Meeting of the Board of Directors March 10, 2010

INDEPENDENT SCHOOLS COMPENSATION CORPORATION

MEETING OF THE BOARD OF DIRECTORS

Wednesday, March 10, 2010

10:30 AM

Assumption Cross

AGENDA

I. Minutes of the December 2, 2009 Meeting

II. Marketing Report

III. Discussion of Prospect with Negative Net Worth

IV. Claim & Loss Control Committee Report

V. Discussion of Claim Settlement Authority

VI. Treasurer’s Report

VII. Financial Report

VIII. Report of the Website Committee

IX. Next Meeting – Wednesday, June 9, 2010 – College of the Holy Cross a. Annual Meeting of Members and Board of Directors Meeting

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

Loss Ratio Report E

Investment Information F

Claim Report G

Loss Control Report H

Marketing I

Section A

Minutes

INDEPENDENT SCHOOLS COMPENSATION CORPORATION

MINUTES OF THE DECEMBER 2, 2009 MEETING OF THE BOARD OF DIRECTORS

Attendees Directors Guests Cornelius N. Bakker, Jr., President Carol DiPietro – Meadowbrook TPA Associates Don Vincent Terry Buckhout – Meadowbrook TPA Associates Kathy Cannon John Kosar – Meadowbrook TPA Associates Ed Gotgart John Schneiter – Hub International Laura Gaudette Dick O’Connell – Risk Strategies Ted Wade Thom Greenlaw Peter Shea Laura Smiarowski Bill Conley Jock Burns Paul Wykes Amy Chandler-Nelson Karen White

Meeting Venue The meeting was held on the campus of College of the Holy Cross.

Meeting Convened President Bakker called the meeting to order at 11:03 AM. A quorum was present at the meeting.

Excess Insurance Discussion The group’s excess insurance broker Dick O’Connell of Risk Strategies discussed the proposed Communicable Disease Endorsement to the ISCC excess policy. Two proposals were offered for Board consideration. After review and discussion, a motion was made to accept proposal 1 (Attachment A).

The motion was seconded and unanimously accepted.

Minutes of the September 17, 2009 Meeting A motion was made to accept the minutes of the meeting of September 17, 2009 as presented.

The motion was seconded and unanimously accepted.

Nominating Committee Report The Nominating Committee, consisting of Jock Burns, Don Vincent and Ed Gotgart put forth the following recommended slate for Class A Directors for a 3 year term of 1/1/10 through 12/31/12:

Class A Directors Nominated Cornelius N. Bakker, Jr. Donald Vincent Edward Gotgart W. Ted Wade Karen White Paul Wykes Jock Burns Thom Greenlaw Laura Gaudette

A motion was made directing the secretary to cast one vote for the above ballot presented.

The motion was seconded and unanimously accepted.

1 A1 2010 Officer Nomination The Nominating Committee put forward the following slate as officers of the Board of Directors of ISCC for the 2010 year:

Cornelius N. Bakker, Jr. – President Peter Shea – Vice President Donald Vincent – Treasurer Edward Gotgart – Clerk

A motion was made to elect the above presented slate for as officers of ISCC in the 2010 year .

The motion was seconded and unanimously accepted.

Marketing Report Mr. Schneiter provided a marketing update, referencing the marketing report included in the Board book materials. Mr. Schneiter noted that Perkins School for the Blind is currently evaluating whether the will be moving forward to spend the up-front money necessary for loss control services in order to be considered for ISCC membership. Mr. Schneiter also noted a couple of active prospects, including the Museum of Science and Kripalu Center for Yoga Education. Neither of these is yet at the stage to be brought forward for Board vote.

Hampshire College was presented to the Board for membership in ISCC effective January 1, 2010.

A motion was made to approve Hampshire College for membership in ISCC effective January 1, 2010.

The motion was seconded and unanimously accepted.

Report of the Claim and Loss Control Committee Mr. Greenlaw, as the Chairperson of the Claim and Loss Control Committee, referred the Board to sections G and H of the Board meeting materials which included claim and loss control materials discussed and reviewed at the committee meeting of November 20. Mr. Greenlaw noted a large representation of members at the meeting and good discussion on both safety and claim activity.

Mr. Buckhout discussed the online training presentation made by Mastery Technologies. He also reviewed various slip/fall products available to the membership. Terry noted that all members will have satisfied their safety training requirement by year end in order to retain their 2009 premium deviation.

Mr. Greenlaw noted that the next meeting of the claim and loss control committee will be held via webinar.

Treasurer’s Report Treasurer Vincent referred to the investment report included in the Board meeting materials in Section F, focusing first on the Total Return Summary on page F7 and then reviewing the investment manager’s report on pages F2 and F3.

Financial Report President Bakker reviewed the financial information included in Section C of the Board meeting materials as of September 30, 2009 and for the nine months then ending.

Dividend Votes A motion was made to approve a dividend distribution to the membership, to be paid in February 2010, in accordance with the dividend calculation distributed, in an amount totaling $3.386M.

The motion was seconded and unanimously accepted.

After motion duly made and seconded, it was

Voted: That pursuant to Section 14 of the Application and Indemnity Agreement and to the Surplus Funds and Assessments Plan for the Fund Year ending December 31, 2009, the Board of 2 A2 Directors of Independent Schools Compensation Corporation (the “Corporation”) hereby declares a policyholder distribution equal to one hundred percent (100%) of the Surplus Funds, if any, for the Fund Year ending December 31, 2009. Such policyholder distribution shall be paid to members of the Corporation in accordance with such Surplus Funds and Assessments plan.

Appointment of Auditor and Actuary A motion was made to appoint Shores, Tagman, Butler & Co. as auditor for ISCC for the 2009 year.

The motion was seconded and unanimously accepted.

A motion was made to appoint Towers Watson as actuary for ISCC for the 2009 year.

The motion was seconded and unanimously accepted.

Revised Application and Indemnity Agreement The revisions to the group’s Application and Indemnity Agreement were included in Section I1 through I14 of the Board meeting materials.

After review, a motion was made to accept the revised Application and Indemnity Agreement.

The motion was seconded and unanimously accepted.

Membership Bankruptcy Considerations A communication from Edwards Angell Palmer & Dodge LLP regarding membership bankruptcy considerations was included in the Board meeting materials for the Board members review.

It was agreed that the Member Financial Review Committee should continue to meet annually to review members’ financial position.

Other Business Ms. Cannon noted that she was concerned that ISCC did not have enough representation on the NEEIA Board.

A motion was made recommending that ISCC support NEEIA in 2010 in the amount of $3,350.

The motion was seconded and unanimously accepted.

A motion was made to appoint Spillane & Spillane LLP as ISCC’s legislative representative.

The motion was seconded and unanimously accepted.

Website Committee Discussion Mr. Wade provided an update on the progress to date in the development of an ISCC website. He noted that Intertwine Media had been selected for the website design.

Next Meeting The next meeting of the Board of Directors will be held on Wednesday, March 10, 2010 at Assumption College beginning at 10:30AM.

Adjournment There being no further business, there was a motion to adjourn the meeting at 12:45 PM.

The motion was seconded and unanimously accepted.

Respectfully submitted by,

______Edward Gotgart Clerk 3 A3 Attachment A

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

NEW YORK MARINE AND GENERAL INSURANCE COMPANY

SPECIFIC EXCESS AND AGGREGATE EXCESS WORKERS COMPENSATION AND EMPLOYERS LIABILITY INDEMNITY POLICY

COMMUNICABLE DISEASE ENDORSEMENT

In consideration of the premium charged, it is understood and agreed that:

Definition F. Occurrence is replaced with the following:

F. Occurrence. An occurrence is a fortuitous event of limited duration taking place at a specific location. No event that exceeds twenty-four (24) hours in duration shall be considered to be an event of limited duration. Should an event exceed twenty-four hours in duration, each twenty-four (24) hour period shall be deemed to be a separate occurrence. With respect to losses arising from a cumulative injury or occupational disease, the loss to each employee shall be deemed to have resulted from a separate occurrence.

Notwithstanding the preceding paragraph, all “Bodily Injury by Disease” arising out of a “Communicable Disease” shall be deemed to be a single occurrence.

“Communicable Disease” shall mean a compensable disease caused by an infectious organism provided the Insured can demonstrate that the transmission of such infectious organism arose out of a sudden and accidental event not exceeding 72 hours in duration.

It is further agreed that the most the Company will pay for loss arising from all “Bodily Injury by Disease” arising out of “Communicable Disease,” during the policy period is:

(a) Policy Part One, Workers Compensation: $50,000,000 (b) Policy Part Two, Employer’s Liability: $1,000,000

If the policy includes Aggregate coverage, and “Bodily Injury by Disease” arising out of “Communicable Disease” exceeds the Company’s Limit set forth above, such loss will be excluded from the Insured’s Retention for Aggregate Coverage.

Applicable to and forming part of Policy Number XXXXXXX issued by New York Marine and General Insurance Company to XXXXXXXXXXXXXX of XX dated XXXXXXXXXXXXX.

Authorized Representative

Endorse X

8/10/2009 A4

Section B

Financial Charts and Graphs

INDEPENDENT SCHOOLS COMPENSATION CORPORATION CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2009

Assets Cash and Invested Assets Premium Receivable

Other Assets

ASSETS December 31, 2009 December 31, 2008

Cash and Invested Assets $ 17,521,438 99% $ 17,447,604 99% Premium Receivable (56,185) 0% (275) 0% Other Assets 189,851 1% 205,500 1%

TOTAL $ 17,655,099 100% $ 17,652,828 100%

Liabilities Unearned Premium

Reserve for Losses and LAE Member Dividend Payable Other Liabilities

LIABILITIES December 31, 2009 December 31, 2008

Unearned Premium $ - 0% $0 0% Reserve for Losses and LAE 5,181,118 29% 4,703,675 27% Member Dividend Payable 11,924,496 68% 12,195,828 69% Other Liabilities 549,486 3% 753,325 4%

TOTAL $ 17,655,099 100% $17,652,828 100%

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

Written Premium

$10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0

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

Combined Ratios

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

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

Dividends Earned

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

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

B2 INDEPENDEDNT 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 00 01 02 03 04 05 06 07 08 09

Combined Ratios

100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 00 01 02 03 04 05 06 07 08 09

Dividends Earned

100.0%

80.0%

60.0%

40.0%

20.0%

0.0% 00 01 02 03 04 05 06 07 08 09

B3 ISCC Reinsurance Recoverable on Large Losses December 31, 2009 AIG Mead Total Paid Paid Paid Reserve Incurred Limit Recov Received A B TOTAL

1995 The Learning 180,766 128,165 308,931 (250,000) 58,931 (51,529) 7,402 Center for Deaf Children 121,512 121,512 121,512

180,766 128,165 308,931 121,512 430,443 (250,000) 180,443 (51,529) 128,914 128,914

1996 Allen Chase Foundation 280,372 29,038 309,410 (250,000) 59,410 (58,648) 762 (Eaglebrook) 11,661 11,661 11,661

280,372 29,038 309,410 11,661 321,071 (250,000) 71,071 (58,648) 12,424 12,424

1999 Amherst College 40,846 280,632 321,478 (250,000) 71,478 (85,793) (14,316) 58,072 58,072 58,072

40,846 280,632 321,478 58,072 379,549 (250,000) 129,549 (85,793) 43,756 43,756

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 0 701,623 701,623 (350,000) 351,623 (512,922) (161,299) 10,100 10,100 10,100

0 701,623 701,623 10,100 711,723 (350,000) 361,723 (512,922) 0 (151,199) (151,199)

EXCESS LIMITS 863,967 (847,745) 123,666 (107,443) 16,223 1992 - 2001 250,000 2002 300,000 2003 350,000 Reinsurance Recov - Paid (9,508) (175,615) (185,123) * 2004 500,000 2005 500,000 Reinsurance Recov - Unpaid 133,174 68,172 201,346 2005 (statutory limits) 25,500,000 of payroll 2006 500,000 2006 (statutory limits) 25,500,000 of payroll 123,666 (107,443) 16,223 2007 + 2008 + 2009 500,000

* Awaiting reimbursement from excess carrier.

B4 INDEPENDENT SCHOOLS COMPENSATION CORPORATION

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

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

Manual Premium 5,659,045 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 5,228,940 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 5,130,584 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% 10% 10% 10% 15% 10% 10% 10% 10% 15% 10%

Net Premium 4,084,800 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 26,354 30,644 35,685 35,289 30,796 29,816 27,395 25,973 24,213 22,834 26,017

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

# of Members 55555555444

Manual Premium 2,986,186 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 2,584,923 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 2,379,483 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% 10% 10% 10% 15% 10% 15% 15% 15% 15% 15%

Net Premium 1,862,499 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 372,500 445,365 519,291 481,855 396,256 398,708 395,967 348,808 301,949 297,339 326,286

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

2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999

Net Premium 5,947,299 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 3,984,884

Underwriting expenses incurred Administration and services Claims administration 3.0% 2.7% 2.2% 2.4% 2.8% 3.0% 3.0% 3.0% 4.0% 4.7% 4.5% Loss control 4.3% 3.6% 3.0% 3.2% 3.8% 3.5% 3.5% 3.7% 4.6% 4.5% 4.1% Broker services 2.5% 2.7% 4.3% 4.3% 4.4% 4.4% 4.3% 4.4% 4.5% 5.0% 5.1% 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% 0.4% 0.6% 0.6% 0.7% 0.8% 0.5% 0.7% 0.8% 1.2% 0.0% Program management 5.9% 5.1% 4.7% 4.8% 5.2% 5.4% 5.6% 5.7% 6.3% 6.8% 6.5% Subtotal 16.2% 14.6% 14.9% 15.2% 16.9% 17.1% 16.9% 17.5% 20.3% 22.3% 20.1% Insurance expense Excess insurance 7.9% 6.5% 7.2% 9.0% 10.1% 4.8% 6.3% 6.5% 10.8% 8.4% 6.5% D&O insurance 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.3% 0.3% 0.2% Other insurance 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.1% 0.0% 0.1% 0.0% 0.0% Subtotal 8.1% 6.7% 7.3% 9.1% 10.2% 5.0% 6.5% 6.7% 11.1% 8.7% 6.7% Other expenses Directors fees 0.2% 0.2% 0.2% 0.1% 0.0% 0.1% 0.2% 0.2% 0.3% 0.3% 0.3% Actuarial services 0.1% 0.1% 0.2% 0.2% 0.2% 0.1% 0.2% 0.1% 0.2% 0.2% 0.2% Premium audit services 0.6% 0.4% 0.4% 0.4% 0.5% 0.5% 0.3% 0.3% 0.3% 0.4% 0.3% Legal services 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% CPA 0.3% 0.3% 0.2% 0.2% 0.3% 0.3% 0.3% 0.3% 0.6% 0.6% 0.5% State examination 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% Invest manager / cash custodian 1.1% 0.9% 0.7% 0.7% 0.7% 0.7% 0.7% 0.8% 1.0% 1.1% 1.0% Licenses, taxes, & misc. 1.0% 0.5% 0.4% 0.4% 0.6% 0.4% 0.2% 0.3% 0.6% 0.3% 0.3% DIA fees (net of assessments) -0.1% 1.5% 1.5% 0.6% -0.4% 5.3% 4.7% 4.1% 3.9% 3.8% 3.4% Subtotal 3.2% 4.1% 3.7% 2.7% 1.9% 7.5% 6.8% 6.3% 7.2% 6.7% 6.1%

Total 27.5% 25.3% 25.8% 27.1% 29.0% 29.5% 30.2% 30.5% 38.6% 37.7% 33.0%

Total Underwriting Expenses 1,637,284 1,729,077 2,059,823 2,066,863 1,863,034 1,847,903 1,697,056 1,506,268 1,467,280 1,362,307 1,313,470

B6 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CONSOLIDATED

STATEMENT OF OPERATIONS - FUND YEARS 2008 & 2009

Actual Actual Comments Year Ending Year Ending December 31, 2008 % December 31, 2009 % Net Premium $6,823,426 100.0% $5,947,299 100.0% 20% deviation for both Class A and Class B

Underwriting expenses incurred Administration and services Claims administration $183,575 2.7% $178,825 3.0% Meadowbrook.; $125 med, $900 ind + $10,000 admin Loss control $247,112 3.6% $256,430 4.3% Meadowbrook, hourly rate @$130 + $1,500 library Broker services $186,424 2.7% $149,575 2.5% B&L; dev std Consulting fees $30,000 0.4% $30,000 0.5% Program management $350,000 5.1% $350,509 5.9% flat fee of 350k + 3% std dev. prem. for new members Subtotal $997,111 14.6% $965,339 16.2% Insurance expense Excess insurance $440,576 6.5% $469,240 7.9% New York Marine and General Ins. Company D&O insurance $12,670 0.2% $12,670 0.2% Other insurance $1,317 0.0% $1,323 0.0% Subtotal $454,563 6.7% $483,233 8.1%

Other expenses Directors fees $12,000 0.2% $11,500 0.2% $1,000 per director Actuarial services $8,000 0.1% $8,000 0.1% Tillinghast Premium audit services $29,475 0.4% $33,200 0.6% 2.5 hrs x $83/hr x 159 members Legal services $7,776 0.1% $0 0.0% CPA $18,500 0.3% $18,500 0.3% Shores, Tagman, Butler & Co. (audit & tax) Investment mgr/cash cust. $63,389 0.9% $67,711 1.1% Licenses, taxes, & misc. $35,166 * 0.5% $56,577 * 1.0% DIA fees (net of expenses) $103,097 1.5% ($6,776) ** (0.1%) Standard premium @ .05767/.0198 Subtotal $277,403 4.1% $188,712 3.2%

Total underwriting expenses $1,729,077 25.3% $1,637,284 27.5%

* Includes a DIA operations assessment for 2008 of $9,972.9 and $10,065.94 for 2009

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

B7 INDEPENDENT SCHOOLS COMPENSATION CORPORATION BALANCE SHEET - CLASS A DECEMBER 31, 2009

Assets Cash and Invested Assets Premium Receivable

Other Assets

ASSETS December 31, 2009 December 31, 2008

Cash and Invested Assets $ 11,751,492 98% $ 12,177,539 98% Premium Receivable (56,185) 0% (275) 0% Other Assets 236,524 2% 251,297 2%

TOTAL $ 11,931,830 100% $ 12,428,560 100%

Liabilities Unearned Premium

Reserve for Losses and LAE Member Dividend Payable Other Liabilities

LIABILITIES December 31, 2009 December 31, 2008

Unearned Premium $ - 0% $ - 0% Reserve for Losses and LAE 3,378,168 28% 2,741,512 22% Member Dividend Payable 8,196,497 69% 9,197,387 74% Other Liabilities 357,166 3% 489,661 4%

TOTAL $11,931,830 100% $12,428,560 100%

B8 INDEPENDENT SCHOOLS COMPENSATION CORPORATION BALANCE SHEET - CLASS B DECEMBER 31, 2009

Assets Cash and Invested Assets Premium Receivable

Other Assets

ASSETS December 31, 2009 December 31, 2008

Cash and Invested Assets $ 5,769,946 101% $ 5,270,065 101% Premium Receivable - 0% - 0% Other Assets (46,673) -1% (45,797) -1%

TOTAL $ 5,723,269 100% $5,224,268 100%

Liabilities Unearned Premium

Reserve for Losses and LAE Member Dividend Payable Other Liabilities

LIABILITIES December 31, 2009 December 31, 2008

Unearned Premium $ - 0% $ - 0% Reserve for Losses and LAE 1,802,950 32% 1,962,163 38% Member Dividend Payable 3,727,999 65% 2,998,441 57% Other Liabilities 192,320 3% 263,664 5%

TOTAL $ 5,723,269 100% $5,224,268 100%

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

Written Premium

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

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

Combined Ratios

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

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

Dividends Earned

100.0%

80.0%

60.0%

40.0%

20.0%

0.0%

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

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

Written Premium

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

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

Combined Ratios

180.0% 150.0% 120.0% 90.0% 60.0% 30.0% 0.0%

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

Dividends Earned

80.0%

50.0%

20.0%

-10.0% 0 1 2 3 4 5 6 7 8 9 2/0 2/0 2/0 2/0 2/0 2/0 2/0 2/0 2/0 2/0 1 1 1 1 1 1 1 1 1 1 -40.0%

B11

Section C

Financial Statements

INDEPENDENT SCHOOLS COMPENSATION CORPORATION UNAUDITED FINANCIALS FOR THE YEAR ENDING DECEMBER 31, 2009

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 YEAR ENDING DECEMBER 31, 2009

Twelve Month 12/31/2009 12/31/2008 Variance

Assets Cash & Investments $16,596,438$ 16,597,604 ($1,166) Funds on Deposit - Comm. of Mass. $925,000 850,000 $75,000 Interest Receivable $176,729 172,549 $4,180 Premiums & Assessments Receivable ($56,185) (275) ($55,910) Reins Recov on Unpaid Losses $201,345 266,971 ($65,626) Reins Recov on Paid Losses ($185,123) (211,086) $25,963 Funds Held in Escrow ($5,139) (5,139) $0 Other Assets $2,039 (17,796) $19,835

Total Assets $17,655,099$ 17,652,828 $2,274

Liabilities Unearned Premiums $0$ - $0 Reserve for Losses $5,181,118 4,703,675 $477,442 Member Dividends Payable $11,924,496 12,195,828 ($271,332) Income Taxes Payable $0 - $0 Accounts Payable $549,486 753,325 ($203,839)

Total Liabilities $17,655,099$ 17,652,828 $2,271

Liquidity Ratio 94% 94% 0% Reserve Ratio 29% 27% 3% Dividends Payable 68% 69% -2%

C1 INDEPENDENT SCHOOLS COMPENSATION CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS UNAUDITED FINANCIALS FOR THE YEAR ENDING DECEMBER 31, 2009

Twelve Month 12/31/2009 12/31/2008 Variance

Premiums Earned $6,224,136 $6,990,795 ($766,659)

Losses Incurred Paid $2,614,238 $2,924,135 ($309,897) Case Estimates ($25,758) ($1,157,884) $1,132,126 Reins Recov -Unpaid Losses $65,626 $151,893 ($86,267) Reins Recov -Paid Losses ($49,400) $189,768 ($239,168) IBNR Reserves $579,596 ($22,561) $602,157 Sub-total $3,184,302 $2,085,351 $1,098,951 Change in Discount ($76,399) $185,597 ($261,996) Total Losses Incurred $3,107,903 $2,270,948 $836,955

Expenses Incurred Administration $941,597 $1,067,152 ($125,555) Insurance $504,472 $468,262 $36,210 Other $201,115 $196,031 $5,084 Sub-total $1,647,184 $1,731,445 ($84,261) DIA Fee (net of expense) ($18,137) $130,088 ($148,225) Total Expenses $1,629,047 $1,861,533 ($232,486)

Investment & Other Income $860,743 $982,228 ($121,485)

Net Income (Pre-Tax / Pre-Dividend) $2,347,929 $3,840,542 ($1,492,613)

KEY RATIOS Losses Incurred Paid 42.0% 41.8% 0.2% Case Estimates -0.2% -11.7% 11.5% IBNR Reserves 9.3% -0.3% 9.6% Sub-total 51.2% 29.8% 21.3% Change in Discount -1.2% 2.7% -3.9% Total 49.9% 32.5% 17.4%

Expenses 26.2% 26.6% -0.5% Investment & Other Income 13.8% 14.1% -0.2% Net Income/Premiums 37.7% 54.9% -17.2%

C2 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS A MEMBERSHIP UNAUDITED BALANCE SHEET UNAUDITED FINANCIALS FOR THE YEAR ENDING DECEMBER 31, 2009

Balance at Balance at December 31, 2009 December 31, 2008

Assets Cash and investments $ 11,150,242 $ 11,625,039 Funds on deposit - Commonwealth of Mass. 601,250 552,500 Interest receivable 114,874 112,157 Premiums and assessments receivable (56,185) (275) Reinsurance recoverable on unpaid losses 133,173 164,936 Reinsurance recoverable on paid losses (9,508) (10,889) Funds held in escrow (3,340) (3,340) Other assets 1,326 (11,567)

Total assets $ 11,931,830 $ 12,428,560

Liabilities Unearned premiums $ - $ - Reserve for losses and LAE 3,378,168 2,741,512 Member dividends payable 8,196,497 9,197,387 Income taxes payable - - Accounts payable and accrued expenses 357,166 489,661

Total liabilities $ 11,931,830 $ 12,428,560

C3 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS A MEMBERSHIP STATEMENTS OF OPERATIONS UNAUDITED FINANCIALS FOR THE YEAR ENDING DECEMBER 31, 2009

Year Ending Year Ending December 31, 2009 % December 31, 2008 %

Premiums earned $ 4,282,078 100.0% $ 4,653,815 100.0%

Losses and LAE incurred 2,595,721 60.6% 1,631,259 35.1% Underwriting expenses incurred 1,175,513 27.5% 1,151,506 24.7% 3,771,234 88.1% 2,782,765 59.8%

Net underwriting gain 510,844 11.9% 1,871,050 40.2%

Net investment income 559,484 13.1% 638,447 13.7% Other income 6,780 0.2% (92,286) (2.0%) 566,264 13.2% 546,161 11.7%

Net income before income taxes and dividends to members 1,077,108 25.2% 2,417,211 51.9%

Income taxes 296 0.0% 296 0.0%

Net income before dividends to members 1,076,812 25.1% 2,416,915 51.9%

Dividends declared to members 1,076,812 25.1% 2,416,915 51.9%

Net income $ - 0.0% $ - 0.0%

C4 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 Years Consolidated 2009 2008 2007 2006 2005 2004 2003-1992 Fund Years

Premiums earned$ 4,084,800 100.0%$ 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%$ 59,055,382 100.0%

Losses incurred 2,689,481 65.8% 2,104,377 45.8% 2,156,919 40.0% 1,566,277 30.0% 1,358,387 30.6% 1,395,314 32.7% 10,051,143 32.4% 21,321,897 36.1% Underwriting expenses incurred 1,136,814 27.8% 1,126,227 24.5% 1,311,571 24.3% 1,377,057 26.4% 1,298,938 29.3% 1,256,590 29.5% 10,175,279 32.8% 17,682,476 29.9% 3,826,294 93.7% 3,230,604 70.3% 3,468,490 64.4% 2,943,334 56.4% 2,657,324 59.9% 2,651,904 62.2% 20,226,422 65.1% 39,004,372 66.0%

Net underwriting gain 258,506 6.3% 1,365,999 29.7% 1,919,940 35.6% 2,279,446 43.6% 1,777,248 40.1% 1,611,787 37.8% 10,838,084 34.9% 20,051,010 34.0%

Net investment income earned 80,740 2.0% 263,643 5.7% 391,343 7.3% 491,794 9.4% 412,234 9.3% 383,434 9.0% 4,404,894 14.2% 6,428,082 10.9% Other income (659) (0.0%) (74,697) (1.6%) (85,381) (1.6%) (37,388) (0.7%) 12,285 0.3% - 0.0% 188,604 0.6% 2,764 0.0% 80,081 2.0% 188,946 4.1% 305,962 5.7% 454,406 8.7% 424,519 9.6% 383,434 9.0% 4,593,498 14.8% 6,430,846 10.9%

Net income before dividends to members and income taxes 338,587 8.3% 1,554,945 33.8% 2,225,902 41.3% 2,733,852 52.3% 2,201,767 49.7% 1,995,221 46.8% 15,431,578 49.7% 26,481,852 44.8%

Income tax expense 296 0.0% 296 0.0% 296 0.0% 296 0.0% 296 0.0% 296 0.0% 5,446 0.0% 7,222 0.0%

Dividends payable to members 338,291 8.3% 1,554,649 33.8% 2,225,606 41.3% 2,733,556 52.3% 2,201,471 49.6% 1,994,925 46.8% 15,426,132 49.7% 26,474,630 44.8%

Member dividends paid - 0.0% - 0.0% - 0.0% 601,128 11.5% 959,949 21.6% 1,327,092 31.1% 15,389,957 49.5% 18,278,126 31.0%

Net dividends payable to members at December 31, 2009$ 338,291 8.3%$ 1,554,649 33.8%$ 2,225,606 41.3%$ 2,132,428 40.8%$ 1,241,522 28.0%$ 667,833 15.7%$ 36,175 0.1%$ 8,196,498 13.9%

C5 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS A MEMBERSHIP

CONSOLIDATING STATEMENT OF OPERATIONS FOR THE 2009 CALENDAR YEAR

Cumulative Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Changes Consolidated 2009 2008 Changes 2007 Changes 2006 Changes 2005 Changes 2004 Changes 2003 Changes 2002 to 1992 Calendar Year

Premiums earned$ 4,084,800 $ 197,278 $ - $ - $ - $ - $ - $ - $ 4,282,078

Losses incurred 2,689,481 360,454 (190,718) (154,729) (37,486) (83,573) 49,459 (37,166) 2,595,721 Underwriting expenses incurred 1,136,814 28,037 1,329 7,324 929 0 (0) 1,081 1,175,513 3,826,294 388,491 (189,389) (147,405) (36,558) (83,573) 49,459 (36,086) 3,771,234

Net underwriting gain (loss) 258,506 (191,213) 189,389 147,405 36,558 83,573 (49,459) 36,086 510,844

Net investment income earned 80,740 148,424 112,743 101,787 60,589 36,617 6,786 11,798 559,484 Other income (659) (3,965) 11,404 - - - - - 6,780 80,081 144,459 124,147 101,787 60,589 36,617 6,786 11,798 566,264

