Ladies and Gentlemen: Attached you will find the final, audited financial statements for the ARRL for the year ended December 31, 2009 including the auditors' opinion letter. These will be included in the annual report for 2009. Several points should be highlighted: 1. The auditors, once again, gave the ARRL an "unqualified opinion" on the financial statements. 2. Operating income for the year was $236,000. 3. At this time last year, we reported that, as a result of the decrease in market value of our investments in both the League's portfolio and that of the ARRL pension plan, the organization had a "negative" net asset balance of $409,000. However, the increase in the value of both portfolios coupled with the freezing of the defined benefit pension plan, resulted in an adjustment of almost $5.9 million in 2009, restoring the final net assets at year-end to $5.8 million. If anyone has any questions on the financials, please let me know. 73, Barry J. Shelley, N1VXY Chief Financial Officer ARRL, Inc-The National Association for Amateur Radio(tm) 225 Main St. Newington, CT 06111 www.arrl.org <http://www.arrl.org/> Phone: (860) 594-0212 E-mail: bshelley@arrl.org <mailto:bshelley@arrl.org>