from AM 2010

1. TREASURER’S REPORT

2. EvangelicalCovenantChurch TheEvangelical Covenant Church 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

8. Mix of Revenues

10. Vision

11. Group Life at $100,000

12. Enrollment

13. 3% increase

14. 37 new enrolleesVision Vision

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

16. 1996-2008Pension Benefit Enhancement Total Value$40 Million

17. ($ in thousands) Pension Benefits

19. ($ in millions) Assets of Pension Fund

20. AssetsNational Covenant Properties ($ in millions)

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

24. Distributions $11.6 million

25. % New business to conferences, churches, 41.6%and camps

27. TREASURER’S REPORT