Net income before dividends to members and income taxes 338,587 (46,754) 313,536 249,192 97,147 120,190 (42,673) 47,884 1,077,108

Dividends declared to members 338,291 (46,754) 313,536 249,192 97,147 120,190 (42,673) 47,884 1,076,812

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

Income tax expense 296 - 296

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

C6 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS B MEMBERSHIP UNAUDITED BALANCE SHEET UNAUDITED FINANCIALS FOR THE YEAR ENDING DECEMBER 31, 2009

Balance at Balance at December 31, 2009 December 31, 2008

Assets Cash and investments $ 5,446,196 $ 4,972,565 Funds on deposit - Commonwealth of Mass. 323,750 297,500 Interest receivable 61,855 60,392 Premiums and assessments receivable - Reinsurance recoverable on unpaid losses 68,172 102,035 Reinsurance recoverable on paid losses (175,615) (200,196) Funds held in escrow (1,799) (1,799) Other assets 714 (6,228)

Total assets $ 5,723,269 $ 5,224,269

Liabilities Unearned premiums $ - $ - Reserve for losses and LAE 1,802,950 1,962,163 Member dividends payable 3,727,999 2,998,441 Income taxes payable - - Accounts payable and accrued expenses 192,320 263,664

Total liabilities $ 5,723,269 $ 5,224,269

C7 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS B MEMBERSHIP STATEMENT OF OPERATIONS UNAUDITED FINANCIALS FOR THE YEAR ENDING DECEMBER 31, 2009

Year Ending Ending Year Ending December 31, 2009 % December 31, 2008 %

Premiums earned $ 1,942,058 100.0% $ 2,336,980 100.0%

Losses and LAE incurred 512,182 26.4% 639,688 27.4% Underwriting expenses incurred 471,671 24.3% 579,938 24.8% 983,853 50.7% 1,219,626 52.2%

Net underwriting gain 958,205 49.3% 1,117,354 47.8%

Net investment income 301,261 15.5% 343,781 14.7% Other income 11,357 0.6% (37,802) (1.6%) 312,618 16.1% 305,979 13.1%

Net income before income taxes and dividends to members 1,270,823 65.4% 1,423,333 60.9%

Income taxes 160 0.0% 160 0.0%

Net income before dividends to members 1,270,663 65.4% 1,423,173 60.9%

Dividends declared to members 1,270,663 65.4% 1,423,173 60.9%

Net income $ - 0.0% $ - 0.0%

C8 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 Years Consolidated 2009 % 2008 2007 % 2006 % 2005 % 2004 % 2003-1993 % Fund Years %

Premiums earned$ 1,862,499 100%$ 2,226,823 100%$ 2,596,455 100%$ 2,409,273 100%$ 1,981,278 100%$ 1,993,540 100%$ 17,495,093 100%$ 30,564,961 100%

Losses incurred 1,316,574 71% 945,954 42% 1,004,727 39% 1,081,882 45% 938,663 47% 993,065 50% 8,172,319 47% 14,453,184 47% Underwriting expenses incurred 507,246 27% 499,753 22% 629,267 24% 645,767 27% 592,520 30% 591,313 30% 5,318,653 30% 8,784,519 29% 1,823,820 98% 1,445,708 65% 1,633,994 63% 1,727,650 72% 1,531,183 77% 1,584,377 79% 13,490,972 77% 23,237,703 76%

Net underwriting gain 38,679 2% 781,115 35% 962,461 37% 681,623 28% 450,095 23% 409,163 21% 4,004,121 23% 7,327,258 24%

Net investment income earned 42,927 2% 159,833 7% 247,000 10% 298,681 12% 217,826 11% 219,008 11% 2,659,299 15% 3,844,574 13% Other income 7,435 0% (28,400) (1%) (33,604) (1%) (6,651) (0%) 16,139 1% - 0% 139,313 1% 94,232 0% 50,362 3% 131,433 6% 213,396 8% 292,030 12% 233,965 12% 219,008 11% 2,798,612 16% 3,938,806 13%

Net income before dividends to members and income taxes 89,041 5% 912,548 41% 1,175,857 45% 973,653 40% 684,060 35% 628,171 32% 6,802,732 39% 11,266,063 37%

Income tax expense 160 0% 160 0% 160 0% 160 0% 160 0% 160 0% 4,301 0% 5,261 0%

Dividends payable to members 88,881 5% 912,388 41% 1,175,697 45% 973,493 40% 683,900 35% 628,011 32% 6,798,431 39% 11,260,802 37%

Member dividends paid - 0% - 0% - 0% 193,244 8% 235,640 12% 383,583 19% 6,720,340 38% 7,532,807 25%

Net dividends payable to members at December 31, 2009 $ 88,881 5%$ 912,388 41%$ 1,175,697 45%$ 780,249 32%$ 448,260 23%$ 244,428 12%$ 78,091 0%$ 3,727,999 12%

C9 INDEPENDENT SCHOOLS COMPENSATION CORPORATION - CLASS B MEMBERSHIP

CONSOLIDATING STATEMENT OF OPERATIONS FOR THE 2009 CALENDAR YEAR

Cumulative Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Fund Year Changes Consolidated 2009 2008 Changes 2007 Changes 2006 Changes 2005 Changes 2004 Changes 2003 Changes 2002 to 1993 Calendar Year

Premiums earned$ 1,862,499 $ 88,070 $ (8,511) $ - $ - $ - $ - $ - $ 1,942,058

Losses incurred 1,316,574 (542,680) (29,313) (84,309) (83,820) (17,953) (14,827) (31,490) 512,182 Underwriting expenses incurred 507,246 $ (37,249) $ (313) $ 3,378 $ (310) (0) (0) (1,081) 471,671 1,823,820 (579,928) (29,626) (80,930) (84,130) (17,954) (14,827) (32,571) 983,853

Net underwriting gain 38,679 667,998 21,115 80,930 84,130 17,954 14,827 32,571 958,205

Net investment income earned 42,927 86,204 69,499 51,613 24,888 15,513 3,218 7,399 301,261 Other income 7,435 (1,682) 5,604 - - - - - 11,357 50,362 84,522 75,103 51,613 24,888 15,513 3,218 7,399 312,618

Net income before dividends to members and income taxes 89,041 752,520 96,218 132,543 109,018 33,467 18,045 39,970 1,270,823

Dividends declared to members 88,881 752,520 96,218 132,543 109,018 33,467 18,045 39,970 1,270,663

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

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

C10

Section D

Dividends

ISCC Dividends Dividends Paid/Assessed Remaining Dividends 32%

68%

December 31, 2009 Total % 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992

Dividends Earned 37,735,432 100% 427,172 2,467,037 3,401,303 3,707,049 2,885,371 2,622,936 1,005,569 1,557,900 861,170 1,493,576 1,771,191 2,399,170 1,436,548 1,697,558 3,327,215 3,384,776 2,683,211 606,679 Dividends Paid/Assessed 25,810,933 68% 0 0 0 794,372 1,195,589 1,710,675 1,021,059 1,504,350 792,625 1,478,496 1,762,246 2,423,523 1,433,676 1,696,123 3,323,735 3,384,746 2,683,046 606,672 Remaining Dividends 11,924,496 32% 427,172 2,467,037 3,401,303 2,912,677 1,689,782 912,261 (15,490) 53,550 68,545 15,080 8,945 (24,353) 2,872 1,435 3,480 30 165 7

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

Projected Payout * 3,692,626 850,326 970,883 844,891 912,261 (15,490) 53,550 68,545 15,080 8,945 (24,353) 2,872 1,435 3,480 30 165 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 1992-2009 Valued as of December 31, 2009

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

The Academy at Charlemont, Inc. (new 9/22/09 AISNE (ISAM) $12,488 $6,893 55.2% $932 $529 56.7% $912 $536 58.8% $927 $567 61.1% $972 $501 51.6% Applewild School, Inc. $171,210 $92,015 53.7% $23,171 $9,217 39.8% $23,293 $12,909 55.4% $26,276 $6,877 26.2% $24,888 $12,601 50.6% Bancroft School $338,402 $171,169 50.6% $34,484 $8,067 23.4% $33,854 $19,616 57.9% $37,048 $22,118 59.7% $40,882 $21,086 51.6% Bay Farm Montessori Academy $7,076 $2,952 $11,650 $2,725 23.4% $10,605 $2,632 24.8% $14,816 $9,058 61.1% $20,455 $10,550 51.6% Beaver Country Day School $271,429 $147,629 54.4% $34,318 $18,426 53.7% $34,085 $19,770 58.0% $39,110 $23,891 61.1% $38,877 $19,917 51.2% Belmont Day School $169,344 $98,530 58.2% $19,089 $10,826 56.7% $20,270 $11,514 56.8% $22,171 $13,555 61.1% $23,365 $10,700 45.8% Belmont Hill School, Inc. $420,307 $224,702 53.5% $42,440 $19,422 45.8% $43,168 $17,443 40.4% $52,168 $24,474 46.9% $56,432 $16,435 29.1% Bement School $7,800 $3,254 $16,993 $9,637 56.7% $15,909 $7,709 48.5% $16,571 $9,210 55.6% $17,458 $9,005 51.6% Berkshire Country Day School $8,413 $3,510 $17,186 $8,004 46.6% $16,858 $9,765 57.9% $17,647 $10,789 61.1% $15,144 $7,506 49.6% Boston College High School $449,341 $246,213 54.8% $49,077 $27,216 55.5% $50,779 $27,039 53.2% $54,541 $31,937 58.6% $62,507 $31,613 50.6% Boston Trinity Academy Brimmer & May School $192,714 $99,420 51.6% $29,767 $16,616 55.8% $29,657 $17,285 58.3% $32,301 $18,385 56.9% $34,001 $15,609 45.9% Brooks School $727,404 $352,850 48.5% $68,373 $15,996 23.4% $74,774 $41,531 55.5% $97,275 $49,601 51.0% $131,726 $62,359 47.3% Brookwood School, Inc. $249,056 $110,172 44.2% $28,200 $12,894 45.7% $35,118 $20,657 58.8% $34,222 $20,923 61.1% $40,187 $20,728 51.6% Buckingham, Browne, & Nichols School $767,020 $386,229 50.4% $80,853 $30,049 37.2% $82,696 $20,527 24.8% $101,963 $43,798 43.0% $113,046 $51,930 45.9% Cambridge Friends School, Inc $24,760 $10,087 40.7% $20,800 $11,796 56.7% $20,364 $11,979 58.8% $21,417 $10,439 48.7% $19,776 $10,087 51.0% Cambridge Montessori School, Inc. $9,659 $3,958 41.0% $9,326 $5,289 56.7% $11,546 $6,792 58.8% $12,557 $7,677 61.1% $13,614 $7,022 51.6% Cambridge School of Weston $35,101 $10,795 30.8% $33,915 $17,083 50.4% $36,867 $21,475 58.2% $40,655 $21,709 53.4% $41,056 $19,931 48.5% Cape Cod Academy, Inc. $154,117 $81,846 53.1% $22,067 $11,457 51.9% $20,991 $11,802 56.2% $25,165 $15,208 60.4% $29,462 $9,007 30.6% Carroll School $271,350 $144,132 53.1% $32,081 $17,816 55.5% $26,758 $15,740 58.8% $34,304 $19,972 58.2% $35,542 $7,340 20.7% Chapel Hill - Chauncy School $151,076 $80,035 53.0% $16,543 $9,196 55.6% $16,096 $7,884 49.0% $16,291 $9,960 61.1% $18,286 $8,124 44.4% Charles River School $21,416 $8,261 38.6% $14,790 $8,388 56.7% $14,868 $8,746 58.8% $16,508 $10,093 61.1% $18,298 $9,438 51.6% Chestnut Hill School $162,180 $91,210 56.2% $20,218 $11,176 55.3% $17,585 $10,344 58.8% $21,010 $12,845 61.1% $21,410 $10,901 50.9% Clark School for Creative Learning, Inc. $3,049 $1,729 56.7% $1,849 $1,088 58.8% $2,175 $1,330 61.1% $3,890 $2,006 51.6% Clarke School for the Deaf $19,368 $7,447 38.4% Common School $42,226 $23,023 54.5% $5,535 $3,139 56.7% $6,496 $3,821 58.8% $6,244 $3,817 61.1% $5,645 $2,912 51.6% Commonwealth School $12,330 $5,099 41.4% $11,962 $6,784 56.7% $12,803 $7,531 58.8% $14,173 $8,665 61.1% $14,874 $7,672 51.6% COMPASS $172,860 $90,421 52.3% $25,049 $13,962 55.7% $27,677 $10,514 38.0% $13,736 $3,595 26.2% $20,256 $9,903 48.9% Covenant Christian School, Inc. $6,273 $2,501 39.9% $3,658 $2,074 56.7% $4,098 $2,411 58.8% $5,313 $3,019 56.8% $6,233 $3,123 50.1% Creative Education, Inc. New 7/9/06 $1,567 $958 61.1% $4,391 $2,265 51.6% Cushing Academy $97,865 $38,262 39.1% $61,580 $32,546 52.9% $53,374 $30,526 57.2% $58,185 $31,128 53.5% $69,563 $27,259 39.2% Dana Hall School $652,935 $280,735 43.0% $71,068 $40,154 56.5% $77,162 $43,994 57.0% $85,574 $49,481 57.8% $72,182 $35,717 49.5% Dedham Country Day School $181,503 $103,912 57.3% $18,695 $10,533 56.3% $19,257 $11,216 58.2% $19,754 $7,534 38.1% $20,436 $10,541 51.6% Derby Academy $126,656 $61,564 48.6% $18,146 $9,264 51.1% $18,942 $11,142 58.8% $21,864 $13,367 61.1% $23,865 $4,929 20.7% Dexter School $147,394 $58,928 40.0% $56,506 $13,219 23.4% $57,683 $33,060 57.3% $80,644 $48,394 60.0% $78,813 $16,277 20.7% Eaglebrook (Allen-Chase Foundation) $523,363 $267,748 51.2% $51,107 $28,148 55.1% $48,502 $17,671 36.4% $52,188 $27,967 53.6% $69,027 $33,601 48.7% Eli & Bessie Cohen Hillel Academy Inc Eliot Montessori School, Inc. $7,426 $3,055 41.1% $5,799 $3,289 56.7% $5,738 $2,782 48.5% $5,946 $3,635 61.1% $7,369 $3,801 51.6% Epiphany School (New 9/30/09) Falmouth Academy, Inc. $97,704 $51,703 52.9% $10,506 $5,958 56.7% $12,089 $7,111 58.8% $14,657 $6,851 46.7% $15,576 $6,474 41.6% Fay School, Inc. $479,469 $211,117 44.0% $49,023 $25,867 52.8% $47,698 $24,495 51.4% $51,265 $25,321 49.4% $50,332 $25,523 50.7% Fayerweather Street School, Inc. $14,144 $5,813 41.1% $12,154 $6,893 56.7% $12,102 $7,119 58.8% $13,607 $8,319 61.1% $14,336 $7,394 51.6% Fenn School $218,255 $122,509 56.1% $28,697 $15,965 55.6% $29,280 $17,223 58.8% $31,334 $18,246 58.2% $32,950 $8,479 25.7% Fessenden School $549,408 $296,899 54.0% $56,208 $31,771 56.5% $50,562 $28,721 56.8% $53,868 $29,144 54.1% $55,102 $28,228 51.2% Franklin Foundation $130,405 $70,027 53.7% $15,503 $8,466 54.6% $16,688 $4,142 24.8% $18,057 $11,040 61.1% $29,694 $15,316 51.6% Friends Academy, Trustees of $26,538 $10,601 39.9% $20,901 $6,323 30.3% $18,345 $10,791 58.8% $18,313 $11,196 61.1% $17,675 $8,997 50.9% German International School of Boston $3,708 $2,267 $4,703 $2,426 51.6% Glen Urquhart School, Inc. $87,708 $49,668 56.6% $12,901 $7,316 56.7% $12,376 $3,072 24.8% $13,292 $4,705 35.4% $18,424 $9,404 51.0% Governor's Academy $529,994 $249,426 47.1% $53,220 $12,451 23.4% $52,106 $26,589 51.0% $109,824 $65,387 59.5% $86,929 $17,953 20.7% Great Barrington Rudolf Steiner School $60,089 $32,654 54.3% $8,141 $4,617 56.7% $7,819 $4,599 58.8% $9,442 $5,773 61.1% $8,711 $4,493 51.6% Groton School $678,225 $306,680 45.2% $52,805 $29,514 55.9% $48,486 $27,347 56.4% $54,071 $30,544 56.5% $58,492 $29,517 50.5% Harborlight Montessori School $65,710 $33,691 51.3% $11,566 $6,559 56.7% $11,030 $6,280 56.9% $12,578 $7,690 61.1% $13,198 $6,807 51.6% Hillside School, Inc. $96,711 $52,516 54.3% $14,432 $5,666 39.3% $15,285 $7,604 49.7% $18,796 $11,491 61.1% $22,827 $11,774 51.6% Inly School $81,242 $40,946 50.4% $12,512 $7,096 56.7% $11,503 $2,855 24.8% $12,243 $7,435 60.7% $13,492 $6,936 51.4% International Institute of Boston Inc. $27,592 $11,664 42.3% $8,399 $4,763 56.7% $9,807 $5,769 58.8% $9,805 $5,907 60.2% $9,543 $4,922 51.6% International School of Boston (formerly Ecole $91,122 $39,685 43.6% $29,020 $14,106 48.6% $25,352 $14,913 58.8% $25,267 $14,576 57.7% $25,794 $8,534 33.1% Julie's Family Learning Program, Inc. $2,568 $1,325 51.6% Kingsley Montessori School $9,006 $3,643 40.5% $7,510 $4,259 56.7% $7,044 $4,143 58.8% $8,874 $4,495 50.7% $11,633 $6,000 51.6% Landmark Foundation, Inc. $624,461 $324,995 52.0% $72,084 $38,021 52.7% $77,033 $19,121 24.8% $89,605 $42,106 47.0% $102,858 $39,071 38.0% Laurel School $17,672 $9,439 53.4% $3,068 $1,740 56.7% $3,057 $1,798 58.8% $2,800 $1,712 61.1% $2,395 $1,235 51.6% Lawrence Academy, Trustees of $314,758 $171,485 54.5% $35,614 $8,332 23.4% $41,164 $23,267 56.5% $82,747 $49,374 59.7% $50,685 $24,263 47.9% Learning Center for Deaf Children $480,792 $194,067 40.4% $82,358 $37,989 46.1% $110,020 $60,854 55.3% $149,923 $83,896 56.0% $117,472 $58,432 49.7% Learning Project, Inc. $30,968 $16,209 52.3% $5,617 $3,185 56.7% $5,621 $3,306 58.8% $5,441 $3,327 61.1% $6,246 $3,222 51.6% Lexington Christian Academy $26,539 $10,602 39.9% $19,315 $10,954 56.7% $17,974 $10,573 58.8% $20,036 $12,250 61.1% $20,334 $9,796 48.2% Lexington Montessori School $56,948 $28,465 50.0% $11,526 $6,361 55.2% $11,301 $6,310 55.8% $11,912 $6,487 54.5% $12,587 $6,492 51.6% Linden Hill School $73,424 $32,755 44.6% $17,593 $9,977 56.7% $16,475 $7,816 47.4% $17,323 $4,534 26.2% $14,183 $2,929 20.7% Maimonides School, Inc. N.B. 3/26/04 $27,914 $15,830 56.7% $33,697 $9,498 28.2% $32,881 $15,932 48.5% $37,476 $19,330 51.6% Massachusetts Historical Society, Inc. $2,406 $1,004 $4,656 $2,640 56.7% $4,487 $2,639 58.8% $4,260 $2,604 61.1% $4,405 $2,272 51.6% Meadowbrook School of Weston, Inc. $244,865 $144,992 59.2% $21,879 $10,577 48.3% $19,632 $10,967 55.9% $26,796 $15,701 58.6% $29,413 $6,075 20.7% Middlesex School $597,882 $301,348 50.4% $54,138 $22,407 41.4% $53,157 $13,195 24.8% $63,376 $16,586 26.2% $77,198 $15,943 20.7% Milton Academy, Trustees of $1,029,381 $462,212 44.9% $93,860 $48,419 51.6% $104,976 $50,964 48.5% $120,851 $54,211 44.9% $128,331 $62,397 48.6% Nashoba Brooks School $174,120 $92,713 53.2% $20,467 $11,126 54.4% $23,099 $5,734 24.8% $27,208 $16,259 59.8% $44,589 $22,998 51.6% New England Assoc. of Schools $49,311 $25,916 52.6% $6,866 $3,894 56.7% $5,985 $3,521 58.8% $7,257 $4,437 61.1% $7,421 $3,828 51.6%

D3 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2009 Valued as of December 31, 2009

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

Newton Country Day School $151,862 $74,078 48.8% $29,336 $15,452 52.7% $28,585 $16,815 58.8% $29,650 $7,760 26.2% $33,039 $8,409 25.5% Noble & Greenough School $712,904 $362,514 50.9% $59,420 $23,867 40.2% $59,791 $27,265 45.6% $80,208 $44,955 56.0% $88,275 $43,371 49.1% North Bennet Street School $65,457 $34,442 52.6% $11,295 $6,406 56.7% $10,536 $6,198 58.8% $11,867 $6,271 52.8% $11,245 $5,800 51.6% North Shore Nursery School N.B. 6/30/03 $771 $322 $1,586 $899 56.7% $1,608 $946 58.8% $1,672 $1,022 61.1% $1,864 $961 51.6% Oak Meadow Montessori School $31,065 $15,648 50.4% $7,753 $4,397 56.7% $7,491 $3,488 46.6% $8,275 $5,059 61.1% $10,059 $5,188 51.6% Park School $451,704 $234,369 51.9% $44,149 $22,971 52.0% $44,709 $23,458 52.5% $55,281 $14,467 26.2% $61,953 $12,795 20.7% Park Street Kids, Inc. (new 9/1/09) Phoenix School $14,658 $7,610 51.9% $2,564 $1,454 56.7% $2,126 $1,251 58.8% $1,712 $1,047 61.1% $1,375 $709 51.6% Pike School $266,693 $130,982 49.1% $28,904 $13,348 46.2% $40,742 $23,934 58.7% $66,084 $39,776 60.2% $48,437 $24,983 51.6% Pincushion Hill Montessori N.B. 6/23/03 $2,660 $1,110 $5,232 $2,967 56.7% $5,664 $3,332 58.8% $5,024 $3,072 61.1% $4,744 $2,447 51.6% Pine Cobble School, Inc. $82,458 $42,410 51.4% $7,295 $4,030 55.2% $6,631 $3,901 58.8% $7,240 $3,132 43.3% $6,909 $3,564 51.6% Pingree School $291,456 $169,260 58.1% $26,423 $14,985 56.7% $26,080 $15,212 58.3% $29,063 $7,606 26.2% $30,673 $15,821 51.6% Rashi School $71,233 $34,921 49.0% $17,249 $9,333 54.1% $18,006 $10,570 58.7% $20,038 $12,251 61.1% $21,802 $11,245 51.6% Rivers School Corporation $430,382 $230,322 53.5% $42,997 $17,926 41.7% $44,011 $24,481 55.6% $52,308 $17,223 32.9% $53,308 $25,312 47.5% Riverview School, Inc. $158,583 $50,203 31.7% $78,942 $27,724 35.1% $65,443 $16,244 24.8% $91,746 $24,010 26.2% $102,730 $21,217 20.7% Roxbury Latin, Trustees of $205,278 $103,444 50.4% $27,644 $15,677 56.7% $26,955 $15,856 58.8% $27,843 $16,534 59.4% $29,239 $15,081 51.6% The Sage Center for Learning $3,128 $1,840 58.8% $9,874 $6,037 61.1% $10,463 $5,397 51.6% Shady Hill School $371,927 $184,184 49.5% $43,742 $24,585 56.2% $42,284 $24,078 56.9% $45,506 $26,820 58.9% $45,931 $22,587 49.2% Shore Country Day School $274,344 $136,118 49.6% $25,908 $14,479 55.9% $26,809 $15,753 58.8% $29,317 $7,672 26.2% $32,406 $15,158 46.8% Showa Women's Inst. for Lge & Cul. Inc. $219,517 $115,158 52.5% $16,192 $8,242 50.9% $19,961 $10,192 51.1% $24,784 $14,391 58.1% $24,205 $12,209 50.4% Solomon Schechter Day School of Greater B $37,952 $9,944 26.2% $29,646 $16,813 56.7% $32,212 $17,713 55.0% $34,388 $20,466 59.5% $34,703 $17,671 50.9% South Area Solomon Schechter Day School $4,712 $2,672 56.7% $11,999 $7,058 58.8% $13,140 $3,439 26.2% $13,143 $6,779 51.6% South Shore Conservatory of Music New 5/1 $5,398 $2,252 $9,673 $5,486 56.7% $9,966 $5,862 58.8% $10,976 $6,710 61.1% $10,542 $5,437 51.6% St. Mark's School $521,341 $292,446 56.1% $47,476 $26,421 55.7% $48,501 $24,128 49.7% $52,710 $23,274 44.2% $50,825 $21,031 41.4% Stoneleigh-Burnham School $464,313 $150,059 32.3% $57,939 $13,555 23.4% $67,229 $36,272 54.0% $75,150 $42,052 56.0% $82,351 $39,110 47.5% Stoneridge Children's Montessori School $28,239 $13,399 47.4% $7,453 $4,227 56.7% $7,409 $4,358 58.8% $7,293 $2,944 40.4% $7,714 $2,142 27.8% Tenacre Country Day School $235,942 $126,745 53.7% $18,982 $8,938 47.1% $18,213 $10,713 58.8% $24,479 $14,805 60.5% $21,970 $10,543 48.0% Thacher Montessori School, Inc. $8,001 $3,029 $9,253 $4,801 51.9% $9,573 $5,631 58.8% $9,796 $5,989 61.1% $8,456 $4,089 48.4% Thayer Academy, Trustees of $440,962 $213,440 48.4% $52,248 $19,207 36.8% $53,691 $28,575 53.2% $81,356 $48,134 59.2% $81,892 $16,913 20.7% Tower School in Marblehead, Inc. $159,842 $93,156 58.3% $17,190 $9,749 56.7% $18,454 $8,971 48.6% $21,528 $12,584 58.5% $24,491 $7,002 28.6% Waldorf High School of MA $0 $0 $2,055 $1,256 $3,314 $1,709 51.6% Waldorf School $131,987 $64,838 49.1% $11,296 $6,406 56.7% $11,927 $5,822 48.8% $13,382 $8,181 61.1% $16,320 $8,418 51.6% Walnut Hill School, Inc. $300,362 $160,058 53.3% $32,587 $13,326 40.9% $41,761 $10,366 24.8% $35,525 $19,242 54.2% $64,010 $32,060 50.1% Waring School (The) N.B. 1/25/03 $8,412 $3,509 $9,766 $5,538 56.7% $10,397 $6,116 58.8% $10,686 $6,533 61.1% $10,582 $5,458 51.6% Wilbraham Monson Academy $404,219 $236,288 58.5% $26,522 $12,974 48.9% $27,452 $12,181 44.4% $32,571 $13,537 41.6% $42,715 $19,270 45.1% Williston Northampton School $835,212 $388,044 46.5% $163,297 $82,465 50.5% $135,605 $73,991 54.6% $142,461 $69,787 49.0% $93,916 $19,396 20.7% Willow Hill School, Inc. New 4/1/03 $4,299 $1,244 $6,750 $3,828 56.7% $7,192 $4,231 58.8% $10,404 $6,127 58.9% $10,108 $5,214 51.6% Winchendon School, Inc. $199,758 $97,142 48.6% $23,176 $7,094 30.6% $50,591 $29,107 57.5% $66,011 $35,182 53.3% $69,455 $14,344 20.7% Winsor School $337,544 $179,956 53.3% $40,309 $13,761 34.1% $36,590 $21,523 58.8% $43,504 $26,597 61.1% $45,875 $23,662 51.6% Woodward School $7,959 $3,266 41.0% $6,964 $3,949 56.7% $7,112 $4,183 58.8% $6,322 $3,865 61.1% $6,106 $3,149 51.6% Worcester Academy $330,866 $143,321 43.3% $53,617 $12,544 23.4% $48,823 $22,086 45.2% $69,829 $33,728 48.3% $71,301 $33,910 47.6%

Non Current Group I Bartlett School Cancelled 11/18/09 $4,388 $2,683 61.1% $7,973 $4,112 51.6% Savio Prep, Inc. $78,231 $37,070 47.4% $9,398 $5,330 56.7% $7,021 $4,130 58.8% $5,061 $3,094 61.1% $2,294 $1,183 51.6%

Subtotals 114 (Group I) $21,903,134 $10,862,856 49.6% $2,953,765 $1,383,533 46.8% $3,028,162 $1,519,616 50.2% $3,614,230 $1,865,094 51.6% $3,779,581 $1,583,488 41.9%

