Prepared for: Florida Special Disability Trust Fund Tallahassee, FL

FLORIDA SPECIAL DISABILITY TRUST FUND

ACTUARIAL ANALYSIS

AS OF 6/30/12

Prepared for: Florida Special Disability Trust Fund

Tallahassee, FL

Date: September 25, 2012

Prepared by:

Gregory T. Graves, FCAS, MAAA

Milliman, Inc.

3424 Peachtree Road NE

Atlanta, GA 30326-1123

(404) 254-6719

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TABLE OF CONTENTS

I.

BACKGROUND AND SCOPE ................................................................... 3

A.

Background ..................................................................................... 3

B.

Scope and Intended Purpose .......................................................... 4

II.

DISCLOSURES AND LIMITATIONS ......................................................... 5

A.

Disclosures ...................................................................................... 5

B.

Limitation on Distribution ................................................................. 6

C.

General Limitations ......................................................................... 7

III.

SUMMARY OF FINDINGS ....................................................................... 10

A.

Estimated Unfunded Liability as of 6/30/12 ................................... 10

B.

Retrospective Analysis .................................................................. 11

C.

Allocation of Reserves by Claim Category .................................... 12

D.

Claim Statistics as of 6/30/12 ........................................................ 12

IV.

ANALYSIS ............................................................................................... 14

A.

Data and Information ..................................................................... 14

B.

Methodology .................................................................................. 15

C.

Detailed Analysis ........................................................................... 21

V.

EXHIBITS ................................................................................................. 22

VI. APPENDICES

I:\115FTF01\2012\Docs\Florida SDTF 63012 Report.docx

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I. BACKGROUND AND SCOPE

A. Background

The Florida Special Disability Trust Fund (“the Fund”) was established to encourage the employment of workers with pre-existing permanent physical impairments. In particular, the Fund reimburses employers (or their carriers) for the excess in workers’ compensation (“WC”) benefits they have provided to an employee with a pre-existing impairment who is subsequently injured in a WC accident. As part of the reimbursement process, the Fund determines the eligibility of claims as well as audits and processes reimbursement requests.

Claims with an accident date on or after January 1, 1998 are excluded from reimbursement by the Fund. Claims with an accident date before 1998 are still eligible to seek reimbursements. While most eligible claims have been reported, it is still possible for new claims to be submitted, for closed claims to be reopened, and for open but recently inactive claims to seek additional reimbursements. Therefore, the Fund is responsible for the liabilities associated with both reported and unreported eligible claims.

After a claim has been accepted, a request for reimbursement of additional expenses may be submitted annually. The Fund generates revenues to pay claims from two sources. The primary source is an assessment applied to the net written premium of

Florida WC insurance carriers. The formula for determining the assessment rate is established by Florida Statute. There is also a minor amount of revenue generated by flat fees for new notices and proof of claim submissions. This latter revenue has become negligible, as the cutoff accident date for eligible claims is now over fourteen years old.

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Currently, the Fund establishes the amount it expects to disburse in the coming fiscal year based on past disbursements over the last three years and sets the assessment rate accordingly. However, there is a cap on the assessment rate and, until recently, the Fund had not been able to collect assessments sufficient to cover liabilities. The

Fund became current in March of 2008. In each ensuing year, collected assessments are of a sufficient magnitude so that the Fund balance has an expected surplus each year.

Surplus, as used throughout this report, means that the current available fund balance exceeds expected disbursements for the current year. Surplus is not used in the traditional insurance sense which would mean that the current available fund balance would exceed all expected future obligations of the Fund as of the accounting date of this report.

B. Scope and Intended Purpose

Milliman, Inc. (“Milliman”) has been retained to provide the Fund with independent estimates of the following:

· Liability of the Fund as of 6/30/12

· Projected number of claims and total amount of expenditure from the Fund each year for the next five years

· Projected future revenues, recognizing that the assessment rates as of 1/1/12 and 1/1/13 were 1.44% and 1.43%, respectively, and that the assessment rate is statutorily capped at 4.52%

The items listed above are all based on data evaluated as of 6/30/12 and information provided by the Fund through the date of this report.

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II. DISCLOSURES AND LIMITATIONS

A. Disclosures

1. Basis of Presentation

Our estimates are intended as measurements of expected value over a range of reasonably possible outcomes. Such an estimate is known as an “actuarial central estimate” and is conceptually similar to a mean. Since the range of reasonably possible outcomes may not include all conceivable outcomes, an actuarial central estimate is not technically a true statistical mean. For example, the range of reasonably possible outcomes may exclude conceivable extreme events whose contribution to the true statistical mean is not reliably estimable.

In addition, please note the following regarding our estimates:

· Our estimates are presented on a discounted and an undiscounted basis with regard to the time value of money.

2. Terminology

Reserves . The use of the term “reserves” is common in the insurance industry. All references to the Milliman estimated reserves in this report indicate the Milliman estimated liability for unpaid loss and loss adjustment expense amounts on claims incurred as of 6/30/12, and should not be construed as indicating a value carried on the financial statements. The amounts carried on the financial statements are referred to herein as the “carried” or “booked” reserves.

IBNR Reserves .

Total loss reserves are comprised of incurred but not reported

(“IBNR”) reserves. As used in this report, the terms “IBNR reserves” and “unreported

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- 6 - losses” refer to the provision for unreported claims, and future payments on open and reopened claims.

Loss Adjustment Expenses (“LAE”) . LAE are classified as allocated loss adjustment expenses (“ALAE”) and unallocated loss adjustment expenses (“ULAE”). Generally,

ALAE includes claims settlement costs directly assigned to specific claims, such as legal fees, and ULAE includes other claims administration expenses. Please note that we did not separately estimate ULAE since it is included in the administrative expenses provided by the Fund.

We estimated loss and ALAE reserves on a combined basis. Throughout the remainder of this report the terms “loss” or “losses” refer to combined loss and ALAE amounts.

3. Acknowledgment of Qualifications

Gregory T. Graves is a Principal of Milliman, a Fellow of the Casualty Actuarial Society, and a Member of the American Academy of Actuaries. Greg meets the qualification standards of the American Academy of Actuaries to provide the estimates in this report.

4. Other Disclosures

This analysis is an update of our first analysis for the Fund that was performed based on data evaluated as of 6/30/11. We made no material changes to the assumptions and methods used to produce our estimates.

B. Limitation on Distribution

Milliman's work is prepared solely for the use and benefit of the Fund in accordance with its statutory and regulatory requirements. Milliman recognizes that materials it delivers to the Fund may be public records subject to disclosure to third parties pursuant to

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- 7 - public records requests, as well as posted on the Fund’s website. However, Milliman does not intend to benefit and assumes no duty or liability to any third parties who receive Milliman's work and may include disclaimer language on its work product so stating. The Fund agrees not to remove any such disclaimer language from Milliman’s work. To the extent that Milliman's work is not subject to disclosure under applicable public records laws, the Fund agrees that it shall not disclose Milliman's work product to third parties without Milliman's prior written consent; provided, however, that the Fund may distribute Milliman's work to (i) its professional service providers who are subject to a duty of confidentiality and who agree to not use Milliman's work product for any purpose other than to provide services to the Fund, or (ii) any applicable regulatory or governmental agency, as required.

Any reader of this report agrees that to the extent that Milliman's work is not subject to disclosure under applicable public records laws they shall not use Milliman’s name, trademarks or service marks, or to refer to Milliman directly or indirectly in any third party communication without Milliman’s prior written consent for each such use or release, which consent shall be given in Milliman’s sole discretion.

C. General Limitations

1. Reliance on Data

In performing this analysis, we relied on data and other information provided by the

Fund. We have not audited or verified this data and information. If the underlying data or information is inaccurate or incomplete, the results of our analysis may likewise be inaccurate or incomplete.

We performed a limited review of the data used directly in our analysis for reasonableness and consistency and have not found material defects in the data. If there are material defects in the data, it is possible that they would be uncovered by a

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- 8 - detailed, systematic review and comparison of the data to search for data values that are questionable or relationships that are materially inconsistent. Such a review was beyond the scope of our assignment.

In estimating the Fund’s discounted loss reserves, we used an annual effective interest rate of 4.0%. The interest rate was selected and provided to us by the Fund. We note that a 4.0% interest rate is not reasonably achievable in the current market when purchasing suitable investments for the Fund. In addition, discounting reserves which are not backed by invested assets can result in a misleading financial assessment. We are not able to further assess the reasonableness of the selected interest rate without performing a substantial amount of additional work beyond the scope of our assignment. As such, we express no opinion on the appropriateness of the interest rate.

Future rates of return are not guaranteed and may exceed or fall below the assumed rate. Also, the actual timing of loss payments is subject to variability. Differences between actual and expected rates of return and timing of payments from those underlying our estimates may have a material effect on the amount of the discount.

Further, our projections assume the existence of valid assets underlying the unpaid claim liabilities and that these assets are appropriate to meet the cash flow needs of the

Fund. We have not reviewed the held assets.

2. Uncertainty

Actuarial estimates are subject to uncertainty from various sources, including changes in claim reporting patterns, claim settlement patterns, judicial decisions, legislation, and economic conditions.

In estimating the Fund’s reserves for unpaid losses, it is necessary to project future loss payments. Actual future losses will not develop exactly as projected and may, in fact,

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- 9 - vary significantly from the projections. Further, the projections make no provision for future emergence of new classes or types of losses not sufficiently represented in the

Fund’s historical database or that are not yet quantifiable. Our estimates are presented on a going concern basis. That is, we have not anticipated any changes in claim reporting or claim settlement patterns, practices, and costs that might occur if the Fund were to cease operating as a going concern.

Based on information we received from the Fund, the electronic database containing the

Fund’s approval history is incomplete for claims occurring before 1995. While complete records of these claims do exist in paper form, they have not been coded in their entirety into the Fund’s electronic database. The Fund informed us that it is working to code all open, active claims into its electronic database as time permits.

3. Variability of Results

Our results are estimates based on long term averages. Actual loss experience in any given year may differ from what is suggested by these averages.

The sensitivity of key variables and assumptions in the analysis was considered. Key variables and assumptions include (but are not limited to) loss development factors and the weights given to different actuarial methods. It is possible that reasonable alternative selections would produce materially different reserve estimates.

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III. SUMMARY OF FINDINGS

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A. Estimated Unfunded Liability as of 6/30/12

Table 1 summarizes our estimates of the Fund’s unfunded liability as of 6/30/12 on both undiscounted and discounted bases. Please note that the Fund has selected an interest rate of 4.0%. Based on Table 1, the amount of discount (the difference between the undiscounted reserve estimate and the discounted reserve estimate) at the

4.0% interest rate is approximately $459 million.

Table 1 also displays historical estimates of undiscounted and discounted unfunded liability.

Table 1

Florida Special Disability Trust Fund

Historical Estimated Unfunded Liability (in millions)

Evaluation

Date

9/30/99

9/30/00

9/30/01

6/30/02

6/30/03

6/30/04

6/30/05

6/30/06

6/30/07

6/30/08

6/30/09

6/30/10

6/30/11*

6/30/11

6/30/12

Undiscounted

Unfunded

Liability

3,240

2,750

2,600

2,390

2,160

2,060

1,860

1,690

2,214

2,168

2,035

1,777

1,670

1,337

1,274

Discounted

Unfunded

Liability at 4.0%

2,049

1,870

1,730

1,512

1,652

1,558

1,385

1,258

1,491

1,335

1,250

1,073

1,010

843

815

Notes: * From prior Pinnacle report

6/30/10 and prior figures based on analyses that were performed by prior actuaries

6/30/11 figures from prior Milliman report

See Summary, Exhibit 1 for 6/30/12 figures

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Note that (with the exception of the 6/30/11 and 6/30/12 Milliman study entries), the discounted unfunded liabilities were estimated by Milliman in last year’s analysis (see

Appendix D in last year’s report).

B. Retrospective Analysis

We compared the results of our analysis as of 6/30/12 to those from our prior analysis as of 6/30/11 in Table 2 below. For all fiscal years combined, our estimated ultimate losses remained virtually unchanged relative to our prior estimated ultimate losses as of

6/30/11. Our estimated paid losses are approximately $73 million (or 2.1%) higher than our prior paid loss estimates as of 6/30/11.

This results in a reserve estimate as of 6/30/12 that is approximately $72 million (or

4.8%) lower than our prior reserve estimate as of 6/30/11.

Table 2


Retrospective Analysis (in millions)

Item

Ultimate Loss & ALAE *

Estimated Paid Approvals

Total Reserves

Milliman Milliman

Estimated Estimated as of

6/30/11 as of Percent

6/30/12 Difference Difference

5,045

3,552

5,046

3,625

1

73

0.0%

2.1%

1,493 1,421 (72) (4.8%)

Notes: See Summary, Exhibit 4 for details

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C. Allocation of Reserves by Claim Category

We separately analyzed the paid loss development patterns of four categories of claims: open with no payments in the past five fiscal years, open with payments in the past five fiscal years, closed with no payments in the past five fiscal years, and closed with payments in the past five fiscal years. We then allocated the total undiscounted reserves by claim category based on each claim category’s paid loss development patterns. Table 3 below summarizes the results of this allocation.

Table 3


Summary of Reserves by Claim Category (in millions)

Claim Category

Open with Activity in Last 5 Years

Closed with Activity in Last 5 Years

Open no Activity in Last 5 Years

Total

Undiscounted

Reserves

Selected Allocated

Allocation Undiscounted

Factor Reserves

88% 1,250

12%

Minimal

170

Minimal

Closed no Activity in Last 5 Years Minimal Minimal

Total 1,421 100% 1,421

Total Undiscounted Reserves from Summary, Exhibit 1

Selected Allocation Factors based on an internal analysis of loss development by claim category

D. Claim Statistics as of 6/30/12

Table 4 below displays a variety of claim statistics as of 6/30/12. The number of open claims continues to decline, as there are now 5,174 open claims. The Fund determines

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- 13 - the Average Administrative Cost per Claim by dividing the administrative costs by the number of open claims in a given fiscal year. All else equal, a decline in open claims causes the Average Administrative Cost per Claim to increase. With regard to the

Average Time Required to Reimburse Accepted Claims Paid, please note that this figure includes periods of time where the Fund is waiting for a response from the insurance carrier. Additional historical claim statistics based on information provided by the Fund are displayed below.

Table 4


Summary of Historical Claims Records

(4)

(5)

(6)

(7)

(1)

(2)

(3)

Item

Number of Open Claims

Number of Notices Filed

Number of Newly Received

Proofs of Claim Processed by the Fund

Fee Revenues Received from 7/1 to 6/30

Fee Revenues Refunded from 7/1 to 6/30

Fee Revenues Applied to Pay Down Liability in FY

Average Time Required to Reimburse Accepted Claims

Paid (in months)

Average Administrative Cost per Claim

FY 11-12

5,174

2

2

$1,000

$0

$1,000

17.63

$305.98

(8)

Notes:

(1)-(6): From database as of 6/30/12 provided by the Fund

(7): Based on database as of 6/30/12 provided by the Fund; equal to the average time length between the request date and the payment date for requests in the fiscal year

(8): = (Administrative Costs of $1,583,140) / (1)

Administrative costs were provided by the Fund

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IV. ANALYSIS

A. Data and Information

We relied on data and information provided by the Fund, which included the following:

1. Loss Data – Approvals by accident period, evaluated as of 6/30/12.

2. Claim Count Data – Closed and reported claim counts by accident period, evaluated as of 6/30/12. We also received requests and proofs evaluated as of

6/30/12.

3. Assessable Premium – Net written premium of WC insurance carriers. We received actual net written premium for fiscal years 2008-09, 2009-10, and 2010-

11, and the first three quarters of 2011-12, and we received estimated net written premium for the final quarter of fiscal year 2011-12 as well as for fiscal years

2012-13, 2013-14, and the first two quarters of fiscal year 2014-15.

4. Assessment Rate – The assessment rate applicable to the assessable premium for the periods 7/1/12-12/31/12 and 1/1/13-12/31/13.

5. Administrative Expenses – Annual administrative expense figures for fiscal year

2011-12 and projections for fiscal year 2012-13 as well as for calendar years

2013 and 2014.

6. Fund Balance as of 6/30/12 – The amount of surplus in the Fund as of 6/30/12.

We also relied on data and information received from prior actuarial analyses of the

Fund as well as other publicly available information from the Fund’s website.

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B. Methodology

We performed our analysis by fiscal year. As has been done in previous reports for the

Fund, we separately analyzed two categories of claims: First and Final (“F&F”) and

Other than First and Final (“Other than F&F”). In general, F&F claims are characterized as those where a single payment amount is established at the time of approval of a claim or is expected to be the only payment made. Payments on Other than F&F claims typically occur over a longer time horizon than F&F claims. Given the qualitatively different nature of these two types of claims, we deemed it appropriate to continue analyzing them separately as prior reports have done.

Our methodology consists of the following steps:

1.

Estimated Ultimate Losses

2.

Estimated Reserves and Unfunded Liability

3.

Estimated Ultimate Requests

1. Estimated Ultimate Losses

In order to project ultimate losses, we used a variety of estimation methods and then assigned weight to each method based on our judgment as to its relative predictive value. The following is a brief description of each method. a. Paid Loss Development

In the Paid Loss Development method, ultimate losses are estimated by applying development factors to approvals as of the evaluation date. These loss development factors (“LDFs”) estimate future loss payments on open, unreported, and reopened claims. The selection of development factors is based on historical approval patterns

(data triangles). Development beyond the maturity of the historical data triangles is estimated by selecting a “tail” LDF.

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Since the historical approval information for 1995 and prior in the electronic database is incomplete, we constructed an approval triangle based on approval data from years that are known to be complete. First, we selected LDFs based on data from fiscal years

1994-95, 1995-96, and 1996-97. From these selections, we estimated a payout pattern.

We then divided the actual incremental payments observed for fiscal years 1994-95,

1995-96, and 1996-97 by the appropriate incremental payment percentages from our estimated payout pattern to obtain three estimates of ultimate losses for each fiscal year. By then multiplying these estimates of ultimate losses by the expected percent of payments made on each fiscal year through 6/30/94, we estimated cumulative approvals as of 6/30/94 for each fiscal year. This was used as our earliest diagonal in our constructed triangle. The remainder of the constructed triangle was populated using actual incremental payments. We then applied the Paid Loss Development method to this constructed triangle to estimate the ultimate losses which are shown as our paid development projections in Exhibit 2, Sheet 2, Column 5 of Appendices A and B. b. Percent Paid

In the Percent Paid method, ultimate losses are estimated for each fiscal year by dividing actual incremental approvals by incremental percent paid factors, which come from the payout pattern mentioned in the Paid Loss Development method above. We derived three different estimates for each fiscal year using this approach on actual incremental approvals for fiscal years 1994-95, 1995-96, and 1996-97. Our selected ultimate loss amounts for this method were based on these three estimates of ultimate approvals. c. Summary

After reviewing the results of each method and assigning weights to each, the result is a selected ultimate loss amount. For the Other than F&F category, we observed that the results of the two methods were quite close for all years combined. We also noted that the results of the Percent Paid method tended to be higher than the Paid Development

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Method for older fiscal years and lower for later fiscal years. Since we believe that both methods should receive consideration in our selections, we generally assigned 50% weight to both the Paid Development and Percent Paid methods.

For the F&F category, our selected development pattern suggested that very little development was expected for this category. For the older fiscal years, the results of the two methods were equal and we assigned 100% weight to the Paid Development

Method. In more recent accident periods, where the indications of the two methods were not the same, we assigned 50% weight to both the Paid Development and Percent

Paid methods. For the 1993-94 fiscal year, the results of the Percent Paid method were deemed unreliable and we assigned 100% weight to the Paid Development Method.

2. Estimated Reserves and Unfunded Liability

We estimated reserves by subtracting projected amounts paid through 6/30/12 from estimated ultimate loss amounts. We estimated the Fund’s unfunded liability as of

6/30/12 by first subtracting the Fund’s surplus as of 6/30/12 from our reserve estimate.

We then added in the unpaid amount on approved claims to determine the unfunded liability.

We discounted the loss reserves to reflect the time value of money by multiplying the reserves by an appropriate discount factor. The discount factors were calculated using an annual interest rate of 4.0% supplied by the Fund and selected loss payment patterns. Please refer to page 8 of this report for a detailed discussion of the interest rates used. The payment patterns were selected based on a review of the historical paid loss development.

3. Estimated Ultimate Requests

We estimated ultimate claim counts using the Reported Claim Count Development method. This method is similar to the Paid Loss Development method previously

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- 18 - described, except that requests and request count development factors are used in place of paid losses and paid loss development factors.

4. Projected Future Revenues and Fund Balances

We projected revenues and fund balances for the next 25 fiscal and calendar years in

Summary Exhibit 3, Sheets 1a and 1b. These projections considered a variety of revenue and expense items, each of which is described below. a. Projected Assessments and Assessment Rate

Assessments are calculated by applying the assessment rate to the subject net written premium. The net written premium is developed from the insurance carriers writing WC insurance and the estimated net written premium that would have been developed by those entities self insuring their WC exposure.

The Fund provided us with assessable premiums for fiscal years 2004-05 to 2013-14.

We used the historical trends implied by this data to select separate assessable premium trend factors for each of the following periods: calendar year 2015, calendar year 2016, and all subsequent calendar years. We then applied these trend factors to the current assessable premium in order to derive assessable premium projections through calendar year 2037. See Summary Exhibit 3, Sheet 2 and Summary Exhibit 3,

Sheet 3 for details.

The assessment rate is set annually according to the rule in Florida Statute 440.49(9), which states, “The annual assessment shall be calculated to produce during the next calendar year an amount which, when combined with that part of the balance anticipated to be in the fund on December 31 of the current calendar year which is in excess of $100,000, is equal to the average of:

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- 19 - a. The sum of disbursements from the fund during the immediate past 3 calendar years, and b. Two times the disbursements of the most recent calendar year.”

The assessment rate is statutorily capped at 4.52%, and the cap has been at that level since its inception in 1994. We were informed that the assessment rates are 1.44% and

1.43% for the periods 7/1/12-12/31/12 and 1/1/13-12/31/13, respectively. See

Summary Exhibit 3, Sheet 2 for details. b. Projected Notice and Proof Fee Income

Notification fees are set at $250/notice and proof of claim fees are set at $500/proof, as established by Florida Statute 449.49(9). Based on a review of the historical data relating to new notices and proofs, we project that there will be one notice in each fiscal year from 2012-13 to 2014-15 and one proof in each fiscal year from 2012-13 to

2015-16. All such fees have been included as revenues in the estimation of the Fund’s outstanding liability in the recent past and we continue this in our projected cash flow analysis. This adjustment has an insignificant impact on the fund balance. c. Projected Investment Income

Investment income is earned on the surplus within the Fund and the cash balances reflecting the timing differences of revenues and payments. Projected future surplus levels have been used to estimate future investment income. Our investment income estimates are based on a 2.5% rate of return, which was used in the Fund’s last 3 analyses. Since this rate of return was used in the Fund’s prior analyses, it is useful for comparison to the prior results. However, this rate of return may be overly optimistic given that it is applicable to short-term investments and current short-term T-bill rates are currently below 2.5%. We are not able to assess the reasonableness of the selected interest rate without performing a substantial amount of additional work beyond the

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- 20 - scope of our assignment. Estimated investment income is displayed in Summary

Exhibit 3, Sheets 1a and 1b. d. Projected Approved Claim Payments

We relied on our selected paid LDFs to estimate a pattern by which we expect the Fund to make its future claim payments. We also provided these projected payments on a discounted basis (using a 4.0% interest rate). See Exhibits 7 and 8 of Appendices A and B for details. e. Projected Administrative Expense

Administrative expense is made up primarily of fixed expense related to the operation of the Fund and therefore is subject to normal wage and office operation expense inflationary pressures. We were provided with administrative expenses for fiscal years

2004-05 to 2012-13 (and for calendar years 2013 and 2014). As we did with assessment premium, we used the trends implied by the historical administrative expenses in order to select a trend factor applicable to subsequent years. Since only historical salary information was available, we relied on salaries only to determine the trend and then applied the trend to all administrative expenses. See Summary Exhibit

3, Sheet 4 for details. f. Projected General Revenue Service Charges

The general revenue service charge is statutorily determined. As of July 1, 2012, the charge is 8.0% of all revenue, per section 215.20, F.S., and is expected to continue at this rate for purposes of future cash flow projections. We understand that the revenue service charge is applied to assessments; these results are displayed in Summary

Exhibit 3, Sheets 1a and 1b.

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- 21 - g. Projected Cash Flows

The projected cash flows are shown in Summary Exhibit 3, Sheets 1a and 1b. Net revenue is calculated as the sum of assessments, fees, and investment income less the sum of anticipated approved payments, administrative expenses, and general revenue service charges. The annual net revenue is added to the beginning fund balance to determine the ending fund balance. The fund balance as of 7/1/12 was provided by the

Fund.

C. Detailed Analysis

1. Data Adjustments

Based on information we received from the Fund, we have excluded approvals for requests with the status “Void” or “Payment Refused”. We also excluded claims with no approval date in the claims database. These claims account for approximately $10.3 million, which is approximately 0.4% of the database’s total actual approvals.

