December 5, 2023 at 2:00 PM - H&L Board Meeting

Approved. This motion, made by Pam Hutchins and seconded by Robert Draper, Carried.

I move that the Board of Directors adopt the Investment Plan for 2024, appearing before all Directors. This motion, made by Jay Moyer and seconded by Nick Reed, Carried.

I move that the Board of Directors renew the Brokerage Resolution just described, attached to this motion and appearing before each Director. This motion, made by Nick Reed and seconded by Maria de Lourdes Mendoza, Carried.

I move that the Board of Directors declare that it and the officers of the Company have maintained oversight of, and monitored all functions provided to the Company by GPM Life, and that in providing those services GPM Life has used that degree of ordinary care and reasonable diligence which a qualified provider would use in accordance with industry standards and applicable laws. This motion, made by Robert Draper and seconded by Maria de Lourdes Mendoza, Carried.

I move that each of the interest rate motions just described, and appearing before each Director be approved. 1.) I move that the Company pay interest the rate of .25% (or such higher rate as may be required by law) per annum during 2023 on policy proceeds for individual ordinary life policies payable as matured endowments or as death claims, a) from the date of maturity or date of death to the Date of Settlement, where the date of maturity or death and the Date of Settlement shall all occur during 2024, and b) from January 1, 2024, where the date of maturity or date of death occurred in a prior year, to the Date of Settlement if it shall occur in 2024, or to December 31, 2024, if the Date of Settlement does not occur in 2024. 2.) Date of Settlement means date of payment in accordance with the terms of the policy; or date of payment in accordance with the terms of settlement of disputes; or date of request by the rightful payee to delay payment to accommodate such payee; or date when the proceeds are reasonably determined and recorded by H&L to be unclaimed. I move that the Company pay interest on dividends from individual ordinary life policies left to accumulate with the Company, from the individual policy anniversary in 2024 to the earlier of (1) the policy anniversary in 2025, or (2) the date such dividend accumulations are withdrawn, at the higher of a) the minimum interest rate per annum required in the policy, or b) 1.25% per annum. I move that, with respect to individual ordinary life policies, the Company pay interest on Premium Deposit Funds during 2024 at the higher of a) the minimum interest rate per annum required in the policy, or b) 0.25% per annum. I move that, on all settlement options presently identified as Installments of a Set Amount (usually called Option 3) and Proceeds left at Interest with Right to Withdraw Deposit (usually called Option 4), in the Company's individual ordinary policies, interest for 2024 on the undistributed balances accrue at the higher rate of a) the minimum interest rate required in the policy or b) the minimum interest rate required in the policy plus excess interest, if any, necessary to raise the total interest rate to 0.25%. I move that 1) With respect to any settlement options contained in individual ordinary policies that have been in force for at least two years, with no life contingencies involved and which guarantee installments for a fixed period certain (usually called Option 1), becoming first payable during 2024, an income dividend is declared equal to the excess, if any, of (b) over (a) where (a) Is the monthly installment payment calculated according to the applicable policy settlement provision and (b) Is the monthly installment payment calculated by assuming an effective interest rate of .75% for the first 20 years and .50% thereafter; and 2) Rules and regulations, if any, necessary to put this method into practical operation may be adopted by the Vice President and General Counsel and the Senior Vice President and Chief Actuary, acting jointly. I move that 1) With respect to any settlement options contained in individual ordinary policies that have been in force for at least two years, with single and joint life contingencies involved and which guarantee installments for varying periods certain (usually called Options 2, 5, and 6), becoming first payable during 2023, an income dividend is declared equal to the excess, if any, of (b) over (a) where (a) Is the monthly installment payment calculated according to the applicable policy settlement provisions, and (b) Is the monthly installment payment calculated by assuming an effective interest rate of 2.50% for the first 20 years and 2.00% thereafter, and also assuming to the 2012 Individual Annuity Reserve Table; and 2) Rules and regulations, if any, necessary to put this method into practical operation may be adopted by the Vice President and General Counsel and the Senior Vice President and Chief Actuary, acting jointly. This motion, made by Maria de Lourdes Mendoza and seconded by Robert Draper, Carried.

Adjourned. This motion, made by Jay Moyer and seconded by Peter J. Hennessey IV, Carried.