trustees of Hampshire Miscellaneous College 2010 5/22/2010 34NC11000253 Strain $3,127 $3,559 $0 $6,686 $949 $1,441 $300 $9,376 Custodial Services Repetitive Motion Strain using Tool Dana Hall School 2010 5/24/2010 34NC11000252 or Machine $1,012 $524 $0 $1,536 $6,440 $2,476 $500 $10,952 Dining Services Other College of the Holy Miscellaneous Cross, (The) 2010 5/27/2010 34NC11000273 Strain $2,627 $1,793 $0 $4,420 $6,248 $3,207 $500 $14,376 Dining Services Other Bay Farm Montessori Slip/Fall at Academy 2010 5/28/2010 34NC11000261 Recreational Area $0 $5,295 $0 $5,295 $8,060 $9,675 $500 $23,530 Faculty Trustees of Reservations 2010 5/31/2010 34NC11000262 Striking Against $101 $0 $0 $101 $0 $2,000 $300 $2,401 Property Worker G14 Fay School, Inc., (The) 2010 6/2/2010 34NC11000274 Slip/Fall on Stairs $3,161 $10,035 $2,990 $16,186 $4,893 $2,409 $10 $23,498 Housekeeper Trustees of The Smith Strain Pushing or College 2010 6/3/2010 34NC11000297 Pulling $3,117 $1,952 $0 $5,070 $1,883 $4,048 $300 $11,300 Housekeeper Wellesley College 2010 6/4/2010 34NC11000298 Slip/Trip/Fall $1,903 $1,436 $0 $3,339 $997 $3,564 $1,000 $8,900 Research Wellesley College 2010 6/6/2010 34NC11000278 Slip/Fall on Stairs $71 $38 $0 $110 $4,929 $4,962 $2,500 $12,500 Custodial Services Governor Dummer Car or Truck (Misc. Academy 2010 6/6/2010 34NC11000280 Accident) $312 $0 $0 $312 $1,688 $2,500 $300 $4,800 Dining Services Other Marine Biological Slip/Fall-Different Laboratory 2010 6/9/2010 34NC11000281 Level $289 $103 $0 $392 $1,711 $4,397 $300 $6,800 Other Trustees of Amherst College 2010 6/19/2010 34NC11000303 Strain Lifting $3,240 $531 $0 $3,771 $8,328 $1,969 $500 $14,568 Dining Services Other Trustees of Amherst Caught College 2010 6/21/2010 34NC11000305 In/On/Between $1,121 $860 $0 $1,981 $6,879 $0 $5,000 $13,860 HVAC Learning Center for the Deaf (The) 2010 6/22/2010 34NC11000311 Human Violence $1,482 $139 $0 $1,621 $1,018 $2,361 $750 $5,750 Academic Programs Other House of Seven Strain Twisting, Gables Settlement 2010 6/25/2010 34NC11000319 Turning, Bending $0 $1,851 $0 $1,851 $3,500 $3,649 $3,500 $16,000 Maintenance Trustees of Hampshire Slip/Fall-Different College 2010 6/29/2010 34NC11000314 Level $1,689 $1,067 $0 $2,756 $811 $3,933 $1,500 $9,000 Academic Programs Other Trustees of Amherst Animal Bite or College 2010 6/30/2010 34NC11000313 Scratch $59 $15 $0 $74 $941 $1,235 $500 $2,750 Academic Depts

Worcester Art Museum 2010 6/30/2010 34NC11000322 Strain Lifting $64 $40 $0 $104 $1,936 $3,960 $300 $6,300 Carpenters Slip/Fall at Same Brookwood School, Inc. 2010 7/2/2010 34NC11000321 Level $4,685 $2,436 $0 $7,121 $8,515 $12,564 $500 $28,700 Maintenance Trustees of Hampshire College 2010 7/6/2010 34NC11000326 Slip/Fall on Stairs $0 $0 $0 $0 $2,000 $2,000 $300 $4,300 Custodial Services Strain Pushing or Wellesley College 2010 7/7/2010 34NC11000349 Pulling $2,010 $1,411 $0 $3,421 $1,090 $3,589 $1,000 $9,100 Dining Services Other Buckingham, Browne & Slip/Fall from Nichols School 2010 7/8/2010 34NC11000338 Ladder/Scaffold $2,280 $1,212 $0 $3,492 $3,820 $0 $800 $8,112 Custodial Services Meadowbrook School Slip/Fall at of Weston, Inc. 2010 7/8/2010 34NC11000329 Recreational Area $1,486 $1,523 $0 $3,009 $1,514 $1,477 $300 $6,300 Faculty Trustees of Amherst College 2010 7/8/2010 34NC11000342 Strain Lifting $826 $0 $0 $826 $3,174 $5,000 $500 $9,500 Dining Services Other Trustees of Hampshire Exposure to Temp. College 2010 7/8/2010 34NC11000327 Extremes $0 $0 $0 $0 $2,000 $2,000 $300 $4,300 Bldg Svcs Struck by Falling Object (Collapse, Linden Hill School 2010 7/26/2010 34NC11000417 etc.) $0 $0 $0 $0 $2,000 $2,000 $300 $4,300 Dining Services Other Peabody Essex Miscellaneous Museum 2010 8/6/2010 34NC11000387 Strain $400 $72 $0 $472 $2,200 $6,428 $200 $9,300 Library College of the Holy Slip/Fall in Liquid Cross, (The) 2010 8/7/2010 34NC11000406 or Grease Spill $172 $0 $0 $172 $1,828 $2,000 $300 $4,300 Custodial Services Wheaton College 2010 8/17/2010 34NC11000418 Strain Lifting $0 $0 $0 $0 $2,000 $2,000 $300 $4,300 Other Peabody Essex Not Currently Museum 2010 8/17/2010 34NC11000403 Captured $0 $0 $0 $0 $2,000 $2,000 $300 $4,300 Security