GROUP II - HIGHER EDUCATION Andover Newton Theological School $245,989 $129,317 52.6% $19,134 $9,945 52.0% $17,887 $10,322 57.7% $19,229 $11,405 59.3% $19,557 $10,087 51.6% Boston Conservatory $138,353 $68,929 49.8% $31,938 $10,878 34.1% $33,490 $19,700 58.8% $43,056 $19,376 45.0% $50,219 $25,440 50.7% Cambridge College, Inc. $391,569 $176,883 45.2% $69,957 $38,664 55.3% $68,425 $40,250 58.8% $78,362 $47,651 60.8% $81,765 $42,088 51.5% Eastern Nazarene College $341,017 $171,660 50.3% $49,463 $11,572 23.4% $59,627 $34,274 57.5% $58,629 $35,521 60.6% $59,382 $28,832 48.6% Episcopal Divinity School $90,738 $45,718 50.4% $18,342 $10,048 54.8% $18,753 $10,670 56.9% $20,008 $12,084 60.4% $19,557 $10,087 51.6% Five Colleges, Inc. $5,149 $2,920 56.7% $4,369 $2,570 58.8% $4,834 $2,955 61.1% $5,059 $2,609 51.6% Hebrew College $206,133 $114,478 55.5% $40,839 $23,160 56.7% $39,117 $23,010 58.8% $38,941 $23,808 61.1% $40,164 $20,716 51.6% Lesley University $1,195,265 $660,475 55.3% $158,900 $61,820 38.9% $152,554 $84,029 55.1% $183,338 $89,970 49.1% $182,466 $93,410 51.2% Marine Biological Laboratory N.B. 3/1/04 $80,557 $44,553 55.3% $95,114 $54,904 57.7% $101,570 $51,146 50.4% $96,540 $45,383 47.0% Mass Higher Education Consortium $1,482 $590 39.8% $715 $405 56.7% $899 $529 58.8% $918 $561 61.1% $927 $478 51.6% Montesserat College of Art $137,693 $70,586 51.3% $22,025 $9,381 42.6% $25,335 $7,491 29.6% $22,936 $13,287 57.9% $23,078 $11,512 49.9% Mount Ida College $30,116 $15,612 51.8% $53,821 $30,213 56.1% $62,847 $30,242 48.1% $67,898 $32,770 48.3% Nichols College $24,560 $13,928 56.7% $46,820 $25,221 53.9% $57,231 $31,794 55.6% $50,338 $10,396 20.7% Sea Education Association, Inc. $131,376 $68,153 51.9% $11,657 $6,611 56.7% $11,899 $2,954 24.8% $10,247 $6,265 61.1% $17,670 $9,114 51.6% Wellesley College (thru 2/93) $199,952 $82,788 Wheaton College $95,683 $41,710 43.6% $189,238 $75,985 40.2% $222,404 $131,446 59.1% $224,547 $84,366 37.6%

Subtotals 15 (Group II) $3,079,567 $1,589,576 51.6% $659,035 $301,209 45.7% $817,348 $422,119 51.6% $924,550 $507,511 54.9% $939,167 $427,290 45.5%

GROUP III - CULTURAL INSTITUTIONS American Congregational Association $50,528 $32,249 63.8% $3,065 $1,738 56.7% $2,929 $1,723 58.8% $3,027 $1,851 61.1% $3,113 $1,606 51.6% Boston Center for Adult Education, Inc. $87,898 $47,247 53.8% $9,959 $5,461 54.8% $8,429 $4,958 58.8% $9,565 $5,848 61.1% $7,627 $3,934 51.6% Boston Lyric Opera Company $6,077 $3,134 51.6% Bostonian Society, Inc. (The) $2,152 $1,220 56.7% $2,159 $1,270 58.8% $2,523 $1,263 50.1% $2,909 $1,500 51.6% Cambridge Center for Adult Education $113,677 $63,201 55.6% $11,458 $6,223 54.3% $10,155 $5,973 58.8% $11,168 $6,828 61.1% $11,020 $5,684 51.6% Children's Museum $185,364 $90,422 48.8% $17,156 $6,532 38.1% $10,474 $2,600 24.8% $11,653 $3,050 26.2% $13,542 $6,618 48.9% Concord Antiquarian Society $3,861 $1,555 40.3% $1,329 $754 56.7% $1,343 $790 58.8% $1,330 $813 61.1% $1,344 $693 51.6% Hammond Museum, Inc. $11,258 $5,075 45.1% $2,503 $1,419 56.7% $2,040 $1,200 58.8% $3,172 $1,939 61.1% $3,150 $1,625 51.6%

D4 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2009 Valued as of December 31, 2009

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

House of Seven Gables $63,770 $30,531 47.9% $8,575 $4,863 56.7% $7,131 $2,849 40.0% $7,565 $4,625 61.1% $9,763 $5,036 51.6% Institute of Contemporary Art, Inc. $2,817 $1,598 56.7% $5,179 $3,046 58.8% $13,791 $7,347 53.3% $17,696 $9,127 51.6% Isabella Stewart Gardner Museum $381,061 $228,760 60.0% $30,102 $16,742 55.6% $29,596 $17,011 57.5% $28,127 $16,615 59.1% $31,671 $16,176 51.1% Library of the Boston Athenaem $53,316 $28,731 53.9% $9,880 $4,590 46.5% $9,600 $5,617 58.5% $11,074 $6,770 61.1% $11,018 $5,683 51.6% MA Audubon Society $646,445 $334,314 51.7% $58,344 $29,189 50.0% $56,478 $30,802 54.5% $61,173 $29,868 48.8% $66,383 $13,710 20.7% New England Aquarium Corp. $1,102,010 $593,543 53.9% $91,278 $48,196 52.8% $103,211 $55,252 53.5% $111,462 $66,351 59.5% $82,428 $17,024 20.7% Old Sturbridge Village $735,712 $339,154 46.1% $63,401 $28,005 44.2% $62,960 $26,181 41.6% $63,067 $37,812 60.0% $45,986 $18,921 41.1% Peabody Essex Museum $281,311 $155,796 55.4% $39,800 $20,267 50.9% $43,538 $25,377 58.3% $45,920 $25,964 56.5% $48,901 $22,164 45.3% Pilgrim Society $8,314 $4,124 49.6% $1,559 $884 56.7% $1,529 $899 58.8% $1,747 $1,068 61.1% $1,729 $892 51.6% Plimoth Plantation, Inc. $705,341 $253,298 35.9% $86,718 $34,582 39.9% $81,612 $21,933 26.9% $111,086 $42,996 38.7% $111,914 $23,113 20.7% SPNEA $276,335 $157,734 57.1% $29,319 $10,206 34.8% $20,191 $9,781 48.4% $39,456 $19,410 49.2% $34,161 $10,430 30.5% Stephen Phillips Memorial Charitable Trust $2,903 $1,172 40.4% $1,963 $1,113 56.7% $1,531 $901 58.8% $720 $440 61.1% $812 $419 51.6% Trustees of Reservations $912,126 $396,095 43.4% $136,356 $73,741 54.1% $87,863 $21,810 24.8% $90,583 $50,720 56.0% $105,245 $21,736 20.7% Wellspring House, Inc. $32,235 $15,284 47.4% $4,896 $2,777 56.7% $4,964 $1,232 24.8% $5,279 $3,227 61.1% $5,518 $2,846 51.6% Worcester Art Museum $302,884 $136,437 45.0% $25,123 $7,046 28.0% $23,723 $11,277 47.5% $27,762 $12,789 46.1% $30,258 $15,607 51.6% Worcester Natural History Society (EcoTarium $125,456 $59,003 47.0% $13,138 $3,074 23.4% $12,427 $7,310 58.8% $22,750 $13,453 59.1% $17,417 $7,260 41.7%

Subtotals 24 (Group III) $6,081,805 $2,973,723 48.9% $650,891 $310,219 47.7% $589,062 $259,793 44.1% $684,000 $361,049 52.8% $669,682 $214,937 32.1%

Totals 153 (Class A) $31,064,506 $15,426,155 49.7% $4,263,691 $1,994,961 46.8% $4,434,572 $2,201,528 49.6% $5,222,780 $2,733,654 52.3% $5,388,430 $2,225,715 41.3%

CLASS B MEMBERS Amherst College $2,845,204 $834,723 29.3% $343,243 $143,804 41.9% $346,762 $147,793 42.6% $425,020 $238,210 56.0% $382,921 $91,715 24.0% Clark University, Trustees of $525,352 $21,913 4.2% $254,449 $166,765 65.5% $266,320 $129,690 48.7% $268,040 -$30,198 -11.3% $310,954 $109,763 35.3% College of the Holy Cross $3,429,192 $1,428,456 41.7% $334,783 $186,370 55.7% $346,445 $209,719 60.5% $342,300 $210,924 61.6% $375,883 $104,857 27.9% Smith College $5,710,244 $2,692,933 47.2% $542,397 $141,210 26.0% $455,917 $273,243 59.9% $576,600 $156,641 27.2% $562,529 $256,331 45.6% Wellesley College $4,985,101 $1,820,397 36.5% $518,668 -$10,152 -2.0% $565,834 -$76,563 -13.5% $797,313 $397,878 49.9% $964,168 $612,979 63.6%

Totals 5 (Class B) $17,495,093 $6,798,422 38.9% $1,993,540 $627,998 31.5% $1,981,278 $683,881 34.5% $2,409,273 $973,456 40.4% $2,596,455 $1,175,645 45.3%

Totals 158 (Class A & B) $48,559,599 $22,224,577 45.8% $6,257,231 $2,622,959 41.9% $6,415,850 $2,885,409 45.0% $7,632,053 $3,707,109 48.6% $7,984,885 $3,401,360 42.6%

D5 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2009 Valued as of December 31, 2009

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

CLASS A MEMBERS

GROUP I - INDEPENDENT SCHOOLS

The Academy at Charlemont, Inc. (new 9/22/0 $1,863 $204 10.9% $1,863 $204 10.9% AISNE (ISAM) $904 $376 41.6% $835 $91 10.9% $17,970 $9,494 52.8% Applewild School, Inc. $27,125 $11,048 40.7% $20,689 $1,903 9.2% $316,652 $146,570 46.3% Bancroft School $36,817 $14,973 40.7% $30,347 $3,016 9.9% $551,834 $260,045 47.1% Bay Farm Montessori Academy $12,734 $5,299 41.6% $9,201 $1,006 10.9% $86,537 $34,224 39.5% Beaver Country Day School $34,283 $13,516 39.4% $27,623 $2,964 10.7% $479,725 $246,112 51.3% Belmont Day School $20,504 $7,087 34.6% $18,594 $1,935 10.4% $293,337 $154,146 52.5% Belmont Hill School, Inc. $50,643 $11,474 22.7% $48,589 $5,314 10.9% $713,747 $319,265 44.7% Bement School $16,525 $6,876 41.6% $15,053 $1,646 10.9% $106,309 $47,337 44.5% Berkshire Country Day School $12,432 $5,001 40.2% $12,757 $1,395 10.9% $100,437 $45,970 45.8% Boston College High School $58,245 $23,605 40.5% $50,220 $4,511 9.0% $774,710 $392,134 50.6% Boston Trinity Academy $7,804 $853 10.9% $7,804 $853 10.9% Brimmer & May School $31,431 $11,742 37.4% $27,545 $3,012 10.9% $377,416 $182,069 48.2% Brooks School $72,543 $28,009 38.6% $67,225 $7,232 10.8% $1,239,320 $557,578 45.0% Brookwood School, Inc. $26,225 $9,976 38.0% $22,379 $2,447 10.9% $435,387 $197,797 45.4% Buckingham, Browne, & Nichols School $86,314 $30,657 35.5% $79,063 $8,386 10.6% $1,310,955 $571,577 43.6% Cambridge Friends School, Inc $17,257 $7,181 41.6% $16,928 $1,797 10.6% $141,302 $63,366 44.8% Cambridge Montessori School, Inc. $12,131 $5,048 41.6% $10,131 $1,108 10.9% $78,964 $36,893 46.7% Cambridge School of Weston $37,996 $15,760 41.5% $30,643 $1,267 4.1% $256,233 $108,020 42.2% Cape Cod Academy, Inc. $26,620 $10,769 40.5% $25,356 $2,490 9.8% $303,778 $142,579 46.9% Carroll School $30,919 $11,598 37.5% $49,966 $3,903 7.8% $480,920 $220,502 45.8% Chapel Hill - Chauncy School $15,258 $6,126 40.2% $14,758 $1,212 8.2% $248,308 $122,537 49.3% Charles River School $15,742 $5,879 37.3% $13,679 $1,496 10.9% $115,301 $52,301 45.4% Chestnut Hill School $18,014 $6,899 38.3% $16,350 $1,382 8.5% $276,767 $144,757 52.3% Clark School for Creative Learning, Inc. $3,089 $1,285 41.6% $3,105 $340 10.9% $17,157 $7,778 45.3% Clarke School for the Deaf $34,990 $14,019 40.1% $37,967 $3,910 10.3% $92,325 $25,376 27.5% Common School $4,878 $1,656 33.9% $4,640 $290 6.3% $75,664 $38,659 51.1% Commonwealth School $12,637 $5,259 41.6% $11,467 $1,254 10.9% $90,246 $42,264 46.8% COMPASS $26,785 $4,530 16.9% $26,554 $2,337 8.8% $312,917 $135,262 43.2% Covenant Christian School, Inc. $5,398 $913 16.9% $5,133 $561 10.9% $36,106 $14,602 40.4% Creative Education, Inc. New 7/9/06 $3,270 $1,361 41.6% $3,537 $387 10.9% $12,765 $4,970 38.9% Cushing Academy $64,853 $19,160 29.5% $63,588 $6,192 9.7% $469,008 $185,073 39.5% Dana Hall School $62,135 $24,447 39.3% $54,724 $4,104 7.5% $1,075,780 $478,633 44.5% Dedham Country Day School $18,884 $7,858 41.6% $18,057 $1,975 10.9% $296,586 $153,568 51.8% Derby Academy $22,024 $8,951 40.6% $20,658 $2,042 9.9% $252,155 $111,260 44.1% Dexter School $79,195 $27,647 34.9% $58,290 $4,448 7.6% $558,525 $201,973 36.2% Eaglebrook (Allen-Chase Foundation) $51,724 $21,238 41.1% $47,206 $3,030 6.4% $843,117 $399,401 47.4% Eli & Bessie Cohen Hillel Academy Inc $3,356 $367 10.9% $3,356 $367 10.9% Eliot Montessori School, Inc. $6,586 $2,741 41.6% $5,718 $602 10.5% $44,582 $19,904 44.6% Epiphany School (New 9/30/09) $1,493 $163 10.9% $1,493 $163 10.9% Falmouth Academy, Inc. $16,577 $5,521 33.3% $14,563 $602 4.1% $181,672 $84,221 46.4% Fay School, Inc. $48,941 $14,402 29.4% $42,289 $2,074 4.9% $769,017 $328,800 42.8% Fayerweather Street School, Inc. $12,138 $5,051 41.6% $11,441 $1,251 10.9% $89,922 $41,840 46.5% Fenn School $28,199 $11,688 41.4% $27,545 $2,727 9.9% $396,260 $196,836 49.7% Fessenden School $50,376 $8,520 16.9% $46,033 $2,151 4.7% $861,557 $425,435 49.4% Franklin Foundation $23,482 $9,741 41.5% $21,120 $2,310 10.9% $254,949 $121,042 47.5% Friends Academy, Trustees of $16,126 $6,417 39.8% $13,707 $1,348 9.8% $131,605 $55,675 42.3% German International School of Boston $4,627 $1,925 41.6% $4,393 $480 10.9% $17,431 $7,099 40.7% Glen Urquhart School, Inc. $16,112 $2,725 16.9% $16,378 $1,791 10.9% $177,191 $78,681 44.4% Governor's Academy $62,599 $25,060 40.0% $47,642 $4,951 10.4% $942,314 $401,817 42.6% Great Barrington Rudolf Steiner School $7,322 $3,047 41.6% $6,972 $762 10.9% $108,496 $55,945 51.6% Groton School $50,224 $17,143 34.1% $47,053 $5,018 10.7% $989,356 $445,763 45.1% Harborlight Montessori School $14,141 $5,786 40.9% $10,553 $1,103 10.4% $138,776 $67,917 48.9% Hillside School, Inc. $22,888 $8,946 39.1% $16,263 $672 4.1% $207,202 $98,669 47.6% Inly School $18,830 $7,643 40.6% $16,112 $1,259 7.8% $165,934 $74,169 44.7% International Institute of Boston Inc. $7,492 $2,761 36.9% $7,332 $802 10.9% $79,970 $36,589 45.8% International School of Boston (formerly Ecole $25,508 $10,615 41.6% $19,768 $1,831 9.3% $241,831 $104,258 43.1% Julie's Family Learning Program, Inc. $3,962 $1,649 41.6% $3,512 $384 10.9% $10,042 $3,357 33.4% Kingsley Montessori School $11,161 $4,644 41.6% $10,246 $424 4.1% $65,474 $27,609 42.2% Landmark Foundation, Inc. $82,432 $14,444 17.5% $75,661 $6,225 8.2% $1,124,134 $483,983 43.1% Laurel School $2,127 $827 38.9% $2,042 $223 10.9% $33,161 $16,975 51.2% Lawrence Academy, Trustees of $41,400 $16,837 40.7% $35,915 $3,682 10.3% $602,283 $297,239 49.4% Learning Center for Deaf Children $68,891 $11,651 16.9% $49,292 $2,038 4.1% $1,058,748 $448,928 42.4% Learning Project, Inc. $5,529 $2,301 41.6% $4,713 $515 10.9% $64,135 $32,066 50.0% Lexington Christian Academy $16,807 $6,994 41.6% $16,647 $1,820 10.9% $137,652 $62,989 45.8% Lexington Montessori School $11,082 $4,611 41.6% $10,619 $439 4.1% $125,975 $59,166 47.0% Linden Hill School $14,043 $5,097 36.3% $16,371 $1,496 9.1% $169,412 $64,605 38.1% Maimonides School, Inc. N.B. 3/26/04 $33,657 $14,006 41.6% $29,738 $3,252 10.9% $195,363 $77,847 39.8% Massachusetts Historical Society, Inc. $5,391 $2,243 41.6% $3,632 $397 10.9% $29,237 $13,801 47.2% Meadowbrook School of Weston, Inc. $26,415 $10,992 41.6% $24,416 $2,254 9.2% $393,416 $201,557 51.2% Middlesex School $90,405 $36,245 40.1% $78,937 $8,134 10.3% $1,015,093 $413,857 40.8% Milton Academy, Trustees of $109,814 $36,583 33.3% $94,578 $3,911 4.1% $1,681,791 $718,696 42.7% Nashoba Brooks School $26,805 $11,154 41.6% $21,891 $2,394 10.9% $338,179 $162,378 48.0% New England Assoc. of Schools $5,345 $2,224 41.6% $4,821 $527 10.9% $87,006 $44,346 51.0%

D6 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2009 Valued as of December 31, 2009

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

Newton Country Day School $45,356 $18,622 41.1% $35,444 $3,876 10.9% $353,272 $145,011 41.0% Noble & Greenough School $75,688 $23,509 31.1% $58,517 $2,420 4.1% $1,134,803 $527,901 46.5% North Bennet Street School $11,743 $4,887 41.6% $9,731 $1,064 10.9% $131,874 $65,066 49.3% North Shore Nursery School N.B. 6/30/03 $1,712 $652 38.1% $1,536 $168 10.9% $10,749 $4,971 46.2% Oak Meadow Montessori School $10,505 $4,047 38.5% $7,775 $850 10.9% $82,923 $38,677 46.6% Park School $62,595 $25,367 40.5% $49,198 $4,312 8.8% $769,589 $337,740 43.9% Park Street Kids, Inc. (new 9/1/09) $3,198 $350 10.9% $3,198 $350 10.9% Phoenix School $1,144 $476 41.6% $1,156 $126 10.9% $24,735 $12,673 51.2% Pike School $26,056 $10,843 41.6% $23,233 $1,127 4.9% $500,149 $244,993 49.0% Pincushion Hill Montessori N.B. 6/23/03 $3,771 $1,569 41.6% $3,522 $385 10.9% $30,617 $14,881 48.6% Pine Cobble School, Inc. $7,652 $3,184 41.6% $7,191 $786 10.9% $125,376 $61,007 48.7% Pingree School $31,345 $11,894 37.9% $26,645 $2,914 10.9% $461,685 $237,692 51.5% Rashi School $19,780 $8,231 41.6% $16,117 $1,610 10.0% $184,225 $88,162 47.9% Rivers School Corporation $52,558 $21,241 40.4% $44,289 $2,777 6.3% $719,853 $339,282 47.1% Riverview School, Inc. $84,694 $31,731 37.5% $76,658 $6,097 8.0% $658,796 $177,225 26.9% Roxbury Latin, Trustees of $27,236 $11,329 41.6% $26,203 $2,866 10.9% $370,398 $180,786 48.8% The Sage Center for Learning $8,401 $3,496 41.6% $7,776 $850 10.9% $39,642 $17,620 44.4% Shady Hill School $38,341 $15,105 39.4% $36,528 $3,879 10.6% $624,259 $301,237 48.3% Shore Country Day School $28,652 $4,846 16.9% $27,687 $3,028 10.9% $445,123 $197,054 44.3% Showa Women's Inst. for Lge & Cul. Inc. $24,867 $10,348 41.6% $18,798 $1,678 8.9% $348,324 $172,218 49.4% Solomon Schechter Day School of Greater B $27,436 $11,378 41.5% $23,379 $2,557 10.9% $219,716 $96,542 43.9% South Area Solomon Schechter Day School $19,800 $7,698 38.9% $16,902 $1,678 9.9% $79,696 $29,324 36.8% South Shore Conservatory of Music New 5/1 $9,321 $3,879 41.6% $7,878 $784 9.9% $63,754 $30,410 47.7% St. Mark's School $49,814 $18,661 37.5% $46,052 $4,657 10.1% $816,719 $410,619 50.3% Stoneleigh-Burnham School $49,164 $8,315 16.9% $32,214 $2,950 9.2% $828,360 $292,314 35.3% Stoneridge Children's Montessori School $7,983 $3,322 41.6% $7,974 $859 10.8% $74,065 $31,251 42.2% Tenacre Country Day School $17,239 $7,174 41.6% $16,054 $1,756 10.9% $352,879 $180,675 51.2% Thacher Montessori School, Inc. $7,118 $2,962 41.6% $6,691 $524 7.8% $58,888 $27,025 45.9% Thayer Academy, Trustees of $56,656 $20,756 36.6% $50,489 $2,088 4.1% $817,294 $349,113 42.7% Tower School in Marblehead, Inc. $21,811 $7,857 36.0% $20,608 $1,982 9.6% $283,924 $141,301 49.8% Waldorf High School of MA $2,674 $1,113 41.6% $2,504 $274 10.9% $10,547 $4,352 41.3% Waldorf School $11,714 $4,514 38.5% $10,526 $1,151 10.9% $207,152 $99,330 48.0% Walnut Hill School, Inc. $48,358 $19,544 40.4% $34,028 $3,649 10.7% $556,631 $258,245 46.4% Waring School (The) N.B. 1/25/03 $9,230 $3,841 41.6% $8,392 $918 10.9% $67,465 $31,913 47.3% Wilbraham Monson Academy $45,782 $17,888 39.1% $35,395 $3,606 10.2% $614,656 $315,744 51.4% Williston Northampton School $82,840 $32,116 38.8% $81,116 $7,089 8.7% $1,534,447 $672,888 43.9% Willow Hill School, Inc. New 4/1/03 $6,794 $2,060 30.3% $6,562 $718 10.9% $52,109 $23,421 44.9% Winchendon School, Inc. $44,440 $16,614 37.4% $41,592 $4,005 9.6% $495,023 $203,489 41.1% Winsor School $40,403 $16,813 41.6% $31,839 $3,300 10.4% $576,064 $285,613 49.6% Woodward School $5,417 $2,254 41.6% $4,740 $518 10.9% $44,620 $21,186 47.5% Worcester Academy $68,039 $23,615 34.7% $50,255 $2,078 4.1% $692,730 $271,282 39.2%

Non Current Group I Bartlett School Cancelled 11/18/09 $6,078 $2,529 41.6% $5,526 $604 10.9% $23,965 $9,929 41.4% Savio Prep, Inc. $102,005 $50,807 49.8%

Subtotals 114 (Group I) $3,238,165 $1,165,732 36.0% $2,857,204 $250,733 8.8% $41,374,241 $18,631,053 45.0%

GROUP II - HIGHER EDUCATION Andover Newton Theological School $13,071 $5,105 39.1% $15,593 $645 4.1% $350,460 $176,826 50.5% Boston Conservatory $42,863 $17,836 41.6% $39,154 $3,879 9.9% $379,073 $166,039 43.8% Cambridge College, Inc. $61,578 $24,086 39.1% $54,957 $2,273 4.1% $806,613 $371,893 46.1% Eastern Nazarene College $51,057 $20,790 40.7% $40,509 $4,164 10.3% $659,684 $306,811 46.5% Episcopal Divinity School $18,111 $7,451 41.1% $10,251 $1,024 10.0% $195,760 $97,082 49.6% Five Colleges, Inc. $4,138 $1,693 40.9% $3,772 $412 10.9% $27,321 $13,160 48.2% Hebrew College $31,395 $5,310 16.9% $29,697 $2,235 7.5% $426,286 $212,717 49.9% Lesley University $150,949 $35,465 23.5% $124,845 $5,163 4.1% $2,148,317 $1,030,332 48.0% Marine Biological Laboratory N.B. 3/1/04 $89,479 $15,133 16.9% $79,211 $7,988 10.1% $542,471 $219,108 40.4% Mass Higher Education Consortium $889 $370 41.6% $893 $98 10.9% $6,723 $3,031 45.1% Montesserat College of Art $20,555 $8,553 41.6% $16,699 $1,109 6.6% $268,321 $121,919 45.4% Mount Ida College $59,577 $13,167 22.1% $53,859 $2,227 4.1% $328,118 $124,231 37.9% Nichols College $44,298 $16,816 38.0% $42,479 $4,593 10.8% $265,726 $102,748 38.7% Sea Education Association, Inc. $13,394 $5,574 41.6% $12,402 $513 4.1% $208,645 $99,183 47.5% Wellesley College (thru 2/93) $199,952 $82,788 41.4% Wheaton College $176,663 $43,466 24.6% $157,623 $14,371 9.1% $1,066,158 $391,343 36.7%

Subtotals 15 (Group II) $778,017 $220,815 28.4% $681,944 $50,693 7.4% $7,879,628 $3,519,212 44.7%

GROUP III - CULTURAL INSTITUTIONS American Congregational Association $2,838 $1,181 41.6% $1,069 $117 10.9% $66,569 $40,464 60.8% Boston Center for Adult Education, Inc. $4,064 $1,691 41.6% $3,849 $421 10.9% $131,391 $69,560 52.9% Boston Lyric Opera Company $10,679 $4,232 39.6% $8,507 $766 9.0% $25,263 $8,132 32.2% Bostonian Society, Inc. (The) $2,357 $981 41.6% $2,111 $217 10.3% $14,211 $6,453 45.4% Cambridge Center for Adult Education $9,496 $3,910 41.2% $8,633 $944 10.9% $175,607 $92,763 52.8% Children's Museum $8,119 $3,379 41.6% $11,022 $1,205 10.9% $257,330 $113,805 44.2% Concord Antiquarian Society $1,387 $577 41.6% $1,100 $120 10.9% $11,694 $5,303 45.3% Hammond Museum, Inc. $3,380 $1,407 41.6% $3,032 $332 10.9% $28,535 $12,996 45.5%

D7 Independent Schools Compensation Corporation Summary of Member Dividends 1992-2009 Valued as of December 31, 2009

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

House of Seven Gables $7,670 $2,123 27.7% $7,609 $832 10.9% $112,083 $50,859 45.4% Institute of Contemporary Art, Inc. $16,683 $6,641 39.8% $17,633 $1,758 10.0% $73,799 $29,517 40.0% Isabella Stewart Gardner Museum $33,378 $13,717 41.1% $29,113 $1,970 6.8% $563,048 $310,990 55.2% Library of the Boston Athenaem $11,071 $4,518 40.8% $7,022 $768 10.9% $112,981 $56,678 50.2% MA Audubon Society $61,715 $12,087 19.6% $57,776 $3,716 6.4% $1,008,314 $453,686 45.0% New England Aquarium Corp. $69,568 $17,396 25.0% $74,010 $3,060 4.1% $1,633,967 $800,824 49.0% Old Sturbridge Village $32,340 $5,469 16.9% $34,300 $1,418 4.1% $1,037,766 $456,961 44.0% Peabody Essex Museum $49,061 $8,297 16.9% $42,622 $4,444 10.4% $551,153 $262,310 47.6% Pilgrim Society $1,570 $653 41.6% $1,317 $144 10.9% $17,765 $8,664 48.8% Plimoth Plantation, Inc. $90,117 $21,672 24.0% $89,442 $5,605 6.3% $1,276,230 $403,198 31.6% SPNEA $31,489 $12,411 39.4% $14,490 $599 4.1% $445,441 $220,570 49.5% Stephen Phillips Memorial Charitable Trust $585 $243 41.6% $744 $81 10.9% $9,258 $4,370 47.2% Trustees of Reservations $83,230 $26,890 32.3% $90,475 $3,741 4.1% $1,505,878 $594,733 39.5% Wellspring House, Inc. $4,835 $2,012 41.6% $4,522 $495 10.9% $62,249 $27,872 44.8% Worcester Art Museum $30,933 $11,273 36.4% $26,771 $2,928 10.9% $467,454 $197,356 42.2% Worcester Natural History Society (EcoTarium $13,856 $5,485 39.6% $8,483 $716 8.4% $213,527 $96,302 45.1%

Subtotals 24 (Group III) $580,421 $168,246 29.0% $545,652 $36,398 6.7% $9,801,513 $4,324,366 44.1%

Totals 153 (Class A) $4,596,603 $1,554,793 33.8% $4,084,800 $337,825 8.3% $59,055,382 $26,474,631 44.8%

