April 15, 2014 GEMC Workers’ Compensation Fund Trustee Meeting

1. April 15, 2014GEMC Workers’ Compensation Fund Trustee Meeting

2. Georgia EMC Workers’ Compensation Fund Trustee Meeting Conference Call • Gary Miller • Call Meeting to Order • Tonya Washington • Conference Call Reminders • Roll Call • Determination of Quorum • Gary Miller • Motion on November 5, 2013 Trustee Meeting Minutes • All in Favor

3. Executive Committee Report • The Executive Committee met via conference call on February 25, 2014 to review and approve the 2013 Dividend Distribution of $1,400,000. The Executive Committee also reviewed and approved the Funds’ policy of issuing a waiver of subrogation as a last resort. • The Executive Committee consists of: • Gary Miller • Randy Crenshaw • Todd Pealock • Chip Jakins • Tony Tucker

4. 2013 Dividends/Net Premium

5. 2013 Dividends/Net Premium

6. Executive Committee Report • This return of $1,400,000 in 2013 Dividends comes in the form of a motion from the Executive Committe Any further discussion - Second to approve - All in favor • Approval of the Funds’ policy on issuing a waiver of subrogation as a last resort comes to you in the form of a motion from the Executive Committee Any further discussion - Second to approve - All in favor

7. Nominating Committee Report • The Nominating Committee met via email to discuss the upcoming slate of officers for the Georgia EMC Workers’ Compensation Fund • The Nominating Committee consists of the following members: • Chip Jakins – Carroll EMC - Chairman • Romeo Reyes – The Satilla REMC • Brad Thomas – Snapping Shoals EMC

8. Nominating Committee Report The Nominating Committee nominates the following trustees as officers: • Gary Miller – President • Randy Crenshaw – Vice President • Todd Pealock – Secretary/Treasurer These recommendations come to you in the form of a motion from the Nominating Committee Any further discussion - Second to approve - All in favor

9. Investment Committee Report The Investment Committee met March 28, 2014 • The following items were discussed, reviewed and approved: • Current Economic Conditions and Outlook • Reviewed the Fund’s Investment Guidelines • Reviewed the Fund’s Portfolio • Approved move to 15% equity investment • Reviewed and Approved the Fund’s Purchases and Sales from September 23, 2013 through March 13, 2014

10. Reviewed Fund’s Portfolio and Performance

11. Reviewed Fund’s Portfolio and Performance

12. Reviewed Fund’s Portfolio and Performance

13. Reviewed Fund’s Portfolio and Performance • Fund’s Portfolio • Current Market Value $12,108,088 • Current Cost Value $11,608,546 • Unrealized Gain $ 499,544 • Estimated Income $ 365,168

14. Investment Committee Report • You were furnished an electronic copy of all purchases and sales for the Fund from September 28, 2013 through March 13, 2014 • The total purchases and sales were as follows: • Purchased $ 2,511,291 • Sold/Matured $ 2,033,285

15. Investment Committee Report Approval of the total purchases and sales and the move to 15% equity investment comes in the form of a motion from the Investment Committee: • Any further discussion - Second to approve - All in favor

16. Financial Highlights December 31, 2013 December 31, 2013 December 31, 2012 Total Assets Total Assets $ 12,653,907 $ 12,702,809 Reserves & Liabilities Reserves & Liabilities $ 9,925,423 $ 10,233,882 Surplus Surplus $ 2,728,483 $ 2,468,928

17. Surplus/IBNR By Year As Of December 31, 2013

18. Financial Highlights December 31, 2013

19. Financial Highlights December 31, 2013

20. Financial Highlights December 31, 2013

21. Report of Independent Accountants Board Communication Each Trustee was furnished a copy of the 2013 Report of Independent Accountants with the meeting notice and mail out Following is a brief discussion of the audit report: • No new accounting policies adopted • No change in the application of existing policies • No transactions with a lack of authoritative guidance • All significant transactions have been recognized • Accounting estimates used are reasonable • No difficulties with management in performing and completing the audit

22. Report of Independent Accountants Board Communication • All uncorrected misstatements were immaterial both individually and in aggregate to the financial statements • No disagreements with management in performing the audit • There were no consultations with other independent accountants • Internal controls • The size of the Fund’s administrative staff precludes certain internal controls that would be preferred if the organization were large enough to provide an optimum segregation of duties

23. Report of Independent Accountants Board Communication • Opinion • Financial statements present fairly in all material respects, the admitted assets, the liabilities and surplus Fund as of December 31, 2013 and the income and surplus for the above stated period on the basis of statutory accounting as mandated by the Office of Commissioner of Insurance • If you have any questions or comments regarding the report please contact either Jerry Wolfe with McNair, McLemore Middlebrooks or Mary Wellman - Any further questions • Motion to approve • Second • All in favor

24. Mark Your Calendar Georgia EMC Workers’ Compensation Fund Coordinator’s Conference May 8th at the Electrical Cooperative Training Center

25. GEMC WCF Coordinator’s Conference Agenda

26. Any further business to discuss? - Motion to adjourn - Second - All in favor