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V. EXHIBITS

Exhibit Number

1

2

3

4

Description

Summary of Reserves by Claim Category as of 6/30/12

Projected Payments at 6/30/12

Estimated Annual Cash Flows at 6/30/12

Retrospective Analysis

Milliman

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

6,723,736

3,597,648

5,473,183

7,699,507

14,818,486

21,132,543

32,278,419

35,972,538

40,618,831

59,184,462

84,454,127

81,584,696

103,913,950

129,690,552

124,378,771

124,878,011

141,541,765

137,015,207

88,916,347

45,912,448

49,432,978

47,389,563

24,343,322

Other than

First and Final

Estimated

Total Reserves

24,927

21,854

72,690

34,447

0

9,268

459,322

97,612

158,921

15,022

212,342

90,781

394,128

2,432,883

456,319

1,973,205

1,417,404,811


Workers Compensation

Summary of Reserves by Claim Category as of 6/30/12

(1) (2) (3) (4)

6,723,736

3,597,648

5,473,183

7,699,507

14,818,486

21,132,543

32,278,419

35,972,538

40,618,831

59,184,462

84,454,127

81,606,684

103,971,717

129,813,720

124,559,859

125,076,748

141,845,616

137,390,485

89,536,136

46,313,811

49,843,051

47,850,253

24,557,771

Estimated

Undiscounted

Total Reserves

(2) + (3)

24,927

21,854

72,690

34,447

0

9,268

459,322

97,612

158,921

15,022

212,342

90,781

394,128

2,432,883

456,319

1,973,205

0

21,988

57,767

123,168

181,088

0

0

0

0

0

198,737

303,851

375,278

619,789

401,363

410,073

460,690

214,449

First and Final

Estimated

Total Reserves

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

3,368,241 1,420,773,052

(5)

Cash Balance as of

6/30/12

(6) (7)

Estimated

Undiscounted

Unfunded Estimated

Liability * Discounted as of Total Reserves

6/30/12 at 4.0%

24,443

21,439

69,928

32,484

0

8,675

428,088

90,096

144,777

13,520

188,560

79,524

340,527

2,075,249

385,133

1,645,653

5,547,082

2,932,083

4,400,439

6,098,010

11,573,238

16,272,058

24,467,042

26,871,486

29,895,460

42,908,735

60,300,247

57,375,611

71,964,025

88,565,103

83,750,040

82,724,818

92,555,962

88,291,756

56,726,910

28,941,403

30,641,546

28,997,376

14,582,163

147,222,268 1,273,550,784 961,930,689

(8)

Estimated

Discounted

Unfunded

Liability * at 4.0% as of

6/30/12

814,708,421

Notes:

* Unfunded Liability totals implicitly include unpaid approvals of $34,773,487 as of 6/30/12

(2): Appendix A - Other than First and Final Claims, Exhibit 1

(3): Appendix B - First and Final Claims, Exhibit 1

(5): Provided by Florida Special Disability Trust Fund

(6): = (4) - (5)

(7): Exhibit 1 of Appendices A and B

(8): = (7) - (5)

Milliman

Summary

Exhibit 1

I:\115FTF01\2012\CALCS\[FLORIDA SPECIAL DISABILITY TRUST FUND 63012 RX STUDY_63012.XLS]



Projected Approvals at 6/30/12 (without consideration of the $75M appropriation cap)

(1) (2) (3) (4)

Projected Approvals - Fiscal Year Basis

(5)

Fiscal Year

Ending 6/30/XX

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

Subsequent

Total 1,417,404,811

Selected

Other than

First and Final

74,195,429

73,768,093

73,063,116

72,363,340

71,672,898

70,851,539

69,851,145

68,779,026

67,478,094

65,937,562

64,230,552

62,319,112

60,128,620

57,588,635

54,813,420

51,811,644

48,447,132

44,792,380

40,968,418

37,119,721

33,274,103

29,430,641

25,674,145

22,075,649

18,593,092

58,177,305

Selected

First and Final

0

0

0

0

0

0

0

0

0

0

0

501,185

480,150

452,137

411,818

367,141

327,887

277,545

224,059

146,336

101,586

60,330

18,067

0

0

0

Selected

Total

Undiscounted

(2) + (3)

74,696,614

74,248,244

73,515,253

72,775,158

72,040,038

71,179,426

70,128,690

69,003,085

67,624,430

66,039,148

64,290,882

62,337,179

60,128,620

57,588,635

54,813,420

51,811,644

48,447,132

44,792,380

40,968,418

37,119,721

33,274,103

29,430,641

25,674,145

22,075,649

18,593,092

58,177,305

Selected

Total

Discounted at 4.0% as of

6/30/12

73,246,056

70,006,147

66,649,072

63,440,481

60,384,282

57,368,186

54,347,431

51,418,389

48,452,951

45,497,207

42,589,184

39,707,084

36,826,843

33,914,601

31,038,697

28,210,489

25,364,013

22,548,658

19,830,443

17,276,453

14,890,967

12,664,351

10,622,968

8,782,740

7,112,705

19,740,291

3,368,241 1,420,773,052 961,930,689

Notes:







(6) (7) (8) (9)

Projected Approvals - Calendar Year Basis

(10)

Calendar Year

Selected

Other than

Ending 12/31/XX First and Final

7/1/12-12/31/12

2013

2014

2015

37,506,826

74,308,250

73,647,512

72,963,821

2016

2017

2018

2019

2020

2021

2022

2023

72,301,900

71,470,710

70,553,343

69,526,176

68,311,889

66,943,045

65,323,884

63,484,321

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

Subsequent

61,385,729

59,064,606

56,418,000

53,445,872

50,199,802

46,808,271

42,988,169

39,148,248

35,275,112

31,310,372

27,521,744

23,806,841

20,131,198

16,700,030

46,859,138

1,417,404,811

Selected

First and Final

501,185

480,150

452,137

411,818

367,141

327,887

277,545

224,059

146,336

101,586

60,330

18,067

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

3,368,241 1,420,773,052

Selected

Total

Undiscounted

(7) + (8)

38,008,011

74,788,400

74,099,649

73,375,639

72,669,041

71,798,597

70,830,888

69,750,235

68,458,224

67,044,631

65,384,214

63,502,388

61,385,729

59,064,606

56,418,000

53,445,872

50,199,802

46,808,271

42,988,169

39,148,248

35,275,112

31,310,372

27,521,744

23,806,841

20,131,198

16,700,030

46,859,138

Selected

Total

Discounted at 4.0% as of

6/30/12

37,628,392

71,903,770

68,501,908

65,224,210

62,112,259

59,008,454

55,974,806

53,001,439

50,019,866

47,103,408

44,170,513

41,249,733

38,341,345

35,472,672

32,579,989

29,676,596

26,802,085

24,030,114

21,220,169

18,581,419

16,099,101

13,740,043

11,612,948

9,659,062

7,853,613

6,264,462

14,098,311

961,930,689

Milliman

Summary

Exhibit 2


Fiscal Year

Ending 6/30/XX

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037



Estimated Annual Cash Flows at 6/30/12 - Fiscal Year Basis

(1) (2) (3)

Fund Surplus or (Deficit) at Beginning of Year

147,222,268

110,687,187

102,088,310

114,694,523

122,553,626

127,149,330

127,197,702

125,658,834

124,262,584

123,082,029

122,032,582

120,891,281

119,444,217

117,663,527

115,659,903

113,361,117

110,563,195

107,285,616

103,711,144

99,704,868

95,145,338

90,276,609

85,175,386

80,022,446

74,970,959

Unpaid Approved

Payments

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

(4) (5)

Approved

Payments

During Year

74,696,614

74,248,244

73,515,253

72,775,158

72,040,038

71,179,426

70,128,690

69,003,085

67,624,430

66,039,148

64,290,882

62,337,179

60,128,620

57,588,635

54,813,420

51,811,644

48,447,132

44,792,380

40,968,418

37,119,721

33,274,103

29,430,641

25,674,145

22,075,649

18,593,092

Capped

Assessment

Revenue

39,506,447

69,407,150

92,037,414

85,761,635

81,301,870

75,365,507

72,515,435

71,506,482

70,300,035

68,771,607

66,825,737

64,427,857

61,731,530

58,802,309

55,548,077

51,836,600

47,764,568

43,584,293

39,088,333

34,440,282

30,074,202

25,802,383

21,822,432

18,183,165

14,620,397

Summary

Exhibit 3

Sheet 1a

Filing Fee

Revenue

750

750

750

500

0

(6) (7) (8)

2,952,629

2,911,107

2,863,415

2,807,579

2,742,184

2,665,555

2,581,355

2,483,787

2,380,287

2,264,841

2,141,874

2,018,475

1,893,168

1,769,340

Investment

Income

2,949,149

2,945,349

2,614,876

2,919,165

3,041,923

3,113,491

3,115,910

3,079,765

3,045,619

3,016,765

2,986,300

Total Gross

Revenue

(5) + (6) + (7)

42,456,345

72,353,249

94,653,040

88,681,300

84,343,793

78,478,997

75,631,345

74,586,247

73,345,654

71,788,372

69,812,037

67,380,486

64,642,637

61,665,724

58,355,656

54,578,783

50,430,123

46,165,648

41,572,120

36,820,569

32,339,042

27,944,257

23,840,907

20,076,332

16,389,736

Administration

Expenses

1,134,296

1,151,310

1,168,580

1,186,109

1,203,900

1,221,959

1,240,288

1,258,893

1,277,776

1,296,943

1,316,397

1,336,143

1,356,185

1,376,528

1,397,176

1,418,133

1,439,405

1,460,996

1,482,911

1,505,155

1,527,732

1,550,648

1,573,908

1,597,517

1,621,479

(9) (10) (11) (12) (13)

5,154,229

4,938,522

4,704,185

4,443,846

4,146,928

3,821,165

3,486,743

3,127,067

2,755,223

2,405,936

2,064,191

1,745,795

1,454,653

1,169,632

General

Revenue

Charge Net Revenue Cash Paid Out

(5) x 8.00% (8) - (9) - (10)

Fund Surplus or (Deficit) at End of Year

During Year (2) + (11) - (12)

3,160,516

5,552,572

38,161,533

65,649,366

74,696,614

74,248,244

110,687,187

102,088,310

7,362,993

6,860,931

6,504,150

6,029,241

86,121,466

80,634,260

76,635,743

71,227,798

73,515,253

72,775,158

72,040,038

71,179,426

114,694,523

122,553,626

127,149,330

127,197,702

5,801,235

5,720,519

5,624,003

5,501,729

5,346,059

68,589,822

67,606,836

66,443,875

64,989,701

63,149,581

70,128,690

69,003,085

67,624,430

66,039,148

64,290,882

125,658,834

124,262,584

123,082,029

122,032,582

120,891,281

60,890,115

58,347,929

55,585,012

52,514,634

49,013,722

45,169,552

41,217,908

36,962,142

32,560,191

28,405,374

24,329,418

20,521,205

17,024,163

13,598,625

62,337,179

60,128,620

57,588,635

54,813,420

51,811,644

48,447,132

44,792,380

40,968,418

37,119,721

33,274,103

29,430,641

25,674,145

22,075,649

18,593,092

119,444,217

117,663,527

115,659,903

113,361,117

110,563,195

107,285,616

103,711,144

99,704,868

95,145,338

90,276,609

85,175,386

80,022,446

74,970,959

69,976,492

Notes:

(2): = (13) from prior fiscal year; fiscal year ending 6/30/13 provided by Florida Special Disability Trust Fund

(3): Set equal to 0 because unpaid approvals are already implicitly included in (4)

(4): Exhibit 2

(5): Based on Florida Statute 440.49(9), subject to a minimum value of $0 and a maximum assessment rate of 4.52% of premium

(6): Based on projected notices of 1,1,1,0, and 0, and projected proofs of 1,1,1,1, and 0 over the next five fiscal years

(7): Based on calculation of surplus excluding investment income and a rate of return of 2.5%

(9): Based on selected trend from Exhibit 3, Sheet 4

(12): = (3) + (4), limited to (2) + (11); limited to $75 million appropriation

Milliman I:\115FTF01\2012\CALCS\[FLORIDA SPECIAL DISABILITY TRUST FUND 63012 RX STUDY_63012.XLS]

Calendar Year

Ending 12/31/XX

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037



Estimated Annual Cash Flows at 6/30/12 - Calendar Year Basis

(1) (2) (3) (4) (5)

Fund Surplus or (Deficit) at Beginning Unpaid Approved of Year Payments

128,954,728

93,840,159

110,699,549

118,554,296

125,623,793

126,965,312

124,868,146

122,777,535

120,925,244

0

0

0

0

0

0

0

0

0

119,060,097

117,217,066

115,062,585

112,547,567

109,597,963

106,375,826

102,760,574

98,617,028

93,816,354

88,843,865

83,066,396

76,870,402

70,498,362

63,791,148

57,194,179

50,784,986

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Approved

Payments

During Year

74,788,400

74,099,649

73,375,639

72,669,041

71,798,597

70,830,888

69,750,235

68,458,224

67,044,631

65,384,214

63,502,388

61,385,729

59,064,606

56,418,000

53,445,872

50,199,802

46,808,271

42,988,169

39,148,248

35,275,112

31,310,372

27,521,744

23,806,841

20,131,198

16,700,030

Capped

Assessment

Revenue

41,366,113

97,448,187

86,626,641

84,896,629

77,707,110

73,023,903

72,006,966

71,005,998

69,594,072

67,949,142

65,702,331

63,153,383

60,309,677

57,294,941

53,801,212

49,871,987

45,657,148

41,511,438

36,665,228

32,215,335

27,933,068

23,671,698

19,973,166

16,393,163

12,847,630

Summary

Exhibit 3

Sheet 1b

Filing Fee

Revenue

750

750

750

500

0

(6) (7) (8) (9)

Total Gross

Investment Revenue Administration

Income (5) + (6) + (7) Expenses

2,750,554

2,457,267

2,701,706

2,819,247

2,853,476

2,773,691

2,653,504

2,539,307

2,430,714

44,117,417

99,906,204

89,329,097

87,716,376

80,560,586

75,797,594

74,660,470

73,545,305

72,024,786

1,134,296

1,151,310

1,168,580

1,186,109

1,203,900

1,221,959

1,240,288

1,258,893

1,277,776

2,324,916

2,218,159

2,105,742

1,986,283

1,861,045

1,730,681

1,592,161

1,442,426

1,286,154

1,121,681

946,165

767,642

587,216

408,467

237,812

77,362

70,274,058

67,920,490

65,259,125

62,295,960

59,155,986

55,531,893

51,464,148

47,099,574

42,797,592

37,786,909

33,161,500

28,700,710

24,258,914

20,381,633

16,630,975

12,924,992

1,296,943

1,316,397

1,336,143

1,356,185

1,376,528

1,397,176

1,418,133

1,439,405

1,460,996

1,482,911

1,505,155

1,527,732

1,550,648

1,573,908

1,597,517

1,621,479

(10) (11) (12) (13)

General

Revenue

Fund Surplus or (Deficit) at End

Charge Net Revenue Cash Paid Out

(5) x 8.00% (8) - (9) - (10) of Year

During Year (2) + (11) - (12)

3,309,289

7,795,855

6,930,131

6,791,730

6,216,569

5,841,912

5,760,557

5,680,480

5,567,526

39,673,832

90,959,038

81,230,386

79,738,537

73,140,117

68,733,723

67,659,624

66,605,933

65,179,484

74,788,400

74,099,649

73,375,639

72,669,041

71,798,597

70,830,888

69,750,235

68,458,224

67,044,631

93,840,159

110,699,549

118,554,296

125,623,793

126,965,312

124,868,146

122,777,535

120,925,244

119,060,097

5,435,931

5,256,186

5,052,271

4,824,774

4,583,595

4,304,097

3,989,759

3,652,572

3,320,915

2,933,218

2,577,227

2,234,645

1,893,736

1,597,853

1,311,453

1,027,810

63,541,184

61,347,907

58,870,711

56,115,001

53,195,863

49,830,621

46,056,255

42,007,597

38,015,680

33,370,780

29,079,118

24,938,332

20,814,530

17,209,872

13,722,005

10,275,702

65,384,214

63,502,388

61,385,729

59,064,606

56,418,000

53,445,872

50,199,802

46,808,271

42,988,169

39,148,248

35,275,112

31,310,372

27,521,744

23,806,841

20,131,198

16,700,030

117,217,066

115,062,585

112,547,567

109,597,963

106,375,826

102,760,574

98,617,028

93,816,354

88,843,865

83,066,396

76,870,402

70,498,362

63,791,148

57,194,179

50,784,986

44,360,658

Notes:

(2): = (13) from prior calendar year; calendar year 2013 based on totals for fiscal years 2012 and 2013

(3): Set equal to 0 because unpaid approvals are already implicitly included in (4)

(4): Exhibit 2

(5): Based on Florida Statute 440.49(9), subject to a minimum value of $0 and a maximum assessment rate of 4.52% of premium

(6): Based on projected notices of 1,1,1,0, and 0, and projected proofs of 1,1,1,1, and 0 over the next five calendar years

(7): Based on calculation of surplus excluding investment income and a rate of return of 2.5%

(9): Based on selected trend from Exhibit 3, Sheet 4

(12): = (3) + (4), limited to (2) + (11); limited to $75 million appropriation




Estimated Annual Assessment Revenue

(1)

Calendar Year

7/1/12-12/31/12

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

Projected

Premium Base

1,307,179,836

2,892,735,144

2,957,210,117

2,957,210,117

2,957,210,117

2,957,210,117

2,986,782,218

3,016,650,040

3,046,816,541

3,077,284,706

3,108,057,553

3,139,138,129

3,170,529,510

3,202,234,805

3,234,257,153

3,266,599,725

3,299,265,722

3,332,258,379

3,365,580,963

3,399,236,773

3,433,229,140

3,467,561,432

3,502,237,046

3,537,259,417

3,572,632,011

3,608,358,331

(2) (3)

Uncapped

Annual

Assessment

Rate

1.44%

1.43%

3.30%

2.93%

2.87%

2.63%

2.44%

2.39%

2.33%

2.26%

2.19%

2.09%

1.99%

1.88%

1.77%

1.65%

1.51%

1.37%

1.23%

1.08%

0.94%

0.81%

0.68%

0.56%

0.46%

0.36%

(4)

Uncapped

Assessment

Revenue

(2) x (3)

18,823,390

41,366,113

97,448,187

86,626,641

84,896,629

77,707,110

73,023,903

72,006,966

71,005,998

69,594,072

67,949,142

65,702,331

63,153,383

60,309,677

57,294,941

53,801,212

49,871,987

45,657,148

41,511,438

36,665,228

32,215,335

27,933,068

23,671,698

19,973,166

16,393,163

12,847,630

(5)

Capped

Annual

Assessment

Rate

1.44%

1.43%

3.30%

2.93%

2.87%

2.63%

2.44%

2.39%

2.33%

2.26%

2.19%

2.09%

1.99%

1.88%

1.77%

1.65%

1.51%

1.37%

1.23%

1.08%

0.94%

0.81%

0.68%

0.56%

0.46%

0.36%

(6)

Capped

Assessment

Revenue

(2) x (5)

18,823,390

41,366,113

97,448,187

86,626,641

84,896,629

77,707,110

73,023,903

72,006,966

71,005,998

69,594,072

67,949,142

65,702,331

63,153,383

60,309,677

57,294,941

53,801,212

49,871,987

45,657,148

41,511,438

36,665,228

32,215,335

27,933,068

23,671,698

19,973,166

16,393,163

12,847,630

Notes:

(2): Based on selected trends from Exhibit 3, Sheet 3

(3),(5): Calculated pursuant to statutory formula as shown in report

Assessment rate for the period 7/1/12-12/31/12 provided by Florida Special Disability Trust Fund

(8): Based on the average of consecutive calendar years

(7) (8)

Fiscal Year

Ending 6/30/XX

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2021

2022

2023

2024

2025

2026

2027

2013

2014

2015

2016

2017

2018

2019

2020

Capped

Assessment

Revenue

39,506,447

69,407,150

92,037,414

85,761,635

81,301,870

75,365,507

72,515,435

71,506,482

70,300,035

68,771,607

66,825,737

64,427,857

61,731,530

58,802,309

55,548,077

51,836,600

47,764,568

43,584,293

39,088,333

34,440,282

30,074,202

25,802,383

21,822,432

18,183,165

14,620,397

Milliman

Summary

Exhibit 3

Sheet 2




Estimated Annual Assessable Premium

(1) (2) (3)

Fiscal Year

Ending 6/30/XX

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Assessable

Premium

5,275,185,428

5,337,597,114

4,909,519,825

3,795,000,785

2,865,112,814

2,430,701,758

2,366,076,301

2,664,810,573

2,839,290,125

2,926,193,255

Annual

Change

1.2%

(8.0%)

(22.7%)

(24.5%)

(15.2%)

(2.7%)

12.6%

6.5%

3.1%

Selected for CY ending 12/31/15



Selected for subsequent CYs

0.0%

0.0%

0.0%

1.0%

Notes:


(3): = (2) / Prior (2) - 1.0

Summary

Exhibit 3

Sheet 3




Estimated Annual Administrative Expense

(1) (2) (3)

Fiscal Year

Ending 6/30/XX

2005

2006

2007

2008

2009

2010

2011

2012

2013

Administrative

Expense *

1,071,215

1,060,023

1,073,163

1,192,017

1,024,825

954,777

974,929

978,397

877,616

Annual

Change

(1.0%)

1.2%

11.1%

(14.0%)

(6.8%)

2.1%

0.4%

(10.3%)

Annual Change 2005-11



Selected Annual Change

(1.5%)

(1.3%)

(1.8%)

1.5%

Notes:

* Includes salaries only


(3): = (2) / Prior (2) - 1.0

Summary

Exhibit 3

Sheet 4




Retrospective Analysis

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

Summary

Exhibit 4

(13)

Fiscal Year

7/1/59-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

Prior

Selected

Ultimate

Loss & ALAE

52,801,128

29,849,240

20,817,885

30,486,396

32,503,396

67,675,462

96,285,876

136,312,872

144,238,911

156,507,505

251,290,918

340,838,509

340,237,510

399,110,123

500,774,353

486,425,198

420,306,057

402,698,814

380,347,758

252,355,395

147,305,413

147,174,753

141,404,342

66,987,711

5,044,735,525

Estimated

Ultimate

Loss & ALAE as of 6/30/12

52,986,196

29,810,268

20,782,106

30,431,765

32,860,118

67,375,898

96,475,146

127,997,801

137,489,131

153,347,319

252,827,627

339,810,124

337,516,962

400,424,017

505,839,767

493,218,270

423,530,523

405,186,127

380,802,455

254,024,174

147,732,062

147,800,752

140,523,894

67,092,441

5,045,884,943

Difference

(3) - (2)

185,068

(38,972)

(35,779)

(54,631)

356,722

(299,564)

189,270

(8,315,071)

(6,749,780)

(3,160,186)

1,536,709

(1,028,385)

(2,720,548)

1,313,894

5,065,414

6,793,072

3,224,466

2,487,313

454,697

1,668,779

426,649

625,999

(880,448)

104,730

1,149,418

Percent

Difference

(4) / (2)

0.4%

(0.1%)

(0.2%)

(0.2%)

1.1%

(0.4%)

0.2%

(6.1%)

(4.7%)

(2.0%)

0.6%

(0.3%)

(0.8%)

0.3%

1.0%

1.4%

0.8%

0.6%

0.1%

0.7%

0.3%

0.4%

(0.6%)

0.2%

0.0%

Prior

Estimated

Paid

Approvals

45,545,788

22,735,846

16,925,877

24,573,330

24,559,809

52,086,378

70,925,099

99,327,881

103,628,808

112,954,434

187,357,075

251,537,669

252,036,542

289,919,254

366,466,252

356,781,450

291,651,402

257,286,360

238,735,015

159,869,509

99,084,143

95,710,718

91,124,213

41,367,703

3,552,190,556 3,625,111,888

Estimated

Paid

Approvals as of 6/30/12

46,532,473

23,086,532

17,184,458

24,958,582

25,160,611

52,557,412

75,342,603

95,719,382

101,516,593

112,728,488

193,643,165

255,355,997

255,910,278

296,452,299

376,026,047

368,658,411

298,453,775

263,340,511

243,411,970

164,488,037

101,418,251

97,957,701

92,673,641

42,534,670

Difference

(7) - (6)

986,685

350,687

258,581

385,252

600,802

471,034

4,417,504

(3,608,499)

(2,112,216)

(225,947)

6,286,091

3,818,328

3,873,735

6,533,045

9,559,795

11,876,961

6,802,373

6,054,152

4,676,955

4,618,528

2,334,108

2,246,983

1,549,428

1,166,967

72,921,332

Percent

Difference

(8) / (6)

2.2%

1.5%

1.5%

1.6%

2.4%

0.9%

6.2%

(3.6%)

(2.0%)

(0.2%)

3.4%

1.5%

1.5%

2.3%

2.6%

3.3%

2.3%

2.4%

2.0%

2.9%

2.4%

2.3%

1.7%

2.8%

Prior

Estimated

Reserves

(2) - (6)

7,255,340

7,113,394

3,892,008

5,913,066

7,943,587

15,589,084

25,360,777

36,984,991

40,610,103

43,553,071

63,933,843

89,300,840

88,200,968

109,190,869

134,308,101

129,643,748

128,654,655

145,412,454

141,612,743

92,485,886

48,221,270

51,464,035

50,280,129

25,620,008

2.1% 1,492,544,970 1,420,773,056

Estimated

Reserves as of 6/30/12

(3) - (7)

6,453,723

6,723,736

3,597,648

5,473,183

7,699,507

14,818,486

21,132,543

32,278,419

35,972,538

40,618,831

59,184,462

84,454,127

81,606,684

103,971,718

129,813,720

124,559,859

125,076,748

141,845,616

137,390,485

89,536,137

46,313,811

49,843,051

47,850,253

24,557,771

Difference

(11) - (10)

(801,617)

(389,658)

(294,360)

(439,883)

(244,080)

(770,598)

(4,228,234)

(4,706,572)

(4,637,565)

(2,934,240)

(4,749,381)

(4,846,713)

(6,594,284)

(5,219,151)

(4,494,381)

(5,083,889)

(3,577,907)