CLASS B MEMBERS Amherst College $358,209 $61,733 17.2% $301,633 $177 0.1% $5,002,992 $1,518,155 30.3% Clark University, Trustees of $266,876 $194,930 73.0% $244,481 $59,925 24.5% $2,136,472 $652,790 30.6% College of the Holy Cross $328,554 $168,649 51.3% $282,532 $23,950 -8.5% $5,439,689 $2,285,025 42.0% Smith College $547,163 $250,438 45.8% $460,178 $34,278 7.4% $8,855,028 $3,805,074 43.0% Wellesley College $726,021 $236,574 32.6% $573,675 $18,641 3.2% $9,130,780 $2,999,754 32.9%

Totals 5 (Class B) $2,226,823 $912,324 41.0% $1,862,499 $89,071 4.8% $30,564,961 $11,260,798 178.7%

Totals 158 (Class A & B) $6,823,426 $2,467,117 36.2% $5,947,299 $426,896 7.2% $89,620,343 $37,735,429 42.1%

D8

Section E

Loss Ratio Reports

Independant Schools Compensation Corporation (ISCC) % of Losses to Premium, Valued as of December 31, 2009

Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Total Total Total Member Name 2003 2003 2003 2004 2004 2004 2005 2005 2005 2006 2006 2006 2007 2007 2007 2008 2008 2008 2009 2009 2009 Premiums Losses %

CLASS A MEMBERS

GROUP I - INDEPENDENT SCHOOLS The Academy at Charlemont, Inc. (new 9/22/09) 1,863 0 0% 1,863 0 0% AISNE (ISAM) 930 0 0% 932 0 0% 912 0 0% 927 0 0% 972 0 0% 904 0 0% 835 0 0% 17,970 4,283 24% Applewild School, Inc. 20,997 1,595 8% 23,171 8,927 39% 23,293 1,785 8% 26,276 22,288 85% 24,888 602 2% 27,125 742 3% 20,689 3,802 18% 316,652 56,978 18% Bancroft School 32,797 0 0% 34,484 27,948 81% 33,854 670 2% 37,048 1,201 3% 40,882 0 0% 36,817 1,078 3% 30,347 3,199 11% 551,834 87,200 16% Bay Farm Montessori Academy 7,076 0 0% 11,650 131,339 1127% 10,605 28,035 264% 14,816 0 0% 20,455 0 0% 12,734 0 0% 9,201 0 0% 86,537 159,374 184% Beaver Country Day School 29,841 799 3% 34,318 2,358 7% 34,085 630 2% 39,110 45 0% 38,877 346 1% 34,283 2,325 7% 27,623 600 2% 479,725 40,883 9% Belmont Day School 17,242 1,110 6% 19,089 0 0% 20,270 921 5% 22,171 0 0% 23,365 3,456 15% 20,504 4,479 22% 18,594 1,043 6% 293,337 14,571 5% Belmont Hill School, Inc. 40,496 17,082 42% 42,440 10,572 25% 43,168 17,889 41% 52,168 16,732 32% 56,432 32,408 57% 50,643 29,750 59% 48,589 0 0% 713,747 162,242 23% Bement School 7,800 0 0% 16,993 0 0% 15,909 3,711 23% 16,571 2,078 13% 17,458 0 0% 16,525 0 0% 15,053 0 0% 106,309 5,789 5% Berkshire Country Day School 8,413 0 0% 17,186 3,965 23% 16,858 341 2% 17,647 0 0% 15,144 779 5% 12,432 535 4% 12,757 0 0% 100,437 5,620 6% Boston College High School 47,279 0 0% 49,077 1,402 3% 50,779 6,371 13% 54,541 3,176 6% 62,507 1,605 3% 58,245 1,960 3% 50,220 10,377 21% 774,710 100,729 13% Boston Trinity Academy 7,804 0 0% 7,804 0 0% Brimmer & May School 27,649 2,309 8% 29,767 602 2% 29,657 361 1% 32,301 3,074 10% 34,001 4,933 15% 31,431 4,145 13% 27,545 0 0% 377,416 21,729 6% Brooks School 63,587 48,514 76% 68,373 71,523 105% 74,774 5,520 7% 97,275 22,258 23% 131,726 14,281 11% 72,543 6,749 9% 67,225 1,266 2% 1,239,320 335,075 27% Brookwood School, Inc. 45,705 68,731 150% 28,200 7,050 25% 35,118 0 0% 34,222 0 0% 40,187 0 0% 26,225 2,904 11% 22,379 0 0% 435,387 202,723 47% Buckingham, Browne, & Nichols School 76,696 46,659 61% 80,853 35,960 44% 82,696 85,585 103% 101,963 41,807 41% 113,046 16,311 14% 86,314 16,303 19% 79,063 2,749 3% 1,310,955 421,862 32% Cambridge Friends School, Inc 18,449 0 0% 20,800 0 0% 20,364 0 0% 21,417 5,986 28% 19,776 290 1% 17,257 0 0% 16,928 573 3% 141,302 6,850 5% Cambridge Montessori School, Inc. 7,785 0 0% 9,326 0 0% 11,546 0 0% 12,557 0 0% 13,614 0 0% 12,131 0 0% 10,131 0 0% 78,964 0 0% Cambridge School of Weston 31,962 9,970 31% 33,915 4,893 14% 36,867 476 1% 40,655 7,096 17% 41,056 3,186 8% 37,996 157 0% 30,643 25,636 84% 256,233 52,568 21% Cape Cod Academy, Inc. 22,896 1,746 8% 22,067 2,405 11% 20,991 1,228 6% 25,165 401 2% 29,462 15,828 54% 26,620 955 4% 25,356 2,995 12% 303,778 34,528 11% Carroll School 27,337 0 0% 32,081 858 3% 26,758 0 0% 34,304 2,257 7% 35,542 96,802 272% 30,919 3,930 13% 49,966 16,519 33% 480,920 159,896 33% Chapel Hill - Chauncy School 18,764 0 0% 16,543 423 3% 16,096 3,565 22% 16,291 0 0% 18,286 3,343 18% 15,258 691 5% 14,758 4,256 29% 248,308 26,139 11% Charles River School 13,721 0 0% 14,790 0 0% 14,868 0 0% 16,508 0 0% 18,298 0 0% 15,742 2,081 13% 13,679 0 0% 115,301 3,275 3% Chestnut Hill School 18,043 2,857 16% 20,218 659 3% 17,585 0 0% 21,010 0 0% 21,410 364 2% 18,014 1,849 10% 16,350 4,300 26% 276,767 18,716 7% Clark School for Creative Learning 3,049 0 0% 1,849 0 0% 2,175 0 0% 3,890 0 0% 3,089 0 0% 3,105 0 0% 17,157 0 0% Clark School for the Deaf 19,368 6,503 34% 34,990 1,679 5% 37,967 2,557 7% 92,325 10,739 12% Common School 5,375 0 0% 5,535 0 0% 6,496 0 0% 6,244 0 0% 5,645 0 0% 4,878 1,159 24% 4,640 2,300 50% 75,664 3,731 5% Commonwealth School 11,173 0 0% 11,962 0 0% 12,803 0 0% 14,173 0 0% 14,874 0 0% 12,637 0 0% 11,467 0 0% 90,246 0 0% COMPASS 26,961 0 0% 25,049 554 2% 27,677 12,977 47% 13,736 21,442 156% 20,256 1,393 7% 26,785 46,544 174% 26,554 5,993 23% 312,917 209,471 67% Covenant Christian School, Inc. 3,245 0 0% 3,658 0 0% 4,098 0 0% 5,313 517 10% 6,233 235 4% 5,398 58,966 1092% 5,133 0 0% 36,106 59,718 165% Creative Education, Inc. New 7/9/06 1,567 0 0% 4,391 0 0% 3,270 0 0% 3,537 0 0% 12,765 0 0% Cushing Academy 65,555 2,106 3% 61,580 5,407 9% 53,374 1,958 4% 58,185 10,024 17% 69,563 22,048 32% 64,853 24,257 37% 63,588 8,056 13% 469,008 75,801 16% Dana Hall School 61,720 47,470 77% 71,068 339 0% 77,162 3,139 4% 85,574 6,397 7% 72,182 3,872 5% 62,135 4,366 7% 54,724 19,892 36% 1,075,780 321,717 30% Dedham Country Day School 19,569 0 0% 18,695 158 1% 19,257 250 1% 19,754 10,244 52% 20,436 0 0% 18,884 0 0% 18,057 0 0% 296,586 15,892 5% Derby Academy 19,479 745 4% 18,146 2,336 13% 18,942 0 0% 21,864 0 0% 23,865 50,094 210% 22,024 661 3% 20,658 2,300 11% 252,155 69,088 27% Dexter School 47,991 10,694 22% 56,506 72,072 128% 57,683 1,961 3% 80,644 2,052 3% 78,813 145,946 185% 79,195 16,449 21% 58,290 20,383 35% 558,525 278,364 50% Eaglebrook (Allen-Chase Foundation) 46,505 3,127 7% 51,107 1,901 4% 48,502 24,439 50% 52,188 8,885 17% 69,027 5,122 7% 51,724 887 2% 47,206 22,561 48% 843,117 436,252 52% Eli & Bessie Cohen Hillel Academy 3,356 0 0% 3,356 0 0% Eliot Montessori School, Inc. 6,303 0 0% 5,799 0 0% 5,738 1,335 23% 5,946 0 0% 7,369 0 0% 6,586 0 0% 5,718 251 4% 44,582 1,586 4% Epiphany School, Inc. 1,493 0 0% 1,493 0 0% Falmouth Academy, Inc. 10,951 0 0% 10,506 0 0% 12,089 0 0% 14,657 4,757 32% 15,576 3,989 26% 16,577 4,267 26% 14,563 39,119 269% 181,672 76,030 42% Fay School, Inc. 46,415 1,860 4% 49,023 4,402 9% 47,698 8,017 17% 51,265 13,577 26% 50,332 1,118 2% 48,941 18,482 38% 42,289 26,988 64% 769,017 237,261 31% Fayerweather Street School, Inc. 11,855 0 0% 12,154 0 0% 12,102 0 0% 13,607 0 0% 14,336 0 0% 12,138 0 0% 11,441 0 0% 89,922 0 0% Fenn School 25,927 1,425 5% 28,697 705 2% 29,280 0 0% 31,334 2,055 7% 32,950 21,781 66% 28,199 145 1% 27,545 3,014 11% 396,260 35,485 9% Fessenden School 48,301 1,249 3% 56,208 239 0% 50,562 2,297 5% 53,868 8,546 16% 55,102 493 1% 50,376 60,899 121% 46,033 30,502 66% 861,557 170,036 20% Franklin Foundation 16,760 613 4% 15,503 742 5% 16,688 24,265 145% 18,057 0 0% 29,694 0 0% 23,482 94 0% 21,120 0 0% 254,949 36,742 14% Friends Academy, Trustees of 17,429 356 2% 20,901 12,583 60% 18,345 0 0% 18,313 0 0% 17,675 305 2% 16,126 908 6% 13,707 1,596 12% 131,605 15,747 12% German International School of Boston 3,708 0 0% 4,703 0 0% 4,627 0 0% 4,393 0 0% 17,431 0 0% Glen Urquhart School, Inc. 11,194 0 0% 12,901 0 0% 12,376 33,574 271% 13,292 7,715 58% 18,424 253 1% 16,112 14,524 90% 16,378 0 0% 177,191 57,359 32% Governor's Academy 44,224 19,051 43% 53,220 115,397 217% 52,106 9,141 18% 109,824 3,962 4% 86,929 96,189 111% 62,599 3,066 5% 47,642 2,736 6% 942,314 394,511 42% Great Barrington Rudolf Steiner School 7,854 0 0% 8,141 0 0% 7,819 0 0% 9,442 0 0% 8,711 0 0% 7,322 0 0% 6,972 0 0% 108,496 1,484 1% Groton School 58,472 1,779 3% 52,805 983 2% 48,486 2,642 5% 54,071 5,669 10% 58,492 1,670 3% 50,224 11,642 23% 47,053 1,345 3% 989,356 400,635 40% Harborlight Montessori School 12,049 0 0% 11,566 0 0% 11,030 468 4% 12,578 0 0% 13,198 0 0% 14,141 305 2% 10,553 544 5% 138,776 1,974 1% Hillside School, Inc. 11,956 0 0% 14,432 5,732 40% 15,285 3,121 20% 18,796 0 0% 22,827 0 0% 22,888 1,794 8% 16,263 14,139 87% 207,202 55,071 27% Inly School 11,915 342 3% 12,512 0 0% 11,503 57,297 498% 12,243 113 1% 13,492 58 0% 18,830 598 3% 16,112 5,323 33% 165,934 73,377 44% International Institute of Boston Inc. 9,083 0 0% 8,399 0 0% 9,807 0 0% 9,805 196 2% 9,543 0 0% 7,492 1,104 15% 7,332 0 0% 79,970 1,301 2% International School of Boston(formerly Ecol 27,287 0 0% 29,020 5,352 18% 25,352 0 0% 25,267 1,966 8% 25,794 12,200 47% 25,508 0 0% 19,768 3,500 18% 241,831 71,340 30% Julie's Family Learning Program, Inc. 2,568 0 0% 3,962 0 0% 3,512 0 0% 10,042 0 0% Kingsley Montessori School 6,043 0 0% 7,510 0 0% 7,044 0 0% 8,874 2,098 24% 11,633 0 0% 11,161 0 0% 10,246 12,033 117% 65,474 14,130 22% Landmark Foundation, Inc. 67,267 125,447 186% 72,084 6,504 9% 77,033 65,348 85% 89,605 28,586 32% 102,858 35,759 35% 82,432 61,543 75% 75,661 21,679 29% 1,124,134 401,476 36% Laurel School 2,876 0 0% 3,068 0 0% 3,057 0 0% 2,800 0 0% 2,395 0 0% 2,127 179 8% 2,042 0 0% 33,161 179 1% Lawrence Academy, Trustees of 37,596 7,564 20% 35,614 37,131 104% 41,164 2,132 5% 82,747 2,742 3% 50,685 4,806 9% 41,400 1,211 3% 35,915 2,597 7% 602,283 86,425 14% Learning Center for Deaf Children 51,525 44,977 87% 82,358 19,835 24% 110,020 8,694 8% 149,923 17,508 12% 117,472 5,522 5% 68,891 143,033 208% 49,292 83,309 169% 1,058,748 824,365 78% Learning Project, Inc. 5,238 0 0% 5,617 0 0% 5,621 0 0% 5,441 0 0% 6,246 0 0% 5,529 0 0% 4,713 0 0% 64,135 0 0% Lexington Christian Academy 19,892 0 0% 19,315 0 0% 17,974 0 0% 20,036 0 0% 20,334 1,770 9% 16,807 0 0% 16,647 0 0% 137,652 2,448 2% Lexington Montessori School 9,990 587 6% 11,526 399 3% 11,301 759 7% 11,912 1,795 15% 12,587 0 0% 11,082 0 0% 10,619 8,300 78% 125,975 15,438 12% Linden Hill School 9,457 9,236 98% 17,593 0 0% 16,475 4,219 26% 17,323 14,658 85% 14,183 27,387 193% 14,043 2,314 16% 16,371 3,110 19% 169,412 373,644 221% Maimonides School, Inc. 27,914 0 0% 33,697 23,233 69% 32,881 9,406 29% 37,476 0 0% 33,657 0 0% 29,738 0 0% 195,363 32,639 17% Massachusetts Historical Society, Inc. 2,406 0 0% 4,656 0 0% 4,487 0 0% 4,260 0 0% 4,405 0 0% 5,391 0 0% 3,632 0 0% 29,237 0 0% Meadowbrook School of Weston, Inc. 20,150 0 0% 21,879 4,165 19% 19,632 1,308 7% 26,796 1,538 6% 29,413 57,070 194% 26,415 0 0% 24,416 4,406 18% 393,416 71,446 18% Middlesex School 54,940 7,206 13% 54,138 18,876 35% 53,157 50,872 96% 63,376 127,917 202% 77,198 152,153 197% 90,405 4,262 5% 78,937 5,278 7% 1,015,093 531,718 52% Milton Academy, Trustees of 107,935 48,916 45% 93,860 10,946 12% 104,976 24,274 23% 120,851 44,366 37% 128,331 9,705 8% 109,814 28,244 26% 94,578 124,767 132% 1,681,791 732,254 44% Nashoba Brooks School 17,911 11,999 67% 20,467 1,096 5% 23,099 38,444 166% 27,208 846 3% 44,589 0 0% 26,805 0 0% 21,891 0 0% 338,179 59,913 18% New England Assoc. of Schools 5,690 867 15% 6,866 0 0% 5,985 0 0% 7,257 0 0% 7,421 0 0% 5,345 0 0% 4,821 0 0% 87,006 1,966 2% Newton Country Day School 28,880 1,350 5% 29,336 2,697 9% 28,585 0 0% 29,650 78,801 266% 33,039 22,076 67% 45,356 780 2% 35,444 0 0% 353,272 118,116 33% Noble & Greenough School 55,200 3,496 6% 59,420 22,368 38% 59,791 17,792 30% 80,208 9,206 11% 88,275 5,525 6% 75,688 24,751 33% 58,517 102,051 174% 1,134,803 370,276 33% North Bennet Street School 9,251 0 0% 11,295 0 0% 10,536 0 0% 11,867 2,220 19% 11,245 0 0% 11,743 0 0% 9,731 0 0% 131,874 2,220 2% North Shore Nursery School 771 0 0% 1,586 0 0% 1,608 0 0% 1,672 0 0% 1,864 0 0% 1,712 187 11% 1,536 0 0% 10,749 187 2% Oak Meadow Montessori School 7,351 0 0% 7,753 0 0% 7,491 2,067 28% 8,275 0 0% 10,059 0 0% 10,505 1,004 10% 7,775 0 0% 82,923 3,072 4% Park School 39,972 37,806 95% 44,149 4,702 11% 44,709 6,393 14% 55,281 51,773 94% 61,953 111,597 180% 62,595 2,109 3% 49,198 11,303 23% 769,589 392,502 51% Phoenix School 2,812 0 0% 2,564 0 0% 2,126 0 0% 1,712 0 0% 1,375 0 0% 1,144 0 0% 3,198 0 0% 23,233 0 0% Pike School 24,666 73,068 296% 28,904 6,927 24% 40,742 72 0% 66,084 1,412 2% 48,437 0 0% 26,056 0 0% 1,156 14,955 1294% 26,777 00% E1 Independant Schools Compensation Corporation (ISCC) % of Losses to Premium, Valued as of December 31, 2009

Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Total Total Total Member Name 2003 2003 2003 2004 2004 2004 2005 2005 2005 2006 2006 2006 2007 2007 2007 2008 2008 2008 2009 2009 2009 Premiums Losses %

Park Street Kids, Inc (new 9/1/09) 23,233 0 0% 478,072 262,739 55% Pincushion Hill Montessori 2,660 0 0% 5,232 0 0% 5,664 0 0% 5,024 0 0% 4,744 0 0% 3,771 0 0% 3,522 0 0% 30,617 0 0% Pine Cobble School, Inc. 6,139 410 7% 7,295 243 3% 6,631 0 0% 7,240 2,919 40% 6,909 0 0% 7,652 0 0% 7,191 0 0% 125,376 66,696 53% Pingree School 26,029 466 2% 26,423 0 0% 26,080 290 1% 29,063 40,100 138% 30,673 0 0% 31,345 3,562 11% 26,645 0 0% 461,685 53,636 12% Rashi School 15,925 1,875 12% 17,249 1,021 6% 18,006 50 0% 20,038 0 0% 21,802 0 0% 19,780 0 0% 16,117 1,608 10% 184,225 5,446 3% Rivers School Corporation 36,630 2,059 6% 42,997 14,695 34% 44,011 3,168 7% 52,308 33,277 64% 53,308 5,584 10% 52,558 1,952 4% 44,289 21,861 49% 719,853 141,180 20% Riverview School, Inc. 43,162 15,974 37% 78,942 38,786 49% 65,443 146,089 223% 91,746 227,681 248% 102,730 81,360 79% 84,694 10,886 13% 76,658 24,190 32% 658,796 778,521 118% Roxbury Latin, Trustees of 26,464 0 0% 27,644 0 0% 26,955 0 0% 27,843 1,101 4% 29,239 0 0% 27,236 16 0% 26,203 0 0% 370,398 156,906 42% The Sage Center for Learning 3,128 0 0% 9,874 0 0% 10,463 0 0% 8,401 0 0% 7,776 0 0% 39,642 0 0% Shady Hill School 38,776 1,647 4% 43,742 503 1% 42,284 1,790 4% 45,506 2,259 5% 45,931 2,823 6% 38,341 2,635 7% 36,528 1,226 3% 624,259 171,136 27% Shore Country Day School 25,962 3,650 14% 25,908 487 2% 26,809 39 0% 29,317 23,205 79% 32,406 3,980 12% 28,652 33,581 117% 27,687 0 0% 445,123 117,432 26% Showa Women's Inst. for Lge & Cul. Inc. 16,132 352 2% 16,192 2,140 13% 19,961 3,488 17% 24,784 1,717 7% 24,205 704 3% 24,867 0 0% 18,798 4,000 21% 348,324 55,315 16% Solomon Schechter Day School of Greater 26,704 16,178 61% 29,646 0 0% 32,212 2,779 9% 34,388 1,259 4% 34,703 584 2% 27,436 120 0% 23,379 0 0% 219,716 20,919 10% South Area Solomon Schechter Day School 4,712 0 0% 11,999 0 0% 13,140 143,159 1089% 13,143 0 0% 19,800 1,678 8% 16,902 1,800 11% 79,696 146,637 184% South Shore Conservatory of Music 5,398 0 0% 9,673 0 0% 9,966 0 0% 10,976 0 0% 10,542 0 0% 9,321 0 0% 7,878 824 10% 63,754 824 1% St. Mark's School 42,935 5,291 12% 47,476 1,145 2% 48,501 9,906 20% 52,710 20,185 38% 50,825 13,258 26% 49,814 6,408 13% 46,052 4,014 9% 816,719 109,131 13% Stoneleigh-Burnham School 60,541 105,241 174% 57,939 107,818 186% 67,229 7,368 11% 75,150 8,779 12% 82,351 8,607 10% 49,164 109,127 222% 32,214 6,061 19% 828,360 728,074 88% Stoneridge Children's Montessori School 7,287 0 0% 7,453 0 0% 7,409 0 0% 7,293 3,415 47% 7,714 4,698 61% 7,983 0 0% 7,974 137 2% 74,065 9,809 13% Tenacre Country Day School 17,480 1,306 7% 18,982 4,156 22% 18,213 0 0% 24,479 362 1% 21,970 2,017 9% 17,239 0 0% 16,054 0 0% 352,879 41,009 12% Thacher Montessori School, Inc. 8,001 916 11% 9,253 1,016 11% 9,573 0 0% 9,796 0 0% 8,456 696 8% 7,118 0 0% 6,691 2,200 33% 58,888 4,827 8% Thayer Academy, Trustees of 49,817 51,782 104% 52,248 23,719 45% 53,691 6,769 13% 81,356 3,619 4% 81,892 70,318 86% 56,656 8,738 15% 50,489 74,166 147% 817,294 314,459 38% Tower School in Marblehead, Inc. 16,377 0 0% 17,190 0 0% 18,454 4,241 23% 21,528 1,302 6% 24,491 14,400 59% 21,811 3,778 17% 20,608 2,869 14% 283,924 26,846 9% Waldorf High School of MA 2,055 0 0% 3,314 0 0% 2,674 0 0% 2,504 0 0% 10,547 0 0% Waldorf School 12,355 9,737 79% 11,296 0 0% 11,927 2,688 23% 13,382 0 0% 16,320 0 0% 11,714 1,118 10% 10,526 0 0% 207,152 76,465 37% Walnut Hill School, Inc. 30,119 23,286 77% 32,587 11,729 36% 41,761 39,115 94% 35,525 5,587 16% 64,010 2,444 4% 48,358 1,793 4% 34,028 761 2% 556,631 199,341 36% Waring School (The) 8,412 0 0% 9,766 0 0% 10,397 0 0% 10,686 0 0% 10,582 0 0% 9,230 0 0% 8,392 0 0% 67,465 0 0% Wilbraham Monson Academy 30,208 14,931 49% 26,522 4,702 18% 27,452 8,928 33% 32,571 14,379 44% 42,715 7,062 17% 45,782 3,605 8% 35,395 2,800 8% 614,656 83,322 14% Williston Northampton School 89,582 17,187 19% 163,297 23,079 14% 135,605 12,999 10% 142,461 39,036 27% 93,916 78,204 83% 82,840 7,302 9% 81,116 18,846 23% 1,534,447 554,327 36% Willow Hill School 4,299 1,629 38% 6,750 0 0% 7,192 0 0% 10,404 526 5% 10,108 0 0% 6,794 2,377 35% 6,562 0 0% 52,109 4,532 9% Winchendon School, Inc. 24,673 90,410 366% 23,176 13,764 59% 50,591 1,468 3% 66,011 11,671 18% 69,455 73,432 106% 44,440 5,823 13% 41,592 5,747 14% 495,023 227,471 46% Winsor School 40,290 0 0% 40,309 20,703 51% 36,590 0 0% 43,504 0 0% 45,875 0 0% 40,403 0 0% 31,839 1,921 6% 576,064 73,016 13% Woodward School 6,535 0 0% 6,964 0 0% 7,112 0 0% 6,322 0 0% 6,106 0 0% 5,417 0 0% 4,740 0 0% 44,620 0 0% Worcester Academy 47,857 1,821 4% 53,617 41,836 78% 48,823 14,927 31% 69,829 20,213 29% 71,301 7,331 10% 68,039 14,559 21% 50,255 57,270 114% 692,730 263,174 38%

Non Current Group I Bartlett School New 7/1/06 4,388 0 0% 7,973 0 0% 6,078 0 0% 5,526 0 0% 23,965 0 0% Savio Prep, Inc. 10,092 0 0% 9,398 0 0% 7,021 0 0% 5,061 0 0% 2,294 0 0% 102,005 10,824 11%

Group I - Subtotals 2,635,673 1,030,855 39% 2,953,765 986,976 33% 3,028,162 855,680 28% 3,614,230 1,237,139 34% 3,779,581 1,378,671 36% 3,238,165 842,104 26% 2,857,204 916,500 32% 41,374,241 13,770,171 33%

GROUP II - HIGHER EDUCATION Andover Newton Theological School 18,180 0 0% 19,134 2,061 11% 17,887 449 3% 19,229 792 4% 19,557 0 0% 13,071 1,036 8% 15,593 29,741 191% 350,460 188,587 54% Boston Conservatory 27,160 13,430 49% 31,938 16,461 52% 33,490 0 0% 43,056 15,666 36% 50,219 1,181 2% 42,863 0 0% 39,154 4,260 11% 367,975 50,999 14% Cambridge College, Inc. 71,797 13,324 19% 69,957 2,296 3% 68,425 0 0% 78,362 581 1% 81,765 219 0% 61,578 4,768 8% 54,957 76,745 140% 806,613 149,496 19% Eastern Nazarene College 45,002 5,012 11% 49,463 41,450 84% 59,627 1,802 3% 58,629 730 1% 59,382 4,596 8% 51,057 1,414 3% 40,509 2,814 7% 659,684 80,955 12% Episcopal Divinity School 18,469 786 4% 18,342 805 4% 18,753 813 4% 20,008 334 2% 19,557 0 0% 18,111 265 1% 10,251 1,029 10% 195,760 5,315 3% Five Colleges, Inc. 5,149 0 0% 4,369 0 0% 4,834 0 0% 5,059 0 0% 4,138 90 2% 3,772 0 0% 27,321 90 0% Hebrew College 35,236 0 0% 40,839 0 0% 39,117 0 0% 38,941 0 0% 40,164 0 0% 31,395 38,955 124% 29,697 10,709 36% 426,286 49,722 12% Lesley University 150,255 772 1% 158,900 64,381 41% 152,554 12,846 8% 183,338 49,878 27% 182,466 1,799 1% 150,949 84,756 56% 124,845 112,011 90% 2,148,317 389,487 18% Marine Biological Laboratory 80,557 2,574 3% 95,114 2,352 2% 101,570 24,695 24% 96,540 11,281 12% 89,479 131,765 147% 79,211 7,139 9% 542,471 179,807 33% Mass Higher Education Consortium 750 0 0% 715 0 0% 899 0 0% 918 0 0% 927 0 0% 889 0 0% 893 0 0% 6,723 0 0% Montesserat College of Art 21,573 0 0% 22,025 7,076 32% 25,335 16,680 66% 22,936 1,660 7% 23,078 1,001 4% 20,555 0 0% 16,699 7,591 45% 268,321 38,868 14% Mount Ida College 30,116 3,339 11% 53,821 3,255 6% 62,847 18,448 29% 67,898 5,758 8% 59,577 36,025 60% 53,859 42,249 78% 328,118 109,074 33% Nichols College 24,560 0 0% 46,820 5,222 11% 57,231 7,207 13% 50,338 134,359 267% 44,298 5,012 11% 42,479 552 1% 265,726 152,352 57% Sea Education Association, Inc. 13,027 0 0% 11,657 0 0% 11,899 61,197 514% 10,247 0 0% 17,670 0 0% 13,394 0 0% 12,402 27,728 224% 208,645 112,567 54% Wellesley College (thru 2/93) 199,952 111,110 56% Wheaton College 95,683 28,564 30% 189,238 79,510 42% 222,404 10,210 5% 224,547 80,440 36% 176,663 93,122 53% 157,623 30,329 19% 1,066,158 322,174 30%

