TREASURER’S REPORT

1. TREASURER’S REPORT

2. TheEvangelical Covenant Church EvangelicalCovenantChurch NationalCovenantProperties Paul Carlson Partnership CovenantPension Plan Bethany BenefitService Covenant TrustCompany

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

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

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

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

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

11. Pension Benefits ($ in thousands)

12. Key Investment Considerations 1992 2009 • Asset allocation and diversification—improve risk/return relationship

13. Assets of Pension Fund ($ in millions)

14. AssetsNational Covenant Properties ($ in millions)

15. The Loan Sourcefor Covenant Churches • Of the churches that have loans, over 80% have loans with NCP

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

17. Assets under ManagementCovenant Trust Company ($ in millions)

18. 2009 ResultsCovenant 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