(3,566,838)

(4,222,258)

(2,949,749)

(1,907,459)

(1,620,984)

(2,429,876)

(1,062,237)

(71,771,914)

Percent

Difference

(12) / (10)

(11.0%)

(5.5%)

(7.6%)

(7.4%)

(3.1%)

(4.9%)

(16.7%)

(12.7%)

(11.4%)

(6.7%)

(7.4%)

(5.4%)

(7.5%)

(4.8%)

(3.3%)

(3.9%)

(2.8%)

(2.5%)

(3.0%)

(3.2%)

(4.0%)

(3.1%)

(4.8%)

(4.1%)

(4.8%)

Notes:

(2),(6): From prior analysis as of 6/30/11 (report dated 11/18/11)

(3),(7): Exhibit 1 of Appendices A and B


VI. APPENDICES

Appendix A - Other than First and Final Claims

Appendix B - First and Final Claims

Appendix C - All Claims Categories – Request Counts

Milliman

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total



Summary of Reserves as of 6/30/12

(1) (2) (3) (4)

29,806,664

20,743,106

30,407,648

32,724,695

64,286,463

94,768,576

122,130,752

134,598,348

147,724,807

233,685,618

299,154,348

293,518,500

342,598,657

423,605,093

402,492,812

343,837,008

Selected

Ultimate

Loss & ALAE

37,945

61,272

177,635

121,005

0

29,932

767,447

165,701

456,424

805,684

1,645,674

2,763,118

3,288,591

18,761,634

6,455,218

17,094,881

303,598,878

273,205,040

175,930,751

102,734,786

106,383,413

98,182,235

49,007,276

23,082,928

17,145,458

24,934,465

25,025,188

49,467,977

73,636,033

89,852,333

98,625,810

107,105,976

174,501,156

214,700,221

211,933,804

238,684,707

293,914,541

278,114,041

218,958,997

Paid

Loss & ALAE

13,018

39,418

104,945

86,558

0

20,664

308,125

68,089

297,503

790,662

1,433,332

2,672,337

2,894,463

16,328,751

5,998,899

15,121,676

162,057,113

136,189,833

87,014,404

56,822,338

56,950,435

50,792,672

24,663,954

Estimated

Total

Undiscounted

Reserves

(2) - (3)

24,927

21,854

72,690

34,447

0

9,268

459,322

97,612

158,921

15,022

212,342

90,781

394,128

2,432,883

456,319

1,973,205

6,723,736

3,597,648

5,473,183

7,699,507

14,818,486

21,132,543

32,278,419

35,972,538

40,618,831

59,184,462

84,454,127

81,584,696

103,913,950

129,690,552

124,378,771

124,878,011

141,541,765

137,015,207

88,916,347

45,912,448

49,432,978

47,389,563

24,343,322

4,177,757,635 2,760,352,821 1,417,404,811

(5) (6)

340,527

2,075,249

385,133

1,645,653

5,547,082

2,932,083

4,400,439

6,098,010

11,573,238

16,272,058

24,467,042

26,871,486

29,895,460

42,908,735

60,300,247

57,354,041

Estimated

Total

Discounted

Reserves at 4.0%

(4) x (5)

24,443

21,439

69,928

32,484

0

8,675

428,088

90,096

144,777

13,520

188,560

79,524

71,908,453

88,448,956

83,582,534

82,544,365

92,285,231

87,963,763

56,195,131

28,603,455

30,302,416

28,623,296

14,411,247

959,036,864

0.736

0.725

0.714

0.703

0.692

0.682

0.672

0.661

0.825

0.815

0.804

0.792

0.781

0.770

0.758

0.747

Discount

Factor at 4.0%

0.981

0.981

0.962

0.943

0.936

0.936

0.932

0.923

0.911

0.900

0.888

0.876

0.864

0.853

0.844

0.834

0.652

0.642

0.632

0.623

0.613

0.604

0.592

0.677

Notes:

(2): Exhibit 2, Sheet 1

(3): Exhibit 3; fiscal years 1994-95 and subsequent provided by Florida Special Disability Trust Fund

(5): Exhibit 6

Milliman

Appendix A - Other than First and Final Claims

Exhibit 1


Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

93-94 and Prior



Summary of Methods

(1) (2)

Estimated Ultimate Based on:

(3)

Paid

Development

13,018

39,418

105,050

86,731

0

20,829

312,439

69,519

306,131

820,707

1,502,131

2,830,005

3,099,969

17,716,694

6,604,787

16,921,156

26,291,455

19,888,731

29,472,538

30,155,352

60,796,143

92,413,221

115,190,691

129,199,811

143,522,008

239,415,586

301,653,811

305,184,678

352,537,312

445,574,444

433,301,676

350,772,314

267,232,179

231,386,526

152,449,235

102,734,786

106,383,413

98,182,235

49,007,276

4,133,194,005

3,776,886,295

Notes:



(6): = (2)x(4) + (3)x(5)

19,806,573

6,305,649

17,268,605

33,321,873

21,597,482

31,342,758

35,294,039

67,776,783

97,123,930

129,070,813

139,996,885

151,927,605

227,955,650

296,654,885

281,852,322

332,660,002

401,635,742

Percent

Paid

62,873

83,125

250,219

155,278

0

39,035

1,222,455

261,882

606,718

790,662

1,789,216

2,696,230

3,477,214

371,683,948

336,901,702

339,965,577

315,023,554

199,412,267

NA

NA

NA

NA

3,866,013,550

3,866,013,550

(4)

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

Weight to

(2)

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

1.000

1.000

1.000

1.000

(5) (6)

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

Weight to

(3)

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.000

0.000

0.000

0.000

18,761,634

6,455,218

17,094,881

29,806,664

20,743,106

30,407,648

32,724,695

64,286,463

94,768,576

122,130,752

134,598,348

147,724,807

233,685,618

299,154,348

293,518,500

342,598,657

423,605,093

Selected

Ultimate

Loss & ALAE

37,945

61,272

177,635

121,005

0

29,932

767,447

165,701

456,424

805,684

1,645,674

2,763,118

3,288,591

402,492,812

343,837,008

303,598,878

273,205,040

175,930,751

102,734,786

106,383,413

98,182,235

49,007,276

4,177,757,635

3,821,449,925

Milliman


Exhibit 2

Sheet 1


Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total



Paid Development Method

(1) (2) (3) (4) (5)

2,894,463

16,328,751

5,998,899

15,121,676

23,082,928

17,145,458

24,934,465

25,025,188

49,467,977

73,636,033

89,852,333

98,625,810

107,105,976

174,501,156

214,700,221

211,933,804

Paid

Loss & ALAE as of

6/30/2012

13,018

39,418

104,945

86,558

0

20,664

308,125

68,089

297,503

790,662

1,433,332

2,672,337

238,684,707

293,914,541

278,114,041

218,958,997

162,057,113

136,189,833

87,014,404

56,822,338

56,950,435

50,792,672

24,663,954

2,760,352,821

348

336

324

312

300

288

276

264

444

432

420

408

396

384

372

360

Age

(in Months)

636

624

612

600

588

576

564

552

540

528

516

504

492

480

468

456

252

240

228

216

204

192

183

3,099,969

17,716,694

6,604,787

16,921,156

26,291,455

19,888,731

29,472,538

30,155,352

60,796,143

92,413,221

115,190,691

129,199,811

143,522,008

239,415,586

301,653,811

305,184,678

Estimated

Ultimate

Loss & ALAE

(3) x (4)

13,018

39,418

105,050

86,731

0

20,829

312,439

69,519

306,131

820,707

1,502,131

2,830,005

352,537,312

445,574,444

433,301,676

350,772,314

267,232,179

231,386,526

152,449,235

102,734,786

106,383,413

98,182,235

49,007,276

4,133,194,005

1.340

1.372

1.405

1.440

1.477

1.516

1.558

1.602

1.139

1.160

1.182

1.205

1.229

1.255

1.282

1.310

Cumulative

Development

Factors

1.000

1.000

1.001

1.002

1.004

1.008

1.014

1.021

1.029

1.038

1.048

1.059

1.071

1.085

1.101

1.119

1.649

1.699

1.752

1.808

1.868

1.933

1.987

Notes:


(4): Based on Exhibit 4; interpolated as necessary

Milliman


Exhibit 2

Sheet 2





Estimated Ultimate Loss & ALAE - Percent Paid Method

(1) (2) (3) (4)

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

93-94 and Prior Subtotal

350,358

494,194

654,157

656,257

1,194,683

1,703,841

2,727,826

3,119,425

4,463,561

6,541,103

10,720,764

12,923,658

18,652,519

25,538,896

29,543,876

22,119,002

16,453,143

7,500,112

1,148,698

6,246

1994-95

Incremental

Payment

0

0

5,309

4,164

0

664

25,046

4,452

15,677

8,074

21,230

39,693

35,897

487,816

135,155

324,050

1996-97

Incremental

Payment

918

3,990

0

1,384

0

0

29,151

0

10,799

8,767

23,945

50,219

60,464

339,401

83,493

370,270

952,896

272,634

522,868

797,798

1,349,364

1,930,473

2,368,027

2,739,460

3,254,558

6,912,486

9,278,349

8,510,393

13,473,938

16,009,609

18,756,454

14,947,531

12,315,260

11,254,938

6,671,294

2,783,545

821,762

32,196

1995-96

Incremental

Payment

2,100

0

7,014

2,285

0

0

8,148

0

4,467

150,277

46,076

49,801

87,852

242,337

121,858

238,184

496,128

399,436

515,484

486,363

1,304,000

2,091,518

2,778,292

3,323,054

4,032,939

6,692,872

10,955,907

12,268,687

14,223,073

21,286,694

19,699,249

18,878,099

15,132,937

9,765,730

3,436,966

555,182

12,056

Notes:

(2)-(4): Provided by Florida Special Disability Trust Fund

(5)-(7): Based on Exhibit 4; interpolated as necessary

(8): = (2) / (5)

(9): = (3) / (6)

(10): = (4) / (7)

(11): Exhibit 3

(12): Based on (8)-(10) and judgment; subject to a minimum of (11)

(5) (6)

1994-95 1995-96

Incremental Incremental

Percent

Paid

Percent

Paid

0.016

0.016

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.016

0.016

0.016

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.019

0.020

0.020

0.021

0.017

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.019

0.020

0.020

0.025

0.032

0.033

0.040

0.046

0.053

0.053

0.064

0.051

0.031

0.009

0.000

0.021

0.025

0.032

0.033

0.040

0.046

0.053

0.053

0.064

0.051

0.031

0.009

(7) (8) (9) (10) (11) (12)

1994-95

Estimated

Ultimate

Loss & ALAE

312,282

244,918

0

0

0

39,035

1,473,294

261,882

922,158

474,920

1,248,817

2,205,184

1,994,264

27,100,899

7,508,587

18,002,769

19,464,314

27,455,233

36,342,058

34,539,821

59,734,130

85,192,038

129,896,493

124,777,013

139,486,293

198,215,242

268,019,091

280,949,092

351,934,329

481,865,955

461,623,057

433,705,921

530,746,533

833,345,803

1,148,698

1996-97

Incremental

Percent

Paid

0.016

0.016

0.016

0.016

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.019

0.020

0.020

0.021

0.025

0.032

0.033

0.040

0.046

0.053

0.053

0.064

0.051

0.031

1995-96

Estimated

Ultimate

Loss & ALAE

131,250

0

438,375

134,422

0

0

479,294

0

262,761

8,839,796

2,710,324

2,929,475

4,880,649

13,463,192

6,769,886

13,232,469

27,562,649

22,190,887

28,638,009

27,020,187

68,631,577

104,575,893

138,914,593

158,240,651

161,317,568

209,152,253

331,997,172

306,717,183

309,197,228

401,635,742

371,683,948

294,970,300

296,724,259

315,023,554

381,885,064

1996-97

Estimated

Ultimate

Loss & ALAE

57,369

249,375

0

86,494

0

0

1,714,778

0

635,234

515,691

1,408,509

2,954,032

3,556,728

18,855,629

4,638,473

20,570,577

52,938,654

15,146,326

29,048,205

44,322,109

74,964,642

101,603,861

118,401,353

136,972,990

154,978,955

276,499,455

289,948,392

257,890,692

336,848,448

348,034,970

353,895,361

282,028,884

192,425,940

220,685,056

215,203,039

Estimated

Cumulative

Paid as of

6/30/12

13,018

39,418

104,945

86,558

0

20,664

308,125

68,089

297,503

790,662

1,433,332

2,672,337

2,894,463

16,328,751

5,998,899

15,121,676

23,082,928

17,145,458

24,934,465

25,025,188

49,467,977

73,636,033

89,852,333

98,625,810

107,105,976

174,501,156

214,700,221

211,933,804

238,684,707

293,914,541

278,114,041

218,958,997

162,057,113

136,189,833

87,014,404

33,321,873

21,597,482

31,342,758

35,294,039

67,776,783

97,123,930

129,070,813

139,996,885

151,927,605

227,955,650

296,654,885

281,852,322

332,660,002

401,635,742

371,683,948

336,901,702

339,965,577

315,023,554

199,412,267

Selected

Ultimate

Loss & ALAE

62,873

83,125

250,219

155,278

0

39,035

1,222,455

261,882

606,718

790,662

1,789,216

2,696,230

3,477,214

19,806,573

6,305,649

17,268,605

4,560,230,122 4,010,350,611 3,557,080,220 2,571,123,423 3,866,013,550

Exhibit 2

Sheet 3




Estimated Payments as of 6/30/12


Exhibit 3

(1) (2) (3) (4)

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97


350,358

494,194

654,157

656,257

1,194,683

1,703,841

2,727,826

3,119,425

4,463,561

6,541,103

10,720,764

12,923,658

18,652,519

25,538,896

29,543,876

22,119,002

16,453,143

7,500,112

1,148,698

6,246

1994-95

Incremental

Payment

0

0

5,309

4,164

0

664

25,046

4,452

15,677

8,074

21,230

39,693

35,897

487,816

135,155

324,050

1996-97

Incremental

Payment

918

3,990

0

1,384

0

0

29,151

0

10,799

8,767

23,945

50,219

60,464

339,401

83,493

370,270

952,896

272,634

522,868

797,798

1,349,364

1,930,473

2,368,027

2,739,460

3,254,558

6,912,486

9,278,349

8,510,393

13,473,938

16,009,609

18,756,454

14,947,531

12,315,260

11,254,938

6,671,294

2,783,545

821,762

32,196

1995-96

Incremental

Payment

2,100

0

7,014

2,285

0

0

8,148

0

4,467

150,277

46,076

49,801

87,852

242,337

121,858

238,184

496,128

399,436

515,484

486,363

1,304,000

2,091,518

2,778,292

3,323,054

4,032,939

6,692,872

10,955,907

12,268,687

14,223,073

21,286,694

19,699,249

18,878,099

15,132,937

9,765,730

3,436,966

555,182

12,056

(5) (6)

1994-95 1995-96


Percent

Paid

Percent

Paid

0.016

0.016

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.016

0.016

0.016

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.025

0.032

0.033

0.040

0.046

0.053

0.053

0.064

0.051

0.031

0.009

0.000

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.019

0.020

0.020

0.021

0.017

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.019

0.020

0.020

0.021

0.025

0.032

0.033

0.040

0.046

0.053

0.053

0.064

0.051

0.031

0.009

1996-97

Incremental

Percent

Paid

0.016

0.016

0.016

0.016

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.017

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.019

0.020

0.020

0.021

0.025

0.032

0.033

0.040

0.046

0.053

0.053

0.064

0.051

0.031

Notes:


(5)-(7): Based on LDFs in Exhibit 4; interpolated as necessary

(8): = [1.0 / (Selected LDFs from Exhibit 4)] x [(2) / (5)]



(11): Based on average of (8)-(10); excludes negative values in (8)-(10)

(12),(14): Exhibit 5

(7) (8)

1994-95

Estimated

Cumulative

Paid as of

6/30/94

0

0

254,198

195,200

0

29,784

1,099,077

190,912

656,576

329,594

845,449

1,455,421

1,280,318

16,910,961

4,550,204

10,603,631

11,114,124

15,182,744

19,443,001

17,857,087

29,807,331

40,806,986

59,622,490

54,652,332

57,468,353

75,321,792

93,270,644

86,532,320

92,206,794

100,709,985

72,013,197

39,900,945

21,229,861

7,500,112

1,148,698

934,190,121

(9)

1995-96

Estimated

Cumulative

Paid as of

6/30/94

111,038

0

356,837

107,135

0

0

357,553

0

187,086

6,134,818

1,834,889

1,933,454

3,133,377

8,401,032

4,102,551

7,793,925

15,738,273

12,271,561

15,321,335

13,969,437

34,247,157

50,091,853

63,761,798

69,309,405

66,462,838

79,477,856

115,535,016

94,468,892

81,009,674

83,941,870

57,982,696

27,137,268

11,868,970

2,835,212

0

929,884,804

(11)

Preliminary

Selected

Cumulative

Paid as of

6/30/94

10,000

25,000

60,000

50,000

0

20,000

200,000

63,637

187,086

357,890

1,211,300

1,779,512

2,232,371

12,359,302

3,821,223

10,171,208

15,738,273

11,943,407

16,768,375

18,247,018

33,820,615

48,668,249

59,243,503

61,318,635

62,594,173

86,623,147

103,235,900

86,810,515

87,156,920

85,797,054

61,734,523

30,994,957

13,598,623

4,107,163

382,899

(10)

1996-97

Estimated

Cumulative

Paid as of

6/30/94

48,534

206,981

0

68,936

0

0

1,279,225

0

452,287

357,890

953,560

1,949,661

2,283,419

11,765,913

2,810,915

12,116,070

30,227,972

8,375,918

15,540,790

22,914,530

37,407,356

48,668,249

54,346,221

59,994,170

63,851,330

105,069,793

100,902,040

79,430,333

88,254,293

72,739,309

55,207,676

25,946,657

7,697,038

1,986,166

0

912,853,230 921,332,481

(12) (13) (14)

Actual

Cumulative

Paid as of

6/30/94

1,550

0

5,832

14,863

0

0

21,374

17,181

5,366

12,069

49,460

131,199

209,876

497,666

223,839

357,824

Selected

Cumulative

Paid as of

6/30/94

10,000

25,000

60,000

50,000

0

20,000

200,000

63,637

187,086

357,890

1,211,300

1,779,512

2,232,371

12,359,302

3,821,223

10,171,208

1,207,423

905,750

1,072,517

1,258,892

2,647,989

3,574,211

4,870,758

15,738,273

11,943,407

16,768,375

18,247,018

33,820,615

48,668,249

59,243,503

7,344,656

5,202,051

8,166,090

6,778,170

15,647,362

24,967,784

30,608,830

4,845,522

9,533,099

61,318,635

62,594,173

37,307,174

44,511,802

11,395,794 86,623,147 87,878,009

15,918,015 103,235,900 111,464,321

16,952,822

23,849,190

27,269,557

86,810,515 125,123,289

87,156,920 151,527,786

85,797,054 208,117,487

25,968,070

15,045,193

6,018,698

1,077,202

34,301

61,734,523 216,379,518

30,994,957 187,964,041

13,598,623 148,458,490

4,107,163 132,082,670

382,899 86,631,504

Actual

Cumulative

Paid

7/1/94 to

6/30/12

3,018

14,418

44,945

36,558

0

664

108,125

4,452

110,417

432,772

222,032

892,825

662,091

3,969,449

2,177,676

4,950,468

(15)

Selected

Cumulative

Paid as of

6/30/12

(13)+(14)