Group II - Subtotals 401,449 33,325 8% 659,035 169,008 26% 817,348 184,126 23% 924,550 130,202 14% 939,167 240,633 26% 778,017 397,209 51% 681,944 352,896 52% 7,868,530 1,940,603 25%

GROUP III - CULTURAL INSTITUTIONS American Congregational Association 3,298 0 0% 3,065 0 0% 2,929 0 0% 3,027 0 0% 3,113 0 0% 2,838 0 0% 1,069 0 0% 66,569 0 0% Boston Center for Adult Education, Inc. 9,654 0 0% 9,959 425 4% 8,429 0 0% 9,565 0 0% 7,627 0 0% 4,064 0 0% 3,849 0 0% 131,391 6,088 5% Boston Lyric Opera Company 6,077 0 0% 10,679 657 6% 8,507 1,741 20% 25,263 2,399 9% Bostonian Society, Inc. 2,152 0 0% 2,159 0 0% 2,523 629 25% 2,909 0 0% 2,357 0 0% 2,111 141 7% 14,211 770 5% Cambridge Center for Adult Education 11,834 0 0% 11,458 626 5% 10,155 0 0% 11,168 0 0% 11,020 0 0% 9,496 128 1% 8,633 0 0% 175,607 2,704 2% Children's Museum 16,863 1,195 7% 17,156 7,275 42% 10,474 10,583 101% 11,653 16,122 138% 13,542 938 7% 8,119 0 0% 11,022 0 0% 276,878 90,532 33% Concord Antiquariam Society 1,437 0 0% 1,329 0 0% 1,343 0 0% 1,330 0 0% 1,344 0 0% 1,387 0 0% 1,100 0 0% 11,694 0 0% Hammond Museum, Inc. 3,394 0 0% 2,503 0 0% 2,040 0 0% 3,172 0 0% 3,150 0 0% 3,380 0 0% 3,032 0 0% 28,535 0 0% House of Seven Gables 11,029 332 3% 8,575 0 0% 7,131 3,028 42% 7,565 0 0% 9,763 0 0% 7,670 3,311 43% 7,609 0 0% 112,083 35,054 31% Institute of Contemporary Art, Inc. 2,817 0 0% 5,179 0 0% 13,791 2,446 18% 17,696 0 0% 16,683 934 6% 17,633 1,800 10% 73,799 5,180 7% Isabella Stewart Gardner Museum 33,401 399 1% 30,102 749 2% 29,596 897 3% 28,127 1,312 5% 31,671 409 1% 33,378 533 2% 29,113 12,841 44% 540,688 35,420 7% Library of the Boston Athenaem 9,103 140 2% 9,880 2,306 23% 9,600 67 1% 11,074 0 0% 11,018 0 0% 11,071 275 2% 7,022 0 0% 112,981 2,867 3% MA Audubon Society 52,904 3,850 7% 58,344 8,872 15% 56,478 5,446 10% 61,173 16,984 28% 66,383 77,857 117% 61,715 42,130 68% 57,776 27,531 48% 988,857 291,641 29% New England Aquarium Corp. 92,958 16,477 18% 91,278 8,120 9% 103,211 12,286 12% 111,462 4,046 4% 82,428 78,643 95% 69,568 35,803 51% 74,010 53,361 72% 1,558,820 395,990 25% Old Sturbridge Village 66,767 27,726 42% 63,401 18,091 29% 62,960 24,426 39% 63,067 1,682 3% 45,986 12,271 27% 32,340 108,635 336% 34,300 65,101 190% 1,090,724 485,361 44% Peabody Essex Museum 43,491 5,050 12% 39,800 5,242 13% 43,538 525 1% 45,920 4,758 10% 48,901 7,822 16% 49,061 62,900 128% 42,622 2,300 5% 614,486 129,985 21% Pilgrim Society 1,266 51,966 4105% 1,559 0 0% 1,529 0 0% 1,747 0 0% 1,729 0 0% 1,570 0 0% 1,317 0 0% 17,765 51,966 293% Plimouth Plantation, Inc. 61,953 25,866 42% 86,718 33,215 38% 81,612 58,678 72% 111,086 56,194 51% 111,914 96,743 86% 90,117 49,054 54% 89,442 44,183 49% 1,276,230 745,608 58% SPNEA 19,696 1,634 8% 29,319 14,611 50% 20,191 4,717 23% 39,456 10,627 27% 34,161 18,389 54% 31,489 2,147 7% 14,490 27,378 189% 419,612 119,449 28% Stephen Phillips Memorial Charitable Trust 1,887 0 0% 1,963 0 0% 1,531 0 0% 720 0 0% 812 0 0% 585 0 0% 744 0 0% 9,258 0 0% Trustees of Reservations 109,324 320,645 293% 136,356 6,323 5% 87,863 147,208 168% 90,583 8,641 10% 105,245 92,243 88% 83,230 22,137 27% 90,475 65,415 72% 1,505,878 985,045 65% Wellspring House, Inc. 5,360 0 0% 4,896 0 0% 4,964 5,141 104% 5,279 0 0% 5,518 0 0% 4,835 0 0% 4,522 0 0% 62,249 15,972 26% Worcester Art Museum 36,920 1,333 4% 25,123 16,386 65% 23,723 6,026 25% 27,762 9,436 34% 30,258 0 0% 30,933 4,955 16% 26,771 0 0% 467,454 97,633 21% E2 Independant Schools Compensation Corporation (ISCC) % of Losses to Premium, Valued as of December 31, 2009

Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Premiums Losses % Total Total Total Member Name 2003 2003 2003 2004 2004 2004 2005 2005 2005 2006 2006 2006 2007 2007 2007 2008 2008 2008 2009 2009 2009 Premiums Losses %

Worcester Natural History Society 13,928 14,560 105% 13,138 89,782 683% 12,427 0 0% 22,750 1,027 5% 17,417 4,407 25% 13,856 870 6% 8,483 2,237 26% 213,527 125,241 59%

Group III - Subtotals 606,467 471,176 78% 650,891 212,022 33% 589,062 279,028 47% 684,000 133,903 20% 669,682 389,723 58% 580,421 334,470 58% 545,652 304,031 56% 9,794,559 3,624,905 37%

Class A Member Totals 3,643,589 1,535,356 42% 4,263,691 1,368,006 32% 4,434,572 1,318,834 30% 5,222,780 1,501,244 29% 5,388,430 2,009,027 37% 4,596,603 1,573,782 34% 4,084,800 1,573,426 39% 59,037,330 19,335,678 33%

CLASS B MEMBERS Amherst College 309,914 164,324 53% 343,243 133,791 39% 346,762 133,227 38% 425,020 112,024 26% 382,921 216,627 57% 358,209 201,178 56% 301,633 133,264 44% 5,002,992 2,562,007 51% Clark University, Trustees of 283,094 216,218 76% 254,449 43,179 17% 266,320 87,318 33% 268,040 238,412 89% 310,954 143,008 46% 266,876 13,140 5% 244,481 53,706 22% 2,136,472 872,532 41% College of the Holy Cross 329,751 160,958 49% 334,783 87,572 26% 346,445 75,568 22% 342,300 72,484 21% 375,883 198,818 53% 328,554 81,668 25% 282,532 146,733 52% 5,439,689 2,029,401 37% Smith College 556,647 157,311 28% 542,397 291,500 54% 455,917 101,990 22% 576,600 306,816 53% 562,529 204,840 36% 547,163 163,941 30% 460,178 172,417 37% 8,855,028 3,362,033 38% Wellesley College 500,430 971,473 194% 518,668 413,890 80% 565,834 511,962 90% 797,313 255,704 32% 964,168 189,175 20% 726,021 305,421 42% 573,675 236,827 41% 9,130,780 4,617,446 51%

Class B Member Totals 1,979,836 1,670,284 84% 1,993,540 969,933 49% 1,981,278 910,065 46% 2,409,273 985,442 41% 2,596,455 952,467 37% 2,226,823 765,349 34% 1,862,499 742,947 40% 30,564,961 13,443,418 44%

Combined Class A & B Totals 5,623,425 3,205,640 57% 6,257,231 2,337,939 37% 6,415,850 2,228,899 35% 7,632,053 2,486,686 33% 7,984,885 2,961,494 37% 6,823,426 2,339,131 34% 5,947,299 2,316,373 39% 89,602,291 32,779,096 37%

E3

Section F

Investment Information

William J. Piel, CFA Portfolio Manager

January 15, 2010

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

Dear Don:

The economy and the financial markets have been tested to the core over the last two years and now we are left with cleaning up the mess. While total returns for most fixed income investors were quite attractive in 2009, the sober reality of higher interest rates lies ahead. The next two years will likely produce modest total returns as bond prices head south, yields rise and the economy returns to “normal.”

Spreads over Treasuries which compensate investors for accepting all manner of risk compressed dramatically in 2009 and produced strong total returns for anything other than Treasuries. The broad market as measured by the Barclays Aggregate Index produced a 5.93% total return, which we would describe as “coupon plus.” In 2010, returns are more likely to be “coupon minus” since the price component of total return will likely detract from investor returns as interest rates rise.

Sector performance Excess returns were stellar in 2009 due to the rapid pace of spread tightening in all sectors. Following the rout of 2008, the market entered the year at a virtual standstill as financing was difficult to obtain. As it became clear the US government would not allow another major financial firm to fail and governments around the world were joining the stimulus bandwagon, liquidity came back and investors began buying with abandon once again. Spreads snapped in, equities rallied and investor sentiment returned to normal as the Fed made it clear short term rates would remain at virtually zero for some time to come. The cost of missing out on both capital gains and income was too high for most investors so the buying continues to this day and spreads are no longer compelling, but few viable options exist for income-oriented investors. The Fed has effectively forced investors out the yield curve in conjunction with its own quantitative easing techniques designed to reflate the economy, resulting in the following excess returns:

Excess Returns (Barclays Index 4th Quarter Full Year Data) 2009 2009 Agency Sector 0.37% 2.88% Fixed Rate MBS Sector 0.75% 4.82% Hybrid Arm Sector 0.58% 6.74% Credit Sector 2.67% 19.90%

Total return and income Fourth quarter total return for the Independent Schools was 0.09% compared to 0.20% for the Barclays Capital U.S. Aggregate Bond Index. Twelve month performance was good as we outperformed the benchmark by 13bps, 6.06% versus 5.93%. High beta or in other words riskier sectors outperformed throughout the year and harmed us in the fourth quarter. An overweight in Credit was the largest contributor to performance as the sector saw tremendous excess returns as the probability of recovery became more real. Massachusetts guidelines prohibit us from investing in CMBS which hurt returns this

(508) 855-2815, Fax (508) 855-4846 F1 Page 2 year as the sector returned over 28%, but the portfolio benefited from not owning this space last year when returns were -21%.

Income was essentially flat from last quarter at $200,199 versus $207,714. Book yield remains in the high 4% area, but without an increase in rates we will be forced to invest in a mid 3% yield environment.

Market overview & state of the economy After rallying early in the fourth quarter, bond prices fell in December as better-than-expected employment news was released. The yield curve remains quite steep and will likely remain so if the Fed stays on hold through most of 2010 as we expect. The short term markets (money markets) are functioning normally again and the bond market remains open for large companies, but loan terms still remain tight at banks. The Fed is exiting its emergency liquidity programs and winding down its other credit easing programs such as MBS buybacks in light of the improvement in market behavior and tone. Even after the back-up in Treasuries, there is very little yield in the market:

12/31/09 Barclays Index Yield to Worst U.S. Aggregate 3.68% U.S. Treasury 2.46% U.S. MBS 4.15% U.S. Hybrid Arm 2.56% U.S. Credit 4.51%

Now that GDP growth has turned positive, investors are anxiously awaiting a turn in the job market since the Fed will be hard-pressed to keep the fed funds rate at zero once the unemployment rate begins to decline. Income growth and stability in real estate markets will be key factors for the economy this year and next. We predict tepid growth in 2010 due to the overhang from the hits to wealth, jobs and consumer confidence stemming from the recession. Inflation is likely to remain contained thanks to low capacity utilization measures, high unemployment and fierce global competition. Other factors important to our outlook are as follows: • Ill-functioning securitization markets continue to limit financing for the small business, consumer and commercial real estate segments. • Housing and autos have both benefited from stimulus programs which have been or will be phased out. • Tax and regulatory uncertainty, particularly over health insurance mandates, may continue to inhibit hiring by all manner of employers.

Portfolio positioning With Treasury yields still so low, we believe portfolio positioning should favor credit and municipal sectors even though spreads are compressed. Spreads in the securitized sector remain unattractive due to the massive purchase program undertaken by the Fed to prop up the housing market. Market distortions of this kind, although not healthy, are a result of the government rescue and must be unwound carefully to prevent unintended consequences.

In March, when the CD matures, we plan on investing in Treasuries which could offer a slight pick up in income.

F2 Page 3

Recent credit developments in your portfolio • At this time there are no credit concerns in your portfolio.

Closing comments Globalization has irrefutably changed financial markets in myriad ways and panics will likely recur as markets become even more intertwined. That is the main take-away from the financial crisis and it permeates our thinking as we seek to protect our client’s assets and invest for the future. In The Black Swan, Nassim Taleb’s book which describes events that are inconceivable and rare much like the global financial panic we just lived through, we are told it is human nature to discount the likelihood of Black Swan-type events. Meanwhile, we are confronted with the realization of profound change from globalization, climate shifts and technological advancements. Through these turbulent times we must remain vigilant to protect your assets from the Black Swans of the future: Will the US lose its cherished AAA rating? Will China become adversarial as its population ages and growth slows? Will the US dollar be supplanted as the world’s reserve currency? The answers to these questions will not be known for years, but we will stay ahead of the curve and attuned to those trends most likely to impact your portfolio in order to provide the highest quality management of your assets.

Sincerely,

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

F3 Independent Schools Compensation Corp. Portfolio

Quarter Ending December 31, 2009

F4 Investment Objectives & Guidelines

Investment Objectives 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.

Note: This page is intended to serve as a summary

2

F5 Income Summary As of 12/31/2009

230 19,000 Income Returns Quarterly (%) 220 Investment Income & Total Assets ($ 000's) 18,000 210 7 200 17,000

6 190 180 16,000 5 170 15,000 4 160

3 150 14,000 7 7 7 7 8 8 8 8 9 9 9 9 '0 '0 '0 '0 '0 '0 '0 '0 '0 '0 '0 '0 7 7 8 8 8 8 9 9 9 0 1 2 3 4 1 2 3 4 1 2 3 4 p-0 c-0 r-0 n-0 p-0 c-0 -0 n-0 p-0 c-1 Q Q Q Q Q Q Q Q Q Q Q Q Se De Ma Ju Se De Mar Ju Se De

Total Assets (Right axis) ISCC Barclays Capital Aggregate Investment Income (Left axis)

3

F6 Total Return Summary

8.00 Total Rate of Return Capital Market Indices As of 12/31/2009 As of 12/31/2009 (%) (%)

6.00 7.01 Index 3 12 6.06 6.04 5.97 5.93 5.72 Months Months 4.00 6 Month T- 0.06 0.47 Bill Barclays 0.20 5.93 2.00 Capital Agg. Barclays 6.19 58.21 Quarter Last 12 3 Yrs Inception Capital HY Months 6/98 0.09 0.20 0.00 S&P 500 6.04 26.47

EAFE 2.25 32.18 ISCC Barcla y s Ca p ital A gg re g ate

4

F7 Summary of Change in Market Value 01/01/2009 to 12/31/2009

Beginning Market Value $ 17,950,841

Net Contributions / (Withdrawals) $ (939,825)

Reinvestment of realized gains/(losses) $ 49,151

Reinvestment of net income earned $ 802,532

Unrealized gains/(losses) $ 133,712

Earnings on cash balances $ 46

Ending Market Value $ 17,996,457

5

F8 Credit Sector Allocation As of 12/31/2009 Industrials 36.51% Communications 8.57% Consumer Cyclical 2.37% Consumer Non-Cyclical 9.37% •Utilities Capital Goods 4.19% Energy 4.52% 18% •Industrials 37% Transportation 5.09% Other 2.40% Financials 45.28% Banking 28.45% Captive/Non Captive 7.11% •Financials Insurance 9.72% 45% Utilities 18.21% Electric & Gas 11.78% Distribution 6.43%

Representative Credit Rating Changes Q4 ‘09 Security Rating Source Change Date Consumers Energy S&P Upgraded from BBB- to BBB 10/29/2009 Metlife Inc. Moody’s Downgraded from A2 to A3 12/16/2009

*Below investment grade by S&P and Fitch

6

F9 Securitized Sector Overview

ISCC Index Pass-Through MBS 34% 35% Index CMBS 0% 3% Segments Hybrid ARM’s 1% 2% Non-Index Agency CMO’s 0% 0% Segments Non-Agency CMO’s 0% 0%

Current Outlook and Strategy • The Fed buying program is set to expire in Q1 2010 and relative value can be found in other sectors. Moving to an underweight position by letting current bonds pay down. • Favor up-in-coupon as interest rates rise. Also seeing better value in higher coupons as refinancings remain low. • Maintain current neutral weight to hybrid ARMS with 100% exposure to agency ARMs. Continued prepayments will reduce ARM exposure in both Index and portfolios. • Pass-through duration at 106% of index.

7

F10 Interest Rate Overview As of 12/31/2009 US Treasury Yield Curve Comparison 5

4.5

4

3.5

3

2.5 Yield 2

1.5

1

0.5

0 r r r a a ar year ye 1 yea 2 year 3 year 5 ye 7 ye 0 1 month 90 days 1 20 year 30

• Yields broke through their trading ranges in the month of December on positive economic news and heavy supply. • Rates should rise as stimulus programs are unwound and the Treasury begins to term out debt.

8

F11 U.S. Credit Spread to Treasuries 600 As of 12/31/2009

525

450

375

300 OAS (bp) OAS 225

150

75

0

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

Chart represents the average spread between the U.S. Credit Index and U.S. Treasuries. The U.S. Credit Index includes publicly issued U.S. corporates, specified foreign debentures and secured notes denominated in USD.

Wide spreads are indicative of higher risk, while tight spreads reflect investor optimism. As spreads move higher/wider, credi t underperforms Treasuries, while spread tightening produces outperformance for the credit sector.

9

F12 Fixed Income Market Outlook

• While the recession may be technically over, conditions remain weak and both consumers and businesses are cautious on spending. • Unemployment and excess capacity are still major areas of concern for policymakers and will be key to determining when the Fed will begin to tighten policy. • Spreads continue to grind tighter due to low Treasury yields, light net supply and strong demand. • Technicals in the securitized market dominate all other factors and leave yields unattractive for new investment. Closure of government buy-backs in 2010 may provide good entry point. • BAB’s issuance continue to offer good risk-adjusted spreads over Treasuries.

Dec09 10

F13 Portfolio Positioning As of 12/31/2009

60 Duration Distribution Bullish (%)

Duration 40 38 42 ISCC 4.37 23 20 20 17 16 14 11 8 11 Barclays Capital 4.45 0-2 2-4 4-6 6-8 8+ 0 Aggregate Bearish Bearish ISCC Barclays Capital Aggregate

Sector Allocation ISCC Barclays Capital Aggregate Mortgage- Short-Term Treasuries Backed 2% 15% Treasuries Portfolio Credit Quality 38% 30% Mortgage- Agency Backed ISCC Barclays 9% Capital 35% Aggregate AAA 60% 79%

Cash AA 7% 4% Agency Credit 0% A 23% 9% Asset-Backed 10% 39% 0% Credit BBB 10% 8% 22%

11

F14 Different Shapes of the Yield Curve

Risk-Return Tradeoff between Different Asset Classes (1997-2007) 8%

DJIA 7% STD = 14.77 Global Tsy Eurodollar U.S. Treasury MBS 6% AGG Corporates Russell 2000 STD = 19.88 Return 5% ABS Muni High Yield S&P 500 STD = 14.74 4% NASDAQ STD = 28.35 3% 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 Risk (Std. Dev.)

14

F15 INDEPENDENT SCHOOLS COMPENSATION CORPORATION Summary Portfolio Report by Security Type and Investment Category as of 12/31/2009 Date: 01/11/2010 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 48,939 $48,939 $48,939 P1 $0 0.3% A1+ External Certificate of Deposit 925,000 $925,000 $925,000 P1 1.660% $0 5.2% A1+ Short Agency Notes 400,000 $399,981 $399,981 P1 0.050% 200 $0 2.2% A1+ Receivables(+) 2,060 $2,060 $2,060 P1 $0 0.0% A1+ Total CASH & EQUIVALENTS 1,375,999 $1,375,980 $1,375,980 P1 1.181% 200 $0 7.7% A1+ FIXED INCOME SECURITIES GOVERNMENTS U. S. Treasury Notes & Bonds 2,350,000 $2,460,696 $27,125 $2,399,397 AAA 3.643% 95,845 $61,298 13.8% AAA U. S. Agency 1,350,000 $1,408,985 $12,461 $1,395,716 AAA 3.469% 55,314 $13,268 7.9% AAA Total GOVERNMENTS 3,700,000 $3,869,681 $39,586 $3,795,113 AAA 3.579% 151,159 $74,567 21.7% AAA CREDIT Industrials 2,235,121 $2,354,497 $45,503 $2,262,874 A3 5.267% 125,899 $91,623 13.2% A- Utilities 1,118,000 $1,174,511 $14,732 $1,129,682 A3 5.310% 59,925 $44,828 6.6% A- Finance 2,775,000 $2,919,845 $38,395 $2,770,956 A2 5.476% 155,514 $148,888 16.4% A Total CREDIT 6,128,121 $6,448,852 $98,630 $6,163,512 A3 5.370% 341,338 $285,339 36.2% A- MORTGAGE-BACKED GNMA 30yr. 566,485 $596,046 $2,744 $565,558 AAA 5.748% 32,928 $30,487 3.3% AAA

F16

Opus Investment Management Where knowledge becomes power INDEPENDENT SCHOOLS COMPENSATION CORPORATION Summary Portfolio Report by Security Type and Investment Category as of 12/31/2009 Date: 01/11/2010 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 30yr. 1,543,540 $1,613,762 $6,983 $1,510,294 AAA 6.135% 83,802 $103,467 9.1% AAA FNMA 15yr. 162,812 $171,125 $678 $160,569 AAA 5.456% 8,141 $10,555 1.0% AAA FHLMC 30yr. 2,632,633 $2,712,632 $11,308 $2,649,479 AAA 4.990% 135,696 $63,152 15.2% AAA FHLMC 15yr. 713,600 $741,184 $2,770 $697,673 AAA 5.482% 33,238 $43,511 4.2% AAA ARM's 101,355 $107,559 $487 $106,565 AAA 4.708% 5,846 $993 0.6% AAA Total MORTGAGE-BACKED 5,720,425 $5,942,307 $24,971 $5,690,139 AAA 5.448% 299,651 $252,167 33.4% AAA MUNICIPALS Revenue Bonds 200,000 $194,424 $2,027 $200,000 AA3 5.980% 11,960 $-5,576 1.1% AA- Total FIXED INCOME SECURITIES 15,748,546 $16,455,264 $165,213 $15,848,765 AA2 4.985% 804,108 $606,499 92.4% AA TOTAL PORTFOLIO 17,124,545 $17,831,244 $165,213 $17,224,744 AA2 4.703% 804,308 $606,499 100.0% AA

F17

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, 2008 $159,299 Interest earned in 2009 $802,578 Interest received in 2009 ($815,240) 146,637

Paid for accrued interest in 2009 $18,623

Accrued interest receivable at December 31, 2009 $165,260 Certificates of Deposit Accrued interest receivable at January 1, 2009 $13,250 Interest earned in 2009 $15,933 Interest received in 2009 ($17,667)

Accrued interest receivable at December 31, 2009 $11,516 Mutual Funds Dividends receivable from Bank of America at December 31, 2009 $0

Total interest and dividends receivable at December 31, 2009 $176,776

Detail of investment income at December 31, 2009

Investment income earned on securities portfolio $802,578 Interest earned on cash held by Opus & misc inc 0 Interest earned on certificate of deposit 15,933 Dividends earned on Bank of America Mutual Funds 0 Gross investment income earned 818,511

Net amortization of premiums (6,919)

Net realized gain (loss) on disposal of securities 49,151

Net investment income earned $860,743

F18

Section G

Claim Report

INDEPENDENT SCHOOLS COMPENSATION CORPORATION Open Indemnity/Legal Claims- A Schools March 5, 2010

1. Learning Center for Deaf Children DOI: 09/20/1995 Claim number: 34NWC0100276 Claimant Attorney: William Murphy DOB: 11/15/1946 Status: Permanent & Total DOH: 09/01/1970 Second Injury Fund Indemnity Paid: $141,409 Indemnity O/S: $97,745 Medical Paid: $20,319 Medical O/S: $14,928 Legal Paid: $29,419 Legal O/S: $3,533 Expense Paid: $13,931 Expense O/S: $1,700 Total Paid: $205,078 Total O/S: $117,906 MCM: None Total Incurred: $322,984 AWW: $554.06 CR: $439.09 Recovery: $30,092

Employee initially injured her back lifting boxes of files and was found to be PT in November 1998. Second Injury Fund is reimbursing 65% of future PT and medical benefits as of February 2002. Periodic surveillance has not found the employee active and there has not been any interest in Lump Sum Settlement. March Status: We continue to monitor treatment, pay permanent disability and apply for reimbursement from the second injury fund.

2. Nichols College DOI: 02/02/2007 Claim number: 34NC10700076 Claimant Attorney: Joseph Agnelli DOB: 08/30/52 Status: Litigated DOH: 01/15/01 terminated 05/01/07 Indemnity Paid: $14,318 Indemnity O/S: $43,215 Medical Paid: $33,358 Medical O/S: $10,213 Legal Paid: $1,998 Legal O/S: $6,502 Expense Paid: $10,253 Expense O/S: $2,803 Vocational Paid: $0 Vocational O/S: $5,000 Total Paid: $59,927 Total O/S: $67,733 Total Incurred: $127,660 AWW: $689.90 CR: $413.94 Department: Administration

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EE reached bottom step and her shoe caught causing EE to fall landing on left arm, dislocating left minor elbow. EE was out of work until 4/9/07 when she returned part-time. She was terminated from employment 5/1/07 due to elimination of her position. She was cleared to return to work full time 5/21/07, she was paid disability benefits through then. EE continued to treat and in June 2008 surgery was recommended causally related to this injury by Dr. Morgan. Proposed surgery was a capsular release, lysis and removal of loose body. EE was to consider surgery over the summer. 12/10/08 EE retained legal counsel to pursue surgery and disability benefits under workers’ compensation. IME 1/13/09 with Dr. Sewall found causal relationship to her work injury and recommended surgery. A Section 19 Agreement was reached to pay for the surgery and disability for 5 months after date of surgery. Another IME performed on 09/28/09 in order to assess current capabilities and disabilities. Dr. Donahue concluded pain will improve, motion is fairly stabilized and additional therapy would not be beneficial. Claimant will have some level of disability at the end of it all. Claimant is capable of work. Restrictions to left arm include no lifting greater than 20 lbs and avoid repetitive activity. On October 5, 2009 conciliation was held opposition was able to make medicals available which states gains were being made with physical therapy and insurer denied treatment. Insurer compromised on treatment and allowed 6 more weeks of physical therapy. March Status: Fallon Clinic note dated 2/3/10 states patient has decreased pain and increased range of motion. Appears claimant is concerned with getting well and expressed interest in further physical therapy. Demand for settlement is $85K. Defense counsel does not feel certain with outcome if we proceed with litigation. Claimant could be entitled to 5 years of Temporary Partial Disability benefits which would compute to $64,574. Through negotiation, claim can be resolved for $37,500. The proposed resolution would dramatically minimize the cost of the claim. The College is in agreement with settlement. We are seeking Board authority at this time.

3. Old Sturbridge Village DOI: 01/18/08 Claim number: 34NC10800038 Claimant Attorney: Thomas Casartello DOB: 04/29/49 Status: Litigated/ partial order DOH: 03/22/88 Indemnity Paid: $35,052 Indemnity O/S: $14,101 Medical Paid: $29,753 Medical O/S: $3,747 Legal Paid: $3,001 Legal O/S: $3,999 Expense Paid: $6,950 Expense O/S: $2,549 Total Paid: $74,756 Total O/S: $24,396 MCM: None Total Incurred: $99,152 AWW: $573.21 CR: $257.94 Department: Supervisor of Housekeeping

59 yr old female states during snow storm she was walking to building to get supplies when she slipped and fell. Claimant reports injury to her back, right leg, arm and left hip. Claimant received immediate medical attention from primary care physician Dr. Richard Harding. EE attempted to work half days for a few weeks prior to going out on workers compensation. Injured worker began physical therapy at Stafford Physical Therapy; employee states she is experiencing increased symptoms with little relief. Appears claimant’s symptoms are not getting any better. She has had aqua therapy and injections and continues to complain of pain and that she is not getting any better. Dr. Azimov feels claimant’s pain is chronic in nature given that her injury

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occurred over one year ago. Physician recommended continued use of Cymbalta for the nerve pain and work conditioning, strongly encouraged that claimant does not give into her pain. Claimant released to sedentary work effective 04/02/09, part time three days a week for two weeks then five days a week. Order to pay issued by Judge Hernandez 6/24/09. The order is a modification. Earning capacity $143.30 per week. AWW: $573.21, discontinue payment of TT and pay TP at rate of $257.94 as of the filing of this order in Worcester regional office. Pay EE's attorney $523.36. Physician prescribed work hardening and evaluation. March Status: We are currently paying employee Temporary Partial Disability benefits at the rate of $257.94 per Order from DIA. One year of Temporary Partial benefits is $13,413. Demand for settlement is $125,000, is not rationale. Impartial exam took place on 10/14/09 @ 9:00 a.m. with Dr. Alan Bullock, physical examination reveals there is 90% motion of the neck and 80% motion of the thoracolumbar spine. She has diffuse pain in the neck, mid back and lower back. Neurologic exam reveals no weakness no numbness no reflex changes today. Straight leg raising to the lower legs is negative. Claimant carries diagnosis of degenerative neck and back disease with degenerative disc disease. It appears these problems preexisted her fall on the ice, the fall aggravated the above problem. When she fell she basically contused and strained a degenerative spine. She has reached a medical endpoint, however, she will always have some pain, and some limited motion in back. This maybe due to the arthritis and degenerative changes that preexisted the injury but was aggravated by the injury. Limited to no lifting over 15 lbs and no above shoulder lifting. Hearing scheduled for 03/29/10.

