Mr. James N. Ball

James N. Ball Director
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James N. Ball is the sole owner and president of Secure Futures, Inc.He has been in that position since 1984.Mr. Ball is a financial independence specialist and a member of the National Association of Securities Dealers as a registered representative.Mr. Ball assists individuals, families and small business owners to create and maintain multi-generational wealth.Mr. Ball is also the son of Nelson P. Ball, also a member of the Board of Directors.
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Mr. Ball is the father of James N. Ball, also a member of the Board of Directors.
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To Westborough Financial's knowledge, based solely on its review of the copies of such reports furnished to Westborough Financial and written representations that no other reports were required during the fiscal year ended September 30, 2006, all Section 16(a) filing requirements applicable to Westborough Financial's executive officers and directors during fiscal year 2006 were met, with the exception of the following: a Form 4 filing for Vickie A. Bouvier reflecting shares of common stock disposed of on December 8, 2005 was filed late on January 9, 2006 and Form 4s for James N. Ball, Nancy M. Carlson and Benjamin H. Colonero, Jr. reflecting stock option awards granted on April 24, 2006 were filed late on May 3, 2006.

0001252682 BALL JAMES N 100 EAST MAIN STREET WESTBOROUGH MA 01581 1 0 0 0

According to Mr. James N. Ball, a trustee of Westboro Bancorp MHC, and a director of both Westboro Financial Services, where he serves as chair of the Nondeposit Investment Products Committee, and the Westboro Bank, where he serves as a member of the Long Range Planning Committee, concerns about the bank's financial future in the period prior to 2006 stemmed from litigation expenses and adverse publicity due to a theft by an employee, the firing of another employee for not reporting certain commissions he was required to share with the bank, the "net interest margin compression" resulting from an increase in the Federal Reserve Bank's interest rate, and the lower profit earned by the bank due to its "heavy reliance on residential lending."Affidavit of James N. Ball, para.7-8.

I accept as credible Mr. Ball's characterization of the motives that led Westboro Bank to begin looking for a merger partner.

The impact of the flat yield curve on the Bank's residential-heavy loan portfolio, together with intense competition for residential mortgage loans, prompted the Board to look for ways to become more involved in the more interest rate-sensitive commercial loan arena.Commercial deposits are attractive because they are low cost (no or low interest).For these reasons, the Board became interested in finding a merger partner with an established commercial department, which Westboro lacked.

Affidavit of James N. Ball, para.9.
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I also credit the statement by Director Ball that prior to 2005, Westboro had no interest in a merger with Assabet or any other bank.Aff.Of James Ball, para.15.
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At this same meeting, James Ball, a Westborough director, also prepared a grid comparing the same seven entities.
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Affadavit of James N. Ball, para.11-12.

Once the Westboro Board had developed its criteria and identified viable merger partners based on the analytical work performed by RBC, it undertook a process of review and evaluation.I credit the statement by Director Ball concerning this phase of the process.
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James N. Ball, para.16-17.
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James N. Ball, para.23-28; Aff.
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(1) The additional defendants are John L. Casagrande, James N. Ball, Nelson P. Carlson, David E. Carlstrom, Benjamin J. Colonero, Jr., Robert A. Klugman, Jeffrey B. Leland, Paul F. McGrath, Charlotte C. Spinney, Phyllis A. Stone, James E. Tashjian, Westborough Financial Services, Inc., Westborough Bancorp MHC, The Westnborough Bank, Assabet Valley Bancorp, Hudson Savings Bank and HudWest Financial Services, Inc.
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(5) I also credit Mr. Ball's detailed explanation of the specific factors considered by the Westboro Board that led it to conclude that Assabet was the strongest potential partner for a merger.See Aff.Of James Ball, para.14 (discussing factors including "Complementary Services;" "Size;" "Asset and Liability Mix;" "Community Orientation;" and "Geography.").

Continuing Directors - -------------------- James N. Ball Director
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James N. Ball is the sole owner of Secure Futures, Inc., which has operated in Westborough for nearly 20 years (as a sole proprietor prior to 1999).Mr. Ball is a financial services specialist and a member of the National Association of Securities Dealers.Mr. Ball assists individuals and small business owners in a broad range of financial decision-making.Mr. Ball is the son of Nelson P. Ball, also a member of the Board of Directors.
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Mr. Ball is the father of James N. Ball, also a member of the Board of Directors.

James N. Ball Director
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James N. Ball is the sole owner and president of Secure Futures, Inc.He has been in that position since 1984.Mr. Ball is a financial independence specialist and a member of the National Association of Securities Dealers as a registered representative.Mr. Ball assists individuals, families and small business owners to create and maintain multi-generational wealth.Mr. Ball is the son of Nelson P. Ball, also a member of the Board of Directors.
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Mr. Ball is the father of James N. Ball, also a member of the Board of Directors.

Please send your suggestions directly to Betsy Anderson at betsy.anderson@utoronto.ca or Jim Ball revjmball@rogers.com.
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Jim Ball chairs the Continuing Education Committee of Karen Hilfman Millson, John Joseph Mastandrea and Ian Manson which is mandated to guide the continuing education program.