13,018

39,418

104,945

86,558

0

20,664

308,125

68,089

297,503

790,662

1,433,332

2,672,337

2,894,463

16,328,751

5,998,899

15,121,676

23,082,928

17,145,458

24,934,465

25,025,188

49,467,977

73,636,033

89,852,333

98,625,810

107,105,976

174,501,156

214,700,221

211,933,804

238,684,707

293,914,541

278,114,041

218,958,997

162,057,113

136,189,833

87,014,404

174,993,102 921,332,481 1,649,790,942 2,571,123,423


Development Factors

Fiscal Year

Ending 6/30/XX

1960

1961

1986

1987

1988

1989

1990

1991

1992

1993

1978

1979

1980

1981

1982

1983

1984

1985

1994

1995

1996

1997

1998

1970

1971

1972

1973

1974

1975

1976

1977

1962

1963

1964

1965

1966

1967

1968

1969

Straight Average

Average Latest 3 ex. Latest Diagonal

Latest Year ex. Latest Diagonal


Prior Selected

Selected

Cumulative



Cumulative Estimated Paid Loss & ALAE

1983

1984

1985

1986

1987

1988

1989

1990

1975

1976

1977

1978

1979

1980

1981

1982

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974 at 12

Months at 24

Months

12-24

Months

24-36

Months at 36

Months

382,899

6,246

12,056

32,196

34,497

4,107,163

1,531,598

561,428

833,818

889,672

679,728

13,598,623

11,607,275

4,968,563

3,344,973

3,673,831

4,094,170

2,696,340

36-48

Months at 48

Months

30,994,957

30,051,766

21,373,006

11,639,858

10,042,085

8,309,874

10,339,990

5,530,821

48-60

Months at 60

Months

61,734,523

53,113,959

45,184,703

32,627,943

20,240,653

16,484,019

15,713,203

17,226,600

8,589,596

60-72

Months at 72

Months

72-84

Months at 84

Months

84-96

Months at 96

Months

85,797,054

91,278,399

71,992,058

57,499,963

43,216,801

27,388,464

23,823,576

21,278,000

22,867,859

11,558,678

87,156,920

111,335,950

110,977,648

86,939,589

70,668,320

52,878,366

35,466,541

29,093,754

28,269,852

28,055,882

13,928,394

86,810,515

105,809,440

132,622,644

129,734,102

101,945,260

80,603,721

63,053,741

42,962,941

34,765,508

33,476,771

32,592,925

16,392,398

96-108

Months at 108

Months

103,235,900

99,734,173

120,032,512

148,632,253

145,023,665

116,520,731

92,549,384

72,229,528

49,530,453

38,792,437

37,543,638

36,973,263

18,524,399

108-120

Months at 120

Months

86,623,147

113,956,664

112,002,861

133,506,450

162,493,848

158,990,862

128,414,134

102,467,112

80,616,455

55,350,618

41,274,730

40,739,646

40,238,469

20,545,935

120-132

Months


Exhibit 4 at 132

Months

62,594,173

93,164,250

124,912,570

120,513,254

142,380,224

177,465,644

173,103,365

141,204,828

110,917,611

89,811,726

59,418,630

44,612,444

44,905,724

42,802,444

22,334,866

132-144

Months at 144

Months

61,318,635

67,057,735

99,857,122

134,190,919

129,662,451

154,250,539

192,170,425

183,486,953

152,212,116

117,473,947

97,984,936

63,859,093

47,177,555

47,999,348

45,994,788

23,259,071

144-156

Months

Sheet 1 at 156

Months

59,243,503

64,438,061

71,090,674

106,769,608

142,976,195

139,750,106

165,162,532

203,029,579

195,873,074

163,040,406

123,590,930

105,489,483

67,759,474

49,761,544

51,376,533

48,086,578

23,905,995

156-168

Months

4.000

89.883

69.164

27.633

19.704

2.826

3.244

5.958

4.406

4.602

3.967

42.077

38.834

19.704

23.669

38.834

38.834

4,183.784

4.167

4.325

3.967

4.285

4.325

4.325

107.736

2.210

1.841

2.343

3.002

2.262

2.526

2.051

2.319

2.280

2.051

2.289

2.280

2.280

24.910

1.714

1.504

1.527

1.739

1.641

1.891

1.666

1.553

1.654

1.703

1.553

1.610

1.703

1.703

10.927

1.479

1.355

1.273

1.325

1.353

1.445

1.354

1.327

1.346

1.362

1.342

1.346

1.337

1.342

1.342

6.415

1.298

1.216

1.208

1.229

1.224

1.295

1.221

1.329

1.227

1.205

1.245

1.254

1.205

1.216

1.254

1.254

4.779

1.214

1.191

1.169

1.173

1.141

1.192

1.211

1.195

1.184

1.162

1.177

1.183

1.174

1.177

1.170

1.174

1.174

3.812

1.149

1.134

1.121

1.118

1.143

1.148

1.146

1.153

1.116

1.121

1.134

1.130

1.134

1.128

1.130

1.132

1.129

1.128

3.246

1.104

1.123

1.112

1.093

1.096

1.102

1.107

1.116

1.118

1.064

1.085

1.088

1.109

1.101

1.094

1.109

1.099

1.093

1.094

2.877

1.076

1.096

1.076

1.066

1.092

1.089

1.100

1.082

1.114

1.073

1.081

1.102

1.064

1.087

1.086

1.084

1.087

1.076

1.084

1.084

2.630

1.071

1.072

1.074

1.076

1.083

1.083

1.060

1.078

1.059

1.091

1.075

1.057

1.069

1.075

1.041

1.071

1.062

1.041

1.058

1.059

1.062

2.425

1.071

1.052

1.077

1.061

1.055

1.070

1.045

1.028

1.051

1.060

1.069

1.065

1.078

1.071

1.057

1.068

1.061

1.048

1.028

1.037

1.045

1.048

2.284

1.047

1.026

1.019

1.022

1.040

1.044

2.180

1.052

1.049

1.053

1.058

1.053

1.038

1.034

1.025

1.019

1.046

1.052

1.046

1.054

1.053

1.064

1.040

1.055

Milliman





1983

1984

1985

1986

1987

1988

1989

1990

1975

1976

1977

1978

1979

1980

1981

1982

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974


Fiscal Year

Ending 6/30/XX

1960

1961

1986

1987

1988

1989

1990

1991

1992

1993

1978

1979

1980

1981

1982

1983

1984

1985

1994

1995

1996

1997

1998

1970

1971

1972

1973

1974

1975

1976

1977

1962

1963

1964

1965

1966

1967

1968

1969

Straight Average




Prior Selected

Selected

Cumulative at 168

Months

168-180

Months at 180

Months

180-192

Months at 192

Months

48,668,249

61,971,329

67,761,114

74,345,232

112,527,802

150,608,715

148,704,277

171,770,740

214,275,528

205,991,494

170,977,393

130,114,944

111,596,795

71,355,040

51,665,626

53,112,263

49,272,954

24,355,917

33,820,615

50,372,090

64,749,621

70,500,574

76,971,122

117,804,006

159,427,866

156,641,815

179,196,232

224,289,877

214,371,221

178,943,264

134,742,078

119,001,537

76,661,685

53,774,820

54,869,221

50,221,967

24,663,954

18,247,018

35,015,297

52,463,608

67,117,648

72,736,557

80,818,094

123,459,143

165,951,673

162,838,116

187,308,337

234,579,668

225,470,379

186,665,831

140,992,056

125,407,011

80,508,056

55,234,462

56,401,839

50,792,672

192-204

Months at 204

Months at 216

Months at 228

Months at 240

Months at 252

Months at 264

Months at 276

Months at 288

Months


Exhibit 4 at 300

Months at 312

Months

Sheet 2 at 324

Months

16,768,375

18,903,275

36,319,297

54,394,081

69,273,771

76,336,870

83,599,678

128,066,972

173,550,896

170,084,127

194,535,187

243,371,150

234,274,996

193,264,578

147,164,146

128,995,556

82,933,747

56,152,496

56,950,435

11,943,407

17,422,532

19,389,638

37,668,661

55,652,332

71,615,578

78,751,417

85,937,374

132,446,148

179,485,041

175,242,479

202,526,353

252,821,427

242,893,583

200,606,897

153,204,726

132,266,527

85,069,390

56,822,338

15,738,273

12,437,602

17,938,017

20,187,436

38,840,731

57,372,848

73,798,457

81,339,719

88,709,004

136,893,445

184,341,534

181,412,925

207,940,348

261,806,606

252,352,773

207,963,029

156,664,623

134,841,813

87,014,404

10,171,208

16,088,630

12,837,038

18,460,884

20,506,554

40,782,913

59,125,822

75,647,710

83,285,816

91,940,230

142,950,433

188,877,163

186,730,808

213,473,392

269,699,807

260,590,187

213,070,995

159,007,926

136,189,833

3,821,223

10,495,258

16,584,758

13,109,671

19,203,966

21,048,343

41,998,035

60,282,084

77,800,702

85,710,978

93,822,989

147,254,479

192,750,563

192,528,057

220,865,026

278,939,224

269,164,229

216,529,546

162,057,113

12,359,302

3,956,378

10,733,443

17,537,654

13,408,041

20,327,674

21,371,052

42,801,668

62,494,626

79,230,132

87,296,714

96,170,273

151,813,326

196,537,248

197,717,873

228,658,161

285,759,285

275,371,742

218,958,997

2,232,371

12,847,118

4,078,236

11,103,713

17,855,361

13,747,175

20,878,235

21,658,435

43,783,312

64,753,092

80,522,697

88,914,639

98,214,903

157,272,349

201,893,094

203,630,948

232,904,390

291,577,030

278,114,041

1,779,512

2,268,268

13,089,455

4,161,728

11,227,533

18,362,620

14,132,849

21,452,077

22,103,183

44,468,885

66,219,321

81,861,426

90,212,344

100,000,271

160,582,064

206,443,183

206,730,852

236,776,243

293,914,541

1,211,300

1,819,205

2,356,120

13,428,857

4,232,655

11,698,950

18,988,726

14,324,845

21,768,045

22,561,873

45,166,520

67,106,600

82,986,988

91,594,627

102,328,942

164,708,153

209,736,717

210,229,957

238,684,707

357,890

1,232,529

1,869,006

2,416,584

13,839,982

4,408,029

11,930,902

19,637,648

14,629,246

22,268,836

22,858,061

46,118,010

68,079,982

84,437,756

93,041,443

104,517,513

167,529,302

213,082,456

211,933,804

187,086

365,963

1,278,605

1,919,225

2,434,342

13,900,216

4,467,474

12,278,317

20,123,378

15,014,908

22,644,498

23,298,263

46,497,082

68,998,014

86,379,194

96,066,893

105,575,892

173,167,482

214,700,221

204-216

Months

216-228

Months

228-240

Months

240-252

Months

252-264

Months

264-276

Months

276-288

Months

288-300

Months

300-312

Months

312-324

Months

324-336

Months

1.016

1.019

1.020

1.011

1.028

1.028

1.027

1.021

1.016

1.023

1.017

1.015

1.018

1.021

1.023

1.015

1.017

1.008

1.022

1.039

1.026

1.017

1.042

1.034

1.014

1.015

1.021

1.016

1.013

1.014

1.015

1.023

1.026

1.016

1.017

1.008

1.018

1.027

1.026

1.031

1.041

1.020

1.034

1.021

1.023

1.013

1.021

1.015

1.017

1.016

1.021

1.017

1.016

1.008

1.023

1.037

1.027

1.007

1.004

1.013

1.029

1.025

1.026

1.017

1.019

1.008

1.013

1.023

1.033

1.010

1.034

1.008

1.047

1.041

1.047

1.036

1.066

1.074

1.041

1.033

1.019

1.013

1.035

1.045

1.040

1.035

1.047

1.059

1.053

1.043

1.043

1.031

1.019

1.026

1.040

1.041

2.088

1.045

1.046

1.052

1.043

1.046

1.054

1.050

1.027

1.028

1.011

1.035

1.042

1.037

1.032

1.050

1.048

1.041

1.040

1.040

1.035

1.028

1.028

1.040

1.038

2.006

1.044

1.039

1.037

1.039

1.035

1.044

1.029

1.030

1.017

1.010

1.036

1.037

1.037

1.032

1.049

1.034

1.037

1.046

1.035

1.025

1.017

1.024

1.035

1.035

1.933

1.034

1.030

1.041

1.039

1.037

1.038

1.041

1.025

1.026

1.012

1.039

1.026

1.037

1.023

1.034

1.032

1.028

1.034

1.034

1.027

1.035

1.027

1.036

1.039

1.037

1.023

1.019

1.023

1.041

1.030

1.041

1.031

1.031

1.030

1.033

1.032

1.032

1.031

1.026

1.026

1.033

1.033

1.868

1.032

1.026

1.019

1.021

1.032

1.032

1.808

1.022

1.032

1.029

1.016

1.050

1.031

1.025

1.024

1.036

1.044

1.025

1.029

1.027

1.030

1.033

1.025

1.015

1.010

1.028

1.024

1.015

1.020

1.031

1.031

1.752

1.032

1.031

1.021

1.040

1.026

1.030

1.020

1.028

1.029

1.020

1.030

1.021

1.031

1.035

1.034

1.033

1.016

1.019

1.018

1.019

1.025

1.031

1.020

1.027

1.035

1.024

1.023

1.011

1.035

1.023

1.057

1.023

1.059

1.015

1.019

1.037

1.036

1.016

1.019

1.021

1.036

1.027

1.030

1.019

1.020

1.010

1.039

1.031

1.034

1.018

1.025

1.027

1.013

1.023

1.028

1.028

1.016

1.025

1.030

1.030

1.699

1.028

1.027

1.023

1.024

1.029

1.029

1.649

1.025

1.023

1.020

1.020

1.028

1.028

1.602

1.019

1.018

1.017

1.016

1.027

1.027

1.558

1.021

1.020

1.017

1.017

1.027

1.027

1.516

1.021

1.018

1.016

1.017

1.026

1.026

1.477

1.020

1.026

1.034

1.022

1.025

1.025

1.440

1.045

1.014

1.010

1.012

1.024

1.024

1.405

1.018

1.011

1.014

1.013

1.023

1.016

1.020

1.013

1.010

1.008

1.084

1.411

1.019

1.056

1.015

1.009

1.040

1.029

Milliman





1983

1984

1985

1986

1987

1988

1989

1990

1975

1976

1977

1978

1979

1980

1981

1982

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974


Fiscal Year

Ending 6/30/XX

1960

1961

1986

1987

1988

1989

1990

1991

1992

1993

1978

1979

1980

1981

1982

1983

1984

1985

1994

1995

1996

1997

1998

1970

1971

1972

1973

1974

1975

1976

1977

1962

1963

1964

1965

1966

1967

1968

1969

Straight Average




Prior Selected

Selected

Cumulative at 336

Months

63,637

202,763

516,240

1,302,550

2,026,069

2,471,687

14,031,439

4,645,456

12,637,766

20,489,580

15,184,744

22,950,564

23,602,669

47,586,410

70,134,358

88,078,013

97,346,986

106,613,754

174,501,156

200,000

68,089

207,230

525,007

1,309,079

2,069,314

2,548,555

14,199,678

4,731,707

12,891,764

20,894,201

15,618,371

23,302,718

23,858,256

48,025,478

70,964,012

88,944,510

98,284,514

107,105,976

336-348

Months

1.020

1.020

1.029

1.015

1.011

1.009

1.012

1.010

1.010

1.005

1.070

1.022

1.017

1.005

1.021

1.031

1.012

1.019

348-360

Months

1.021

1.021

1.013

1.020

1.020

1.008

1.013

1.012

1.006

1.003

1.125

1.000

1.052

1.011

1.015

1.024

1.022

1.019

360-372

Months

1.012

1.018

1.021

1.014

1.020

1.013

1.016

1.008

1.019

1.004

1.033

1.036

1.000

1.094

1.011

1.005

1.011

1.008

372-384

Months

1.011

1.047

1.007

1.013

1.012

1.015

1.013

1.004

1.006

1.000

1.125

1.000

1.096

1.192

1.005

1.019

1.019

384-396

Months

1.083

1.035

1.011

1.018

1.010

1.012

1.008

1.007

1.004

1.000

1.023

1.000

1.008

1.044

1.003

1.021

1.024

396-408

Months

1.088

1.042

1.000

1.012

1.000

1.010

1.011

1.027

1.012

1.015

1.027

1.044

1.045

1.024

1.013

1.010

1.004

408-420

Months

1.000

1.107

1.025

1.000

1.009

1.000

1.000

1.037

1.007

1.026

1.007

1.030

1.015

1.012

1.012

1.008

1.002

420-432

Months

1.000

1.000

1.000

1.020

1.000

1.009

1.000

1.016

1.008

1.011

1.037

1.014

1.005

1.023

1.008

1.010

1.008

432-444

Months

1.210

1.160

1.000

1.018

1.000

1.034

1.000

1.010

1.006

1.005

1.023

1.007

1.001

1.020

1.007

1.004

444-456

Months

1.076

1.121

1.146

1.000

1.000

1.008

1.000

1.016

1.016

1.000

1.032

1.005

1.001

1.041

1.022

456-468

Months

1.000

1.071

1.025

1.030

1.000

1.000

1.000

1.007

1.006

1.008

1.011

1.003

1.001

1.001

468-480

Months

1.000

1.000

1.083

1.120

1.000

1.012

1.000

1.013

1.013

1.002

1.016

1.004

1.000

480-492

Months

1.000

1.081

1.052

1.037

1.000

1.011

1.000

1.000

1.014

1.002

1.018

1.002

492-504

Months

1.000

1.000

1.029

1.027

1.000

1.008

1.000

1.012

1.017

1.001

1.010

1.019

1.011

1.010

1.010

1.024

1.024

1.372

at 348

Months

20,000

225,046

68,089

218,029

530,855

1,329,037

2,119,085

2,603,570

14,469,934

4,833,216

13,164,346

21,169,592

15,926,254

23,761,055

24,042,087

48,660,439

71,837,307

89,489,470

98,625,810 at 360

Months

0

20,664

233,194

68,089

238,590

536,762

1,335,515

2,142,290

2,623,328

14,644,380

4,919,459

13,434,883

21,459,610

16,251,375

24,072,365

24,430,218

49,059,344

73,176,135

89,852,333 at 372

Months

50,000

0

20,664

262,345

68,089

261,580

640,065

1,341,660

2,182,484

2,672,979

14,810,319

5,151,151

13,532,493

21,736,112

16,451,444

24,430,011

24,752,387

49,248,319

73,636,033 at 384

Months

60,000

54,164

0

20,664

268,309

68,089

263,729

667,980

1,346,066

2,228,054

2,736,418

15,328,004

5,206,563

13,774,735

21,955,385

16,655,028

24,636,152

24,924,024

49,467,977 at 396

Months at 408

Months

25,000

65,309

56,449

0

20,664

271,417

68,089

266,438

675,638

1,382,029

2,253,780

2,776,447

15,744,609

5,436,972

14,390,284

22,481,482

16,873,885

24,877,921

25,025,188 at 420

Months

10,000

25,000

72,323

57,833

0

20,664

273,853

68,089

266,438

700,300

1,392,128

2,312,067

2,796,373

16,212,687

5,518,213

14,559,940

22,759,920

17,011,714

24,934,465 at 432

Months

10,000

25,000

72,323

58,969

0

20,664

276,205

68,089

270,728

706,040

1,407,465

2,398,646

2,834,467

16,287,622

5,644,072

14,682,164

22,986,224

17,145,458 at 444

Months

12,100

28,990

72,323

60,036

0

20,664

285,613

68,089

273,525

710,361

1,414,899

2,453,553

2,854,450

16,296,404

5,757,416

14,791,541

23,082,928 at 456

Months

13,018

32,488

82,853

60,036

0

20,664

287,965

68,089

277,903

722,034

1,415,428

2,530,931

2,867,910

16,313,472

5,995,535

15,121,676


Exhibit 4

Sheet 3 at 468

Months

13,018

34,798

84,953

61,860

0

20,664

287,965

68,089

279,809

726,175

1,426,284

2,559,181

2,875,659

16,325,490

5,998,899 at 480

Months

13,018

34,798

92,009

69,275

0

20,664

291,493

68,089

283,337

735,952

1,429,054

2,598,957

2,888,355

16,328,751 at 492

Months

13,018

37,612

96,797

71,861

0

20,664

294,685

68,089

283,337

745,987

1,431,342

2,645,150

2,894,463

1.023

1.010

1.006

1.009

1.023

1.023

1.340

1.019

1.014

1.019

1.014

1.022

1.022

1.310

1.034

1.011

1.004

1.009

1.022

1.022

1.282

1.018

1.009

1.007

1.008

1.021

1.021

1.255

1.023

1.016

1.010

1.012

1.020

1.229

1.020

1.017

1.011

1.008

1.010

1.020

1.205

1.020

1.010

1.014

1.010

1.009

1.019

1.182

1.019

1.032

1.009

1.007

1.014

1.019

1.160

1.019

1.032

1.016

1.041

1.021

1.018

1.139

1.018

1.012

1.005

1.001

1.002

1.016

1.119

1.016

1.020

1.007

1.004

1.010

1.015

1.015

1.101

1.018

1.011

1.018

1.010

1.013

1.013

1.085

1.009

1.010

1.001

1.009

1.012

1.012

1.071

Milliman





1983

1984

1985

1986

1987

1988

1989

1990

1975

1976

1977

1978

1979

1980

1981

1982

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974


Fiscal Year

Ending 6/30/XX

1960

1961

1986

1987

1988

1989

1990

1991

1992

1993

1978

1979

1980

1981

1982

1983

1984

1985

1994

1995

1996

1997

1998

1970

1971

1972

1973

1974

1975

1976

1977

1962

1963

1964

1965

1966

1967

1968

1969

Straight Average




Prior Selected

Selected

Cumulative at 504

Months

13,018

37,612

99,569

73,796

0

20,664

296,953

68,089

286,679

758,751

1,433,332

2,672,337 at 516

Months

13,018

39,418

101,417

76,016

0

20,664

298,969

68,089

289,866

775,972

1,433,332 at 528

Months

13,018

39,418

104,105

76,016

0

20,664

301,237

68,089

297,503

790,662 at 540

Months

13,018

39,418

104,945

78,749

0

20,664

303,505

68,089

297,503 at 552

Months

13,018

39,418

104,945

80,612

0

20,664

305,941

68,089 at 564

Months

13,018

39,418

104,945

82,546

0

20,664

308,125 at 576

Months

13,018

39,418

104,945

84,552

0

20,664 at 588

Months

13,018

39,418

104,945

86,558

0


Exhibit 4 at 600

Months

13,018

39,418

104,945

86,558 at 612

Months

13,018

39,418

104,945 at 624

Months

13,018

39,418

Sheet 4 at 636

Months

13,018

504-516

Months

1.000

1.048

1.019

1.030

1.000

1.007

1.000

1.011

1.023

1.000

516-528

Months

1.000

1.000

1.027

1.000

1.000

1.008

1.000

1.026

1.019

528-540

Months

1.000

1.000

1.008

1.036

1.000

1.008

1.000

1.000

540-552

Months

1.000

1.000

1.000

1.024

1.000

1.008

1.000

552-564

Months

1.000

1.000

1.000

1.024

1.000

1.007

564-576

Months

1.000

1.000

1.000

1.024

1.000

576-588

Months

1.000

1.000

1.000

1.024

588-600

Months

1.000

1.000

1.000

1.000

600-612

Months

1.000

1.000

1.000

612-624

Months

1.000

1.000

624-636

Months

1.000

636-Ult

Months

1.014

1.011

1.023

1.017

1.011

1.011

1.059

1.009

1.011

1.026

1.013

1.010

1.010

1.048

1.007

1.003

1.000

1.004

1.009

1.009

1.038

1.005

1.004

1.008

1.004

1.008

1.008

1.029

1.005

1.012

1.000

1.000

1.007

1.021

1.007

1.005

1.012

1.024

1.006

1.014

1.006

1.006

1.008

1.024

1.012

1.004

1.004

1.008

1.000

1.000

1.000

1.000

1.002

1.002

1.004

1.000

1.000

1.000

1.001

1.001

1.002

1.000

1.000

1.001

1.001

1.001

1.000

1.000

1.000

1.000

1.000

Milliman



1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

Straight Average






Cumulative Paid Loss & ALAE

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975 at 12

Months at 24

Months

0

0

0

0

6,986

15,000

0

2,713

0

0

0

0

0

0

0

0

0

0

0

0

0

44,583

7,858

34,301

6,246

12,056

32,196

34,497

22,091

47,718

127,918

116,788

0

31,595

242,387

1,077,202

1,183,000

561,428

833,818

889,672

679,728

0

4,977

0

0

0

0

0

9,833

0

0

0

0

53,532

37,923

68,187

109,359

248,168

364,248

604,312

436,327

415,960

1,209,344

6,018,698

8,577,314

4,619,965

3,344,973

3,673,831

4,094,170

2,696,340

7,271

0

36,675

0

0

0

0

0

14,666

0

0

16,556

57,652

153,671

143,500

463,577

456,944 at 36

Months

815,003

883,579

1,610,879

1,581,031

4,458,997

15,045,193

22,471,841

18,343,044

11,291,260

10,042,085

8,309,874

10,339,990

5,530,821

0

3,992

0

10,866

0

46,498

0

5,844

0

23,407

0

0

229,880

177,466

343,877

217,146

1,039,630

965,187 at 48

Months

2,070,344

1,627,248

2,843,836

5,861,626

25,968,070

37,164,195

37,604,778

29,597,982

19,892,055

16,484,019

15,713,203

17,226,600

8,589,596

0

5,667

0

23,407

434,890

315,145

826,216

463,312

1,764,574

1,246,507

5,344

0

5,840

0

13,869

0

53,297

6,321

5,844 at 60

Months

2,644,868

2,441,747

6,950,159

27,269,557

55,511,946

56,042,294

49,920,038

40,186,839

27,039,866

23,823,576

21,278,000

22,867,859

11,558,678

0

35,526

55,613

133,616

502,194

510,696

947,630

601,170

2,455,430

1,866,291

0

13,368

0

5,840

5,055

16,784

0

63,910

6,321

8,376 at 72

Months

556,970

1,303,370

936,273

2,727,722

2,248,015

3,520,645

5,041,099

23,849,190

52,808,453

75,211,195

70,989,825

63,088,395

49,848,405

35,117,943

29,093,754

28,269,852

28,055,882

13,928,394

0

0

13,368

0

8,399

5,055

21,877

4,761

66,931

6,321

8,376

162,681

66,006

104,042

178,580

513,419 at 84

Months

762,667

1,648,740

1,050,461

2,974,932

2,834,877

5,163,735

16,952,822

42,501,709

74,095,147

93,967,649

85,995,496

73,023,796

60,023,779

42,614,343

34,765,508

33,476,771

32,592,925

16,392,398

0

13,368

0

8,399

5,055

0

0

24,973

4,761

114,660

6,321

54,356

167,625

151,540

