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NICOLAY CONSULTING GROUP December 9, 2014 Ms. Sheryl Lewanda Administrator, Management Services Conejo Recreation and Park District 403 West Hillcrest Drive Thousand Oaks, California 91360-4223 Dear Ms. Lewanda: PENSION CONSULTANTS AND ACTUARIES 530 BUSH STREET, SUITE 500 SAN FRANCISCO, CALIFORNIA 94108-3633 TEL: 415-512-5300 FAX: 415-512-5314 Re: Actuarial Valuation of Postemployment Healthcare Program The Nicolay Consulting Group is pleased to present the results of the July 1, 2014 actuarial valuation of the Conejo Park and Recreation District postemployment healthcare program. In preparing this report we relied on employee data and plan information provided by the District. On the basis of that information, this report has been prepared in accordance with generally accepted actuarial principles and methods. It is our opinion that the actuarial assumptions used are reasonably related to the actual experience of the plan and to anticipated future experience. The financial projections presented in this report are intended for the District's internal use in evaluating the potential cost of the retiree medical program. Because future events frequently do not occur as expected, it should be recognized that there are usually differences between anticipated and actual results. These differences may be material, especially if there are significant changes in the employee or retiree population. Consequently, we can express no assurance that the projected values will occur. We recommend that the District obtain an updated actuarial valuation on a periodic basis. I, the undersigned, meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein. Questions about the report should be directed to Doug Tokerud at x220. Sincerely, Nicolay Consulting Group eoe"&v A -7.*-*V Douglas R. Tokerud, F.S.A.