4. Stoneleigh- Burnham School DOI: 03/01/08 Claim number: 34NC10800459 Claimant Attorney: William J. Doherty DOB: 12/08/1962 Status: Temporary Total - Litigated DOH: 09/01/1997 Indemnity Paid: $25,100 Indemnity O/S: $53,899 Medical Paid: $66,111 Medical O/S: $24,879 Legal Paid: $0 Legal O/S: $3,500 Expense Paid: $6,429 Expense O/S: $2,071 Vocational Paid: $0 Vocational O/S: $2,500 Total Paid: $97,640 Total O/S: $86,849 MCM: Karen Murphy Total Incurred: $184,489 AWW: $531.03 CR: $318.62 Department: Dining Services

Claim reported to Meadowbrook TPA as an aggravation of 2002 claim, after review of all claim notes it was clear claimant reached maximum medical improvement regarding that file, claim later refilled with most recent date of injury in March. Appears in recent months claimant has been performing duties beyond her expectations at work and has been experiencing symptoms. Claimant states since her original incident in 2002 she has had aches and pains but in recent months has had difficult time, experiencing pain from neck to right shoulder down to the arm, numbness to fingers. Employee is a great worker but appears to have issues with authority, in speaking to supervisor I found out injured worker was recently reprimanded along with other employees for gossiping. Claimant did not report injury to insured until 08/18/08, prior to that claimant had an X-ray performed on 08/04/08. Karen Murphy has instructed MRI indicates

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chronic degenerative process in addition to C4-5 disc space loss. Dr. Anderson has assessed claimants injuries are casually related to work activities. Claimant has undergone anterior fusion with side plate at C5-6 and C6-7 (back in 2002). Currently claimant is experiencing chronic disk disease at C4-5 but no acute bony changes. Conservative measures taken, claimant prescribed Medrol Dose Pak to be followed by Naprosyn as well as Valium to use at night for the spasm. MRI performed reveals significant disc space collapse and a disc ostephyte complex. 10/01/08, CT Scan performed but unfortunately did not conclude the need for surgery, Dr. Anderson prescribed a myleogram with Dr. Dascoe. Neurotin dosage increased to 1600 mg daily. Medical case manager discussed the case with Dr. Anderson and Dr. Mick who stated from an orthopedic point of view, R trap symptoms employee has, though not common, can exist with pathology. Physician is recommending surgery, anterior cervical discectomy and fusion plating @ C4-5, C5- 6. Second opinion with Dr. Shapiro on 11/24/08 concludes surgery is warranted. Surgery was put on hold at the end of the year as the claimant had pneumonia. As of recently claimant was scheduled for surgery again and claimant developed swollen esophagus. Due to unrelated work issues claimant’s surgery was put on hold. Physician has cleared patient for surgery which is scheduled for 06/02/09. She last saw Dr. Anderson 7/27, x-rays showed good hardware alignment and beginning of fusion taking. She has been placed out of work. An MRI was done to the right shoulder on 09/01/09 due to complaints of pain. MRI revealed no evidence of rotator cuff tear, fluid or fracture identified. Dr. Anderson noted on 11/18/09 claimant is fused by across C4-5 her symptoms persist, claimant does not allow physician to touch her she is very fearful. Dr. Anderson states claimant has reached medical end result and finds 25% total body impairment. Instructs she will need pain medication and possibly future surgical evaluation if adjacent levels should fail. Physician states claimant is does not appear to be returnable to any profession whatsoever, totally permanently disabled and at MMI. March Status: IME was performed by insurer on 01/19/2010 by Dr. Deepak Tandon which states claimant is capable of sedentary work no lifting more than 10 lbs in the same industry presently on a part time basis. Claimant’s anxiety is not allowing her to heal, she hardly allowed physician to touch her, referred to as very sensitive to touch. Filed form 108 in order to move file along or at least modify benefits. Claimant is capable of work per IME and she is currently receiving full compensation benefits.

5. Marine Biological Labs DOI: 05/09/08 Claim number: 34NC10800266 Claimant Attorney: Debby Ward DOB: 03/15/1960 Status: Order to Discontinue 08/04/09 DOH: 02/11/2008 Indemnity Paid: $18,238 Indemnity O/S: $30,836 Medical Paid: $38,919 Medical O/S: $16,739 Legal Paid: $7,208 Legal O/S: $6,190 Expense Paid: $8,671 Expense O/S: $3,412 Total Paid: $73,036 Total O/S: $57,177 MCM: None Total Incurred: $130,213 AWW: $477.64 CR: $286.58 Department: Custodian

Claimant was unloading recycling items when he injured his lower back. MRI revealed a disc protrusion at L5-S1 with a questionable cyst on the nerve, degenerative disc disease at L2-3, and curvature of the spine, the major issue L5-S1. On exam there is significant weakness from the L5

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nerve root and decreased reflexes on the left side, specifically at L4 and S1. Thoracic and lumbar medical branch block (injection) only allowed temporary relief for one day. Dr. Gannon ordered claimant to take part in aquatic therapy. Employee is now experiencing pain radiating to left leg, which may require a surgical intervention. IME performed on 09/02/08, by Dr. Donahue confirms claimant has not reached an end result and only has light duty work capacity. Diagnosis states aggravation of pre-existing degenerative disc disease, herniated disc L5-S1 with root compression. Findings at L5-S1 are new. On 10/09/08, employee was evaluated by Neurosurgeon, Dr. Eric Woodard. Appears claimant had his left leg give way from him and he was lucky not to fall. Dr. Woodard agreed with pool therapy and thought an ESI would help calm down the inflammation. Physician notes employee has arthritis of the spine and a bulging disc at L3-4 and L4-5 as well as a narrowing/stenosis. 10/24/08, visit Dr. Winkel noted reflexes and strength to be diminished at L5-S1 level. Psychiatric treatment denied as unrelated to work injury. EMG performed revealed minimal irritation at L5 level. Per review of MRI, Dr. Sabra notes pre- existing bone spurs causing narrowing which can relate to nerve symptoms and pain. Dr. Sabra notes no acute nerve damage and employee should try conservative treatment and agrees with Dr. Woodard claimant is not a surgical candidate. Dr. Sabra notes good strength and reflexes of left lower extremity. March Status: Activity check of claimant May 15, 2009 found claimant working and earning wages, while being paid compensation benefits. Based on this information a conference was requested. Judge Chadinha has issued his conference order, an outright discontinuance as of 8/4/09. He said nothing with respect to the employee's claim for surgery in his order. He has, however, denied the insurer's request for recoupment as part of the order. Order has been appealed relative to recoupment issue, not the medical issue. Mandatory meeting at OEVR 9/21/09 found claimant not to be suitable for vocational rehabilitation services because liability for workers’ compensation claim has not been established. Impartial exam to be performed by the State has not been scheduled yet. File reported to Fraud Bureau.

6. Peabody Essex Museum DOI: 07/09/08 Claim number: 34NC10800386 Claimant Attorney: Daniel Napolitano DOB: 11/02/1986 Status: Litigated/ Partial order DOH: 08/06/2007 Indemnity Paid: $6,947 Indemnity O/S: $4,101 Medical Paid: $33,291 Medical O/S: $3,453 Legal Paid: $3,807 Legal O/S: $6,622 Expense Paid: $7,791 Expense O/S: $3,000 Total Paid: $51,836 Total O/S: $17,176 MCM: None Total Incurred: $69,012 AWW: $525 CR: $189 Department: Security

22 year-old Security Lead Person slipped on stairs and landed on knees and hands. He sustained cuts and contusions. Both knees injured, left worse than right. EE employed with ER 11 months at time of injury. No lost time, complex medical claim. EE chose to leave ER’s employment 9/19/08. Claim is currently in litigation as EE is pursuing surgery on left knee under workers’ compensation. Dr. McKeon has causally related to his injury. IME doctors Balcom and Scheller do not relate his current condition and need for surgery to the work injury but to his pre-existing

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condition. Of note, EE has a congenital defect, OCD; hole in bone did not fill in at birth. He has had 3 previous left knee surgeries. The right knee is an aggravation of pre-existing condition and defect. Left knee was aggravation of failed previous surgery. He collected severance pay and unemployment benefits. His plan was to return to school. 4/22/09 EE wants to pursue surgery. He obtained legal counsel and filed for payment of the surgery and disability benefits under workers’ compensation. This was denied. Surveillance in June showed EE active in coaching baseball, he caught and threw balls, was seen swinging the bat and running bases at a fast pace. Additional surveillance shows him using a weed whacker. Issue is causal relationship and Section 1 (7) (a), is accident/injury a major cause for the recommended surgery, but not a predominant cause. EE’s attorney indicated unemployment to run out soon and will join a claim for Section 35, Partial Disability benefits. IME 8/3/09 with Dr. Scheller does not find need for surgery causally related to accident; he has fully recovered from his right injury and his left knee injury persists, Dr. Scheller feels this is pre-existing. Dr. Scheller indicates the employee's real disability in his left knee is NON-WORK RELATED and relates to a pre-existing medical compartment arthrosis, which has had multiple surgeries. Conference scheduled for 9/2/09 in Lawrence before Judge Preston, ordered insurer to pay claimant temporary total compensation at the rate of $315.00 per week based on average weekly wage of $525.00 from the date of surgery and continuing thereafter for 12 weeks and to pay claimant partial incapacity at the rate of $189.00 per week based upon average weekly wage of $525.00 for 12 weeks plus medical benefits, surgery and aftercare directed by Dr. McKeon. Insurer appealed order. March Status: State Impartial (performed by Dr. James Hewson) came back favorable for insured, states originally claimant had osteochondritis dissecans which involved the surgery of 2004 and osteochondral graft and eventually require the osteotomy on 09/27/09. This more recent surgery is involved in the original problem noted back in 2004 and 2006. The fall from work left him with a contusion of the knee and his patella and has since recovered. Current disability is related to original problem back in 2004 and 2006. The severe osteochondral deficiencies pre-dated the injury of 07/09/08. Diagnosis of Osteochondritis dissecans which has been operated on with a graft which eventually had to be removed and more recent including osteotomy of the possible tibia on the left. We have appealed judge’s order and wait to move forward to hearing. Received notification on 02/12/10 claimant was not found suitable for vocational rehabilitation services. Claimant is currently pursuing college degree in criminal justice. Unfortunately recent medical dated 02/03/10 states osteotomy is slipping and one of the inferior screws broke, clearly this is an unstable situation. Claimant was doing remarkably well with no pain and just about full weight bearing status but now is sliding down the osteotomy and basically he is developing an obvious delayed union based or mobility of the osteotomy and broken screw. He is going to require revision surgery; due to young age would like to treat aggressively. CT scan will be done in order to evaluate architecture of the bone. Also will need long standing x-ray. Please note claimant is a large man. Favorable impartial will prompt discussions on resolution. We wait scheduling of a Hearing.

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7. Lesley University DOI: 10/22/08 Claim number: 34NC10800579 Claimant Attorney: Deborah Kohl DOB: 07/01/2007 Status: Temporary Total DOH: 04/01/1945 Indemnity Paid: $17,537 Indemnity O/S: $10,509 Medical Paid: $33,255 Medical O/S: $15,776 Legal Paid: $0 Legal O/S: $10,000 Expense Paid: $1,7201 Expense O/S: $0 Total Paid: $67,993 Total O/S: $36,285 MCM: None Total Incurred: $104,278 AWW: $1,759.13 CR: $1,055.48 Department: Professor

EE was exiting classroom at approximately 9:20 AM when she slipped on wet floor, sustained injuries to right hip, left knee and right knee. Claim first reported to TPA as medical only. Claimant began treating with physical therapy. Once MRI was performed on 12/17/08 which revealed large disc herniation at L5-S1 impinging and displacing the left S2 nerve root in its lateral recess; mild central stenosis at L2-3; and mild central stenosis at L3-4. L5-S, disectomy performed on 01/26/09 at which point claim escalated to lost time. Post operative appointment with Dr. Glazier on 02/06/09, patient is doing well, radicular pain has resolved for the most part. She still complains of cramp in her buttock which is normal and will resolve with time. Claimant to avoid bending, lifting and twisting, take Toradol and Advil for pain daily. 7/09 Claimant started to experience pain to the left knee, MRI performed revealed meniscus tear, surgery is recommended. Claimant returned to work on 05/06/09 due to recovery for disc herniation; claimant would like some time to recover from back surgery prior to pursuing surgery for the left knee. March Status: EE continues to have back and left knee pain. Employee saw Dr. Davis 7/14/09 who indicated only treatment option is knee replacement. EE wants to postpone as back heals. She saw Dr. Glaze 7/28 for increased back symptoms. X-ray showed progression of disc space collapse L5-S1, site of laminectomy and discectomy procedure. She has severe osteoarthritis in her knee which alters her gait causing increased back pain. Prior to allowing total knee replacement and due to knowledge claimant was treating for left knee, an IME was performed by insurer, which took place on 12/22/09 with Dr. Robert Nicoletta. Dr. Nicoletta states claimant aggravated an already preexisting condition in terms of degenerative medial meniscus tear and would benefit from arthrosplasty and postoperative rehabilitation. That being said because claimant returned fairly quickly to work after back surgery insurer entered into section 19 agreement which will allow surgery and three months of benefits. Due to the status of claimant at the University it is believed claimant will be motivated to return to work.

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8. Lesley University DOI: 01/17/09 Claim number: 34NC10900086 Claimant Attorney: None DOB: 10/20/1938 Status: Temporary Partial DOH: 10/21/1991 Indemnity Paid: $43,916 Indemnity O/S: $35,802 Medical Paid: $28,928 Medical O/S: $14,572 Legal Paid: $0 Legal O/S: $0 Expense Paid: $427 Expense O/S: $1,073 Total Paid: $73,271 Total O/S: $19,225 MCM: None Total Incurred: $92,496 AWW: $1,647.44 CR: $494.23 Department: Professor

The day after snow storm claimant was headed into building for work slipped and fell on ice. Claimant describes she fell onto her back. Injured employee was able to pick herself up and make her way into the building where she became very ill, complaints of back and right arm pain. Claimant was later picked up by her husband and hospitalized for nine days. Insured did not understand incident to be work related and incident was reported to TPA 02/12/09. Claimant began physical therapy on 03/26/09 and had lumbar ESI. Claimant is not a surgical candidate with time pain should resolve with physical therapy. March Status: Employee returned to work on 9/1/09 to half-time work activities or 17.5 hours a week divided in several slots per week, such as three days a week. Restricted to avoid sitting over 45 minutes, standing over 15 continuous minutes, carrying over 4 lbs of weight when walking, carrying any weight when climbing stairs, and to avoid walking over 200 ft. without resting or without assistance. These restrictions can be re-assessed in 6 months time for determining return to work full time. IME performed by Dr. Deepak Tandon on 12/03/09. IME requested by insurer because of allegations made by claimant’s treating physician that urinary inconsistency was due to work injury. Medicals have revealed that claimant has had such issues in the past. About 10-12 years ago claimant required bladder suspension. In the absence of major disc herniation or major spinal stenosis and lack of the lumbar spine it is highly unlikely that the contortion injury, with the reported MRI of the lumbar spine findings can cause the urinary incontinence.

9. Milton Academy DOI: 02/06/09 Claim number: 34NC10900070 Claimant Attorney: Richard McLaughlin DOB: 06/28/1931 Status: Temporary Total DOH: 04/24/1991 Indemnity Paid: $29,355 Indemnity O/S: $176,645 Medical Paid: $68,460 Medical O/S: $30,639 Legal Paid: $ Legal O/S: $9,000 Expense Paid: $3,820 Expense O/S: $5,680 Vocational Paid: $0 Vocational O/S: $5,000 Total Paid: $101,635 Total O/S: $226,964 MCM: None Total Incurred: $328,599 AWW: $894.10 CR: $536.51 Department: Security Patrol Officer

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Safety Patrol officer leaving the grounds of employment slipped and fell on ice, fractured left hip, ambulance arrived to the scene collected patient and brought him to Milton Hospital for surgery prior to surgery being performed claimant suffered a stroke. Claimant was too weak for surgery and surgery was delayed until 02/09/09 for left hip fracture. After the stroke claimant has not been able to speak or comprehend much of what is going on. Claimant was discharged from the hospital on 03/13/09. Treatment plan includes physical therapy and occupational therapy. Provider would also like to have claimant take part in speech therapy, due to questions regarding if the stroke suffered was a direct result of work incident speech therapy and any other treatment unrelated to fracture has been denied. Provider and the family of claimant are alleging stroke to be related to work incident. Records review informed stroke suffered on 02/06/09 after work incident, is not casually related to the fall but rather it is due to his paroxysmal atrial fibrillation, which predated the incident of 02/06/09 and was responsible for prior strokes that occurred prior to February 6, 2009. Injured worker evaluated on 04/30/09, remain out of work until 09/18/2009, next follow up visit. Claimant making very slow progress in PT. Received recent injection to relieve shoulder pain. Insured will continue to deny treatment of stroke due to report. Claimant is making slow gains with physical therapy. Independent medical exam performed on 09/22/09 states claimant has made good progress following surgery but still has residual abductor weakness in the left hip. Recently treated for probable torn rotator cuff left shoulder with steroid injection and physical therapy. Patient continues to require ongoing treatment for his shoulder to regain motion and strength. Examiner assessed claimant is unable to return to work as security officer at this time only capable of most sedentary type work that allows him to go from sitting to standing as necessary. Significant communication problems following stroke. Claimant’s attorney has removed onsite medical case manager from file. March Status: Filed form 108 in order to discontinue or modify benefits per recent IME which states claimant has sedentary work capacity. Matter move forward to conference scheduled for 03/25/10 before Judge Fred Taub. Besides the stroke suffered, claimant is now alleging injury to his left shoulder and attributing that to the work accident as well. Due to claimant’s age, he continues to treat conservatively for the left shoulder with physical therapy. At this point a decision is required on this case. Unfortunately for insurer claimant is very sympathetic to any judge. Claimant is an educated individual with degree in accounting who after a certain period of time elected to take it easy and join Milton Academy’s security staff. 03/03/2010 IME scheduled again with Dr. McManama in order to assess from an orthopedic stand point how claimant is doing if not for the stroke would he be able to walk. Records Review to be done again by Dr. Levine, neurologist in order to reinforce prior opinion that stroke is not related to work injury. Medical note provided at conciliation states some restrictions to left hip in regards to range of motion. Claimant is tender over the greater troachanteric bursa. Left shoulder reveals full range of motion but pain in the classic impingement positions of 90-100 degrees for flexion and any rotation. He does have some weakness on resisted abduction. Patient to follow up in 3 months.

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10. New England Aquarium DOI: 07/01/09 Claim number: 34NC10900436 Claimant Attorney: None DOB: 07/07/1969 Status: Temporary Total DOH: 11/25/1996 Indemnity Paid: $9,897 Indemnity O/S: $9,713 Medical Paid: $4,189 Medical O/S: $24,970 Legal Paid: $0 Legal O/S: $0 Expense Paid: $0 Expense O/S: $2,000 Total Paid: $14,086 Total O/S: $36,683 MCM: Quinn Total Incurred: $50,769 AWW: $663.62 CR: $398.17 Department: Mammal Trainer

Senior mammal trainer was cleaning algae for an extended period of time, diagnosed with bilateral epicondylitis. Claim reported late to insurer because claimant went on vacation and does not work a full time schedule. Claimant works Thursday, Friday and Saturday. Insured does not question claim because claimant’s work is repetitive in nature. Claimant evaluated by Dr. Lee on 10/07/09 right elbow pain at the lateral collateral ligament, claimant reported relief after injection. Examination revealed recurrent pain right at the 1.5 cm distal, still mild pain at the origin and yet more significant part is right at lateral collateral ligament and the joint surface. March Status: Claimant followed up with Dr. Oh on 02/11/2010, noted some improvement to both wrists, and left more than the right. Physical therapy has been very helpful with symptoms as well as decreased activity. Physician feels since claimant is improving he would like to keep things the way they are. If someone is still symptomatic after 12 months surgery would be recommended. Also discussed a new procedure being done, called PRP. It is platelet rich plasma that is taken out of the patient and re injected into the area, this helps increase the rate of healing. Since she is improving on her own it has not been recommended for this particular patient right now. It is too early to have claimant return to work light duty. Next scheduled appointment scheduled for 05/17/10.

11. Fessenden School DOI: 10/01/09 Claim number: 34NC10900493 Claimant Attorney: None DOB: 02/17/1967 Status: Temporary Partial DOH: 06/10/2002 Indemnity Paid: $5,127 Indemnity O/S: $3,575 Medical Paid: $6,879 Medical O/S: $5,621 Legal Paid: $0 Legal O/S: $0 Expense Paid: $0 Expense O/S: $1,000 Total Paid: $12,006 Total O/S: $10,196 MCM: Quinn Total Incurred: $22,202 AWW: $663.62 CR: $398.17 Department: Maintenance

Maintenance worker who was directed by supervisor to move genie lift to the opposite end of campus sustained left heel fracture. Claimant was able to remain at work for the rest of the day because the later part of the day is not very demanding. Injured worker was working alone and

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did not require assistance to push genie lift, one man job. Claimant was released to return to work 10/19/09 to full time maintenance work, since return to work claimant has complained of soreness to left foot. X-rays revealed a stress fracture. Physician recommended claimant to wear walking boot, rest foot at work if possible. MRI ordered in order to rule out occult fracture or tendon injury. Prescribed Ibuprofen, follow up 3 days after MRI and continue working regular job. 11/02/09 claimant started to experience unbearable pain; physician took claimant out of work again until MRI on 11/12/09. MRI revealed left planter Faciitis March Status: Claimant saw Dr. Katz on 02/19/10, no change in symptoms, persistent foot pain in the same location with little if any improvement after completing the physical therapy program. Patient found physical therapy to be helpful; however he has now regressed back to the same pain. Continue working with increased hours to 6 hours/day for 2 weeks then increase to 8 hours as tolerated. Scheduled to see podiatrist for second opinion.

12. Dana Hall School DOI: 10/30/09 Claim number: 34NC10900552 Claimant Attorney: None DOB: 09/14/1969 Status: Temporary Total DOH: 08/27/2007 Indemnity Paid: $7,339 Indemnity O/S: $7,723 Medical Paid: $5,255 Medical O/S: $12,245 Legal Paid: $0 Legal O/S: $0 Expense Paid: $1,340 Expense O/S: $3,524 Total Paid: $13,934 Total O/S: $23,492 MCM: Quinn Total Incurred: $37,426 AWW: $744.15 CR: $446.49 Department: Kitchen Staff

Kitchen worker in an attempt to remove tray piled onto conveyor injured right hand. Right hand was stuck in conveyor belt the fire department was called to assist removing claimant from conveyor belt, later transported to Beth Israel hospital by ambulance. Appears claimant was wearing plastic glove and the tip of glove got caught into conveyor belt. X-ray performed negative for fracture. Mr. O’Connell loss control consultant made visit to insured and has made recommendations such as shut of switch, signage, guard to be put in place and retraining. March Status: MRI was done mid January of the right hand. MRI did not show a fracture, tendon injury or nerve injury. It does show fluid which is consistent with his traumatic injury. Unfortunately given this type of injury, a crush injury, the healing time is between 6-12 months. This type of injury causes chronic pain and swelling. Dr. Waugh feels that he suffered a set back when he was referred to work hardening feels hand was worked too hard and too fast. Recommendation, start physical therapy again, gentle motion. Remain out of work until next appointment on 03/02/10. Goal at this point is to reduce swelling, eliminate pain and work on motion.

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13. Worcester Academy DOI: 07/31/09 Claim number: 34NC10900387 Claimant Attorney: John D. Hislop DOB: 03/18/1962 Status: Temporary Partial DOH: 02/12/1996 Indemnity Paid: $9,825 Indemnity O/S: $2,096 Medical Paid: $4,939 Medical O/S: $5,881 Legal Paid: $0 Legal O/S: $0 Expense Paid: $819 Expense O/S: $0 Total Paid: $15,583 Total O/S: $7,977 MCM: None Total Incurred: $23,560 AWW: $1,086.52 CR: $651.91 Department: Plumber

Claimant states in the midst of project routing pipes he had to use heavy extension ladder which caused pain to thoracic spine. Claim first reported as medical on 10/29/09 disabled from work per medical note from Fallon Clinic. Patient states pain from back radiates into his back and into his groin. After starting physical therapy claimant reports symptoms have intensified. MRI revealed disc protrusion at T9 and an area that may be nothing or cancer at T11. Physical therapist reports he is improving; however he still has spasms along the paraspinal muscles in the thoracic region. Claimant reports he develops mid back pain after standing for even short durations. Reports that radicular symptoms have improved, no longer has pain radiating to his groin or abdomen, but still has pain radiating to the side of his trunk. March Status: Claimant released to return to work light duty half days by Dr. Trudel on 01/27/2010 and no lifting over 10 lbs. Claimant elected not to return to work. Insurer filed form 108 in order to modify benefits since then claimant has returned to work as of 02/01/2010. IME performed by Dr. Levine at the request of insurer states claimant is not at a medical end result and will require further treatment but claimant is capable of full duty work provided he is limited to no lifting no more than 5 pounds, bending and twisting should also be avoided. Diagnosis of right T9-10 disc herniation with low back pain and abdominal pain and parethsias right thoracic strain with upper extremity paresthsias. Dr. Levine did not clarify if T11 pain and symptoms are related to work injury. Insurer request addendum from physician.

14. Shore Country Day School DOI: 01/18/2010 Claim number: 34NC11000027 Claimant Attorney: None DOB: 01/20/1963 Status: Temporary Total DOH: 12/02/2002 Indemnity Paid: $3,446 Indemnity O/S: $6,682 Medical Paid: $1,009 Medical O/S: $15,991 Legal Paid: $0 Legal O/S: $0 Expense Paid: $0 Expense O/S: $2,800 Total Paid: $4,455 Total O/S: $25,473 MCM: Quinn Total Incurred: $29,928 AWW: $1,116.86 CR: $670.12 Department: Buildings and Grounds

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Claimant states he was clearing snow when plow hit concrete barrier, developed pins and needles into his left forearm and hand some paresthesias into the fourth and fifth fingers of his right hand. Taken to the emergency room and placed in a cervical collar. Diagnosed with cervical stenosis, requires immediate surgery but claimant did not have surgery right away, and elected to have second opinion. Claimant is currently treating with Dr. Doorly and he has advised for surgery which would be performed at C6-7 with disc removal and bone grafting with titanium plate.

15. Massachusetts Audubon Society DOI: 01/18/2010 Claim number: 34NC11000050 Claimant Attorney: None DOB: 11/25/1962 Status: Temporary Total DOH: 02/04/2008 Indemnity Paid: $864 Indemnity O/S: $1,136 Medical Paid: $0 Medical O/S: $7,600 Legal Paid: $0 Legal O/S: $0 Expense Paid: $0 Expense O/S: $2,000 Total Paid: $864 Total O/S: $10,736 MCM: Quinn Total Incurred: $11,600 AWW: $916.82 CR: $550.10 Department: Property Manager

After spending the better half of the morning clearing snow claimant began to experience pain to his lower back, left leg and groin. After two weeks with out any relief file assigned to onsite medical case management in order to have claimant see a specialist. At this time claimant has been disabled from work until 03/04/10. Diagnosis- sciatic nerve spasm.

16. Trustees of Thayer Academy DOI: 02/20/2009 Claim number: 34NC10900164 Claimant Attorney: DOB: 02/03/1949 Status: Litigated DOH: 01/01/1981 Indemnity Paid: $207 Indemnity O/S: $25,843 Medical Paid: $42,490 Medical O/S: $32,963 Legal Paid: $0 Legal O/S: $6,500 Expense Paid: $122 Expense O/S: $3,878 Total Paid: $42,819 Total O/S: $69,184 MCM: Quinn Total Incurred: $112,003 AWW: $803.95 CR: $482.37 Department: Driver’s Education Instructor

On 02/20/09, the employee was carrying documents to the business office when he injured his left knee. Left knee arthroscopy performed on 09/14/09, claimant was able to return to work on 09/22/09. Received notification from the DIA on 12/03/09 for conciliation. Appears claimant is alleging on 03/25/09 he was involved in a second fall at work. He alleges he was walking to the auditorium when his left knee simply gave out and eh fell to the ground injuring his right shoulder and right knee, apparently he continued to work following the incident. As it is claimant did report medical only claim for his right upper arm but did not mention injury to right knee.

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Claimant is seeking for us to pay for right knee surgery though he never mentioned knee injury until recently. IME scheduled to take place on 02/23/2010. Conference scheduled to be held on 03/08/10 before judge Lewenberg in Boston.

