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    <Timestamp>2014-03-20T09:54:35-07:00</Timestamp>
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        <BusinessNameLine1>Bencivenga Ward &amp; Company CPAs PC</BusinessNameLine1>
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        <BusinessNameLine1>INSEAD NORTH AMERICA INC</BusinessNameLine1>
        <BusinessNameLine2>CO BENCIVENGA WARD &amp; COMPANY CPAS</BusinessNameLine2>
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        <ZIPCode>10595</ZIPCode>
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      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
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        <Explanation>THE PUBLIC CAN ACCESS THESE DOCUMENTS BY WRITTEN REQUEST TO INA AT 420 COLUMBUS AVENUE, VALHALLA, NEW YORK 10595-1382.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 12c</Identifier>
        <ReturnReference>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</ReturnReference>
        <Explanation>MONITORED BY THE CFO AND HUMAN RESOURCES DIRECTOR OF INSEAD UNIVERSITY</Explanation>
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      <GeneralExplanation>
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        <ReturnReference>Form 990, Part VI, Line 11b: Form 990 Review Process</ReturnReference>
        <Explanation>A COPY OF INA's FORM 990 WAS PROVIDED TO THE CFO OF INSEAD UNIVERSITY WHO IS RESPONSIBLE FOR AND REVIEWED THE ENTIRE FORM BEFORE IT WAS FILED BY INA.</Explanation>
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      <GeneralExplanation>
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        <ReturnReference>Form 990, Part VI, Line 9: Officer, Director, Trustee, Key Employee Mailing Address</ReturnReference>
        <Explanation>FRANZ B. HUMER, ERIC PONSONNET, PETER ZEMSKY, BEATRICE PIGE,VIRGINIE BODESCOT AND ERIKA GUDJONSON CAN BE REACHED AT INSEAD UNIVERSITY, BOULEVARD de CONSTANCE, 77305 FONTAINEBLEAU, CEDEX, FRANCE.</Explanation>
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      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 2</Identifier>
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