Special Funds Conservation Committee

“PART III, LINE 3: ON DECEMBER 14, 2018, THE SFCC WIND-DOWN TRUST (THE "TRUST") WAS FORMED TO HOLD CERTAIN funds of SPECIAL FUNDS CONSERVATION COMMITTEE (THE "COMMITTEE"). The principal of the funds deposited in the Trust account and income generated on the principal is to be expended for the sole purpose of funding any litigation-related liabilities of the Committee incurred in conjunction with the wind-down of the Committee. In March 2019, the Committee transferred $21,000,000 to an interest-bearing bank account held by the Trust. The Committee has retained a third party as the financial advisor to act as Trustee of the Trust. The Executive Committee of the Committee has the authority to approve expenditures to be disbursed by the Trust and accordingly, the Trust is consolidated within the Committee. ON DECEMBER 20, 2018, THE EXECUTIVE COMMITTEE OF THE COMMITTEE VOTED TO ADOPT THE PLAN OF DISSOLUTION, DATED DECEMBER 20, 2018 FOR WINDING DOWN AND DISSOLVING THE COMMITTEE (THE "PLAN"). ACCORDINGLY, THE COMMITTEE CEASED TO CARRY OUT ITS HISTORICAL BUSINESS AND AFFAIRS ON DECEMBER 31, 2018, AND SINCE SUCH DATE HAS ONLY ENGAGED, AND WILL CONTINUE TO ON ENGAGE IN ACTIVITIES AND BUSINESS APPURTENANT TO ITS WIND-DOWN AS CONTEMPLATED BY THIS PLAN (THE "WIND-DOWN"). THE COMMITTEE HAS ADOPTED THE LIQUIDATION BASIS OF ACCOUNTING AS OF DECEMBER 20, 2018. AS OF DECEMBER 31, 2019 THE DISTRIBUTION OF ASSETS AND LIABILITIES HAD COMMENCED. THE COMMITTEE HAS RETAINED GRANT THORNTON LLP AS THE FINANCIAL ADVISOR TO ACT AS CHIEF OPERATING OFFICER AND TRUSTEE OF THE COMMITTEE IN AN EFFORT TO MANAGE THE WIND-DOWN PROCESS. THE EXPECTED DATE OF DISSOLUTION IS DECEMBER 31, 2025. PART VI, LINE 3: In conjuction with the Liquidation, THE COMMITTEE HAS retained Grant Thornton LLP as the financial advisor to act as COO and trustee of the COMMITTEE, in an effort to manage the Liquidation process. Further, the COO is not a paid employee of the Committee (See Part VII). PART VI, LINE 4: ON DECEMBER 20, 2018, THE EXECUTIVE COMMITTEE OF SPECIAL FUNDS CONSERVATION COMMITTEE (THE "COMMITTEE") VOTED TO ADOPT THE PLAN OF DISSOLUTION, DATED DECEMBER 20, 2018 FOR WINDING DOWN AND DISSOLVING THE AS CONTEMPLATED BY THIS PLAN (THE "WIND-DOWN"). THE COMMITTEE HAS ADOPTED THE LIQUIDATION BASIS OF ACCOUNTING AS OF DECEMBER 20, 2018. AS OF DECEMBER 31, 2019 THE DISTRIBUTION OF ASSETS AND LIABILITIES HAD COMMENCED. THE COMMITTEE HAS RETAINED GRANT THORNTON LLP AS THE FINANCIAL ADVISOR TO ACT AS THE ACCOUNTING RECORDS AND ASSIST WITH THE WIND-DOWN PROCESS. PART VI, SECTION A, LINES 6, 7A & 7B: THE TWO VOTING MEMBER POSITIONS OF THE COMMITTEE ARE HELD BY REPRESENTATIVES OF ORGANIZATIONS. REPRESENTATIVES ARE FROM THE NEW YORK STATE INSURANCE FUND AND THE NEW YORK COMPENSATION RATING BOARD. THE REPRESENTATIVES ARE SELECTED BY THE COMMITTEE. THE BUDGET WAS APPROVED BY THE EXECUTIVE COMMITEE. PART VI, SECTION B, LINE 11B: AFTER THE COO AND MANAGEMENT HAVE REVIEWED AND APPROVED THE FORM 990, A COPY IS PROVIDED TO ALL MEMBERS OF THE BOARD FOR THEIR REVIEW AND APPROVAL PRIOR TO ITS SUBMISSION. PART VI, SECTION B, LINE 12C: EVERY JANUARY A LETTER IS SENT OUT REGARDING THE CONFLICTS OF INTEREST POLICY TO ALL STAFF AND EACH BOARD MEMBER. THE LETTER MUST BE SIGNED AND RETURNED. PART VI, SECTION C, LINE 19: GOVERNING DOCUMENTS ARE DISTRIBUTED TO MEMBERS WHO MUST PROVIDE WRITTEN ACKNOWLEDGEMENT OF RECEIPT. POLICIES AND FINANCIAL INFORMATION ARE AVAILABLE UPON REQUEST. PART XI, LINE 8: AS OF THE DATE OF FILING THE 2018 FEDERAL FORM 990, THE COMMITTEE's AUDIT FOR 2018 HAD NOT YET BEEN COMPLETED. SUBSEQUENT TO THE FILING OF THE 2018 FEDERAL FORM 990, THE COMMITTEE'S AUDIT FOR 2018 WAS COMPLETED. INCLUDED IN THE FINAL 2018 AUDITED FINANCIAL STATEMENTS WAS AN ADJUSTMENT TO REVERSE AN ACCRUAL OF FUTURE COSTS ASSOCIATED WITH THE WINDING DOWN OF THE ORGANIZATION THAT HAD BEEN PREVIOUSLY RECORDED TWICE IN THE AMOUNT OF $21,399,970 ON THE COMMITTEE'S 2018 FEDERAL FORM 990 AND IS SHOWN ON THE COMMITTE”

“Application for an extension of time to file an exempt organization return was filed electronically.”