126,694

269,672

592,920 at 96

Months at 108

Months

858,027

1,906,227

1,526,700

3,742,899

4,792,046

15,918,015

29,876,480

56,724,782

90,104,756

109,257,212

100,570,968

84,969,459

69,199,567

49,181,855

38,792,437

37,543,638

36,973,263

18,524,399

0

13,368

0

8,399

6,610

0

0

0

26,138

4,761

125,281

48,286

59,322

213,149

212,835

162,056

273,052

692,733 at 120

Months

1,040,451

2,266,932

1,769,127

4,564,729

11,395,794

26,638,779

42,145,168

70,198,720

103,966,350

123,224,410

112,464,371

94,887,187

77,586,493

55,002,020

41,274,730

40,739,646

40,238,469

20,545,935

27,303

4,761

131,100

48,286

64,104

232,542

321,132

173,834

418,742

838,051

0

13,368

0

8,399

6,610

0

0

0

0 at 132

Months

1,211,652

2,674,737

2,154,274

9,533,099

17,936,897

37,594,685

50,655,561

79,072,494

118,938,146

137,336,912

125,255,065

103,337,686

86,781,764

59,070,032

44,612,444

44,905,724

42,802,444

22,334,866

28,468

4,761

151,041

48,286

75,005

241,453

331,395

328,243

459,052

860,100

0

13,368

0

8,399

6,610

0

0

0

0

0


Exhibit 5

Sheet 1

256,333

342,044

357,005

551,252

902,946

1,410,306

3,152,291

4,845,522

13,996,660

24,629,769

46,873,034

59,804,758

90,942,808

133,642,927

147,720,500

136,262,353

109,894,022

94,954,975

63,510,495

47,177,555

47,999,348

45,994,788

23,259,071 at 144

Months

0

0

0

0

0

0

0

13,368

0

8,399

6,610

29,050

4,761

166,961

68,598

78,499

259,448

352,554

463,239

567,425

1,071,817

1,946,027

4,870,758

7,964,948

18,029,599

31,542,255

55,658,310

69,892,413

101,854,802

144,502,081

160,106,621

147,090,642

116,011,005

102,459,522

67,410,876

49,761,544

51,376,533

48,086,578

23,905,995

0

13,368

0

8,399

6,610

30,775

4,761

166,961

71,472

84,171 at 156

Months

0

0

0

0

0

0

12-24

Months

24-36

Months

36-48

Months

48-60

Months

60-72

Months

72-84

Months

84-96

Months

96-108

Months

108-120

Months

120-132

Months

132-144

Months

144-156

Months

156-168

Months

1.461

15.654

1.473

47.147

5.437

137.084

34.488

89.883

69.164

27.633

19.704

44.767

38.834

19.704

23.669

1.491

2.871

3.784

6.799

4.178

11.234

7.633

4.724

3.736

38.277

24.831

7.963

3.905

5.958

4.406

4.602

3.967

7.879

4.325

3.967

4.285

1.494

1.268

1.596

13.885

3.078

2.238

1.513

2.243

2.112

3.284

2.426

2.666

3.623

10.720

12.441

3.734

2.139

2.444

3.002

2.262

2.526

2.051

3.761

2.280

2.051

2.289

1.463

1.276

1.146

1.000

3.707

5.824

2.470

1.673

1.614

1.762

1.641

1.891

1.666

1.553

1.000

1.892

1.776

2.403

2.134

1.697

1.291

2.540

1.842

1.765

1.959

1.703

1.553

1.610

2.502

1.000

1.210

1.199

1.000

1.433

6.269

4.652

2.138

1.508

1.327

1.358

1.359

1.445

1.354

1.327

1.346

5.708

1.155

1.621

1.147

1.298

1.392

1.497

1.278

1.501

2.444

1.906

1.342

1.346

1.337

1.000

1.438

1.000

1.303

1.047

1.000

1.000

1.111

1.205

1.331

2.065

3.431

1.937

1.355

1.267

1.264

1.240

1.858

1.871

1.337

1.022

1.091

1.375

1.557

1.299

1.221

1.329

1.227

1.205

1.393

1.254

1.205

1.216

1.000

1.013

1.168

1.125

1.156

1.453

1.258

1.690

3.083

1.762

1.335

1.000

1.308

1.047

1.000

1.093

7.639

1.091

1.272

1.404

1.279

1.216

1.163

1.169

1.164

1.153

1.154

1.116

1.121

1.134

1.130

1.474

1.128

1.130

1.132

1.000

1.510

1.155

1.369

1.265

1.122

1.091

1.261

1.467

3.363

1.782

1.000

1.000

1.142

1.000

1.713

1.000

6.490

1.030

2.296

1.218

1.403

1.249

1.211

1.157

1.204

1.213

1.195

1.184

1.162

1.177

1.498

1.174

1.177

1.170

1.000

1.096

1.026

1.165

1.180

1.218

2.088

1.574

1.411

1.202

1.126

1.000

1.000

1.043

1.000

1.152

1.000

1.170

1.038

1.032

1.888

1.144

1.115

1.114

1.089

1.119

1.074

1.081

1.102

1.064

1.087

1.174

1.084

1.087

1.076

1.000

1.534

1.210

1.213

1.189

1.159

1.220

2.378

1.673

1.411

1.238

1.000

1.000

1.045

1.000

1.046

1.000

1.081

1.091

1.509

1.073

1.154

1.128

1.118

1.117

1.121

1.118

1.064

1.085

1.088

1.109

1.199

1.094

1.109

1.099

1.000

1.201

1.050

1.164

1.179

2.249

1.468

1.373

1.247

1.181

1.150

1.000

1.000

1.020

1.000

1.105

1.421

1.047

1.062

1.032

1.088

1.124

1.076

1.088

1.063

1.094

1.075

1.057

1.069

1.075

1.041

1.155

1.062

1.041

1.058

1.000

1.029

1.187

1.380

1.545

1.644

1.288

1.281

1.187

1.169

1.120

1.000

1.000

1.059

1.000

1.000

1.042

1.072

1.012

1.031

1.298

1.081

1.084

1.079

1.056

1.079

1.061

1.055

1.070

1.045

1.028

1.128

1.048

1.028

1.037

1.000

1.133

1.361

1.837

1.560

1.417

1.181

1.183

1.137

1.128

1.065

1.000

1.000

1.000

1.000

1.000

1.018

1.037

1.012

1.023

1.035

1.078

1.063

1.054

1.056

1.060

1.053

1.038

1.034

1.025

1.019

1.116

1.026

1.019

1.022

Milliman



1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

Straight Average







1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

262,533

360,690

479,529

642,643

1,458,567

3,574,211

7,598,584

11,288,001

21,284,157

37,300,449

63,290,830

78,846,584

108,463,010

155,748,031

170,225,041

155,027,629

122,535,019

108,566,833

71,006,442

51,665,626

53,112,263

49,272,954

24,355,917

0

13,368

0

8,399

6,610

30,775

4,761

166,961

72,782

87,321 at 168

Months

0

0

0

0

0

0

280,215

403,791

500,685

856,011

2,647,989

5,278,052

10,376,876

14,027,461

23,910,047

42,576,652

72,109,981

86,784,122

115,888,502

165,762,380

178,604,768

162,993,500

127,162,153

115,971,575

76,313,087

53,774,820

54,869,221

50,221,967

24,663,954

0

13,368

0

8,399

6,610

30,775

4,761

166,961

74,093

96,771 at 180

Months

0

0

0

0

0

0

292,953

437,990

557,870

1,258,892

3,842,672

7,369,570

12,744,903

16,263,443

27,757,019

48,231,790

78,633,788

92,980,423

124,000,607

176,052,170

189,703,927

170,716,068

133,412,131

122,377,049

80,159,458

55,234,462

56,401,839

50,792,672 at 192

Months

0

0

0

0

0

0

0

13,368

0

8,399

6,610

34,269

4,761

172,538

75,404

100,341

299,439

542,419

1,072,517

1,915,148

5,146,672

9,300,043

14,901,026

19,863,757

30,538,603

52,839,618

86,233,011

100,226,433

131,227,457

184,843,653

198,508,543

177,314,814

139,584,221

125,965,595

82,585,149

56,152,496

56,950,435

0

13,368

0

8,399

6,610

35,434

4,761

174,601

79,001

104,541 at 204

Months

0

0

0

0

0

0

408,921

905,750

1,726,674

2,401,511

6,496,035

10,558,294

17,242,833

22,278,304

32,876,299

57,218,794

92,167,156

105,384,786

139,218,623

194,293,930

207,127,130

184,657,133

145,624,801

129,236,565

84,720,792

56,822,338

0

13,368

0

8,399

6,610

36,599

4,761

176,191

81,622

106,506 at 216

Months

0

0

0

0

0

0

1,207,423

1,399,945

2,242,159

3,199,309

7,668,106

12,278,810

19,425,712

24,866,606

35,647,929

61,666,092

97,023,649

111,555,232

144,632,618

203,279,108

216,586,321

192,013,266

149,084,698

131,811,852

86,665,806 at 228

Months

0

0

0

0

0

0

0

13,368

0

8,399

6,610

36,599

19,067

177,763

82,933

119,539

1,557,781

1,799,381

2,765,026

3,518,428

9,610,287

14,031,785

21,274,964

26,812,703

38,879,156

67,723,080

101,559,278

116,873,115

150,165,662

211,172,310

224,823,734

197,121,232

151,428,001

133,159,871 at 240

Months

0

0

0

0

0

0

0

13,368

0

8,399

6,610

36,599

21,415

179,188

90,933

357,824

2,053,908

2,072,014

3,508,108

4,060,216

10,825,410

15,188,046

23,427,956

29,237,865

40,761,914

72,027,126

105,432,678

122,670,364

157,557,296

220,411,727

233,397,777

200,579,782

154,477,188

0

13,368

0

8,399

7,677

37,472

21,870

180,016

223,839

681,874 at 252

Months

0

0

0

0

0

0

3,006,804

2,370,384

4,631,816

4,382,925

11,629,042

17,400,589

24,857,386

30,823,601

43,109,198

76,585,973

109,219,364

127,860,180

165,350,430

227,231,787

239,605,290

203,009,234 at 264

Months

0

0

0

0

0

0

0

13,368

0

8,399

7,677

41,773

22,326

497,666

358,993

920,059

3,324,512

2,709,518

5,182,377

4,670,308

12,610,687

19,659,054

26,149,952

32,441,526

45,153,828

82,044,996

114,575,209

133,773,255

169,596,660

233,049,532

242,347,589 at 276

Months

0

0

0

0

0

0

0

13,368

0

8,399

7,677

42,356

209,876

985,482

480,851

1,290,329

3,831,770

3,095,192

5,756,219

5,115,056

13,296,260

21,125,283

27,488,681

33,739,231

46,939,196

85,354,710

119,125,298

136,873,159

173,468,512

235,387,043

0

13,368

0

8,399

21,352

131,199

245,773

1,227,819

564,344

1,414,149 at 288

Months

0

0

0

0

0

0

4,457,877

3,287,188

6,072,187

5,573,746

13,993,894

22,012,562

28,614,243

35,121,514

49,267,867

89,480,799

122,418,833

140,372,264

175,376,976 at 300

Months

0

0

0

0

0

0

0

14,031

0

8,399

49,460

170,892

333,624

1,567,221

635,271

1,885,566


Exhibit 5

Sheet 2

0

14,031

0

12,069

70,690

220,693

394,089

1,978,346

810,645

2,117,518 at 312

Months

0

1,848

0

0

0

0

5,106,799

3,591,589

6,572,978

5,869,935

14,945,384

22,985,944

30,065,011

36,568,329

51,456,438

92,301,949

125,764,571

142,076,111

0

14,031

5,366

20,143

116,766

270,912

411,846

2,038,580

870,090

2,464,933 at 324

Months

0

4,536

0

0

0

0

5,592,528

3,977,251

6,948,640

6,310,136

15,324,457

23,903,977

32,006,449

39,593,779

52,514,817

97,940,129

127,382,336

168-180

Months

1.000

1.332

1.815

1.477

1.366

1.243

1.123

1.141

1.139

1.101

1.068

1.000

1.000

1.000

1.000

1.000

1.018

1.108

1.067

1.119

1.044

1.064

1.049

1.051

1.038

1.068

1.075

1.041

1.033

1.019

1.013

1.117

1.031

1.019

1.026

180-192

Months

1.000

1.471

1.451

1.396

1.228

1.159

1.161

1.133

1.090

1.071

1.070

1.000

1.000

1.114

1.000

1.033

1.018

1.037

1.045

1.085

1.114

1.062

1.062

1.047

1.049

1.055

1.050

1.027

1.028

1.011

1.102

1.035

1.028

1.028

192-204

Months

1.000

1.521

1.339

1.262

1.169

1.221

1.100

1.096

1.097

1.078

1.058

1.000

1.000

1.034

1.000

1.012

1.048

1.042

1.022

1.238

1.923

1.050

1.046

1.039

1.046

1.029

1.030

1.017

1.010

204-216

Months

1.000

1.254

1.262

1.135

1.157

1.122

1.077

1.083

1.069

1.051

1.061

1.000

1.000

1.033

1.000

1.009

1.033

1.019

1.366

1.670

1.610

1.051

1.043

1.041

1.043

1.026

1.026

1.012

216-228

Months

1.000

1.332

1.180

1.163

1.127

1.116

1.084

1.078

1.053

1.059

1.039

1.046

1.046

1.040

1.024

1.020

1.023

1.000

1.000

1.000

4.005

1.009

1.016

1.122

2.953

1.546

1.299

228-240

Months

1.000

1.100

1.253

1.143

1.095

1.078

1.091

1.098

1.047

1.048

1.038

1.000

1.000

1.000

1.123

1.008

1.096

2.993

1.290

1.285

1.233

1.039

1.038

1.027

1.016

1.010

240-252

Months

1.000

1.154

1.126

1.082

1.101

1.090

1.048

1.064

1.038

1.050

1.049

1.044

1.038

1.018

1.020

1.000

1.161

1.024

1.021

1.005

2.462

1.906

1.318

1.152

1.269

252-264

Months

1.000

1.079

1.074

1.146

1.061

1.054

1.058

1.063

1.036

1.042

1.049

1.031

1.027

1.012

1.000

1.000

1.115

1.021

2.765

1.604

1.349

1.464

1.144

1.320

264-276

Months

1.000

1.066

1.084

1.130

1.052

1.052

1.047

1.071

1.049

1.046

1.026

1.026

1.011

1.000

1.000

1.014

9.401

1.980

1.339

1.402

1.106

1.143

1.119

276-288

Months

1.000

1.095

1.054

1.075

1.051

1.040

1.040

1.040

1.040

1.023

1.023

1.010

1.000

2.781

3.098

1.171

1.246

1.174

1.096

1.153

1.142

1.111

288-300

Months

1.050

1.090

1.052

1.042

1.041

1.041

1.050

1.048

1.028

1.026

1.011

1.000

2.316

1.303

1.357

1.276

1.126

1.333

1.163

1.062

1.055

300-312

Months

1.000

1.053

1.068

1.044

1.051

1.041

1.044

1.032

1.027

1.012

1.437

1.429

1.291

1.181

1.262

1.276

1.123

1.146

1.093

1.082

312-324

Months

2.455

1.000

1.075

1.025

1.040

1.065

1.083

1.021

1.061

1.013

1.669

1.652

1.228

1.045

1.030

1.073

1.164

1.095

1.107

1.057

324-336

Months

1.370

1.205

1.146

1.065

1.043

1.044

1.048

1.071

1.048

1.053

1.032

1.020

1.014

1.225

3.922

8.461

1.205

1.394

1.091

1.064

1.122

1.025

1.017

1.024

1.116

1.032

1.026

1.026

1.273

1.028

1.020

1.022

1.160

1.027

1.016

1.022

1.170

1.033

1.018

1.028

1.188

1.036

1.027

1.029

1.485

1.033

1.026

1.026

1.248

1.029

1.023

1.023

1.165

1.034

1.026

1.027

1.135

1.034

1.027

1.030

1.198

1.055

1.061

1.041

1.626

1.035

1.020

1.026

Milliman



1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

Straight Average







1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975 at 336

Months

15,359

17,181

21,042

170,419

140,710

377,756

449,191

2,169,803

1,048,072

2,824,382

5,958,731

4,147,087

7,254,706

6,614,542

16,413,784

25,040,320

33,705,267

40,873,873

53,552,679

99,273,803

336-348

Months

1.432

1.082

1.090

1.068

1.105

1.049

1.039

1.027

1.033

1.026

1.023

1.009

1.392

1.259

1.212

1.051

1.046

1.114

1.171

1.078

348-360

Months

1.000

1.089

1.089

1.043

1.067

1.060

1.027

1.038

1.034

1.016

1.008

2.172

1.000

1.423

1.033

1.136

1.118

1.105

1.116

360-372

Months

1.000

1.070

1.081

1.044

1.067

1.039

1.055

1.023

1.050

1.010

1.176

1.000

1.566

1.032

1.039

1.049

1.034

1.067

372-384

Months

1.669

1.175

1.027

1.040

1.038

1.043

1.043

1.011

1.016

1.000

1.534

1.000

1.404

1.541

1.035

1.081

1.083

1.060

384-396

Months

1.280

1.036

1.065

1.030

1.038

1.024

1.022

1.012

1.000

1.071

1.000

1.027

1.095

1.025

1.085

1.098

1.176

396-408

Months

1.910

1.120

1.000

1.035

1.000

1.033

1.024

1.195

1.044

1.056

1.120

1.143

1.155

1.071

1.039

1.027

1.013

408-420

Months

1.630

1.065

1.000

1.026

1.000

1.000

1.075

1.046

1.096

1.026

1.121

1.044

1.037

1.035

1.024

1.006

420-432

Months

1.000

1.000

1.050

1.000

1.025

1.000

1.051

1.016

1.067

1.130

1.049

1.017

1.066

1.026

1.028

1.022

432-444

Months

2.355

1.000

1.045

1.000

1.096

1.000

1.031

1.012

1.030

1.073

1.025

1.002

1.055

1.022

1.011

444-456

Months

1.251

1.877

1.580

1.000

1.000

1.022

1.000

1.048

1.032

1.002

1.096

1.016

1.004

1.110

1.066

456-468

Months

1.000

1.308

1.073

1.073

1.000

1.000

1.000

1.020

1.011

1.043

1.032

1.009

1.003

1.001

468-480

Months

1.000

1.000

1.229

1.277

1.000

1.032

1.000

1.036

1.026

1.010

1.044

1.015

1.001

480-492

Months

1.000

1.287

1.127

1.076

1.000

1.028

1.000

1.000

1.026

1.009

1.049

1.007

492-504

Months

1.000

1.000

1.065

1.053

1.000

1.020

1.000

1.033

1.032

1.007

1.027

504-516

Months

1.000

1.143

1.041

1.057

1.000

1.017

1.000

1.030

1.042

1.000

0

6,216

0

0

0

0

1.115

1.027

1.023

1.025

at 348

Months

0

21,374

21,633

25,509

179,186

147,240

421,001

526,060

2,338,042

1,134,323

3,078,380

6,363,352

4,580,714

7,606,860

6,870,129

16,852,853

25,869,974

34,571,764

41,811,401

54,044,901

8,904

0

0

0

0

1.135

1.029

1.016

1.025

at 360

Months

0

46,420

21,633

36,308

185,035

167,198

470,772

581,074

2,608,299

1,235,831

3,350,961

6,638,742

4,888,597

8,065,198

7,053,960

17,487,814

26,743,269

35,116,725

42,152,696

8,904

0

0

0

0

1.078

1.043

1.050

1.037

at 372

Months

54,568

21,633

56,869

190,942

173,676

493,977

600,833

2,782,744

1,322,074

3,621,499

6,928,760

5,213,718

8,376,507

7,442,092

17,886,718

28,082,097

35,479,587

0

8,904

0

0

0

664

1.156

1.032

1.011

1.027

at 384

Months

0

14,863

0

0

0

664

83,719

21,633

79,860

294,245

179,820

534,171

650,483

2,948,683

1,553,766

3,719,109

7,205,263

5,413,787

8,734,153

7,764,261

18,075,693

28,541,995

1.064

1.028

1.022

1.023

at 396

Months

0

0

5,832

19,027

0

664

89,683

21,633

82,009

322,160

184,227

579,741

713,923

3,466,368

1,609,179

3,961,351

7,424,535

5,617,371

8,940,295

7,935,897

18,295,351

1.117

1.046

1.027

1.033

at 408

Months

0

0

11,141

21,312

0

664

92,791

21,633

84,717

329,817

220,190

605,467

753,952

3,882,973

1,839,588

4,576,900

7,950,632

5,836,228

9,182,063

8,037,061

1.077

1.032

1.024

1.030

at 420

Months

1,550

0

18,155

22,696

0

664

95,227

21,633

84,717

354,479

230,289

663,754

773,877

4,351,051

1,920,829

4,746,556

8,229,070

5,974,057

9,238,607

1.034

1.040

1.028

1.027

at 432

Months

1,550

0

18,155

23,832

0

664

97,579

21,633

89,008

360,219

245,625

750,333

811,972

4,425,986

2,046,688

4,868,780

8,455,375

6,107,801

1.117

1.026

1.022

1.039

at 444

Months

3,650

3,990

18,155

24,899

0

664

106,987

21,633

91,805

364,540

253,059

805,240

831,954

4,434,768

2,160,032

4,978,156

8,552,079

1.140

1.043

1.110

1.057

at 456

Months

4,568

7,488

28,685

24,899

0

664

109,339

21,633

96,183

376,213

253,589

882,618

845,414

4,451,836

2,398,151

5,308,292

1.041

1.015

1.003

1.006

at 468

Months

4,568

9,798

30,785

26,723

0

664

109,339

21,633

98,089

380,354

264,445

910,868

853,163

4,463,854

2,401,515

1.052

1.023

1.015

1.030


Exhibit 5 at 480

Months

4,568

9,798

37,841

34,138

0

664

112,867

21,633

101,617

390,131

267,215

950,644

865,860

4,467,115

1.051

1.028

1.049

1.029

at 492

Months

4,568

12,612

42,629

36,724

0

664

116,059

21,633

101,617

400,167

269,503

996,837

871,967

Sheet 3 at 504

Months

4,568

12,612

45,401

38,659

0

664

118,327

21,633

104,959

412,931

271,492

1,024,024

1.022

1.024

1.007

1.020

1.033

1.024

1.042

1.036

Milliman



1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

Straight Average







1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975 at 516

Months

4,568

14,418

47,249

40,879

0

664

120,343

21,633

108,146

430,152

271,492 at 528

Months

4,568

14,418

49,937

40,879

0

664

122,611

21,633

115,783

444,841 at 540

Months

4,568

14,418

50,777

43,612

0

664

124,879

21,633

115,783 at 552

Months

4,568

14,418

50,777

45,475

0

664

127,315

21,633 at 564

Months

4,568

14,418

50,777

47,409

0

664

129,499 at 576

Months

4,568

14,418

50,777

49,415

0

664 at 588

Months

4,568

14,418

50,777

51,421

0


Exhibit 5 at 600

Months

4,568

14,418

50,777

51,421 at 612

Months

4,568

14,418

50,777 at 624

Months

4,568

14,418

Sheet 4 at 636

Months

4,568

516-528

Months

1.000

1.000

1.057

1.000

1.000

1.019

1.000

1.071

1.034

528-540

Months

1.000

1.000

1.017

1.067

1.000

1.018

1.000

1.000

540-552

Months

1.000

1.000

1.000

1.043

1.000

1.020

1.000

552-564

Months

1.000

1.000

1.000

1.043

1.000

1.017

564-576

Months

1.000

1.000

1.000

1.042

1.000

576-588

Months

1.000

1.000

1.000

1.041

588-600

Months

1.000

1.000

1.000

1.000

600-612

Months

1.000

1.000

1.000

612-624

Months

1.000

1.000

624-636

Months

1.000

636-Ult

Months

1.020

1.030

1.071

1.036

1.013

1.006

1.000

1.009

1.009

1.010

1.020

1.010

1.010

1.022

1.000

1.000

1.008

1.021

1.042

1.010

1.014

1.041

1.021

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

Milliman


Year

1975

1974

1973

1972

1971

1970

1969

1968

1985

1984

1983

1982

1981

1980

1979

1978

1977

1976

1967

1966

1965

1964

1963

1962

1961

1960

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986



Discount Factors

Initial

Age

336 - 348

348 - 360

360 - 372

372 - 384

384 - 396

396 - 408

408 - 420

420 - 432

432 - 444

444 - 456

456 - 468

468 - 480

480 - 492

492 - 504

504 - 516

516 - 528

528 - 540

540 - 552

0 - 180

180 - 192

192 - 204

204 - 216

216 - 228

228 - 240

240 - 252

252 - 264

264 - 276

276 - 288

288 - 300

300 - 312

312 - 324

324 - 336

552 - 564

564 - 576

576 - 588

588 - 600

600 - 612

612 - 624

624 - 636

636 - 648

Total

(1)

Incremental

Percent

Paid Based on LDFs

0.015

0.013

0.012

0.011

0.010

0.009

0.008

0.008

0.017

0.017

0.017

0.017

0.017

0.016

0.016

0.016

0.016

0.016

0.007

0.006

0.004

0.002

0.001

0.001

0.000

0.000

0.499

0.019

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.017

0.017

0.017

0.017

1.002

(2)

Selected

Age

336 - 348

348 - 360

360 - 372

372 - 384

384 - 396

396 - 408

408 - 420

420 - 432

432 - 444

444 - 456

456 - 468

468 - 480

480 - 492

492 - 504

504 - 516

516 - 528

528 - 540

540 - 552

0 - 183

183 - 192

192 - 204

204 - 216

216 - 228

228 - 240

240 - 252

252 - 264

264 - 276

276 - 288

288 - 300

300 - 312

312 - 324

324 - 336

552 - 564

564 - 576

576 - 588

588 - 600

600 - 612

612 - 624

624 - 636

636 - 648

(4)

Selected

Incremental

Percent

Paid

0.015

0.013

0.012

0.011

0.010

0.009

0.008

0.008

0.017

0.017

0.017

0.017

0.017

0.016

0.016

0.016

0.016

0.016

0.007

0.006

0.004

0.002

0.001

0.001

0.001

0.000

0.503

0.014

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.017

0.017

0.017

0.017

1.001

(3)

Interpolated

Incremental

Percent

Paid

0.015

0.013

0.012

0.011

0.010

0.009

0.008

0.008

0.017

0.017

0.017

0.017

0.017

0.016

0.016

0.016

0.016

0.016

0.007

0.006

0.004

0.002

0.001

0.001

0.000

0.000

0.503

0.014

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.018

0.017

0.017

0.017

0.017

1.000

(5)

Discount

Factors at

4.00%

Int. Rate

0.834

0.844

0.853

0.864

0.876

0.888

0.900

0.911

0.725

0.736

0.747

0.758

0.770

0.781

0.792

0.804

0.815

0.825

0.923

0.932

0.936

0.936

0.943

0.962

0.981

0.981

0.592

0.604

0.613

0.623

0.632

0.642

0.652

0.661

0.672

0.682

0.692

0.703

0.714

Notes:

(1): Based on selected 3-year average paid LDFs from Exhibit 4

(3): Where applicable, based on inverse power curve interpolation of factors in (1)

(4): Based on incremental factors in (3)