17. Falmouth Academy, Inc. DOI: 03/02/09 Claim number: 34NC10900143 Claimant Attorney: None DOB: 01/17/1962 Status: Temporary Partial DOH: 11/28/2007 Indemnity Paid: $2,320 Indemnity O/S: $5,580 Medical Paid: $14,163 Medical O/S: $14,756 Legal Paid: $0 Legal O/S: $0 Expense Paid: $103 Expense O/S: $2,197 Total Paid: $16,586 Total O/S: $22,533 MCM: Quinn Total Incurred: $39,119 AWW: $592.01 CR: $355.21 Department: Assistant Director of Buildings and Grounds

Claimant was plowing using snow blower had to take a turn and there appears to have been a lot of snow, slippery, tripped but was able to catch himself by holding onto machine, heard pop to right hip continued working thought nothing was wrong. Went to the hospital the next day and received conservative treatment when symptoms did not resolve MRI was done which found the need for surgery. On 12/23/09 right hip arthroscopic debridement of the anterior superior labrum performed. Claimant is currently 6 weeks post right hip arthroscopic surgery, able to use crutch to ambulate on effected side. Patient has been participating in an independent pool program 4 times a week, continue with pool therapy. Begin formal therapy on 03/02/10 for a period of 4-6 weeks. Physician notes good motion of the right hip. Continue sedentary light duty work with no stooping, squatting lifting, twisting and stair climbing. Follow up with Dr. Ward on 03/30/10.

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INDEPENDENT SCHOOLS COMPENSATION CORPORATION Open Indemnity/Legal Claims- B Schools March 5, 2010

1. College of the Holy Cross Claim number: 34NC10900118 DOI: 02/24/09 Employee: Claimant Attorney: None DOB: 06/28/1975 Status: Temporary Total Indemnity Paid: $8,776 Indemnity O/S: $10,609 Medical Paid: $19,905 Medical O/S: $6,373 Expense Paid: $263 Expense O/S: $2,000 Legal Paid: $0 Legal O/S: $0 Total Paid: $28,944 Total O/S: $18,982 AWW: $614.08 C/R: $368.45 DOH: 09/10/06 Total Incurred: $47,926

34 year-old Laborer injured his right ankle/leg when jumping up, slipped and fell while avoiding a log rolling in front of him. They were cutting trees and a log rolled away. EE RTW Monday 6/15, sedentary work only, riding lawn mower and possible some inventory work as long as sitting. Dr. Sabra MD recommended continue physical therapy 3x/wk for 4 weeks. EE has been working with restrictions based on available work. He was evaluated by Dr. Wilton, a specialist in Foot/Ankle Peripheral Nerve Surgeon. EE is having weakness and cramping in the right calf. He is wearing the AFO brace at work 100% of the time. He continues in physical therapy. MD recommended a particular exercise (neuro gliding) to his physical therapy program. He could pursue surgery which is a decompression and neurolysis of the peroneal nerve. With the pressure off the nerve there is good flow up and down the nerve allowing for regeneration. Surgery is outpatient requiring a 3 inch incision. Healing is approximately 2 weeks. He would have an 80% success rate of improving function significantly. He was evaluated by Dr. Sabra 10/29. EE reports 50% improvement since DOI. He is currently driving a truck, picking up leaves, light moving with no stairs, walking on even ground operating a leaf blower. He is not having difficulty with these tasks while wearing the AFO. Dr. Sabra explained it takes up to 1 ½ years for the regeneration of the nerve and he is slowly improving. He is familiar with the surgery Dr. Wilton proposed and it is a possibility. However, given that he is improving, he recommends waiting until his improvement in strength ceases as the surgery is not without risks. He feels the surgery is only 20-30% successful. Claimant was re-evaluated by Dr. Sabra on the 7th and had repeat EMG. There is some improvement in the nerve re-generation, continues to improve slowly. Physician explained that he has peroneal nerve damage and the most common location for the damage is at the fibial head. However he can not be sure if the nerve is entrapped or damage. Physician states it may not be entrapped but damaged by the fall and it is slowly regenerating. There are two concerns with surgery; if the nerve is not entrapped then the surgery will not be of any benefit, as of right now claimant does

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not have pain however with surgery and manipulation of the nerve there could be firing of the nerve causing pain. Continue to work full time avoiding stairs, uneven surfaces and ladders. Due to the slow winter season insured is not able to further accommodate restrictions and claimant placed back onto full workers’ compensation benefits beginning January 25, 2010. March Status: Follow up to be scheduled on March 15th in order to assess surgery and work capacity.

2. College of the Holy Cross Claim number: 34NC10900424 DOI: 04/21/09 Employee: Claimant Attorney: None DOB: 04/23/1982 Status: Temporary Total Indemnity Paid: $4,663 Indemnity O/S: $937 Medical Paid: $14,554 Medical O/S: $3,578 Expense Paid: $0 Expense O/S: $1,600 Legal Paid: $0 Legal O/S: $0 Total Paid: $19,217 Total O/S: $6,115 AWW: $745.16 C/R: $447.10 DOH: 06/25/07 Total Incurred: $25,332

27 year old assistant director tripped on stairs landed on right foot, fractured right ankle. Surgery performed on December 7th, 2009. ORIF of anterior process calcaneal nonunion fracture. Claim found to be compensable. Claimant was seen on 01/19/10 by Dr. Slovankai, cast was removed and x-ray was done which revealed good healing and placed in a short rocker bottom boot. Able to remove boot for showers and sleep, experiencing some tolerable discomfort but does not require any medication for pain. March Status: Mrs. Quinn followed up with claimant on the first and it appears claimant is not full weight bearing. Claimant has discomfort and is uncertain of how far to push and very fearful of re-injury. Injured worker began physical therapy at Furnace Brook Physical Therapy on 02/08/2010. CT scan scheduled on 02/25/10 at UMASS Memorial Hospital. Follow up with physician on 02/23/10 at 11:00 a.m. at Waltham. Continue with bone stimulator until 02/23/10.

3. College of the Holy Cross Claim number: 34NC11000088 DOI: 02/12/2010 Employee: Claimant Attorney: None DOB: 07/03/1945 Status: Temporary Total Indemnity Paid: $187.62 Indemnity O/S: $3,312 Medical Paid: $0 Medical O/S: $8,000 Expense Paid: $0 Expense O/S: $1,900 Legal Paid: $0 Legal O/S: $0 Total Paid: $188 Total O/S: $13,212 AWW: $333.33 C/R: $218.94 DOH: 06/14/1999 Total Incurred: $13,400

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Claimant was sitting down stood up from chair right leg caught on chair caused claimant to fall onto back, claimant informed injury mostly to her rear, bruise bottom. No reports of head injury or loss of consciousness, some pain to lower back. Incident reported as witnessed by the entire break room including supervisor Jesse Baptista. Claimant was looked over by the school nurse and went home, the following day received care from Fallon Clinic on Saturday, where she was diagnosed with bruised bottom and contusion to lower back, X-ray of pelvis was negative for fracture. Claimant states she is experiencing a great deal of pain with the slightest activity such as walking and bending. Follow up with Dr. Manojmoholkar on 02/23/2010. Claimant began physical therapy care at Fallon Clinic on 02/17/2010.

4. Smith College 34NC10406123 DOI: 3/1/06 DOB: 8/18/60 Status: 8/10/09-Order issued to S34 Temporary Total DOH: 8/19/85 Attorney: Peter Moran, Pellegrini, Seeley, Blakesly & Ryan Indemnity Paid: $43,938 Indemnity O/S: $40,054 Medical Paid: $41,259 Medical O/S: $4,398 Legal Paid: $3,615 Legal O/S: $2,385 Expense Paid: $2,311 Expense O/S: $0 Voc Rehab Paid: $0 Voc Rehab O/S: $0

Total Paid: $91,124 Total O/S: $46,836.88 Total Incurred: $137,961 MCM: Karen Murphy Dept: Fleet Mechanic AWW: $945.18 C/R: $567.11 Max Partial: 4-10-12

• 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. • The employee called in sick 3/2, 3/3 and 3/6. On 3/7 he related his absence to these work related accidents. He is to make a follow up appointment with Dr. Kaufman, his PCP. Karen Murphy is also working to arrange a second opinion. • 4/3/06 evaluated by Dr. Anderson reviewed the MRI and proposes surgery (5/1/06) for L3-4 discectomy with decompression of the L4-5 level. The surgery is the most minimal and conservative and looks to be the best option. The employee wants to proceed with surgery. Dr. Anderson has indicated (verbally) returning to heavy work such as his previous mechanic work is not going to happen. Custodial work may be an option, will have to see how recovery from surgery goes. Utilization Review has not approved surgery, as conservative treatment was not pursued first. Agreement at last claims meeting to override UR and approve the surgery. • Surgery 5/1/06. Follow up visit 6/15/06 with Dr. Anderson. Began physical therapy 6/19 at Return to Work Center. Plan is to advance to work hardening/conditioning within 4 or so weeks, then FCE when done. Karen clarified the physical aspects of mechanic job with Bob Domkowski. Dr. Anderson reviewed the job description and he put in writing he would not recommend him returning to the mechanic job. He remains disabled at this time.

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• Tracy clarified bumping rights - they only come into play when a position posts (because there has been a significant change to the position or it has been vacated). If he can't perform his position, he needs to put his name into a labor pool and as positions become available then he can apply. He is doing well at the RTW Center and advanced to work hardening. Follow up with Dr. Anderson 7/27/06. • 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. • He is back full hours as of 1/10/07. As discussed at our last meeting, 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. They have 21 days to move him. Bob Domkowski is trying to get the shop settled for positions before they move EE. 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.

EE has been paid 34 5/7 weeks of Temporary Total disability benefits and 2 years, 21 5/7 weeks of Partial. He is entitled to an additional 2 years, 30 2/7 weeks of Partial. ------5/09 EE has been having back pain, went back to Dr. Anderson who is recommending 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. The medicals and proposed surgery from Dr. Anderson have been forwarded to Dr. Nairus for an addendum report. 6/09 Dr. Nairus provided addendum – does not recommend surgery, 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. EE has been advised. He is scheduling a consultation with Dr. Anderson. 8/09 Dr. Anderson discussed treatment options with EE 7/1/09 and is 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. EE retained legal counsel, and filed a claim for medical – surgery. Conciliation 8/6/09 – case being held for a week to determine if parties are in agreement to forward claim directly to Impartial where it is a medical issue. EE’s attorney wants to wait for results of fitness for duty evaluation 8/7 as there may be a claim for Section 34 benefits. EE placed out of work by Dr. Betjemann as of 8/10/09 due to restrictions. 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. 11/4/09 Judge Chivers issued Order to Pay Section 34 benefits from 11/3/09 to date and continuing.

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Order to pay for proposed surgery but if appealed, the order as to surgery is stayed pending hearing. March Status: 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.

5. Smith College 34NC10900313 DOI: 3/12/09 DOB: 4/18/35 Status: Temporary Total 2/6/10 (surgery) DOH: 8/30/89 Attorney: None Indemnity Paid: $0 Indemnity O/S: $6,000 Medical Paid: $4,744 Medical O/S: $10,000 Legal Paid: $0 Legal O/S: $0 Expense Paid: $0 Expense O/S: $1,000 Voc Rehab Paid: $0 Voc Rehab O/S: $0

Total Paid: $4,744 Total O/S: $17,000 Total Incurred: $21,744 MCM: Karen Murphy Dept: Dining Services AWW: $742.12 CR: $445.27

74 year-old Cook Assistant tripped ascending stairs, 360 degree spin landing on top of step/landing. Injured his left knee. March Status: EE underwent left medial meniscus surgery 2/8/10. Started physical therapy 2/11/10. Post op follow up 2/18/10.

6. Smith College 34NC10900477 DOI: 9/22/09 DOB: 7/20/61 Status: Temporary Total as of DOD 1/7/10 DOH: 8/31/99 Attorney: None Indemnity Paid: $1,455 Indemnity O/S: $6,545 Medical Paid: $2,538 Medical O/S: $15,000 Legal Paid: $0 Legal O/S: $0 Expense Paid: $0 Expense O/S: $300 Voc Rehab Paid: $0 Voc Rehab O/S: $0

Total Paid: $3,992 Total O/S: $21,845 Total Incurred: $25,837 MCM: Karen Murphy Dept: Dining Services AWW: $466.74 CR: $280.04

48 year-old Relief Dining Room Coordinator injured both wrists from repetitive motion. Right worse than left, around 9/22/09 putting dishes in holder and ached, falls asleep, tingling and numb. Left similar but not as bad. Treating with Dr. Wint at the Hand Center. Tried conservative treatment including braces, cortisone injection with out relief. Nerve Conduction Study performed indicating bi-lateral carpal tunnel syndrome – right

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worse than left. EE underwent right carpal tunnel surgery on 1/7/10. She is scheduled for her left hand on 1/21/09. Target date for light duty 2/4 if available. March Status: EE underwent left carpal tunnel surgery 1/21/09. MD couldn’t get in to do surgery arthroscopically, therefore, had to do regular incision which is larger and will require additional recovery, approximately 6 weeks. Light duty work will be assessed at 2/22/10 follow up.

7. Wellesley College Claim Number: 34NC10900400 DOI: 08/11/09 Employee: Claimant Attorney: None DOB: 08/23/1968 Status: Total Indemnity Paid: $12,617 Indemnity O/S: $1,111 Medical Paid: $9,449 Medical O/S: $6,551 Expense Paid: $0 Expense O/S: $300 Legal Paid: $0 Legal O/S: $0 Total Paid: $22,066 Total O/S: $7,962 AWW: $855.79 C/R: $513.47 DOH: 08/24/88 Total Incurred: $30,028 Department: Grounds

40 year-old Grounds person was picking up trash on a hillside when his right knee hyper-extended. He is treating with Occupational Health at Beth Israel Deaconess for question of meniscus/cruciate ligament tear. He is to be scheduled with a specialist. 9/11/09 evaluation with Dr. Rocket (Orthopedic) and 9/14/09 with Dr. Affeln shows pre- existing osteoarthritis, no indication for surgery and physical therapy recommended. MRI indicated existing issues with right knee, nothing new related to work injury, but exacerbated. Arthritis is gradual and progressive/chronic knee problem. Claimant was to return to work on 10/26/09 full duty but after Dr. Affeln spoke to claimant’s supervisor, physician then retracted full duty release and imposed restrictions which were not able to be accommodated by insured. Current restrictions are lifting of 10lbs and no continuous standing or walking for greater than 10 minutes. Full duty work as grounds keeper claimant is on his feet for most of the day. Past medical exam claimant was experiencing lateral clicking and pain. MRI of right knee related clicking to cartilage tear. Appointment with Dr. Affeln on 12/18/09, Dr. Affeln does agree with Dr. Sean Rockett regarding lifting abilities of 50 lbs. Claimant did express his concern about return to work with permanent restrictions and his lifting requirements were 50 lb, claimant thinks he is able to lift 80 lbs because when he has to lift that much it will not be too often. March Status: Verbal notification from Dr. Sean Rockett’s office given for claimant to work on lifting of 80 lbs in therapy. Claimant has not reached such level and will require further physical therapy treatment in order to get him at that level. Claimant is in need of another functional capacity evaluation per Dr. Winters, due to the fact exam performed in December was for 50 lb lifting restriction. Will have FCE in order to assess lifting of 80 lbs, scheduled for exam on 02/24/10 at Braintree Rehab. Please note claimant cancelled his visit with Dr. Affeln on 02/01/10 stated that he would await his FCE prior to seeing Dr. Affeln. Fit for duty exam performed on 01/26/10 with Dr. Winters. Physician states claimant has severe degenerative joint disease of the right knee with tricompartmental arthritis and a lateral meniscus tear that appears to be healing. Based on evaluation it is

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unclear that claimant can return to work as a groundskeeper per the exam date. After FCE Dr. Winters will determine whether and when claimant is able to return to work.

8. Wellesley College Claim Number: 34NC10900568 DOI: 11/08/09 Employee: Claimant Attorney: None DOB: 11/17/58 Status: Partial Indemnity Paid: $4,780 Indemnity O/S: $9,220 Medical Paid: $10,484 Medical O/S: $8,516 Expense Paid: $0 Expense O/S: $1,500 Legal Paid: $0 Legal O/S: $0 Total Paid: $15,264 Total O/S: $19,236 AWW: $1,246.89 C/R: $784.14 DOH: 11/07/94 Total Incurred: $ Department: Administrative

Pre- Law Advisor was attending Northeast Association Pre- Law Advisor conference in North Carolina for work and she fell in hotel bathroom. She fractured left patella, was able to get on a plane and come home for surgery. Left open reduction and internal fixation of the left distal pole performed on 11/13/09 with Dr. Aaron Gardiner. 11/24/09 first post- operative visit claimant presented with ACE wrap to the left knee with a locked hinge brace and 2 crutches walking slowly. Claimant’s knee and ankle was swollen, physician is very pleased with the outcome of surgery. Hardware was not used rather fiber wire sutures which are high strength sutures. These sutures will keep the small pieces of the patella intact until bone can heal. Physician also repaired the patella tendon which was ruptured during injury. He noted that where the fracture occurred at the edge of cartilage and not through the middle it decreases her chances of developing arthritis in the future. Medical appointment on 12/21/09, 5 and ½ weeks post ORIF of the left distal pole patellar fracture. New X-rays were obtained and good bone healing revealed. On exam she demonstrated knee flexion at 60 degrees. Claimant states some discomfort during physical therapy. Treatment plan consist of physical therapy with the main focus on quadriceps strengthening and mobilization 3 times per week for 6-8 weeks. March Status: Claimant saw Dr. Gardiner on 01/12/10, able to ambulate with one crutch and hinge brace set at 100 degrees. Currently attending three times a week working on motion. She is able to flex the knee at 97 degrees. Dr. Gardiner would like claimant to push the motion and continue home exercise program on a regular basis. Physician feels patient has made substantial gains in the past weeks since her last exam on 12/22/09. Incision looks good and swelling has decreased. Claimant states her biggest challenge is to climb stairs, sitting in a deep chair and walking in the snow. Claimant is on target with her rehabilitation. X-rays performed look good with everything in alignment. Claimant is able to drive and has been released to work outside of the home 5 hours a day. X-rays performed on 02/10/10 revealed good healing and good bone placement. Continue with physical therapy and see physician again 03/24/10.

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9. Wellesley College Claim Number: 34NC10900505 DOI: 09/24/09 Employee: Claimant Attorney: None DOB: 03/17/1960 Status: Total Indemnity Paid: $5,152 Indemnity O/S: $14,348 Medical Paid: $7,008 Medical O/S: $25,992 Expense Paid: $0 Expense O/S: $3,800 Legal Paid: $0 Legal O/S: $0 Total Paid: $12,160 Total O/S: $44,140 AWW: $910.69 C/R: $546.42 DOH: 12/29/1987 Total Incurred: $56,300 Department: Custodian

Claimant states he was moving 4 draw lateral filing cabinet, had to push cabinet from end of the room. Claimant informed removing cabinet from the wall was the issue; the cabinet was not emptied out prior to allowing claimant to move the item. Claimant sates cabinet weighs about 400 lbs. Injury described as right shoulder strain, tear of the posterior inferior labrum. 10/23/09 MRI results did not correlate with physical examination objective signs were worse then MRI readings. At that point Dr. Launer felt surgery could be avoided and claimant should return to formal therapy program to gain motion and strength. Claimant released to return to work limited duty of no over head activities and no lifting greater than 20 lbs as of 10/26/09. Claimant returned to work light duty. Follow up appointment on 11/17/09 claimant informed right shoulder symptoms did not improve. Tramadol prescribed did not relieve pain, cortisone injection relieved pain for 2 hours then symptoms resurfaced. Dr. Launer suggested arthroscopic subacromial decompression to open up the area for the rotator cuff and clean up surfaces and bursa. Right shoulder labral repair of small flap tear, subacromial decompression, bone spur removal and an anterior capsular release on 12/09/09. Initially he had difficulty with pain management but now is doing better with Percocet and Advil, sutures removed on 12/14/09. Dr. Launer tried to perform some gentle range of motion exercise with him but this was very painful for patient estimates it will take 3 months for this to heal. Out of work for an additional one month time, possible light duty release at 6 weeks post operative and full duty at 3 months. Physical therapy approved through 2/15/10. March Status Update: Claimant was seen by Dr. Launer on 01/29/10 for increased pain and clicking in his right shoulder. The clicking and popping were not accompanied by pain and Mr. Gagnon continues to make gains with range of motion. Dr. Launer would be worried if the clicking was accompanied by pain and he stopped making progress with therapy. At re-exam on 02/22/10 doctor notes progress with motion and strength. Claimant released to return to light duty on 02/23/10 with no lifting no more than 10 lbs and no overhead activities.

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Section H

Loss Control Report

DRAFT

INDEPENDENT SCHOOLS COMPENSATION CORPORATION

Minutes of the Claim/Loss Control Committee Meeting November 20, 2009

Attendees______

ISCC Claim/Loss Control Committee Thom Greenlaw, [email protected], Buckingham Browne & Nichols School, Chairperson Cl/LC Committee, ISCC Board of Directors Beth Carmichael, [email protected], Smith College, Amherst College, Five Colleges, Inc. William J. Conley Jr., [email protected], The College of the Holy Cross Jock Burns, [email protected], Pingree School, ISCC Board of Director Gloria Granfield, [email protected], Williston-Northampton Laura Gaudette, [email protected], Belmont Hill School Trish MacDonald, [email protected], Clark University Paul Wykes, [email protected], Old Sturbridge Village, ISCC Board of Director Michael Bello, [email protected]', The Learning Center for Deaf Children Richard Dalrymple, [email protected], The Riverview School Kathy Stewart, [email protected], Wellesley College

Guests Chris Carbery, Mass. Historical Society Marlene Smith, Mass. Audubon Society Stu Weinreb, Mass. Audubon Society David Wood, Applewild School Tony Costa, Charles River School Doug Shropshire, Derby Academy John Arseneault, Historic New England Virginia Roberts, International Institute of Boston Hartmuth Sommer-Deris, Rudolf Steiner School Kevin Santella, Fay School Shelley DeSimone, Montserrat College of Art Rob Lee, Fayerweather Street School Jan Panico, Ben Franklin Institute Dan Dwyer, Sage School Ann Connors, Boston Trinity Academy Anderson Santos, Belmont Day School Rick Woods, Nichols College Stacey Brown, Isabella Stewart Gardener Museum Hugh McCall, Boston Athenaeum Andy Ameto, Cambridge Friends

H1 TPA Associates Laura Cogliano, [email protected], Meadowbrook TPA Terry Buckhout, [email protected], Meadowbrook TPA William O’Connell Jr. [email protected], Meadowbrook TPA Margery R. Young, [email protected], Meadowbrook TPA Fedeline Auguste, [email protected], Meadowbrook TPA

Hub International Brewer & Lord Rick Nowell, [email protected], Hub International Brewer & Lord

Members Absent Karen White, [email protected], ISCC Board of Director, Independent School Consultant Remle Gordon, [email protected], Wheaton College Nick Bakker, [email protected], President, ISCC

Meeting Venue______The meeting was held at The College of the Holy Cross, Worcester, Massachusetts.

Meeting Convened______The meeting was called to order at 10:00 AM, by Thom Greenlaw, BBN, Chairman of the Claim and Loss Control Committee.

Introductions were made around the table, for the benefit of the Group.

Minutes The September 2009 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 September 2009, meeting o Critical Claims update o Loss Control Updates –September 2, 2009 to present

Speaker Diana Sheedy from Mastery Technologies presented information outlining online training. The purpose of the presentation was to familiarize the committee with online training options with the idea of eliminating the video library in deference to an online training system available to all ISCC members. Meadowbrook will pursue other vendors and offer at least 3 options to ISCC before a decision is requested.

Slip & Fall Prevention A discussion followed covering slip and fall prevention as this is the predominant type of loss incurred in ISCC. Options offered were various types of footwear for over the shoe. Items like Yaktraks, studded outershoes/strap-ons, and grit strips applied to overshoes.

H2 Discussion and a handout on ice melt products were offered to the committee. Ladder safety outlined some of the practices that created falls and some preventive measures were offered.

Loss Control Update: Terry Buckhout outlined some the Meadowbrook Risk Control Services available to members. These services include: onsite visits; specialized onsite training like safe lifting, controlling slips & falls, winter driving safety, ergonomics using photos of specific tasks; injury investigations; participation in safety committees, trend analysis per member; job observations.

Group services include: 10 workshops per year; a safety day; newsletters; monthly email safety blasts; onsite claim reviews; development of tailored safety programs; development of website; development of a WC brochure; prospect visits; video library; participating in the Claim and Loss Control quarterly committee meetings; participating in the board of Directors meetings; bringing in specialized ides/products like: ice melt products; SawStop table saws; PPE safety equipment; slip/fall prevention footwear/mats, etc; encompassing health/wellness with safety; web-based training; WebEx meetings; meet with MISPO facilities managers of ISCC.

Terry Buckhout provided the Committee with an update of the Loss Control activities since the last meeting. Terry discussed the 2009 new members, prospects for the Group. Accidents discussed were Slip and falls; table saw injury; kitchen conveyor injury, throwing trash into dumpster injury and an “electric shock” injury.

An update of the workshops completed, attendance update and process to achieve full attendance.

Safety email blasts continue to cover slips and falls as well as safe lifting as these continue to dominate the loss driver category as the number one and number two causes of injury. Concentration on these areas will continue.

ISCC Website A website designer has been picked and we are proceeding to pass the necessary material to the web designer so they can start crafting a site for the public and for private/member use.

Additional Services: An ISCC Brochure is in the process of being written. The brochure will explain what ISCC is, and how well injured employees will be cared for when there is a Workers’ Compensation injury.

Claims Update CLASS A Fedeline Auguste provided the committee with an update on the open indemnity and legal claims for ISCC for the Class A members. Among the claims highlighted for the A schools were claims 7, 11, 12, 13, 14.

H3

CLASS B Laura Cogliano provided the committee with an update on the open indemnity and legal claims for ISCC for the Class B members. Among the claims highlighted for the B schools were claims 1, 3, 6, 14,15.

Next Meeting: The next meeting will be March 5, 2010. This will be a WebEx meeting – information will be sent well ahead of time to plan for the meeting at your own computer/phone.

2010 Meetings

Claim and Loss Control Committee Meetings March 5, 2010 – WebEx meeting May 21, 2010 – Hogan Center, Holy Cross September 3, 2010 December 3, 2010

PLEASE ADD THESE DATES TO YOUR CALENDAR

2010 Board of Directors meetings are: March 17 June 15 September 23 December 14

Meeting Adjourned: ______The meeting adjourned at 12:00 pm.

H4 ISCC

INDEPENDENT SCHOOLS COMPENSATION CORPORATION

CLAIM & LOSS CONTROL COMMITTEE

March 5, 2010 LOSS CONTROL UPDATE

1. Visits which have been completed for this quarter are:

ISCC ACTIVITY January 1, 2010 – March 5, 2010 Bancroft School Boston College High School Brimmer and May School Cambridge Center for Adult Cambridge School of Weston Chestnut Hill School Education x 2 Commonwealth School Eliot Montessori School Falmouth Academy x 2 Fay School Fenn School Groton School Heritage Plantation x 2 Inly School Kripalu Center Landmark School Lesley University x 2 Marine Biological Meadowbrook School Middlesex School Milton Academy Mount Ida College Nichols College Peabody Essex Museum Plimoth Plantation Phoenix School Rivers School Riverview School Sea Education Worcester Academy Cohen- Hillel Academy Towers School Glen Urquhart School Brookwood School Wellesley College Amherst College Smith College Holy Cross College Clark University Williston Northampton School BB&N Brooks School

Overview of ISCC Visits for the 1st Quarter • Met with Museum of Science – prospect visit with Hub International, underwriter reviewed and requested Risk Control survey. RC survey scheduled. • Meeting with Business Managers and Facilities Managers to review ISCC Requirements and enhanced Policies and Procedures. Some items discussed: ¾ Transitional/Modified Duty Program ¾ Facility wide Safety Committee that meets at least quarterly and address meeting for Summer Camp/Sessions ¾ Attendance at ISCC Safety Workshops/Seminars ¾ Winter Safety ¾ Snow Blower Safety ¾ Shoveling Safety ¾ Preventing Slip and Fall

H5 ¾ Snow and Ice Management ¾ Claims Trending ¾ Dividend History ¾ Proper Lifting and Back Safety ¾ Accident/Near Miss Reporting Procedures • Risk Control Surveys • Reviewed the need for enhanced proactive Safety Programs to reduce the chance of Slip and Fall Injuries as part of all facility visits • Review the need for the Utilization of Occupation Healthcare Facilities of part of facility visits • Promotion of MISPO Program with Business Managers/Facilities Managers • Ergonomic Evaluations

Accident Investigations for the Quarter

Chapel Hill – Chauncy Hall School – Slip and fall on curb • Conducted Accident Investigation, which indicated that the injury might not have occurred as claimant indicated. However we still had an employee injured • Reviewed Winter Safety with Business Manager • Reviewed and provided overview on proper footwear during winter months

Commonwealth School - Repetitive Motion Claim • Provided Ergonomic Evaluations • Facility has updated 2 workstations

Inly School – Slip and Fall Injury • Conducted Accident Investigation, which indicated that the injury might not have occurred on school property. • Reviewed Winter Safety with Business Managers and administrative representative • Reviewed “Hot Spots” on campus • Provided overview of proper footwear during winter months

Falmouth Academy – Slip and Fall Injury • Reviewed Winter Safety with Grounds Department • Reviewed “Hot Spots” on campus • Reviewed and provided overview on proper footwear during winter months • Facility will be purchasing 5 pairs of new shoes on the next several days

Lesley University - Repetitive Motion Claims • Provided Ergonomic Evaluations

Marine Biological Laboratory- Snow Blower Injury • Review Snow Blower Safety with Ground Department • Reviewed the importance of a Pro-Active Snow and Ice Management Program • Provided facility with Chute Stick

H6

Rivers School – Slip and Fall Injury – Theater Department • Reviewed Theater Safety - Measures put in place to reduce exposure • Reviewed Winter Safety

Visits Heritage Plantation • Conducted initial meeting with Operations Manager and Safety Director • Drafted PowerPoint presentation for Effective Safety Committees • Assisting in the drafting a Safety Grant Application with the State of Massachusetts • Developing 1st Quarter Employee Training schedule and training material

Lesley University • Drafted Safety Overview PowerPoint presentation for a supervisor safety training in March 2010.

