i. NDIRF annual mtg proxy vote - Laserfiche WebLink

The NDIRF staffwas then recognized for their efforts this past year. NDIRF's CFO, Bob Tonolli, was then introduced. Mr. Tonolli showed slides of written premium, paid and incurred losses, loss reserves and ratios, net earnings and members equity which, as of 12/31/01 was $17,728,000. To date, the cumulative surplus notes and the conferment of benefits equal $28.7 million that has been returned to members since the Fund's inception. The 2-year operating ratio is at 55%, which is well below standard, showing that NDIRF is profitable. Alton Nitschke, parmer in Eide Bailly, LLP, was introduced to discuss the 2001 NDIRF financial audit. Mr. Nitschke stated that, in accordance with generally accepted accounting principles, the NDIRF was given an unqualified (clean) opinion and that the NDIRF is in very good financial condition. The meeting was recessed at 11:25 a.m. so the "Schools" and "Others" members could caucus for election of board members. When the meeting reconvened at 11:35 a.m., it was announced that Bm'dell Johnson was re-elected to the "Schools" category and Rod Landblom was re-elected to the "Others" category. Questions were then taken from the floor. One question asked by Mr. Paul Trauger was if there was criteria available for agent selection by a member. CEO Spilde stated that he will contact members who already have a template for the selection process and provide information back to Mr. Trauger. Door prizes were won by Jon Mill and Matt Erhardt. Chairperson Neu thanked everyOne for attending. The gavel was then passed from Chairperson Neu to incoming Chairperson Richard Bendish. There being no further business to come before the 2002 NDIRF Annual Meeting of Members, the meeting was adjoumed at 11:45 a.m. Respectfully submitted, Nancy M. Reis Recording Secretary