(5): Based on incremental factors in (4) and the interest rate

Milliman


Exhibit 6




Payout Pattern - Fiscal Year Basis


Exhibit 7

Sheet 1

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

Discounted at 4.0%

2014

721,935

1,277,377

1,677,241

2,462,402

2,540,278

2,658,543

3,716,766

5,081,936

4,555,993

5,549,099

6,609,103

6,031,891

5,893,597

6,323,845

5,910,787

3,688,444

1,825,136

1,876,704

1,740,644

880,424

36,363

11,486

0

2,062

122,610

26,567

36,821

3,041

38,230

14,715

58,050

324,429

59,284

246,203

798,418

406,346

561,322

73,768,093

69,553,430

65,907

268,563

857,534

411,583

566,659

726,564

1,281,941

1,744,620

2,451,395

2,523,760

2,725,149

3,785,394

4,998,292

4,603,930

5,580,229

6,617,115

2013

24,927

21,854

36,327

11,463

0

4,099

182,101

30,600

41,467

3,366

41,708

15,865

61,967

369,430

6,158,164

5,842,793

6,382,241

5,929,071

3,679,897

1,812,184

1,885,890

1,763,757

687,624

74,195,429

72,754,604

2015 2016 2017

Fiscal Year Ending 6/30/XX

2018

715,136

1,269,238

1,671,269

2,367,302

2,551,685

2,675,944

3,625,925

4,989,802

4,632,235

5,491,320

6,572,234

6,024,588

5,772,750

6,378,832

5,856,705

3,677,070

1,829,375

1,890,117

1,732,166

868,887

11,498

0

1,034

61,672

17,888

31,967

2,701

34,548

13,488

53,840

303,920

52,062

221,462

731,945

378,333

554,180

73,063,116

66,239,164

706,036

1,257,284

1,660,620

2,358,873

2,453,136

2,687,960

3,649,657

4,867,846

4,548,254

5,583,215

6,503,801

5,990,979

5,765,760

6,248,034

5,907,630

3,643,426

1,823,734

1,894,507

1,744,546

864,655

0

1,036

30,928

8,997

21,524

2,345

30,677

12,189

49,351

281,880

48,771

194,485

658,391

346,835

515,976

72,363,340

63,081,486

2,343,843

2,444,402

2,584,148

3,666,045

4,899,708

4,437,090

5,481,993

6,612,639

5,928,599

5,733,595

6,240,469

5,786,495

3,675,106

1,807,047

1,888,665

1,748,598

870,834

1,037

30,990

4,512

10,826

1,579

26,634

10,823

44,598

258,377

45,234

182,191

578,191

311,981

473,018

657,364

1,241,286

1,644,980

71,672,898

60,076,543

2,321,768

2,428,827

2,574,947

3,524,458

4,921,709

4,466,132

5,348,007

6,492,754

6,027,812

5,673,895

6,205,656

5,779,488

3,599,748

1,822,760

1,871,384

1,743,206

872,857

31,021

4,521

5,429

794

17,933

9,396

39,600

233,492

41,463

168,979

541,640

273,978

425,484

602,634

1,155,715

1,624,050

70,851,539

57,103,920

2019

2,292,226

2,405,952

2,558,540

3,511,910

4,731,627

4,486,186

5,383,011

6,334,064

5,918,529

5,768,845

6,141,041

5,747,247

3,595,390

1,785,384

1,887,656

1,727,256

870,165

4,526

5,440

398

9,020

6,327

34,381

207,328

37,469

154,889

502,362

256,658

373,655

542,075

1,059,494

1,512,092

69,851,145

54,132,343

2020 2021

2,134,206

2,375,338

2,534,444

3,489,533

4,714,780

4,312,924

5,407,182

6,375,522

5,773,874

5,664,257

6,243,808

5,687,405

3,575,333

1,783,223

1,848,950

1,742,275

862,204

5,446

399

4,523

3,182

23,149

180,002

33,271

139,971

460,474

238,046

350,034

476,043

953,025

1,386,201

68,779,026

51,251,429

399

4,533

1,596

11,644

121,196

28,885

124,287

416,125

218,197

324,650

445,950

836,935

1,246,901

1,956,520

2,211,589

2,502,195

3,456,668

4,684,739

4,297,569

5,198,351

6,404,150

5,811,666

5,525,817

6,130,610

5,782,581

3,538,105

1,773,275

1,846,711

1,706,550

869,701

67,478,094

48,348,101

2022 2023 2024

4,537

1,599

5,839

60,961

19,449

107,905

369,496

197,182

297,580

413,611

784,027

1,095,012

1,759,909

2,027,460

2,329,701

3,412,685

4,640,617

4,270,185

5,179,843

6,156,815

5,837,761

5,561,985

5,980,771

5,677,744

3,597,314

1,754,811

1,836,409

1,704,484

851,867

65,937,562

45,427,220

1,601

5,851

30,572

9,783

72,653

320,795

175,087

268,920

379,123

727,172

1,025,790

1,545,529

1,823,720

2,135,738

3,177,424

4,581,570

4,229,968

5,146,838

6,134,894

5,612,301

5,586,960

6,019,917

5,538,974

3,532,095

1,784,177

1,817,288

1,694,975

850,836

64,230,552

42,549,219

5,857

30,633

4,906

36,544

215,994

152,010

238,786

342,610

666,539

951,403

1,447,827

1,601,567

1,921,117

2,912,883

4,265,729

4,176,146

5,098,364

6,095,804

5,592,319

5,371,185

6,046,948

5,575,228

3,445,767

1,751,830

1,847,700

1,677,326

846,090

62,319,112

39,695,187






Exhibit 7

Sheet 2

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

Discounted at 4.0%

2025 2026 2027 2028 2029


2030 2031 2032 2033 2034

30,664

4,916

18,327

108,644

102,349

207,313

304,218

602,344

872,073

1,342,835

1,500,323

1,687,100

2,620,167

3,910,579

3,888,254

5,033,493

6,038,393

5,556,686

5,352,062

5,813,408

5,600,263

3,468,321

1,709,014

1,814,201

1,705,396

837,280

60,128,620

36,826,843

4,921

18,364

54,485

51,481

139,586

264,121

534,848

788,083

1,230,867

1,391,524

1,580,449

2,300,996

3,517,604

3,564,531

4,686,497

5,961,560

5,504,352

5,317,960

5,792,710

5,383,974

3,483,894

1,720,200

1,769,860

1,674,477

851,291

57,588,635

33,914,601

18,382

54,594

25,818

70,211

177,835

464,353

699,773

1,112,321

1,275,496

1,465,839

2,155,537

3,089,114

3,206,331

4,296,316

5,550,586

5,434,315

5,267,874

5,755,800

5,364,805

3,349,342

1,727,924

1,781,445

1,633,551

835,858

54,813,420

31,038,697

54,648

25,869

35,211

89,450

312,652

607,541

987,679

1,152,652

1,343,615

1,999,224

2,893,834

2,815,758

3,864,578

5,088,464

5,059,688

5,200,846

5,701,591

5,330,622

3,337,418

1,661,189

1,789,444

1,644,243

815,428

51,811,644

28,210,489

25,895

35,281

44,859

157,262

409,062

857,500

1,023,490

1,214,210

1,832,525

2,683,982

2,637,758

3,393,822

4,577,123

4,638,436

4,842,314

5,629,044

5,280,417

3,316,152

1,655,275

1,720,333

1,651,626

820,766

48,447,132

25,364,013

35,316

44,949

78,867

205,756

577,360

888,591

1,078,150

1,656,033

2,460,186

2,446,476

3,179,280

4,019,570

4,172,318

4,439,159

5,240,993

5,213,229

3,284,920

1,644,728

1,714,208

1,587,839

824,451

44,792,380

22,548,658

44,994

79,024

103,186

290,409

598,295

936,047

1,470,464

2,223,243

2,242,484

2,948,728

3,765,470

3,664,076

3,993,067

4,804,646

4,853,843

3,243,123

1,629,237

1,703,286

1,582,185

792,610

40,968,418

19,830,443

79,103

103,393

145,640

300,939

630,247

1,276,653

1,974,115

2,026,508

2,702,857

3,492,409

3,432,449

3,506,660

4,321,826

4,449,729

3,019,551

1,608,507

1,687,244

1,572,104

789,788

37,119,721

17,276,453

103,496

145,931

150,920

317,010

859,579

1,713,921

1,799,425

2,442,543

3,201,205

3,183,537

3,284,984

3,795,372

4,002,575

2,768,153

1,497,621

1,665,776

1,557,298

784,755

33,274,103

14,890,967

146,077

151,222

158,980

432,363

1,153,995

1,562,256

2,168,841

2,892,895

2,918,088

3,046,767

3,555,445

3,515,009

2,489,981

1,372,934

1,550,941

1,537,483

777,365

29,430,641

12,664,351

2035

151,373

159,298

216,829

580,453

1,051,878

1,882,981

2,568,728

2,637,045

2,792,721

3,297,614

3,292,806

2,186,669

1,234,968

1,421,815

1,431,493

767,473

25,674,145

10,622,968

2036 2037

159,458

217,263

291,096

529,088

1,267,824

2,230,163

2,341,547

2,523,752

3,022,653

3,054,021

2,048,437

1,084,533

1,278,937

1,312,312

714,566

22,075,649

8,782,740

217,480

291,678

265,337

637,708

1,501,584

2,032,925

2,240,950

2,731,539

2,799,371

1,899,891

1,015,973

1,123,146

1,180,437

655,074

18,593,092

7,112,705

Subsequent

291,970

532,001

961,028

1,893,509

3,094,828

4,907,454

7,736,950

9,695,186

7,772,799

4,797,410

6,020,360

6,593,335

3,880,475

394,128

2,432,883

456,319

1,973,205

6,723,736

3,597,648

5,473,183

7,699,507

14,818,486

21,132,543

32,278,419

35,972,538

40,618,831

59,184,462

84,454,127

81,584,696

103,913,950

129,690,552

Total

Reserves as of

6/30/2012

24,927

21,854

72,690

34,447

0

9,268

459,322

97,612

158,921

15,022

212,342

90,781

124,378,771

124,878,011

141,541,765

137,015,207

88,916,347

45,912,448

49,432,978

47,389,563

24,343,322

58,177,305 1,417,404,811

19,740,291 959,036,864




Payout Pattern - Calendar Year Basis


Exhibit 8

Sheet 1

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

712,724

1,314,621

1,720,217

2,422,611

2,590,088

2,703,525

3,766,214

4,981,303

4,599,476

5,587,034

6,638,230

6,192,384

5,884,228

6,303,222

5,998,908

3,658,672

1,807,783

1,888,064

1,772,192

893,300

17,241

0

3,472

163,549

27,694

43,276

3,100

43,030

14,836

63,617

351,647

63,327

259,993

835,326

402,136

581,208

7/1/12-12/31/12

24,927

21,854

72,690

17,206

0

2,303

97,355

18,282

21,386

1,913

21,207

8,767

31,274

185,858

33,069

134,445

428,452

215,264

282,491

377,789

638,056

867,428

1,263,781

1,253,523

1,352,458

1,877,263

2,554,026

2,347,086

2,838,910

3,360,137

3,045,492

2,888,385

3,221,052

2,927,360

1,850,710

926,278

961,058

882,189

455,101

2013 2014

740,017

1,252,407

1,719,236

2,427,052

2,509,650

2,727,640

3,686,345

5,055,083

4,539,618

5,542,757

6,616,118

6,050,259

5,925,573

6,367,927

5,836,964

3,731,515

1,814,442

1,871,986

1,742,512

885,162

0

2,326

98,912

23,331

32,906

3,149

35,029

15,124

54,132

332,304

56,326

236,215

772,014

395,452

548,027

2015

2,425,668

2,514,250

2,642,931

3,719,227

4,947,882

4,606,856

5,470,623

6,563,684

6,030,105

5,789,572

6,412,671

5,896,883

3,630,780

1,850,567

1,878,882

1,727,673

852,922

1,167

66,271

14,110

27,722

2,395

35,580

12,311

55,180

282,761

53,228

210,102

701,410

365,479

538,918

697,770

1,300,367

1,637,875

Calendar Year Ending 12/31/XX

2016

2,310,875

2,512,817

2,647,775

3,603,723

4,992,016

4,509,160

5,551,650

6,478,264

5,982,316

5,770,286

6,265,490

5,938,317

3,668,051

1,800,610

1,916,290

1,734,038

875,306

33,235

9,454

16,766

2,017

27,054

12,505

44,919

288,235

45,292

198,545

623,871

332,054

498,072

686,172

1,226,129

1,700,596

2017

2,399,368

2,393,900

2,646,266

3,610,328

4,836,984

4,549,381

5,433,918

6,574,216

5,904,462

5,724,557

6,244,619

5,802,023

3,693,825

1,819,093

1,864,558

1,768,562

878,936

4,741

11,233

1,220

22,792

9,509

45,626

234,638

46,169

168,944

589,553

295,346

452,521

634,164

1,205,749

1,603,509

2018

2,262,389

2,485,573

2,521,034

3,608,271

4,845,851

4,408,096

5,482,388

6,434,799

5,991,915

5,650,057

6,195,130

5,782,696

3,609,045

1,831,875

1,883,699

1,720,818

878,007

5,633

817

13,784

8,011

34,693

238,329

37,584

172,215

501,657

279,100

402,496

576,167

1,114,361

1,576,856

2019

410

9,235

4,845

29,227

181,222

38,175

140,191

511,370

237,489

380,355

512,473

1,012,448

1,457,341

2,224,784

2,343,671

2,617,575

3,437,512

4,843,088

4,416,176

5,312,127

6,492,196

5,864,846

5,733,742

6,114,506

5,736,868

3,597,023

1,789,831

1,896,934

1,738,483

852,032

2020

4,632

3,246

17,676

152,670

29,028

142,397

416,280

242,087

323,648

484,283

900,524

1,324,060

2,056,160

2,304,716

2,468,137

3,569,149

4,613,893

4,413,659

5,321,864

6,290,575

5,917,160

5,612,148

6,205,070

5,662,208

3,568,517

1,783,869

1,853,397

1,750,698

880,140

2021

1,628

11,843

92,332

24,454

108,277

422,829

197,071

329,915

412,082

850,988

1,177,688

1,868,115

2,130,034

2,427,113

3,365,386

4,790,578

4,204,786

5,318,831

6,302,106

5,733,397

5,662,207

6,073,481

5,746,072

3,522,076

1,769,731

1,847,223

1,710,517

842,286

2022

5,939

61,862

14,790

91,217

321,513

200,171

268,567

420,060

724,115

1,112,906

1,661,599

1,935,232

2,243,154

3,309,448

4,517,084

4,365,804

5,067,121

6,298,513

5,743,906

5,486,362

6,127,656

5,624,217

3,574,242

1,746,700

1,832,584

1,704,819

864,301

2023

31,024

9,909

55,167

270,857

152,207

272,792

341,949

738,135

946,984

1,570,198

1,721,296

2,038,007

3,058,614

4,442,003

4,116,561

5,261,163

6,000,441

5,740,632

5,496,419

5,937,356

5,674,384

3,498,445

1,772,571

1,808,734

1,691,308

837,165

Total

Discounted at 4.0%

37,506,826 74,308,250 73,647,512 72,963,821 72,301,900 71,470,710 70,553,343 69,526,176 68,311,889 66,943,045 65,323,884 63,484,321

37,140,862 71,450,240 68,091,265 64,864,571 61,803,967 58,743,714 55,759,332 52,834,179 49,914,828 47,033,296 44,130,475 41,238,204






Exhibit 8

Sheet 2

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

2024 2025 2026 2027 2028


2029 2030 2031 2032 2033 2034 2035 2036 2037 Subsequent

4,969

36,962

163,811

128,226

207,427

347,329

600,878

965,319

1,336,099

1,626,612

1,812,710

2,778,889

4,105,329

4,048,137

4,960,803

6,230,223

5,468,961

5,493,286

5,948,239

5,498,161

3,529,650

1,734,981

1,835,524

1,669,297

853,908

18,536

109,753

77,550

174,746

264,104

610,331

785,816

1,361,967

1,384,102

1,712,997

2,471,689

3,729,877

3,741,315

4,878,347

5,874,540

5,678,391

5,233,321

5,944,848

5,508,239

3,420,034

1,750,456

1,796,599

1,694,022

843,027

55,041

51,958

105,684

222,493

464,087

798,179

1,108,707

1,410,899

1,457,608

2,335,727

3,317,548

3,399,154

4,508,600

5,776,896

5,354,212

5,433,726

5,663,513

5,505,100

3,426,303

1,696,094

1,812,624

1,658,097

855,749

26,057

70,808

134,561

390,968

606,924

1,126,150

1,148,541

1,485,828

1,987,496

3,135,057

3,023,385

4,096,267

5,339,045

5,265,216

5,123,515

5,880,393

5,244,575

3,424,350

1,699,203

1,756,331

1,672,887

808,314

35,510

90,155

236,452

511,300

856,309

1,166,610

1,209,537

2,025,976

2,667,654

2,857,076

3,643,434

4,850,764

4,866,148

5,038,354

5,544,681

5,445,412

3,262,295

1,698,235

1,759,551

1,620,934

813,415

45,213

158,422

309,227

721,393

887,074

1,228,566

1,649,243

2,719,303

2,431,117

3,443,018

4,314,523

4,421,115

4,656,480

5,452,520

5,134,534

3,387,222

1,617,867

1,758,548

1,623,905

848,981

79,449

207,181

436,288

747,311

934,184

1,675,190

2,213,645

2,478,186

2,929,701

4,077,191

3,932,371

4,230,623

5,039,255

5,049,189

3,193,845

1,679,822

1,675,326

1,622,980

786,431

103,901

292,312

451,963

786,999

1,273,791

2,248,471

2,017,364

2,986,423

3,469,326

3,716,061

3,762,937

4,578,391

4,666,494

3,140,759

1,583,921

1,739,481

1,546,174

783,480

146,594

302,814

475,966

1,073,099

1,709,706

2,049,103

2,431,094

3,536,496

3,162,036

3,555,947

4,072,260

4,239,721

2,902,710

1,557,594

1,640,174

1,605,383

814,415

151,861

318,895

648,995

1,440,333

1,558,108

2,469,341

2,878,881

3,223,257

3,025,794

3,848,255

3,771,030

2,637,243

1,439,539

1,612,912

1,513,732

772,197

159,926

434,824

871,093

1,312,621

1,877,652

2,924,173

2,623,888

3,084,376

3,274,522

3,563,594

2,345,702

1,307,886

1,490,664

1,488,571

762,251

218,064

583,629

793,854

1,581,819

2,223,499

2,665,169

2,510,833

3,337,920

3,032,301

2,216,670

1,163,302

1,354,335

1,375,747

749,697

292,690

531,880

956,662

1,873,177

2,026,556

2,550,335

2,717,230

3,091,010

1,886,189

1,099,312

1,204,617

1,249,929

651,614

266,738

640,960

1,132,870

1,707,263

1,939,238

2,759,979

2,516,233

1,922,708

935,416

1,138,354

1,111,752

628,521

Discounted at 4.0% 38,341,345 35,472,672 32,579,989 29,676,596 26,802,085 24,030,114 21,220,169 18,581,419 16,099,101 13,740,043 11,612,948 9,659,062 7,853,613 6,264,462

321,441

1,139,667

2,071,251

3,615,709

6,011,579

8,122,713

6,617,767

4,235,471

5,354,531

5,992,343

3,376,665

61,385,729 59,064,606 56,418,000 53,445,872 50,199,802 46,808,271 42,988,169 39,148,248 35,275,112 31,310,372 27,521,744 23,806,841 20,131,198 16,700,030 46,859,138

14,098,311

212,342

90,781

394,128

2,432,883

456,319

1,973,205

6,723,736

3,597,648

5,473,183

7,699,507

14,818,486

21,132,543

32,278,419

35,972,538

40,618,831

59,184,462

Total

Reserves as of

6/30/2012

24,927

21,854

72,690

34,447

0

9,268

459,322

97,612

158,921

15,022

84,454,127

81,584,696

103,913,950

129,690,552

124,378,771

124,878,011

141,541,765

137,015,207

88,916,347

45,912,448

49,432,978

47,389,563

24,343,322

1,417,404,811

959,036,864


Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total



Summary of Reserves as of 6/30/12

(1) (2)

Selected

Ultimate

Loss & ALAE

0

0

0

0

0

343,416

0

0

0

0

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,998,462

57,825,360

82,234,674

90,725,458

79,693,515

101,587,249

107,597,415

78,093,423

44,997,276

41,417,339

42,341,659

18,085,165

868,127,308

(3) (4)

Estimated

Total

Undiscounted

Reserves

(2) - (3)

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

21,988

57,767

0

0

123,168

181,088

198,737

303,851

375,278

619,789

401,363

410,073

460,690

214,449

3,368,241

Paid

Loss & ALAE

0

0

0

0

0

0

0

343,416

0

0

0

6,712

0

0

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,976,474

57,767,593

82,111,506

90,544,370

79,494,778

101,283,398

107,222,137

77,473,634

44,595,913

41,007,266

41,880,969

17,870,716

864,759,067

(5) (6)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Estimated

Total

Discounted

Reserves at 4.0%

(4) x (5)

0

0

0

0

0

0

0

0

21,570

55,572

0

0

116,147

167,506

180,453

270,731

327,993

531,779

337,948

339,130

374,080

170,916

2,893,825

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.962

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.943

0.925

0.908

0.891

0.874

0.858

0.842

0.827

0.812

0.797

Discount

Factor at 4.0%

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.859

Notes:



(5): Exhibit 6

Milliman

Appendix B - First and Final Claims

Exhibit 1


Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

93-94 and Prior



Summary of Methods

(1) (2)

Estimated Ultimate Based on:

(3)

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

44,020,450

57,883,128

82,357,841

90,906,547

79,892,252

101,891,099

107,972,692

78,093,423

44,997,276

41,417,339

42,341,659

18,085,165

Paid

Development

0

0

0

0

0

0

0

0

0

343,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

869,389,184

722,547,745

Notes:



(6): = (2)x(4) + (3)x(5)

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,976,474

57,767,593

82,111,506

90,544,370

79,494,778

101,283,398

107,222,137

107,222,137

NA

NA

NA

NA

0

343,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

Percent

Paid

0

0

0

0

0

0

0

0

749,152,706

749,152,706

(4)

1.000

1.000

1.000

1.000

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

1.000

1.000

1.000

1.000

1.000

Weight to

(2)

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

(5)

0.000

0.000

0.000

0.000

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.500

0.000

0.000

0.000

0.000

0.000

Weight to

(3)

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

(6)

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,998,462

57,825,360

82,234,674

90,725,458

79,693,515

101,587,249

107,597,415

78,093,423

44,997,276

41,417,339

42,341,659

18,085,165

Selected

Ultimate

Loss & ALAE

0

0

0

0

0

0

0

0

0

343,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

868,127,308

721,285,869

Milliman


Exhibit 2

Sheet 1


Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total



Paid Development Method

(1) (2) (3) (4) (5)

Paid

Loss & ALAE as of

6/30/2012

0

0

0

343,416

0

0

0

0

0

0

0

6,712

0

0

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,976,474

57,767,593

82,111,506

90,544,370

79,494,778

101,283,398

107,222,137

77,473,634

44,595,913

41,007,266

41,880,969

17,870,716

864,759,067

372

360

348

336

324

312

300

288

480

468

456

444

432

420

408

396

384

Age

(in Months)

636

624

612

600

588

576

564

552

540

528

516

504

492

276

264

252

240

228

216

204

192

183

Estimated

Ultimate

Loss & ALAE

(3) x (4)

0

0

0

343,416

0

0

0

0

0

0

0

6,712

0

0

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

44,020,450

57,883,128

82,357,841

90,906,547

79,892,252

101,891,099

107,972,692

78,093,423

44,997,276

41,417,339

42,341,659

18,085,165

869,389,184

1.000

1.000

1.000

1.000

1.000

1.001

1.002

1.003

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

Cumulative

Development

Factors

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.004

1.005

1.006

1.007

1.008

1.009

1.010

1.011

1.012

Notes:


(4): Based on Exhibit 4; interpolated as necessary

Milliman


Exhibit 2

Sheet 2





Estimated Ultimate Loss & ALAE - Percent Paid Method

(1) (2) (3) (4)

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97


102,521

0

73,895

0

0

0

0

22,500

60,000

405,390

1,170,276

2,318,180

2,716,857

4,024,339

7,796,607

6,366,837

6,547,149

4,228,183

539,249

0

1994-95

Incremental

Payment

0

0

143,416

0

0

0

0

0

0

0

0

0

0

0

0

0

1996-97

Incremental

Payment

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

58,859

0

0

0

0

0

508,317

316,245

1,826,540

2,507,408

3,300,085

5,829,062

9,107,447

12,004,556

14,275,425

19,449,280

12,386,374

2,434,444

467,619

0

1995-96

Incremental

Payment

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

220,795

0

139,327

0

0

0

0

532,412

77,039

1,232,452

923,839

1,468,304

3,719,860

6,372,073

7,784,279

9,967,272

14,240,175

14,449,087

5,872,332

276,671

0

Notes:


(5)-(7): Based on Exhibit 4; interpolated as necessary

(8): = (2) / (5)

(9): = (3) / (6)

(10): = (4) / (7)

(11): Exhibit 3

(12): Based on (8)-(10) and judgment; subject to a minimum of (11)

(5) (6)

1994-95 1995-96


Percent

Paid

Percent

Paid

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.001

0.001

0.001

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.002

0.004

0.005

0.009

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.002

0.004

0.005

0.014

0.016

0.027

0.035

0.065

0.106

0.163

0.233

0.207

0.095

0.008

0.000

0.009

0.014

0.016

0.027

0.035

0.065

0.106

0.163

0.233

0.207

0.095

0.008

(7) (8) (9) (10) (11) (12)

1994-95

Estimated

Ultimate

Loss & ALAE

143,416,000

0

0

0

0

0

0

0

0

0

0

25,630,250

0

8,210,556

0

0

0

0

0

0

0

0

0

1,607,143

3,750,000

15,014,444

33,436,457

35,664,308

25,630,726

24,689,196

33,461,833

30,757,667

68,917,358

528,522,875

539,249

1996-97

Incremental

Percent

Paid

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.002

0.004

0.005

0.009

0.014

0.016

0.027

0.035

0.065

0.106

0.163

0.233

0.207

0.095

1995-96

Estimated

Ultimate

Loss & ALAE

0

0

0

0

0

0

0

0

0

0

0

110,397,500

0

27,865,400

0

0

0

0

0

0

0

0

0

59,156,889

5,502,786

77,028,250

34,216,259

41,951,543

57,228,615

60,113,896

47,756,313

42,777,991

68,793,116

152,095,653

734,041,500

1996-97

Estimated

Ultimate

Loss & ALAE

0

0

0

0

0

0

0

0

0

0

0

0

0

14,714,750

0

0

0

0

0

0

0

0

0

0

56,479,667

22,588,929

114,158,750

92,866,963

94,288,143

89,677,877

85,919,311

73,647,583

61,267,918

93,957,874

130,382,884

Estimated

Cumulative

Paid as of

6/30/12

0

0

0

0

0

343,416

0

0

0

0

0

6,712

0

3,907

0

0

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,976,474

57,767,593

82,111,506

90,544,370

79,494,778

101,283,398

107,222,137

77,473,634

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,976,474

57,767,593

82,111,506

90,544,370

79,494,778

101,283,398

107,222,137

107,222,137

Selected

Ultimate

Loss & ALAE

0

0

343,416

0

0

0

0

0

0

0

0

6,712

0

3,907

0

0

979,248,062 1,518,925,711 929,950,649 719,404,203 749,152,706

Exhibit 2

Sheet 3




Estimated Payments as of 6/30/12


Exhibit 3

(1) (2) (3) (4)

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97


102,521

0

73,895

0

0

0

0

22,500

60,000

405,390

1,170,276

2,318,180

2,716,857

4,024,339

7,796,607

6,366,837

6,547,149

4,228,183

539,249

0

1994-95

Incremental

Payment

0

0

143,416

0

0

0

0

0

0

0

0

0

0

0

0

0

1996-97

Incremental

Payment

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

58,859

0

0

0

0

0

508,317

316,245

1,826,540

2,507,408

3,300,085

5,829,062

9,107,447

12,004,556

14,275,425

19,449,280

12,386,374

2,434,444

467,619

0

1995-96

Incremental

Payment

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

220,795

0

139,327

0

0

0

0

532,412

77,039

1,232,452

923,839

1,468,304

3,719,860

6,372,073

7,784,279

9,967,272

14,240,175

14,449,087

5,872,332

276,671

0

(5) (6)

1994-95 1995-96


Percent

Paid

Percent

Paid

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.001

0.001

0.001

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.001

0.001

0.014

0.016

0.027

0.035

0.065

0.106

0.163

0.233

0.207

0.095

0.008

0.000

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.002

0.004

0.005

0.009

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.002

0.004

0.005

0.009

0.014

0.016

0.027

0.035

0.065

0.106

0.163

0.233

0.207

0.095

0.008

1996-97

Incremental

Percent

Paid

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.002

0.004

0.005

0.009

0.014

0.016

0.027

0.035

0.065

0.106

0.163

0.233

0.207

0.095

Notes:


