1. TREASURER’S REPORT

2. The Evangelical Covenant Church Paul Carlson Partnership National Covenant Properties Covenant Pension Plan Bethany Benefit Service Covenant Trust Company Evangelical Covenant Church

3. Covenant World Relief 2005$1,303,000 2006$1,315,000 2007$1,267,000 2008$1,558,000 2009$1,016,000 Total $6,459,000

4. Paul Carlson Partnership 2005$ 884,000 2006$1,253,000 2007$1,186,000 2008$ 794,000 2009$ 630,000 Total $4,747,000

5. Haiti Earthquake Relief $1,049,000

6. Base Budget PCP CWR PMs STMs KB FOWM CO SPE Covenant World Relief Paul Carlson Partnership Project Missionaries Short-term Missionaries Friends of World Mission Kingdom Builders Sustaining Pastoral Excellence Covenant Orientation Mission Projects MPs MISSION & MINISTRY BUDGET

7. Budget Results  Expenses Cuts  Mix of Revenues  Net+$99,000

8. Bethany Benefit Service  New Benefits o Vision o Group Life at $100,000  Enrollment o 3% increase o 37 new enrollees Vision

9. Comparable market premium increases Bethany premium increases Medical Insurance Premium Increase Cost $avings

10. 1996-2008 Pension Benefit Enhancement Total Value $40 Million

11. ($ in thousands) Pension Benefits

12. Key Investment Considerations  Asset allocation and diversification—improve risk/return relationship 20091992

13. ($ in millions) Assets of Pension Fund

14. Assets National Covenant Properties ($ in millions)

15. The Loan Source for Covenant Churches  Of the churches that have loans, over 80% have loans with NCP

16. 2009 New Church Loans National Covenant Properties In 2009, National Covenant Properties advanced $21,000,000 in new monies to help fund 50 church projects.

17. Assets under Management Covenant Trust Company ($ in millions)

18. 2009 Results Covenant Trust Company  New business$11.6 million  Distributions$11.6 million  % New business to conferences, churches,41.6% and camps  Assets$399.6 million

19. AUDIT REPORT

20. TREASURER’S REPORT