Cohen- Hillel Academy • Discussed the benefits of ISCC Program, and reviewed the Claims Reporting Procedure. • Emphasis on the seriousness of Slip/ trip/ fall injuries and lifting injuries. • Completed a safety survey of the school. • Discussed Risk Control Services, and the ISCC Workshop Schedule.

Glen Urquhart School • Met with New Business Manager. • Discussed the upcoming ISCC Workshop schedule, and Claims reporting. • She has created an incident report form which she will use along with the form 101 for reporting claims. • Accident review -They had had a minor slip fall injury outside one of the classroom doors. This area was immediately treated by the maintenance staff, and she stressed with them the necessity for more frequent inspections of trouble spots. • Discussed Loss Control Services and OSHA Audit services.

The Brookwood School • Met with Facilities Director for a survey of the School. • The Maintenance shop was much neater- it had been a problem area in the past. • Met with Business Manager, and discussed Risk Control Services- OSHA Audit services.

Wellesley College • PPE training for Facilities Management staff • Review of science dept. safety

Brooks School • Conducted BBP training for key departments

H7

Colleges • Monthly Claim Reviews conducted

Smith College • Met with Institutional Chemical Hygiene Committee (ICHC)

Holy Cross College • Review health service safety activities • Review science department safety procedures

Hampshire College • Conduct initial safety evaluation

Other ISCC Activities ISCC Newsletter drafted and distributed

ISCC Safety Flash drafted and distributed

2010 ISCC Safety Workshops schedule drafted, locations secured and schedule distributed

NEEIA Risk Management/Safety Day • Attended and participated in committee meetings. • Based on the statues of the agenda for this year we are 3 months ahead of schedule from last year. • Have added two ISCC representatives to the Committee

H8

ISCC SAFETY FLASH – FEBRUARY 2010

WINTER SAFETY TIPS PREVENTING SLIP AND FALL INJURIES

Packed snow, freezing rain, fresh snow, snow-covered ice and snow stuck to your footwear all create a “nightmare” for anyone who has to navigate in the winter.

Being fully alert and super cautious can help you get around at this time of year, without falling. Listed below are some safety tips to get you through the season staying upright and free of bumps and bruises, with all your limbs intact!

™ Take SMALL steps! Be aware of surface conditions, and walk slowly. We have often been told to walk like a duck when walking on ice. ™ Be aware of your surrounding by paying attention and focusing on what you are doing, and where you’re going. ™ Choose your path carefully, and avoid icy conditions when possible- don’t go off a shoveled walkway, to take a short cut! ™ Scrape the packed snow off the bottoms of your footwear when entering a building. ™ Ask your facilities manager, or Company owner to have cans of sand or sand/ salt mix placed at entranceway, or near walkways. ™ Report trouble spots- don’t wait for the next person to do it. When you see an icy spot, take a little of the sand and spread it down, then report the area to your manager, or Company owner. ™ Choose appropriate footwear for the conditions. Avoid leather soles and plastic soles. Choose a rubber sole with deep traction grips. Use a strap-on traction device such as Yaktraks or Stabilicers. ™ Get an early start. If the weather is bad- allow extra time to get to your destination so that you are not rushing. You will arrive safe and intact and injury-free!

There is only so much your facility/ workplace can do to help you through your work day. Every Company owner wants their employees to go home in the same condition they arrived in, in the morning. The rest is up to you. It still remains your personal responsibility to be alert and to be careful during the work day.

Tabled below are the group’s results for Lifting Injuries and Slips/Falls:

January Lifting Claims - ISCC January Slips/Falls Claims - ISCC

3 Year Average (Jan) Incurred Cost: $21,274.54 3 Year Average (Jan) Incurred Cost: $40,538.64 2010 Jan-Aug Incurred Cost: $22,196.18 2010 Jan Incurred Cost: $61,279.71

3 Year Average (Jan) Claim Count: 9 3 Year (Jan) Average Claim Count: 17 2010 Jan Claim Count: 7 2010 Jan Claim Count: 16

H9

ISCC SAFETY FLASH – FEBRUARY 2010

SNOW BLOWER SAFETY - IT HAS HAPPENED AGAIN

It seems likes every other year or so we have an accident involving an employee who gets injured when using a snow blower. Well it has happened again. No matter how much training we do it seems like people are not listening. The typical person who is injured when using a snow blower is: 9 Male - 44 Years Old 9 90% of the injuries are to the dominant hand The weather conditions at the time of the injuries are: ¾ Heavy wet snow usually more than 5 inches and 28 Degrees 9 Typical injury causes are: ¾ The exit chute was clogged with snow ¾ Operator tried to clean out the chute with his hand ¾ Hand comes in contact with the blades of the agitator/chute ¾ Hand comes in contact with the blades and is impacted by stored/non-displaced energy Here are some common sense Safety Tips when using a snow blower: 9 Always be aware of stored energy 9 Always have a plastic guard/stick or sawed off broom handle to remove snow from the exit chute/agitator. 9 Always turn the machine off and disconnect the spark plug when you are trying to remove clogged snow/debris from the exit chute 9 NEVER put your hands down the exit chute or near the blades 9 Keep hands and feet away from all moving parts 9 Keep the guards/shields in place at all times 9 Review and understand the Operating Instructions 9 NEVER fuel the engine when it is running or it is warm 9 Dress properly which includes proper footwear 9 Stay hydrated 9 Walk the area you will be working on prior to a storm to remove any debris that may come in contact with the snow blower

In the past 5 years the average snow blower claim is $100,000

We request that you review snow blower safety with your employees as soon as possible. We also request that prior to the next snow storm you conduct a 5 minute tool box meeting (please see attached links) on snow blower safety. http://www.youtube.com/watch?v=-JuDf5lqvo8, http://www.youtube.com/watch?v=mZxAHx95-oM

http://www.ehs.psu.edu/occhealth/WinterWeatherSafety.ppt

H10

Safety Newsletter February 2010

It is critical that we put measures in place to protect our employees from slips, trips and falls.

______

CHECK OUT THESE STATISTICS!

* Play the Numbers *

Did you know that your odds of winning the lottery are 1 in 135,145,920 (multi-stage mega-millions jackpot)? KEEPING NEW EMPLOYEES SAFE

Can you guess what your lifetime odds are of It’s true, people who are new on the job, are dying as the result of a fall? twice as likely to have an accident, as are experienced employees. 1 in 184 It’s important for you as the Manager, or (Source: National Safety Council) Supervisor to get them started in the right direction- toward working safely every day. Here are some interesting statistics relating to Take time at the beginning of their tenure with falls: you to deliver the right safety message. This can be done in a few steps: ¾ Set the tone; explain that safety is one of • Men are apt to have twice as many Management’s top priorities and you brain injuries as women. expect all employees to have a positive • If you are between the ages of 15 and safety attitude. 24 you are at much higher risk for ¾ Be sure the new employee is aware suffering a traumatic brain injury than that serious injury or even death can when you are older occur if safety rules are not followed, or • Motor vehicle accidents account for are broken. Tell them this also puts 28% of traumatic brain injuries. other employees at risk. • Brain injuries account for about 34% ¾ Make sure the new employee knows of all injury deaths in the US. they can come to you with safety • In Canada, an estimated 45% of questions, and that the line of traumatic brain injuries occur as a communication is always open when it result of falls. comes to safety. This is especially true • An estimated 62.3 out of 100,000 when they undertake to perform a duty Americans ages 15 and older are living they are not sure of. with functional impairments caused by ¾ Let the employee know that safety a traumatic brain injury. rules will be strictly enforced, and

H11 disciplinary actions will be taken, up to need to have at least one meeting and including termination, if safety during the summer rules are broken. 2. Have a modified/transitional duty ¾ Outdated, or incomplete safety program in place that will allow you procedures send a wrong message to to return an injured employee to employees. Be sure yours are up to his/her original position. Our claims date. and loss control departments will be A “buddy” system is often a good way to help glad to assist you in implementing the new employee work safely. Pair a this program seasoned, experienced employee with the 3. Attend at least one of the following: “new” guy to help him learn the safety culture • ISCC Spring/Fall Safety in place at your organization Workshops ______• ISCC Quarterly Claims and Loss Control Committee Meetings • NEEIA Risk Management Safety Day In addition, please notify us when there is a contact change and/or a change in your email address or you add an insured location.

Receiving your annual deviation is dependent on attending at least one Workshop, an ISCC Claim and Loss Control Committee Meeting or the NEEIA Risk Management Safety Day in a calendar year. WINDSHIELD WASHER FLUID- SAFETY Please contact your ISCC Loss Control ALERT Consultant if you have any questions.

Winter is here, and that means we need to constantly keep the car windshield clean. Many times during the next couple of months you will be The OSHA 300 Log filling the reservoir with fluid. Please take a moment and read the label on the plastic jug of fluid. With the beginning of the year, it is that time again to complete your OSHA Log for 2009. To No matter the brand, this substance is assist you we have included the following links. POISONOUS, and cannot be made non- poisonous. It contains METHANOL which can cause blindness, http://www.osha.gov/recordkeeping/ and /or death if ingested. It is recommended you OSHArecordkeepingformspdf store the bottle in the trunk, and not on the floor in the back of the vehicle. Curious children and pets The PDF file will assist completing the OSHA should not have access to this jug of fluid. 300Log and the OSHA 300A Summary Remember to wash your hands after filling the Log. As in the past you only have to post the reservoir, and do not touch your eyes. If it splashes OSHA 300 “A” Summary Log and not the in your eyes, flush for 15-20 minutes with water OSHA 300 Log. and seek immediate medical attention. This fluid is also FLAMMABLE, the vapors of which may be harmful. Keep away from flames and sources of http://www.osha.gov/recordkeeping/ heat. OSHArecordkeepingformsxls

______This link will give you the following information _ in Excel format: ANNUAL ISCC REQUIREMENTS OSHA 300 Log OSHA 300 A Summary Log OSHA Form 301 – This form will not have to be As a valuable member of ISCC, we want to completed if you have completed a First Report remind you of the 3 requirements that must be of Injury or Fatality - Form 101 for the maintained on an annual basis. Commonwealth of Massachusetts. 1. Have a pro-active Safety Committee

Meeting that meets at least What Do You Do When You Have quarterly. In the event that you Completed Filling Out The OSHA Logs? have a Summer Session you will Once completed the OHSA 300-A Summary Log should be posted from February 1, 2010H12 – April 30, 2010. In addition you should retain the OSHA 300 Log for at least 5 years. Please This is a good reason why you should avoid the remember that you do not post the OSHA road less traveled. 300 Log. WINTER SAFETY TIPS We recommend that your Safety Committee PREVENTING SLIP AND TRIP INJURIES Chairperson and either your Head of School and/or Business Manager set aside some time to review the logs for accident trending.

In reviewing the logs keep in mind ways that you can prevent/reduce future injuries by improving your annual safety training programs and your internal accident/near miss investigation policies and procedures. In the course of working together upper management and the Safety Committee members can create a safer workplace. If you have any questions, please contact your Meadowbrook Loss Control Consultants at 978- 933-4100. ______Packed snow, freezing rain, fresh snow, snow- THE ROAD LESS TRAVELED covered ice and snow stuck to your footwear all By Jack Frost create a “nightmare” for anyone who has to What does the “Road Not Taken” or “the one navigate in the winter. less traveled” have to do with safety? In the winter months it may be fairly common for our Being fully alert and super cautious can help you employees to take the road less traveled or the get around at this time of year, without falling. road/walkway that has not been treated for Listed below are some safety tips to get you snow and ice. We strongly recommend that in through the season staying upright and free of winter months employees only walk on common bumps and bruises, with all your limbs intact! walkways and areas that have been shoveled and treated for snow and ice. Taking a shortcut ™ Take SMALL steps! Be aware of surface could result in a slip/fall accident. conditions, and walk slowly. We have often been told to take baby steps when Recently at one of our facilities two teachers walking on ice. convinced the facilities department to shovel ™ Be aware of your surroundings by paying and treat a pathway that had been used over attention and focusing on what you are the past several months between a playing field doing, and where you’re going. and an administration building. Several days ™ Choose your path carefully, and avoid icy later while walking to the administration conditions when possible- don’t go off a building, a facility employee slipped and fell on shoveled walkway, to take a short cut! this short cut. As a result of this slip and fall ™ Scrape the packed snow off the bottoms injury this employee fractured her ankle. She of your footwear when entering a had to have surgery to place several screws in building. her ankle to stabilize it and had a lengthy ™ Ask your facilities manager, or Company hospitalization and physical therapy. When we owner to have cans of sand or sand/ salt investigated this injury we found that this mix placed at doorways, or near unapproved pathway was on the slope of the walkways. playing fields and as snow and ice melted the ™ Report trouble spots- don’t wait for the area would freeze and re-freeze several times next person to do it. When you see an icy during the day and night. This freezing and re- spot, take a little of the sand and spread freezing created an extensive slip and fall it down, then report the area to your exposure. manager, or Company owner. ™ Choose appropriate footwear for the As a result of our accident investigation, the conditions. Avoid leather soles and plastic facility decided to block off unapproved soles. Choose a rubber sole with deep pathways until they can be safely used in the traction grips. Use a strap-on traction spring. device such as Yaktraks or Stabilicers. H13 ™ Get an early start. If the weather is bad- ƒ Establishes good relations with union allow extra time to get to your stewards and the safety committee; destination so that you are not rushing. ƒ Sets the example in safety; You will arrive safe and intact and injury- ƒ Understands the value of criticism and free! praise and exercises sound judgment in

There is only so much your facility/ workplace doling them out; can do to help you through your work day. ƒ Explains and demonstrates how to do a job Every organization wants their employees to go safely and observes workers to ensure they home in the same condition they arrived in, in do it properly; the morning. The rest is up to you. ƒ Investigates the seemingly unimportant It still remains your personal responsibility to be incidents and takes corrective measures; alert and to be careful during the work day. and keeps everyone informed of the safety ______policy.

Resolve to Be a Safer Supervisor in ______2010

When you’re responsible for the safety of others, it’s important that you regularly review how you’re doing and note where you can improve. The New Year is a great time to do that.

A good safety supervisor: ISCC 2010 SPRING, ƒ Takes the initiative in telling management SUMMER & FALL WORKSHOPS about ideas for safer layout of equipment, tools and processes; Meadowbrook/TPA Associates is pleased to announce ƒ Is a professional when it comes to taking ISCC spring, summer, and fall Safety Workshops for 2010. Suggested attendees – care of equipment and keeping it safe; Head of School, HR, Business Managers/CFO, claims ƒ Knows the value of machine guarding and supervisors, facilities managers, dining service makes sure that proper guards are provided management, and other management/supervisory staff and used; ƒ Takes pride in knowing how to use the REMEMBER: You only have to attend one ISCC Workshop, the NEEIA Risk Management/Safety Day or equipment safely; ISCC Claim & Loss Meeting per year. It is your chance ƒ Knows what PPE is necessary on each job to learn some safety information and meet with your and sees that such PPE is used; peers. ƒ Takes charge of operations that are not ISCC Requirement routine to make certain that safety Receiving your annual deviation is dependent on precautions are determined and observed; attending only one workshop or claim & loss control meeting each calendar year. Please be ƒ Arranges for adequate storage; aware that two workshops this year will be web- ƒ Practices good housekeeping and makes based. sure that staff does likewise; ƒ Knows which materials are hazardous and Topics and locations are subject to change how to handle them safely; SPRING WORKSHOPS - All workshops will begin at ƒ Is an expert on waste disposal for good 8:45 and end at noon. housekeeping and fire protection; ƒ Keeps an eye open for the worker who may 1. Friday April 9, 2010 –Mid-Cape Home Center in be safer performing a different job; Plymouth ƒ Continually talks safety and impresses 2. Wednesday, April 21, 2010, Hogan Center, The College of the Holy Cross, 1 College St, Worcester safety on workers; 3. Friday April 23, 2010, Boston College High School, ƒ Works with all persons they oversee 150 Morrissey Blvd, Dorchester/Boston without favoritism; 4. Monday, April 26, 2010, Smith College, Mary Maples ƒ Knows how to get people to work together; Dunn room, Pierce Hall, Northampton 5. Wednesday May 12, 2010 – ISCC Web Based Workshop H14 Spring Topics - tentative • Safety Program Development • Changing your Safety Culture – Reducing o OSHA Compliance and Unsafe Acts Remediation • Reducing Lifting Injuries o Ergonomics • The Foundation & Building Blocks of a Strong o Hazard Communication Safety Program o Personal Protective Equipment • Round Table Discussion – Lab Safety o Bloodborne Pathogens • Case Study Exercise o Emergency Action Plans o Lockout/Tagout SUMMER/FALL WORKSHOPS - All workshops will o Respiratory Protection begin at 8:45 and end at noon. o Machine Guarding

o Fall Protection 1. Friday, July 16, 2010 – Roxbury Latin School, 101 Laboratory Safety St. Theresa Ave., West Roxbury – ISCC/MISPO o 2. Monday, September 27, 2010 – Smith College, Mary o Forklift Safety Maples Dunn room, Pierce Hall, Northampton o Construction 3. Friday, October 1, 2010 - Cambridge College, 60 • Traditional Safety Initiatives Island St, Lawrence o Safety Manuals 4. Thursday, October 28, 2010 - Hogan Center, The o Self Inspections College of the Holy Cross, 1 College St, Worcester o Accident Investigations 5. Wednesday November 17, 2010 – ISCC – Web o Job Safety Analysis Based Workshop • Ergonomics Fall Topics - tentative o Job Evaluations • Changing your Safety Culture – Reducing o Implementing an Ergonomics Unsafe Acts Process • Winter Safety – Winter Safety & Preventing o Supervisor/Employee/Team Slips and Fall at Home/Work Training • The Foundation & Building Blocks of a Strong o Return to Work Modifications/ADA Safety Program o Equipment Recommendations • Round Table Discussion – Employee • Employee and Supervisory Training Health/Wellness for all safety aspects • Case Studies Exercise o Onsite Videotaping used when

feasible

ISCC Claim and Loss Control meetings • Friday, March 5, 2010 • Friday, May 21, 2010 • Friday, September 3, 2010 • Friday, December 3, 2010 All meetings held at Holy Cross College, Worcester, 10am – noon at the Hogan Campus Center. To inquire about available Loss Control Services please contact: Terry Buckhout 978-933-4143 William O’Connell 978-933-4119 NEEIA Annual Risk Management/Safety Day Margery Young – 978-933-4152

• Wednesday, October 20, 9am-3pm Hogan Campus Center, Holy Cross College, Worcester

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Meadowbrook/TPA Associates Loss Control Services

• Safety Management and OSHA Compliance Audits, including ergonomics • Hazard Evaluation o Ergonomic Hazards o Physical Hazards o Limited Industrial Hygiene H15 ISCC 2010 SPRING, SUMMER & FALL WORKSHOPS Meadowbrook/TPA Associates is pleased to announce ISCC spring, summer, and fall Safety Workshops for 2010. Suggested attendees – Head of School, HR, Business managers/CFO, claims supervisors, facilities managers, dining service management, and other management/supervisory staff

REMEMBER: You only have to attend one ISCC Workshop, the NEEIA Risk Management/Safety Day or ISCC Claim & Loss Meeting per year. It is your chance to learn some safety information and meet with your peers. ISCC Requirement Receiving your annual deviation is dependent on attending only one workshop or claim & loss control meeting each calendar year. Please be aware that two workshops this year will be web-based. Topics and locations are subject to change.

SPRING WORKSHOPS - All workshops will begin at 8:45 and end at noon. 1. Friday April 9, 2010 –Mid-Cape Home Center in Plymouth 2. Wednesday, April 21, 2010, Hogan Center, The College of the Holy Cross, 1 College St, Worcester 3. Friday April 23, 2010, Boston College High School, 150 Morrissey Blvd, Dorchester/Boston 4. Monday, April 26, 2010, Smith College, Mary Maples Dunn room, Pierce Hall, Northampton 5. Wednesday May 12, 2010 – ISCC Web Based Workshop Spring Topics - tentative Changing your Safety Culture – Reducing Unsafe Acts Reducing Lifting Injuries The Foundation & Building Blocks of a Strong Safety Program Round Table Discussion – Lab Safety Case Study Exercise

SUMMER/FALL WORKSHOPS - All workshops will begin at 8:45 and end at noon. 1. Friday, July 16, 2010 – Roxbury Latin School, 101 St. Theresa Ave., West Roxbury – ISCC/MISPO - confirmed 2. Monday, September 27, 2010 – Smith College, Mary Maples Dunn room, Pierce Hall, Northampton 3. Friday, October 1, 2010 - Cambridge College, 60 Island St, Lawrence 4. Thursday, October 28, 2010 - Hogan Center, The College of the Holy Cross, 1 College St, Worcester 5. Wednesday November 17, 2010 – ISCC – Web Based Workshop Fall Topics - tentative Changing your Safety Culture – Reducing Unsafe Acts Winter Safety – Winter Safety & Preventing Slips and Fall at Home/Work The Foundation & Building Blocks of a Strong Safety Program Round Table Discussion – Employee Health/Wellness Case Studies Exercise

H16 ISCC Claim and Loss Control meetings • Friday, March 5, 2010 • Friday, May 21, 2010 • Friday, September 3, 2010 • Friday, December 3, 2010 All meetings held at Holy Cross College, Worcester, 10am – noon at the Hogan Campus Center.

NEEIA Annual Risk Management/Safety Day • Wednesday, October 20, 9am-3pm Hogan Campus Center, Holy Cross College, Worcester

H17

Section I

Marketing

INDEPENDENT SCHOOLS COMPENSATION CORP.

As of MARCH 10, 2010 there are 158 Class A Members.

1 AISNE 2 American Congregational Association 3 Andover-Newton Theological School 4 Applewild School 5 Bancroft School 6 Bay Farm Academy 7 Beaver Country Day School 8 Belmont Day School 9 Belmont Hill School 10 Bement School 11 Berkshire Country Day School 12 Boston Athenaeum 13 Boston Center for Adult Education 14 Boston College High School 15 Boston Lyric Opera 16 Boston Conservatory of Music 17 Boston Trinity Academy 18 Bostonian Society 19 Brimmer & May School 20 Brooks School 21 Brookwood School 22 Buckingham, Browne & Nichols 23 Cambridge Center for Adult Education 24 Cambridge College 25 Cambridge Friends School 26 Cambridge Montessori School 27 Cambridge School of Weston 28 Cape Cod Academy 29 Carroll School 30 Chapel Hill Chauncy Hall School 31 Charles River School 32 Chestnut Hill School 33 Stoneridge Children's Montessori School 34 Children's Museum 35 Clark School 36 Clarke School for The Deaf 37 Cohen Hillel School 38 Common School 39 Commonwealth School 40 Compass 41 Concord Museum 42 Covenant Christian School 43 Creative Education - Odyssey DayCare 44 Cushing Academy 45 Dana Hall School 46 Dedham Country Day School 47 Derby Academy 48 Dexter and Southfield Schools 49 Eaglebrook School 50 Eastern Nazarene College 51 Ecole Bilingue International School 52 Ecotarium (Worcester Nat. History Soc.) 53 Eliot Montessori 54 Episcopal Divinity School 55 Epiphany School 56 Falmouth Academy 57 Fay School 58 Fayerweather School 59 Fenn School 60 Fessenden School 61 Five College's Inc. 62 Franklin Institute 63 Friends Academy 64 German International School 65 Glen Urquhart School 66 Governor Dummer Academy 67 Great Barrington Rudolf Steiner School 68 Groton School 69 Hammond Museum 70 Hampshire College (Trustees of) 71 Harborlight Montessori 72 Hebrew College 73 Heritage Plantation of Sandwich, Inc. 74 Hillside School 75 House of Seven Gables 76 ICArt 77 INLY School 78 International Institute of Boston 79 Isabella Stewart Gardner Museum 80 Julie's Family Learning Center 81 Kingsley Montessori School I1 INDEPENDENT SCHOOLS COMPENSATION CORP.

As of MARCH 10, 2010 there are 158 Class A Members. 82 Kripalu Center for Yoga & Health, Inc. 83 Landmark School 84 Lawrence Academy 85 Learning Center for Deaf Children 86 Lesley University 87 Lexington Christian Academy 88 Lexington Montessori School 89 Linden Hill School 90 Maimondes School 91 Marine Biological Laboratory 92 Massachusetts Audubon Society 93 Massachusetts Higher Education Consortium 94 Massachusetts Historical Society 95 Meadowbrook School of Weston 96 Middlesex School 97 Milton Academy 98 Montessori Community School 99 Montserrat College of Art 100 Mt. Ida College 101 Nashoba Brooks School 102 NE Assn. of Schools and Colleges 103 New England Aquarium 104 Newton Country Day School 105 Nichols College 106 Noble and Greenough School 107 North Bennett Street School 108 North Shore Nursery School 109 Oak Meadow Montessori School 110 Odyssey Day School 111 Old Sturbridge Village 112 Park School 113 Park Street School 114 Peabody Essex Museum 115 Phillips Memorial Charitable Trusts 116 Pike School 117 Pilgrim Society 118 Pincushion Hill School 119 Pine Cobble School 120 Pingree School 121 Plimouth Plantation 122 Rivers School 123 Riverview School 124 Roxbury Latin School 125 Sage School- Foxboro 126 Sea Education Association 127 Shady Hill School 128 Shore Country Day School 129 Showa Boston 130 Society for the Preservation of NE Antiquities 131 Solomon Schechter Day School of Gr. Boston 132 South Area Solomon Schecter School 133 South Shore Conservatory of Music 134 St. Mark's School 135 Stoneleigh Burnham School 136 Tenacre Country Day School 137 Thacher Montessori 138 Thayer Academy 139 The Laurel School 140 The Learning Project 141 The Phoenix School 142 The Rashi School 143 The Trustees of Reservations 144 Tower School 145 Waldorf School 146 Waldorf High School 147 Walnut Hill School 148 Waring School 149 Wellspring House 150 Wheaton College 151 Wilbraham and Monson Academy 152 Williston Northampton School 153 Willow Hill School 154 Winchendon School 155 Winsor School 156 Woodward School 157 Worcester Academy 158 Worcester Art Museum The Bartlett School Closed and is sold Audit performed- policy is cancelled

I2 INDEPENDENT SCHOOLS COMPENSATION CORP.

As of MARCH 10, 2010 there are 158 Class A Members.

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

2009 Activity 1 Heritage Museum and Gardens Sold - bound 1/1/2010 2 Perkins School for Blind Good progress made, concern by HR over disrupting current claim service 3 Museum of Science submitted to underwriting- review of account in process 4 Merrimack College Bound 1/1/ 2010 5 Dean College Met with CFO; Pres. friend of HUB Producer. ;Ins. Adv. Has recommended ISCC 6 Epiphany School Bound 7 Kripalu Center for Yoga Education Bound 1/1/2010 8 Essex County Greenbelt Interest for March 2010 expiration 9 South Shore Christian Info sent Sept./2009 interest for 2010 10 Newton Montessori Currently w/ HUB. Will move to ISCC for 2010 renewal 11 Hampshire College HUB account trying to push them 12 Becker College Not Interested; Have asked for referral 13 Unitarian Universalist Association HR Department will not break out Massachusetts empl. From National prgm. 14 Fisher College Not Interested; Referrals? 15 Gordon Conwell Theological Acct. decided against joining 16 Northeast Document Conservation center They were interested, but new pres. Asked to put off until next year 17 New England Historic Genealogical Society Not Interested 18 American Meteorological Society Bing considered for Mass Payroll (also have an office in D.C.) 19 Old North Foundation Awaiting Return Call 20 Paul Revere Memorial Assoc. Feb. renewal - met w/ exec. Dir. This will be presented to Board with positive rec. 21 USS Constitution Museum Called & awaiting response 22 Waldorf School Cape Cod Called & awaiting response 23 Exploration School 2nd meeting occurred.. Went well. Business Manager will not advise status 24 Cohen Hillel Academy BOUND 25 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 26 Schools for Children organization. 27 TERC (Technical Ed. Resource Center) out of State Emp.; Determining if 1Beacon will write just out of state. 28 DeCordova Museum Contact made - in process; Feb. 2010 renewal 29 SparHawk School Waiting for appointment 30 Shed School Andover Pre-School 1st Meeting, 2nd being scheduled 31 Gann School Not interested now per Bakker 32 Summit Montessori Nick Bakker has approached 33 Sterling & Francine Clark Museum JCS has met with CFO 34 New Bed. Whaling Museum Bakker has arranged an introduction 35 Atrium School Bill Hughes is working closely with them 36 Bradford Christian School Declined due to financials

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

I3