(5)-(7): Based on LDFs in Exhibit 4; interpolated as necessary




(11): Based on average of (8)-(10); excludes negative values in (8)-(10)

(12),(14): Exhibit 5

(7) (8)

1994-95

Estimated

Cumulative

Paid as of

6/30/94

0

0

0

0

0

143,272,584

0

0

0

0

0

0

0

0

0

0

25,297,057

0

8,029,923

0

0

0

0

1,557,321

3,581,250

14,098,563

30,494,049

31,241,934

20,812,150

17,430,573

18,169,775

9,534,877

7,098,488

4,756,706

539,249

335,914,498

(9)

1995-96

Estimated

Cumulative

Paid as of

6/30/94

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

108,962,333

0

27,252,361

0

0

0

0

57,323,025

5,255,160

72,329,527

31,205,228

36,749,552

46,469,636

42,440,411

25,931,678

13,261,177

7,085,691

1,368,861

0

475,634,640

(11)

Preliminary

Selected

Cumulative

Paid as of

6/30/94

0

0

0

0

0

200,000

0

0

0

0

0

0

0

0

0

0

2,000,000

1,000,000

4,000,000

0

0

0

0

2,000,000

3,581,250

14,098,563

30,494,049

31,241,934

33,640,893

41,061,188

30,251,880

15,208,935

6,831,591

2,323,729

179,750

(10)

1996-97

Estimated

Cumulative

Paid as of

6/30/94

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

14,391,026

0

0

0

0

0

53,938,082

21,211,004

104,112,780

81,351,460

76,561,972

63,312,581

46,654,186

22,830,751

6,310,596

845,621

0

491,520,057 218,113,762

(12)

Actual

Cumulative

Paid as of

6/30/94

0

0

0

0

0

0

0

3,907

0

0

0

0

0

0

0

0

3,604

39,000

24,117

89,121

91,174

209,348

98,264

264,546

1,259,823

730,893

1,669,981

2,061,505

3,166,243

3,914,220

3,749,877

2,022,981

899,666

88,989

0

(13) (14)

Selected

Cumulative

Paid as of

6/30/94

0

0

0

0

0

200,000

0

0

0

0

0

0

0

3,907

0

0

3,604

39,000

24,117

89,121

2,000,000

1,000,000

4,000,000

2,000,000

3,581,250

14,098,563

30,494,049

31,241,934

33,640,893

41,061,188

0

0

0

46,302

1,089,435

706,570

1,867,049

890,783

2,041,262

5,043,446

10,161,727

12,734,540

24,126,700

41,050,318

30,251,880

15,208,935

60,292,490

64,285,843

6,831,591 94,451,807

2,323,729 104,898,408

179,750 77,293,884

Actual

Cumulative

Paid

7/1/94 to

6/30/12

0

0

0

0

0

143,416

0

0

0

0

0

6,712

0

0

0

0

(15)

Selected

Cumulative

Paid as of

6/30/12

(13)+(14)

0

0

0

0

0

343,416

0

0

0

0

0

6,712

0

3,907

0

0

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,976,474

57,767,593

82,111,506

90,544,370

79,494,778

101,283,398

107,222,137

77,473,634

20,387,259 218,273,511 501,130,692 719,404,203



Fiscal Year

Ending 6/30/XX

1960

1961

1986

1987

1988

1989

1990

1991

1992

1993

1978

1979

1980

1981

1982

1983

1984

1985

1994

1995

1996

1997

1998

1970

1971

1972

1973

1974

1975

1976

1977

1962

1963

1964

1965

1966

1967

1968

1969

Straight Average



Prior Selected

Selected

Cumulative




1983

1984

1985

1986

1987

1988

1989

1990

1975

1976

1977

1978

1979

1980

1981

1982

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974 at 12

Months

179,750

0

0

0

0

12-24

Months at 24

Months at 36

Months at 48

Months

2,323,729

718,999

276,671

467,619

722,255

166,720

6,831,591

6,551,912

6,591,331

2,711,115

5,629,711

4,424,878

3,369,997

15,208,935

13,378,740

21,000,999

18,977,705

13,182,117

13,316,085

15,068,455

7,623,500

24-36

Months

36-48

Months

48-60

Months at 60

Months at 72

Months at 84

Months

30,251,880

21,575,772

27,618,915

40,450,279

36,470,962

22,858,171

23,835,473

26,140,319

12,426,903

41,061,188

38,048,487

31,543,044

41,894,340

61,112,663

49,632,171

31,308,666

30,748,971

32,862,537

14,542,648

33,640,893

45,085,527

45,832,766

43,547,600

57,895,041

74,673,890

60,989,458

36,141,778

34,896,962

36,754,445

15,424,374

60-72

Months

72-84

Months

84-96

Months at 96

Months

31,241,934

36,357,750

51,457,600

54,940,213

52,394,469

72,999,759

86,006,422

68,214,614

40,231,603

37,497,122

38,208,055

16,601,162

96-108

Months

4.000

4.000

20.000

20.000

2,321.280

2.820

9.167

9.799

12.039

6.126

20.214

10.028

12.793

20.214

12.000

12.000

116.064

1.958

3.205

2.879

4.862

2.365

3.405

2.262

2.991

2.677

2.262

3.000

3.000

9.672

1.419

2.064

1.926

1.922

1.734

1.790

1.735

1.630

1.778

1.718

1.630

1.750

1.750

3.224

1.258

1.462

1.517

1.511

1.361

1.370

1.290

1.257

1.170

1.355

1.239

1.170

1.300

1.300

1.842

1.098

1.205

1.381

1.382

1.222

1.229

1.154

1.135

1.118

1.061

1.199

1.105

1.061

1.150

1.150

1.417

1.081

1.141

1.199

1.203

1.261

1.152

1.118

1.113

1.075

1.040

1.076

1.133

1.064

1.076

1.080

1.080

1.232

1.074

1.102

1.113

1.182

1.123

1.150

1.106

1.071

1.048

1.046

1.043

1.032

1.091

1.040

1.032

1.040

1.040

1.141

Months at 120

Months

30,494,049

33,560,114

40,077,610

57,286,662

64,966,577

58,813,712

83,928,236

95,117,242

73,044,343

42,177,648

39,219,329

39,837,904

17,128,381

14,098,563

31,664,325

35,028,418

43,377,695

63,239,900

71,219,749

65,511,329

92,208,461

101,471,747

75,075,424

42,931,059

40,484,397

40,784,969

17,502,029

3,581,250

14,503,953

32,588,164

37,535,826

46,170,464

68,308,415

79,088,495

71,620,753

95,776,765

103,611,523

76,029,361

43,343,519

40,697,207

41,526,441

17,791,323

2,000,000

3,641,250

15,736,405

34,414,704

39,755,613

48,451,233

72,401,447

83,609,030

74,453,630

98,115,785

105,203,453

76,905,861

43,579,627

40,879,019

41,880,969

17,791,323

4,000,000

2,022,500

3,718,289

16,052,650

35,766,207

40,426,747

50,815,977

75,552,823

86,772,392

75,978,121

99,366,952

106,496,732

77,006,501

44,550,554

40,971,861

41,880,969

17,870,716

108-120

Months at 108

1.038

1.044

1.082

1.104

1.096

1.114

1.099

1.067

1.028

1.018

1.032

1.024

1.022

1.059

1.026

1.022

1.030

1.030

1.097

120-132

Months

1.029

1.029

1.072

1.064

1.080

1.110

1.093

1.039

1.021

1.013

1.010

1.005

1.018

1.017

1.043

1.013

1.017

1.017

1.017

1.065

at 132

Months

132-144

Months

1.017

1.085

1.056

1.059

1.049

1.060

1.057

1.040

1.024

1.015

1.012

1.005

1.004

1.009

1.000

1.033

1.004

1.000

1.015

1.015

1.047


Exhibit 4

Months

144-156

Months at 144

1.011

1.021

1.020

1.039

1.017

1.049

1.044

1.038

1.020

1.013

1.012

1.001

1.022

1.002

1.000

1.004

1.020

1.002

1.004

1.010

1.010

1.032

Sheet 1 at 156

Months

156-168

Months

1.039

1.000

1.000

1.005

1.005

1.022

1.015

1.019

1.007

1.001

1.005

1.000

1.000

1.000

1.000

1.018

1.263

1.137

1.032

1.044

1.036

1.048

1.039

Milliman



Fiscal Year

Ending 6/30/XX

1960

1961

1986

1987

1988

1989

1990

1991

1992

1993

1978

1979

1980

1981

1982

1983

1984

1985

1994

1995

1996

1997

1998

1970

1971

1972

1973

1974

1975

1976

1977

1962

1963

1964

1965

1966

1967

1968

1969

Straight Average



Prior Selected

Selected

Cumulative




1983

1984

1985

1986

1987

1988

1989

1990

1975

1976

1977

1978

1979

1980

1981

1982

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974 at 168

Months

1.017

1.014

1.009

1.004

1.004

1.000

1.001

1.001

1.000

1.000

1.000

1.034

1.000

1.077

1.102

1.044

1.012

1.026

1.019

1.001

1.000

1.004

1.004

1.017

at 180

Months at 192

Months at 204

Months at 216

Months at 228

Months at 240

Months

1.036

1.006

1.013

1.013

1.003

1.001

1.000

1.000

1.000

1.000

1.051

1.000

1.014

1.000

1.047

1.010

1.025

1.008

1.013

1.000

1.000

1.002

1.002

1.013

1.012

1.009

1.010

1.001

1.000

1.002

1.000

1.001

1.000

1.000

1.000

1.105

1.000

1.178

1.022

1.027

1.018

1.009

1.022

1.000

1.000

1.001

1.001

1.011

1.000

1.005

1.008

1.002

1.000

1.004

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.046

1.000

1.039

1.013

1.007

1.000

1.000

1.001

1.001

1.010

1.027

1.001

1.000

1.001

1.001

1.009

1.002

1.005

1.000

1.001

1.011

1.000

1.001

1.003

1.000

1.000

1.000

1.000

1.000

1.051

1.305

1.065

1.000

1.048

1.041

1.006

1.001

1.000

1.001

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.206

1.308

1.000

1.066

1.035

1.000

1.000

1.001

1.001

1.008

1.002

1.000

1.000

1.001

1.001

1.007

at 252

Months

1.008

1.014

1.000

1.000

1.010

1.001

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.002

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.001

1.001

1.006

at 264

Months

1.030

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.520

1.003

1.000

1.024

1.036

1.000

1.000

1.001

1.001

1.005

at 276

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.022

1.000

1.000

1.000

1.002

1.000

1.000

1.000

1.002

1.001

1.000

1.001

1.001

1.004

at 288

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.001

1.001

1.003

at 300

Months

1.000

1.000

1.000

1.000

1.000

1.046

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.004

1.000

1.000

1.001

1.001

1.002


Exhibit 4

Months

Sheet 2 at 324

Months

1,000,000

4,073,895

2,554,912

4,226,606

16,565,045

37,355,893

41,873,871

53,280,396

78,467,251

88,038,761

77,399,477

100,069,361

106,649,159

77,402,142

44,570,016

40,971,861

41,880,969

17,870,716

2,000,000

1,000,000

4,213,222

2,554,912

4,552,167

18,253,383

38,992,573

42,388,240

54,681,207

79,791,420

89,305,463

78,102,518

100,487,192

107,128,181

77,402,142

44,595,913

41,007,266

41,880,969

17,870,716

89,121

2,102,521

1,000,000

4,272,081

2,554,912

4,764,076

18,432,841

39,980,188

42,707,415

56,671,431

80,286,734

90,453,763

79,108,801

100,757,183

107,193,112

77,402,142

44,595,913

41,007,266

41,880,969

24,117

89,121

2,323,316

1,000,000

5,031,806

2,611,851

4,893,725

18,757,423

40,324,652

43,236,384

57,170,692

81,062,444

90,544,370

79,108,801

100,980,053

107,193,112

77,451,275

44,595,913

41,007,266

39,000

24,117

89,121

2,323,316

1,000,000

5,262,938

2,611,851

5,085,652

18,992,553

40,324,652

43,462,397

57,622,222

81,223,847

90,544,370

79,444,786

100,980,053

107,193,112

77,463,634

44,595,913

3,604

39,000

24,117

89,121

2,442,215

1,305,005

5,605,487

2,611,851

5,330,220

19,024,904

40,529,818

43,462,397

57,668,376

82,111,506

90,544,370

79,494,778

101,270,798

107,222,137

77,473,634

3,907

3,604

39,000

24,117

89,121

2,944,963

1,706,570

5,605,487

2,783,351

5,547,152

19,142,009

40,580,776

43,462,397

57,736,669

82,111,506

90,544,370

79,494,778

101,270,798

107,222,137

0

3,907

3,604

39,000

24,117

89,121

2,944,963

1,706,570

5,605,487

2,805,551

5,622,512

19,142,009

40,580,776

43,905,796

57,767,593

82,111,506

90,544,370

79,494,778

101,283,398

0

0

3,907

3,604

39,000

24,117

89,121

2,944,963

1,706,570

5,605,487

2,805,551

5,622,512

19,142,009

40,580,776

43,976,474

57,767,593

82,111,506

90,544,370

79,494,778

3,907

3,604

39,000

24,117

135,423

2,954,873

1,706,570

5,742,233

2,890,783

5,622,512

19,142,009

40,580,776

43,976,474

57,767,593

82,111,506

90,544,370

0

0

0

3,907

3,604

39,000

24,117

135,423

2,954,873

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,976,474

57,767,593

82,111,506

0

0

0

0

3,907

3,604

39,000

24,117

135,423

2,954,873

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,976,474

57,767,593

0

0

0

0

0

200,000

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

43,976,474

0

343,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

40,655,776

168-180

Months

180-192

Months

192-204

Months

204-216

Months

216-228

Months

228-240

Months

240-252

Months

252-264

Months

264-276

Months

276-288

Months

288-300

Months

300-312

Months

312-324

Months

324-336

Months at 312

1.717

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.051

1.000

1.000

1.001

1.001

1.001

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

Milliman



Fiscal Year

Ending 6/30/XX

1960

1961

1986

1987

1988

1989

1990

1991

1992

1993

1978

1979

1980

1981

1982

1983

1984

1985

1994

1995

1996

1997

1998

1970

1971

1972

1973

1974

1975

1976

1977

1962

1963

1964

1965

1966

1967

1968

1969

Straight Average



Prior Selected

Selected

Cumulative




1983

1984

1985

1986

1987

1988

1989

1990

1975

1976

1977

1978

1979

1980

1981

1982

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974 at 336

Months

343,416

0

0

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512

19,142,009

336-348

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

0

0

0

343,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783

5,622,512 at 348

Months

343,416

0

0

0

0

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049

2,890,783 at 360

Months

0

343,416

0

0

0

0

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570

5,867,049 at 372

Months

343,416

0

0

0

0

0

0

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

1,706,570 at 384

Months at 396

Months

0

343,416

0

0

0

0

0

0

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

3,089,435

348-360

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

360-372

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

372-384

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

384-396

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

396-408

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

at 408

Months

343,416

0

0

0

6,712

0

0

0

0

0

0

0

0

0

3,907

3,604

39,000

24,117

135,423

408-420

Months

420-432

Months

1.000

1.000

1.000

1.000

1.000

1.000

at 420

Months

0

0

0

0

0

0

0

0

0

343,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

1.000

1.000

1.000

1.000

1.000

at 432

Months

0

0

0

0

0

0

0

343,416

0

0

0

0

0

6,712

0

3,907

3,604

39,000

432-444

Months

444-456

Months

1.000

1.000

1.000

1.000

at 444

Months

0

0

0

0

0

0

0

343,416

0

0

0

0

0

6,712

0

3,907

3,604

1.000

1.000

1.000

at 456

Months

0

0

0

0

0

0

0

343,416

0

0

0

6,712

0

0

0

3,907

456-468

Months

1.000

1.000


Exhibit 4 at 468

Months

0

0

0

0

0

0

0

343,416

0

0

0

6,712

0

0

0

1.000

1.000

1.000

1.000

at 480

Months

0

0

0

0

0

0

0

0

0

343,416

0

0

0

6,712

Sheet 3 at 492

Months

0

0

0

0

0

0

0

343,416

0

0

0

0

0

468-480

Months

480-492

Months

492-504

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

Milliman



Fiscal Year

Ending 6/30/XX

1960

1961

1986

1987

1988

1989

1990

1991

1992

1993

1978

1979

1980

1981

1982

1983

1984

1985

1994

1995

1996

1997

1998

1970

1971

1972

1973

1974

1975

1976

1977

1962

1963

1964

1965

1966

1967

1968

1969

Straight Average



Prior Selected

Selected

Cumulative




1983

1984

1985

1986

1987

1988

1989

1990

1975

1976

1977

1978

1979

1980

1981

1982

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1.000

1.000

at 504

Months

0

0

0

0

0

0

0

0

0

343,416

0

0

504-516

Months

1.000

1.000

1.000

1.000

1.000

1.000

at 516

Months

0

0

0

0

0

0

0

0

0

343,416

0

516-528

Months

1.000

1.000

1.000

1.000

at 528

Months

0

0

0

0

0

0

0

0

0

343,416

528-540

Months

1.000

1.000

1.000

at 540

Months

0

0

0

0

0

0

0

0

0

540-552

Months at 552

Months

0

0

0

0

0

0

0

0 at 564

Months

0

0

0

0

0

0

0 at 576

Months

0

0

0

0

0

0 at 588

Months

0

0

0

0

0 at 600

Months

0

0

0

0


Exhibit 4

Sheet 4 at 612

Months

0

0

0 at 624

Months

0

0 at 636

Months

0

552-564

Months

564-576

Months

576-588

Months

588-600

Months

600-612

Months

612-624

Months

624-636

Months

#REF!