G15

Smith College 34NC10406123 DOI: 3-1-06 DOB: 8-18-60 Status: As of 8-10-09-Order issued to S34 Temporary Total DOH: 8-19-85 Attorney: Peter Moran, Pellegrini, Seeley, Blakesly & Ryan Indemnity Paid: $60,385 Indemnity O/S: $23,608 Medical Paid: $42,141 Medical O/S: $3,516 Legal Paid: $5,743 Legal O/S: $0 Expense Paid: $4,121 Expense O/S: $3,000 Voc Rehab Paid: $0 Voc Rehab O/S: $0

Total Paid: $112,390 Total O/S: $30,124 Total Incurred: $143,140 MCM: Karen Murphy Dept: Fleet Mechanic AWW: $945.18 C/R: $567.11 Max Partial: 4-10-12

• 1996 - Prior non work-related back surgery at L4-5. Not put through WC but EE felt was work related. • 10-22-04 Work related back injury – climbing off loader onto ladder, not stable, shifted and fell approximately 4 feet. 3-16-05 Surgery at L5-S1. Out of work until 9-28-05 when he returned 4 hours per day, full as of 11-11-05. EE also had foot surgery due to fall. Claim Cost = $56,000.

• 3-1-06 45 year-old Mechanic alleges injury to his back when he was taking a tire off a truck it slipped out of his hands and he went to grab it. Later in the same day, another employee was backing a truck up into the shop and ended up hitting the employee in the right hip area, which somewhat knocked him over. • 5-1-06 Surgery - L3-4 discectomy with decompression of the L4-5 level. • Dr. Anderson released EE to his regular job 10-30-06, 4 hours per day for 10 work days; then increase to 6 hours per day for 10 work days, then back to his regular hours. Returned full 1-10-07. • EE was allowed to apply for less physical job on the recycle truck. The job was awarded to someone else with more seniority. EE bid for and was awarded the Laborer/Spare Truck Driver in the Grounds Department. 2-1-07 New position - $16.71 per hour, Laborer/Spare Truck Driver. 9-16-07 New position - $18.94 per hour, Waste Truck Driver

Gross earnings reported bi-weekly and Partial Disability benefits processed if earns below $945.18. If he earns above, he is not entitled to disability benefits. We have been paying TP benefits for applicable weeks since 10-30-06.

3 Subsequent work injuries: 2-2-09 – struck on head by falling ice – contusion to head/arms and back. Total Paid: $0 4-3-09 Slipped on wet step on truck cab, grabbed handle to prevent fall, twisted. Out of work short closed period. Total Paid: $274. 4-28-09 Dumpster came out of latch, dumpster struck employee – bruised right arm. Later employee indicated also injured back. Paid short closed period of disability. Total paid $442.

Meadowbrook TPA Associates 10 New England Business Center, Ste. 303, Andover, MA 01810 • (888) 444.4872 • Fax (978) 691.2477 www.meadowbrook.com G16

Continued back pain, went back to Dr. Anderson 5-09 who recommended surgery – L1-S1 posterior decompression & discectomies at right L1-2 and left L5-S1 with possible posterolateral fusion at L4-5. IME held 4-11-09 with Dr. Nairus who felt EE has not exhausted conservative measures and does not recommend surgery at this time. Dr. Nairus feels he needs to pursue conservative treatment especially weight loss. Surgery will not resolve his pain and may create problems at other levels due to his weight.

7-1-09 Dr. Anderson still recommending surgery – multilevel Decompression with full Decompression at L1-2, a left sided Decompression at L3-4, a left sided Decompression at L4-5 and a look at the right side at L4-5 and a left L5-S1 Decompression and osteophytic calcification removal, i.e. Discectomy. They do not think a fusion is necessary, but will evaluation when they operate.

Dr. Nairus, IME addendum, maintains his position in not recommending surgery due to his weight and potential more complex problems as a result. Surgery has been denied.

Continued to receive partial disability benefits for weeks he earned below his average weekly wage.

Retained legal counsel, and filed a claim for medical – surgery.

EE placed out of work by Dr. Betjemann as of 8-10-09 due to restrictions after FCE (Functional Capacity Evaluation on 8-7). He does have a work capacity within these restrictions. Worker’s Compensation will pick him up on Maximum Partial Disability benefits at $425.33 per week. We anticipate EE’s attorney joining their claim for Section 34 Temporary Total benefits.

