Note: Johnson Lambert & Co., Certified Public Accountants has audited the financial statements of The National Catholic Risk Retention Group, Inc. for the years ended December 31, 2005 and 2004 prepared in conformity with generally accepted accounting principles in the United States, and issued an unqualified opinion on such financial statements in their report dated February 8, 2006. The auditor's report applies to the complete financial statements which are not presented.

These consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows of The National Catholic Risk Retention Group, Inc. for the years ended December 31, 2005 and 2004 were derived from the audited financial statements. The complete audited financial statements may be obtained from The National Catholic Risk Retention Group, Inc. at 801 Warrenville Road, Suite 175, Lisle, IL 60532-4334.