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

Milliman



1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998




1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

Straight Average



1.651

at 12

Months

19,238

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

12-24

Months at 24

Months at 36

Months at 48

Months at 60

Months at 72

Months at 84

Months

9,000

0

0

31,763

88,989

0

0

0

0

0

0

0

0

8,511

0

0

0

0

0

0

0

0

0

0

539,249

276,671

467,619

722,255

166,720

0

31,721

0

31,986

99,553

0

0

0

97,421

19,629

47,606

899,666

4,317,172

8,511

0

0

0

0

0

0

0

0

0

0

0

6,411,581

2,711,115

5,629,711

4,424,878

3,369,997

0

38,062

5,617

144,296

290,040

0

0

0

195,346

245,379

2,022,981

7,446,815

18,766,259

0

0

24,117

8,511

0

0

0

0

0

0

0

0

0

18,797,955

13,182,117

13,316,085

15,068,455

7,623,500

0

38,062

80,444

278,237

390,954

0

0

0

523,561

3,749,877

8,389,818

21,686,990

38,215,539

0

0

24,117

8,511

0

0

0

0

0

0

0

0

0

0

36,291,212

22,858,171

23,835,473

26,140,319

12,426,903

0

17,645

0

0

206,435

246,329

298,237

690,901

3,914,220

11,546,484

18,357,090

35,962,415

58,877,923

0

0

24,117

8,511

0

0

0

0

0

0

0

0

0

0

0

49,452,421

31,308,666

30,748,971

32,862,537

14,542,648

0

0

24,117

8,511

0

0

0

0

0

17,645

26,849

67,036

252,077

246,329

345,218

3,166,243

0

0

0

0

0

0

0

0

7,938,559

19,330,763

30,361,646

51,963,116

72,439,150

60,809,708

36,141,778

34,896,962

36,754,445

15,424,374

0

0

24,117

8,511

0

0

0

0

0

17,645

66,936

67,036

252,077

298,075

2,061,505

5,883,100

0

0

0

0

0

0

0

0

0

14,310,632

28,438,210

39,208,515

67,067,834

83,771,682

68,034,864

40,231,603

37,497,122

38,208,055

16,601,162 at 96

Months at 108

Months

0

0

24,117

8,511

0

0

0

0

0

17,645

105,281

79,881

464,332

1,669,981

4,379,685

9,602,960

0

0

0

0

0

0

0

0

0

0

20,139,694

38,464,574

45,627,758

77,996,311

92,882,502

72,864,593

42,177,648

39,219,329

39,837,904

17,128,381 at 120

Months

3,604

0

24,117

8,511

55,974

0

0

0

0

17,645

105,281

79,881

730,893

2,840,257

5,847,989

12,903,045

0

0

0

0

0

0

0

0

0

0

0

26,092,932

44,717,746

52,325,375

86,276,536

99,237,007

74,895,674

42,931,059

40,484,397

40,784,969

17,502,029 at 132

Months

0

0

3,907

3,604

0

24,117

8,511

55,974

0

17,645

105,281

1,259,823

1,136,283

3,764,096

8,355,397

15,695,814

0

0

0

0

0

0

0

0

0

0

0

0

31,161,447

52,586,492

58,434,799

89,844,840

101,376,783

75,849,611

43,343,519

40,697,207

41,526,441

17,791,323


Exhibit 5

Sheet 1

0

17,645

264,546

1,319,823

2,368,735

5,590,636

10,575,184

17,976,583

35,254,479

57,107,027

61,267,676

92,183,860

102,968,713

76,726,111

43,579,627

40,879,019

41,880,969

17,791,323

0

0

3,907

3,604

0

24,117

8,511

55,974

0

0

0

0

0 at 144

Months

0

0

0

0

0

0

0

0

68,769

98,264

287,046

1,396,862

2,684,980

6,942,139

11,246,318

20,341,327

38,405,855

60,270,389

62,792,167

93,435,027

104,261,992

76,826,751

44,550,554

40,971,861

41,880,969

17,870,716

0

0

3,907

3,604

0

24,117

67,757

55,974

0

0

0

0

0 at 156

Months

0

0

0

0

0

0

0

0

24-36

Months

36-48

Months

48-60

Months

60-72

Months

72-84

Months

84-96

Months

96-108

Months

108-120

Months

120-132

Months

132-144

Months

144-156

Months

156-168

Months

1.651

1.000

1.000

10.825

28.324

48.514

11.890

9.799

12.039

6.126

20.214

16.526

12.793

20.214

1.200

4.511

2.913

2.005

12.501

42.494

8.277

4.347

2.932

4.862

2.365

3.405

2.262

6.791

2.677

2.262

1.000

1.000

1.000

14.322

1.928

1.348

2.680

15.282

4.147

2.912

2.036

1.931

1.734

1.790

1.735

1.630

3.530

1.718

1.630

1.000

1.000

5.424

3.062

1.072

1.767

7.476

3.079

2.188

1.658

1.541

1.363

1.370

1.290

1.257

1.170

2.232

1.239

1.170

1.000

1.000

1.000

1.221

1.000

1.158

4.583

2.028

1.674

1.654

1.445

1.230

1.230

1.154

1.135

1.118

1.061

1.452

1.105

1.061

1.000

1.000

1.000

2.493

1.000

1.000

1.210

5.972

1.858

1.803

1.471

1.291

1.291

1.156

1.119

1.113

1.075

1.040

1.076

1.525

1.064

1.076

1.000

1.000

1.000

1.573

1.192

1.842

5.603

2.125

1.632

1.407

1.353

1.164

1.163

1.109

1.071

1.048

1.046

1.043

1.032

1.495

1.040

1.032

1.000

1.000

1.000

1.000

1.000

1.574

1.701

1.335

1.344

1.296

1.163

1.147

1.106

1.068

1.028

1.018

1.032

1.024

1.022

1.150

1.026

1.022

1.000

1.000

1.000

1.000

1.000

1.000

15.771

1.555

1.325

1.429

1.216

1.194

1.176

1.117

1.041

1.022

1.013

1.010

1.005

1.018

1.017

1.805

1.013

1.017

1.000

1.000

1.000

1.000

1.000

1.000

2.513

1.048

2.085

1.485

1.266

1.145

1.131

1.086

1.048

1.026

1.016

1.012

1.005

1.004

1.009

1.000

1.176

1.004

1.000

1.000

1.000

1.000

7.961

1.000

5.569

1.085

1.058

1.134

1.242

1.063

1.132

1.089

1.055

1.025

1.014

1.013

1.001

1.022

1.002

1.000

1.004

1.567

1.002

1.004

1.000

1.000

1.191

1.229

1.129

1.121

1.076

1.021

1.023

1.008

1.000

1.000

1.629

3.044

1.752

2.855

1.364

1.001

1.005

1.000

1.000

1.000

1.000

1.280

1.000

1.000

Milliman



1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998




1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

Straight Average



209,348

172,159

819,458

1,905,179

3,197,375

8,531,825

12,693,442

22,805,746

41,320,283

61,536,758

64,213,523

94,137,436

104,414,419

77,222,392

44,570,016

40,971,861

41,880,969

17,870,716

0

0

3,907

3,604

0

24,117

67,757

91,174

0

0

0

0

0 at 168

Months

0

0

0

0

0

0

0

0

209,348

311,486

819,458

2,230,740

4,885,713

10,168,505

13,207,811

24,206,557

42,644,452

62,803,460

64,916,564

94,555,267

104,893,441

77,222,392

44,595,913

41,007,266

41,880,969

17,870,716

0

0

3,907

3,604

0

24,117

89,121

91,174

0

0

0

0

0 at 180

Months

0

0

0

0

0

0

0

0

209,348

370,345

819,458

2,442,649

5,065,171

11,156,120

13,526,986

26,196,781

43,139,766

63,951,760

65,922,847

94,825,258

104,958,372

77,222,392

44,595,913

41,007,266

41,880,969

0

0

3,907

3,604

0

24,117

89,121

193,695

0

0

0

0

0 at 192

Months

0

0

0

0

0

0

0

0

209,348

1,130,070

876,397

2,572,298

5,389,753

11,500,584

14,055,955

26,696,042

43,915,476

64,042,367

65,922,847

95,048,128

104,958,372

77,271,525

44,595,913

41,007,266

0

0

3,907

3,604

0

24,117

89,121

414,490

0

0

0

0

0 at 204

Months

0

0

0

0

0

0

0

0

209,348

1,361,202

876,397

2,764,225

5,624,883

11,500,584

14,281,968

27,147,572

44,076,879

64,042,367

66,258,832

95,048,128

104,958,372

77,283,884

44,595,913

0

0

3,907

3,604

39,000

24,117

89,121

414,490

0

0

0

0

0 at 216

Months

0

0

0

0

0

0

0

0

514,353

1,703,751

876,397

3,008,793

5,657,234

11,705,750

14,281,968

27,193,726

44,964,538

64,042,367

66,308,824

95,338,873

104,987,397

77,293,884

0

0

3,907

3,604

39,000

24,117

89,121

533,389

0

0

0

0

0 at 228

Months

0

0

0

0

0

0

0

0

915,918

1,703,751

1,047,897

3,225,725

5,774,339

11,756,708

14,281,968

27,262,019

44,964,538

64,042,367

66,308,824

95,338,873

104,987,397

0

0

3,907

3,604

39,000

24,117

89,121

1,036,137

0

0

0

0

0 at 240

Months

0

0

0

0

0

0

0

0

0

0

3,907

3,604

39,000

24,117

89,121

1,036,137

0

0

0

0

0 at 252

Months

0

0

0

0

0

0

0

0

915,918

1,703,751

1,070,097

3,301,085

5,774,339

11,756,708

14,725,367

27,292,943

44,964,538

64,042,367

66,308,824

95,351,473

0

0

3,907

3,604

39,000

24,117

89,121

1,036,137

0

0

0

0

0 at 264

Months

0

0

0

0

0

0

0

0

915,918

1,703,751

1,070,097

3,301,085

5,774,339

11,756,708

14,796,045

27,292,943

44,964,538

64,042,367

66,308,824

0

0

3,907

3,604

39,000

24,117

135,423

1,046,047

0

0

0

0

0 at 276

Months

0

0

0

0

0

0

0

0

915,918

1,840,497

1,155,329

3,301,085

5,774,339

11,756,708

14,796,045

27,292,943

44,964,538

64,042,367

0

0

3,907

3,604

39,000

24,117

135,423

1,046,047

0

0

0

0

0 at 288

Months

0

0

0

0

0

0

0

0

915,918

1,965,313

1,155,329

3,301,085

5,774,339

11,831,708

14,796,045

27,292,943

44,964,538

0

0

3,907

3,604

39,000

24,117

135,423

1,046,047

0

0

0

0

0 at 300

Months

0

0

0

0

0

0

0

0

915,918

1,965,313

1,155,329

3,301,085

5,774,339

11,831,708

14,796,045

27,292,943


Exhibit 5

Sheet 2

6,712

0

3,907

3,604

39,000

24,117

135,423

1,180,609

0

0

0

0

0 at 312

Months

0

0

0

0

0

0

0

0

915,918

1,965,313

1,155,329

3,301,085

5,774,339

11,831,708

14,796,045

0

143,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

1,180,609 at 324

Months

0

0

0

0

0

0

0

0

915,918

1,965,313

1,155,329

3,301,085

5,774,339

11,831,708

168-180

Months

1.000

1.000

1.000

1.315

1.000

1.000

1.809

1.000

1.171

1.528

1.192

1.041

1.061

1.032

1.021

1.011

1.004

1.005

1.000

1.001

1.001

1.000

1.000

1.095

1.001

1.000

180-192

Months

1.000

1.000

1.000

1.000

2.124

1.000

1.189

1.000

1.095

1.037

1.097

1.024

1.082

1.012

1.018

1.016

1.003

1.001

1.000

1.000

1.000

1.000

1.077

1.000

1.000

192-204

Months

1.000

1.000

1.000

1.000

2.140

1.000

3.051

1.069

1.053

1.064

1.031

1.039

1.019

1.018

1.001

1.000

1.002

1.000

1.001

1.000

1.000

1.166

1.000

1.000

204-216

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.205

1.000

1.075

1.044

1.000

1.016

1.017

1.004

1.000

1.005

1.000

1.000

1.000

1.000

1.018

1.000

1.000

216-228

Months

1.000

1.000

1.000

1.000

1.000

1.287

2.457

1.252

1.000

1.088

1.006

1.018

1.000

1.002

1.020

1.000

1.001

1.003

1.000

1.000

1.107

1.001

1.000

228-240

Months

1.000

1.000

1.000

1.000

1.000

1.943

1.781

1.000

1.196

1.072

1.021

1.004

1.000

1.003

1.000

1.000

1.000

1.000

1.000

1.106

1.000

1.000

240-252

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.021

1.023

1.000

1.000

1.031

1.001

1.000

1.000

1.000

1.000

1.004

1.000

1.000

252-264

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.005

1.000

1.000

1.000

1.000

1.000

1.000

1.000

264-276

Months

1.000

1.000

1.000

1.000

1.520

1.010

1.000

1.080

1.080

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.043

1.000

1.000

276-288

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.068

1.000

1.000

1.000

1.006

1.000

1.000

1.000

1.005

1.002

1.000

288-300

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

300-312

Months

1.000

1.000

1.000

1.000

1.000

1.129

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.010

1.000

1.000

312-324

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

324-336

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

Milliman



1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998




1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

Straight Average



0

143,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

1,180,609 at 336

Months

0

0

0

0

0

0

0

0

915,918

1,965,313

1,155,329

3,301,085

5,774,339

0

143,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

1,180,609 at 348

Months

0

0

0

0

0

0

0

0

915,918

1,965,313

1,155,329

3,301,085

0

143,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

1,180,609

915,918

1,965,313

1,155,329 at 360

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

1,180,609

915,918

1,965,313 at 372

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

1,180,609

915,918 at 384

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423

1,180,609 at 396

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117

135,423 at 408

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

0

6,712

0

3,907

3,604

39,000

24,117 at 420

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

0

6,712

0

3,907

3,604

39,000 at 432

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

0

6,712

0

3,907

3,604 at 444

Months

0

0

0

0

0

0

0

0 at 456

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

0

6,712

0

3,907


Exhibit 5

Sheet 3 at 468

Months

0

0

0

0

0

0

0

0

0

143,416

0

6,712

0

0

0 at 480

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

0

6,712 at 492

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

0

336-348

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

348-360

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

360-372

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

372-384

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

384-396

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

396-408

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

408-420

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

420-432

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

432-444

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

444-456

Months

1.000

1.000

1.000

1.000

1.000

1.000

456-468

Months

1.000

1.000

1.000

1.000

468-480

Months

480-492

Months

1.000

1.000

1.000

1.000

1.000

1.000

1.000

492-504

Months

1.000

1.000

1.000

Milliman



1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998




1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

Fiscal Year

Ending 6/30/XX

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

Straight Average



1.000

1.000

at 504

Months

0

0

0

0

0

0

0

0

0

143,416

0

0

504-516

Months

1.000

1.000

at 516

Months

0

143,416

0

0

0

0

0

0

0

0

0

516-528

Months

1.000

1.000

at 528

Months

0

143,416

0

0

0

0

0

0

0

0 at 540

Months

0

0

0

0

0

0

0

0

0 at 552

Months

0

0

0

0

0

0

0

0 at 564

Months

0

0

0

0

0

0

0 at 576

Months

0

0

0

0

0

0 at 588

Months

0

0

0

0

0 at 600

Months

0

0

0

0


Exhibit 5

Sheet 4 at 612

Months

0

0

0 at 624

Months

0

0 at 636

Months

0

528-540

Months

540-552

Months

552-564

Months

564-576

Months

576-588

Months

588-600

Months

600-612

Months

612-624

Months

624-636

Months

636-Ult

Months

Milliman


Year

1975

1974

1973

1972

1971

1970

1969

1968

1985

1984

1983

1982

1981

1980

1979

1978

1977

1976

1967

1966

1965

1964

1963

1962

1961

1960

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986



Discount Factors

Initial

Age

336 - 348

348 - 360

360 - 372

372 - 384

384 - 396

396 - 408

408 - 420

420 - 432

432 - 444

444 - 456

456 - 468

468 - 480

480 - 492

492 - 504

504 - 516

516 - 528

528 - 540

540 - 552

0 - 180

180 - 192

192 - 204

204 - 216

216 - 228

228 - 240

240 - 252

252 - 264

264 - 276

276 - 288

288 - 300

300 - 312

312 - 324

324 - 336

552 - 564

564 - 576

576 - 588

588 - 600

600 - 612

612 - 624

624 - 636

636 - 648

Total

(1)

Incremental

Percent

Paid Based on LDFs

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.987

0.002

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.000

1.000

(2)

Selected

Age

336 - 348

348 - 360

360 - 372

372 - 384

384 - 396

396 - 408

408 - 420

420 - 432

432 - 444

444 - 456

456 - 468

468 - 480

480 - 492

492 - 504

504 - 516

516 - 528

528 - 540

540 - 552

0 - 183

183 - 192

192 - 204

204 - 216

216 - 228

228 - 240

240 - 252

252 - 264

264 - 276

276 - 288

288 - 300

300 - 312

312 - 324

324 - 336

552 - 564

564 - 576

576 - 588

588 - 600

600 - 612

612 - 624

624 - 636

636 - 648

(4)

Selected

Incremental

Percent

Paid

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.988

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.000

1.000

(3)

Interpolated

Incremental

Percent

Paid

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.988

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.001

0.000

1.000

(5)

Discount

Factors at

4.00%

Int. Rate

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.981

0.797

0.812

0.827

0.842

0.858

0.874

0.891

0.908

0.925

0.943

0.962

0.981

0.981

Notes:

(1): Based on selected paid LDFs from Exhibit 4

(3): Where applicable, based on inverse power curve interpolation of factors in (1)

(4): Based on incremental factors in (3)

(5): Based on incremental factors in (4) and the interest rate

Milliman


Exhibit 6






Exhibit 7

Sheet 1

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

Discounted at 4.0%

0

21,988

28,855

40,974

45,137

0

0

0

0

0

0

0

0

0

0

0

39,589

50,390

53,291

76,935

44,242

40,642

41,466

17,676

0

0

0

0

0

0

0

0

2013

0

0

0

0

0

0

0

501,185

491,452

2015

0

41,138

0

0

45,317

39,747

50,591

53,504

77,241

44,418

40,803

41,631

17,746

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

452,137

409,908

2014

28,912

41,056

0

0

45,227

0

0

0

0

0

0

0

0

0

0

0

39,668

50,490

53,397

77,088

44,330

40,722

41,548

17,711

0

0

0

0

0

0

0

0

0

0

0

0

0

0

480,150

452,718

2016

0

0

0

0

45,408

39,827

50,692

53,611

77,395

44,506

40,884

41,714

17,782

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

411,818

358,995


2017 2018 2019 2020 2021 2022 2023 2024

39,906

50,793

53,718

77,550

44,595

0

0

0

0

0

40,966

41,796

17,817

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

367,141

307,739

0

50,895

53,825

77,704

44,684

0

0

0

0

0

41,047

41,880

17,852

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

327,887

264,266

53,932

77,860

0

0

44,773

41,129

41,963

17,888

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

277,545

215,088

0

78,015

0

0

44,863

41,211

42,047

17,924

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

224,059

166,960

41,376

42,215

17,995

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

101,586

69,987

0

0

0

0

44,952

41,293

42,131

17,959

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

146,336

104,850

0

42,299

18,031

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

60,330

39,966

0

0

18,067

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

18,067

11,897






Exhibit 7

Sheet 2

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

Discounted at 4.0%

2025 2026 2027

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

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

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

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

2028 2029


2030 2031

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

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

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

0

2032 2033 2034

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

0

0

0

0

0

0

0

0

0

0

2035 2036

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

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

2037 Subsequent

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

21,988

57,767

123,168

181,088

198,737

303,851

375,278

619,789

401,363

410,073

460,690

214,449

Total

Reserves as of

6/30/2012

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0 3,368,241

0 2,893,825






Exhibit 8

Sheet 1

Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

Discounted at 4.0%

7/1/12-12/31/12

21,988

28,855

40,974

45,137

39,589

50,390

53,291

76,935

44,242

40,642

41,466

17,676

501,185

487,530

2013

28,912

41,056

45,227

39,668

50,490

53,397

77,088

44,330

40,722

41,548

17,711

480,150

453,530

2014

41,138

45,317

39,747

50,591

53,504

77,241

44,418

40,803

41,631

17,746

452,137

410,644

2015

45,408

39,827

50,692

53,611

77,395

44,506

40,884

41,714

17,782

411,818

359,639


2016

39,906

50,793

53,718

77,550

44,595

40,966

41,796

17,817

367,141

308,291

2017

50,895

53,825

77,704

44,684

41,047

41,880

17,852

327,887

264,740

2018

53,932

77,860

44,773

41,129

41,963

17,888

277,545

215,474

2019

78,015

44,863

41,211

42,047

17,924

224,059

167,260

2020

44,952

41,293

42,131

17,959

146,336

105,038

2021

41,376

42,215

17,995

101,586

70,113

2022

42,299

18,031

60,330

40,037

2023

18,067

18,067

11,529


Fiscal Year

7/1/59-6/30/60

7/1/60-6/30/61

7/1/61-6/30/62

7/1/62-6/30/63

7/1/63-6/30/64

7/1/64-6/30/65

7/1/65-6/30/66

7/1/66-6/30/67

7/1/67-6/30/68

7/1/68-6/30/69

7/1/69-6/30/70

7/1/70-6/30/71

7/1/71-6/30/72

7/1/72-6/30/73

7/1/73-6/30/74

7/1/74-6/30/75

7/1/75-6/30/76

7/1/76-6/30/77

7/1/77-6/30/78

7/1/78-6/30/79

7/1/79-6/30/80

7/1/80-6/30/81

7/1/81-6/30/82

7/1/82-6/30/83

7/1/83-6/30/84

7/1/84-6/30/85

7/1/85-6/30/86

7/1/86-6/30/87

7/1/87-6/30/88

7/1/88-6/30/89

7/1/89-6/30/90

7/1/90-6/30/91

7/1/91-6/30/92

7/1/92-6/30/93

7/1/93-6/30/94

7/1/94-6/30/95

7/1/95-6/30/96

7/1/96-6/30/97

7/1/97-12/31/97

Total

Discounted at 4.0%





Exhibit 8

Sheet 2

2024 2025 2026 2027 2028


2029 2030 2031 2032 2033 2034 2035 2036

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

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

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

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

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

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

0

0

0

0

0

0

0

0

0

0

2037 Subsequent

0

0

0

0

0

0

0

0

0

0

0

0

0

0 2,893,825

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Total

Reserves as of

6/30/2012

0

0

0

0

0

0

0

0

0

0

0

21,988

57,767

123,168

181,088

198,737

303,851

375,278

619,789

401,363

410,073

460,690

214,449

3,368,241



Fiscal Year

Ending 6/30/XX

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Straight Average

Weighted Average

Average Latest 10

Prior Selected

Selected

Cumulative



Cumulative Request Counts

Notice Fiscal Year

Ending 6/30/XX

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

3

1

3

1

43

21

2

5

1

0

0

1 at 12

Months

2

1

3

9

1

2

24

50

24

59

104

167

119

1.000

1.000

12-24

Months

11.500

18.000

13.000

7.000

18.667

32.444

18.542

8.300

15.833

7.525

3.125

4.431

4.378

4.837

4.429

12.500

3.600

1.333

5.000

1.667

1.000

8.657

6.265

3.503

3.930

3.503

5.717

208

93

25

18

5

1

4

5

0

1

1 at 24

Months

23

18

13

14

56

292

445

415

380

444

325

740

521

24-36

Months

2.609

2.333

4.077

9.429

11.357

3.644

2.562

2.463

2.505

2.025

1.665

1.386

1.455

1.466

1.312

1.680

1.500

1.250

1.000

1.000

1.000

1.000

2.669

2.184

1.296

1.309

1.296

1.632

at 36

Months

60

42

53

132

636

1,064

1,140

1,022

952

899

541

1,026

758

305

122

42

27

5

1

5

5

1

1

36-48

Months

1.517

1.929

3.358

6.303

2.057

1.543

1.523

1.662

1.494

1.462

1.231

1.131

1.144

1.102

1.189

1.143

1.037

1.200

1.000

1.000

1.000

1.000

1.638

1.536

1.082

1.095

1.082

1.259

at 48

Months

91

81

178

832

1,308

1,642

1,736

1,699

1,422

1,314

666

1,160

867

336

145

48

28

5

1

6

5

1

48-60

Months

1.297

2.247

4.478

1.768

1.388

1.269

1.285

1.235

1.229

1.172

1.119

1.058

1.061

1.089

1.041

1.083

1.143

1.167

1.000

1.000

1.000

1.086

1.055

1.025

1.038

1.025

1.040

1.038

1.000

1.143

1.000

1.000

60-72

Months

1.441

3.863

1.568

1.293

1.199

1.164

1.130

1.136

1.086

1.387

1.297

1.064

1.076

1.064

1.164

at 60

Months

118

182

797

1,471

1,815

2,084

2,231

2,099

1,747

1,540

745

1,227

920

366

151

52

32

5

1

7

5

1.267

1.179

1.036

1.045

1.036

1.094

at 72

Months

170

703

1,250

1,902

2,177

2,425

2,520

2,385

1,898

1,673

786

1,258

955

375

157

54

32

8

5

5 at 84

Months

564

977

1,489

2,182

2,383

2,625

2,736

2,566

2,006

1,737

805

1,277

968

382

163

56

32

8

5 at 96

Months

764

1,146

1,690

2,355

2,554

2,771

2,865

2,658

2,068

1,776

816

1,279

977

386

164

56

32

8

1.038

1.024

1.015

1.014

1.019

1.038

1.037

1.000

1.000

1.000

72-84

Months

3.318

1.390

1.191

1.147

1.095

1.082

1.086

1.076

1.057

1.022

1.014

1.002

1.009

1.010

1.006

1.000

1.000

1.000

84-96

Months

1.355

1.173

1.135

1.079

1.072

1.056

1.047

1.036

1.031

96-108

Months

1.132

1.092

1.066

1.054

1.041

1.022

1.026

1.019

1.012

1.010

1.005

1.004

1.000

1.003

1.006

1.000

1.000

108-120

Months

1.067

1.052

1.044

1.033

1.025

1.015

1.008

1.006

1.007

1.002

1.001

1.002

1.000

1.005

1.000

1.000

1.191

1.107

1.019

1.024

1.019

1.056

1.058

1.061

1.009

1.012

1.009

1.037

1.029

1.032

1.006

1.009

1.006

1.027

at 108

Months

865

1,252

1,802

2,481

2,659

2,832

2,940

2,709

2,092

1,794

820

1,284

977

387

165

56

32

1.017

1.018

1.003

1.005

1.003

1.021

at 120

Months

923

1,317

1,882

2,564

2,726

2,875

2,964

2,726

2,106

1,797

821

1,286

977

389

165

56

1.013

1.015

1.003

1.006

1.003

1.018

Appendix C - All Claim Categories - Request Counts

Exhibit 1 at 132

Months

958

1,369

1,927

2,668

2,787

2,906

2,985

2,739

2,112

1,802

823

1,286

977

390

165

1.011

1.011

1.003

1.006

1.003

1.015

at 144

Months

992

1,403

1,999

2,754

2,822

2,921

2,994

2,742

2,117

1,803

823

1,287

977

390

1.007

1.007

1.003

1.006

1.003

1.012

Sheet 1

120-132

Months

1.038

1.039

1.024

1.041

1.022

1.011

1.007

1.005

1.003

1.003

1.002

1.000

1.000

1.003

1.000

132-144

Months

1.035

1.025

1.037

1.032

1.013

1.005

1.003

1.001

1.002

1.001

1.000

1.001

1.000

1.000

144-156

Months

1.016

1.024

1.029

1.014

1.008

1.002

1.001

1.002

1.000

1.001

1.000

1.000

1.000

156-168

Months

1.007

1.017

1.011

1.007

1.005

1.001

1.001

1.001

1.001

1.001

1.000

1.000

at 156

Months

1,008

1,437

2,056

2,792

2,845

2,928

2,998

2,747

2,118

1,805

823

1,287

977

1.004

1.004

1.003

1.005

1.003

1.009

Milliman




Cumulative Request Counts

Notice Fiscal Year

Ending 6/30/XX

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012


Fiscal Year

Ending 6/30/XX

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Straight Average

Weighted Average

Average Latest 10

Prior Selected

Selected

Cumulative

168-180

Months

1.013

1.010

1.004

1.003

1.000

1.001

1.001

1.000

1.001

1.001

1.000

at 168

Months

1,015

1,462

2,078

2,812

2,858

2,931

3,001

2,751

2,120

1,807

823

1,287

1.003

1.002

1.002

1.003

1.002

1.006

at 180

Months

180-192

Months

1.007

1.006

1.004

1.001

1.000

1.000

1.000

1.000

1.000

1.001

192-204

Months

1.005

1.003

1.001

1.001

1.001

1.000

1.000

1.000

1.000

1,028

1,476

2,087

2,821

2,858

2,934

3,003

2,751

2,122

1,808

823

1.002

1.001

1.002

1.002

1.002

1.004

Months at 192

1,035

1,485

2,096

2,823

2,859

2,935

3,004

2,751

2,122

1,809

1.001

1.001

1.001

1.001

1.002

at 204

Months

1,040

1,490

2,099

2,826

2,862

2,935

3,004

2,751

2,123

1.001

1.001

1.000

1.001

1.001

at 216

Months

1,043

1,491

2,102

2,828

2,862

2,936

3,005

2,751

1.000

1.000

1.000

1.000

1.000

at 228

Months

1,043

1,491

2,103

2,830

2,863

2,936

3,005

1.000

1.000

1.000

1.000

1.000

at 240

Months

1,043

1,493

2,104

2,830

2,863

2,937

1.000

1.000

1.000

1.000

1.000

at 252

Months

1,043

1,493

2,104

2,831

2,863

1.001

1.000

1.000

1.000

1.000

at 264

Months

1,043

1,494

2,106

2,831

1.000

1.000

1.000

1.000

1.000

Appendix C - All Claim Categories - Request Counts at 276

Months

1,043

1,494

2,106

1.000

1.000

1.001

1.000

1.000

at 288

Months

1,043

1,494

204-216

Months

1.003

1.001

1.001

1.001

1.000

1.000

1.000

1.000

216-228

Months

1.000

1.000

1.000

1.001

1.000

1.000

1.000

228-240

Months

1.000

1.001

1.000

1.000

1.000

1.000

240-252

Months

1.000

1.000

1.000

1.000

1.000

252-264

Months

1.000

1.001

1.001

1.000

264-276

Months

1.000

1.000

1.000

276-288

Months

1.000

1.000

288-300

Months

1.000

1.000

1.000

1.000

1.000

1.000

Exhibit 1

Sheet 2 at 300

Months

1,043

300-312

Months

1.000

1.000




Estimated Ultimate Requests

(1) (2)

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Notice

Fiscal Year

Ending 6/30/XX

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

Total

823

1,287

977

390

165

56

32

8

5

5

1

1

1

1

0

Requests as of

6/30/12

1,043

1,494

2,106

2,831

2,863

2,937

3,005

2,751

2,123

1,809

26,714

(3)

Cumulative

Development

Factors

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.000

1.001

1.002

1.004

1.006

1.009

1.012

1.015

1.018

1.021

1.027

1.037

1.056

1.094

1.164

1.259

1.632

5.717

(4)

Dev. Method

Estimated

Ultimate

Requests

(2) x (3)

1,043

1,494

2,106

2,831

2,863

2,937

3,005

2,751

2,125

1,813

826

1,295

986

395

167

57

-

33

8

5

5

1

1

1

2

26,750

(5)

826

1,295

986

395

167

57

33

8

5

5

1

1

1

2

2

Selected

Ultimate

Requests

1,043

1,494

2,106

2,831

2,863

2,937

3,005

2,751

2,125

1,813

26,752

(6)

0

0

1

0

0

0

0

1

2

9

5

3

8

2

1

New

Requests

(5) - (2)

0

0

0

0

0

0

0

0

2

4

38

Notes:

(2),(7),(8): Provided by Florida Special Disability Trust Fund; excludes 'barred' requests and notices

(3): Exhibit 1

(7)

1,105

1,575

1,251

563

221

77

34

15

6

5

3

1

1

1

Notices as of

6/30/11

1,662

2,289

2,921

4,148

5,361

5,286

6,240

6,225

5,154

4,372

48,516

(8)

1,104

1,574

1,251

563

221

77

34

15

6

5

3

1

1

1

2

Notices as of

6/30/12

1,662

2,290

2,922

4,148

5,361

5,286

6,241

6,223

5,153

4,372

48,516

Appendix C - All Claim Categories - Request Counts

Exhibit 1

Sheet 3


Prepared for: Florida Special Disability Trust Fund Tallahassee, FL

TABLE OF CONTENTS

I. BACKGROUND AND SCOPE

II. DISCLOSURES AND LIMITATIONS

III. SUMMARY OF FINDINGS

IV. ANALYSIS

V. EXHIBITS

VI. APPENDICES

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Prepared for: Florida Special Disability Trust Fund Tallahassee, FL

TABLE OF CONTENTS

I. BACKGROUND AND SCOPE

II. DISCLOSURES AND LIMITATIONS

III. SUMMARY OF FINDINGS

IV. ANALYSIS

V. EXHIBITS

VI. APPENDICES

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