Conference held – 11-4-09 Judge Chivers issued Order to Pay Section 34 benefits from 11-3-09 to date and continuing. Order to pay for proposed surgery but if appealed, the order as to surgery is stayed pending hearing.

Maximum benefit under Section 34, Temporary Total – 156 weeks. He has used 78 3/7 weeks of Temporary Total Benefits to date - - leaving 77 4/7.

He used 107 weeks of Temporary Partial - through 11/2/09 - - leaving 153 weeks - if he didn't use all Temporary Total benefits = $65,000.

Impartial Medical Exam took place 1-8-2010 with Dr. Brendler. He does not feel surgery is indicated and has a partial work capacity. If employee loses weight he could be re-assessed relative to surgery. We should not be paying Section 34 benefits based on work capacity. Hearing set for March 23, 2010 before Judge Chivers.

July 2010 Counsel will not provide a demand as EE continues to pursue Lumbar Myelogram & CT scan which UR has denied twice based on 2 peer reviews. Hearing took place 5/24/10 before Judge Paul Benoit. EE will try to put test through health insurer – new hearing date 7/28/10. 7/20/10 Appears EE not able to obtain tests he was pushing for. Counsel was to meet with EE to discuss settlement. He was not approved for SSDI at his first try.

Demand for settlement is $130,000. Based on conversation with employee’s attorney, appeared he was looking up to $100,000. We evaluated the claim around $65.000 based on the remaining Section 35, Partial Disability exposure. Section 36 for loss of function has not been paid. Employee’s counsel evaluated the claim based on the higher exposure of full benefits being available under his subsequent injuries which might allow using a new date of injury and new period of benefits. Hearing 7-28-10 put over to 10-5-10 to discuss resolution by settlement.

Meadowbrook TPA Associates 10 New England Business Center, Ste. 303, Andover, MA 01810 • (888) 444.4872 • Fax (978) 691.2477 www.meadowbrook.com G17

Full exposure of remaining Temporary Total and Temporary benefits $109,000. Potential exposure if established new date of injury for subsequent accidents in 2009 and full benefits for Temporary Total and Temporary Partial, approximately $177,000. Figures do not include benefit for loss of function.

At this time employee has a work capacity per our IME and the Impartial Medical Exam. Recommendation is to resolve claim by lump sum settlement. Employee is not capable of returning to work activity at Smith College due to his restrictions and lack of available positions within those restrictions and his experience.

Requesting authority for settlement in the amount of $100,000.

Meadowbrook TPA Associates 10 New England Business Center, Ste. 303, Andover, MA 01810 • (888) 444.4872 • Fax (978) 691.2477 www.meadowbrook.com G18

Section H Member Net Worth Requirements

MEMBERSHIP REQUIREMENT PREMIUM TO CAPITAL RATIO

The Department of Insurance requires that a SIG member have a workers compensation premium no greater than 10% of their net capital assets unless existing members are notified. Members are required to agree that they are jointly and severally liable for the SIG to meet its financial obligations. A recent evaluation of the net capital strength of our membership reflects about $4 billion in net assets almost evenly divided between Class B and Class A members.

Additional financial strength is provided by our continuing pool of dividends declared but no yet distributed. Our steady operational results since our inception in 1992 resulting in significant dividends every year is indicative of our ability to meet our obligations.

The motivating reason for ISCC coming into being was to provide a signal opportunity to independent schools, colleges and cultural organizations to control and reduce the cost of workers compensation insurance. Although NEEIA Compensation, Inc. (NCI) was organized some months earlier their minimum premium requirement for membership excluded participation by about 75% of the AISNE schools. ISCC has never seen fit to adopt a minimum premium requirement. Our goal is to be inclusive.

Over the past 18 years ISCC has declined 12 to 15 applications due to failure of the applicant to meet the minimum asset requirement. In our early days when our financial strength was less than we desired for comfort, it was appropriate to be more cautious in member selection. Only one applicant we declined had a premium in excess of $25,000.

Financial assets of members become a concern should ISCC fail to regularly collect sufficient premiums and control claim costs to meet operating expenses. We have declared dividends each and every year. Our actuaries who studied data from our charter members in 1992 concluded the worst case operating scenario revealed members would be required to contribute 25% above the standard premium while the best case scenario produced a dividend of 18%. The specter of “joint and several liability” has slowly but surely decreased as a real concern since those days.

Although we will always require financially solid members our more mature development permits us to welcome a limited number of entities who are struggling, even some that auditors may question whether their future is secure. ISCC can help those who demonstrate a willingness to maintain a safe workplace to save money on workers compensation coverage to improve their balance sheet..

I shall seek a motion at the next Board meeting to set a policy to waive the capital asset requirement for applicants whose yearly premium is less than $25,000. If you agree all members will be advised of this policy and will be notified when an applicant’s capital asset requirement has not been established as required by the Massachusetts Division of Insurance.