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| | Dividend Distribution |
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TRAX operates on a four-year accounting cycle, and the Board of Directors will first endeavor to declare a
dividend distribution for a single underwriting year three years after the underwriting period has ended.
Each policy year's results are divided within the company's equity statements for financial purposes.
Every member's equity position for each underwriting year is shown in detail by member number.
Shareholders with positive equity in the first fifteen years of TRAX's operation have now received dividend
distributions on all those years, which have been commuted to National Interstate. At the July 2014 Board
meeting in Barcelona the Board declared dividends of $5.8 million dollars. Over $32 million dollars has been
distributed to the TRAX members since program inception.
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