THE PRINCIPIA BOARD OF TRUSTEES

FEBRUARY 2008 BOARD MEETING UPDATE

During our meetings last week, the Board had wonderfully productive and encouraging sessions with our governance consultant, Dr. Bill Weary. We addressed topics such as Board responsibilities and policies, selection of Trustees and composition of the Board, Board committees, tenures of office, and management structures. The meetings included helpful insights and analysis of Principia's history and a candid assessment of current activities and challenges based on, among other things, the interviews Dr. Weary held with more than 90 people in the Principia community. This process helped establish a basic framework to begin Principia's strategic-planning process in earnest.

We made good progress in identifying the governance changes needed to raise the quality of Board planning and decision-making. Clearly, this is a welcome opportunity to analyze and adopt best governance practices, consistent with the teachings of Christian Science and the Purpose and Policies of The Principia. However, we still have much work to do before reaching conclusions and making decisions that we can report to you.

In addition to the governance sessions, our meetings included:

• Reports from Chief Executive David Anable, Head of School Marilyn Wallace, Interim Dean of the College Tom Fuller, and Interim Chief Advancement Officer Barbara Blackwell. We also had a discussion with Executive Officer Peter Stevens regarding strategic planning.

• A discussion of land-development options for the St. Louis campus. The Board decided to withdraw from active consideration the most recent concept of a multi-use development on some of the Principia land surrounding the School campus. Any proposals for the use of Principia property will only be considered in the context of both a strategic plan for the School and a master plan for the campus as a whole. We are moving forward with the development of both plans.

We are working hard to resolve outstanding issues left over from the recent past and are optimistic about the future of Principia. We are immensely grateful for our students and their remarkable accomplishments — and for all those who contribute to their growth and progress.