Subject: IAGR 2012 Annual Financial Review Report

The Board of Trustees is pleased to advise the IAGR Membership that the 2012 Annual Independent Accountant's Review Report was recently completed by McGladrey LLP.

The financial review, which is attached, was prepared in accordance with IAGR’s Bylaws put in place following our reorganization into an independent, non-profit association in 2011. Those bylaws require that a financial statement for the last reportable financial year is reviewed by a qualified certified public accounting firm. The results of that review are shared with you here as a private, confidential document distributed to current members only.

We invite you to read through the attached report and financial statements. Please contact any of the Trustees with questions that you may have.

IAGR Officers & Board of Trustees

Susan Hensel                                                     Lau Peet Meng                                 
President                                                             Vice President                                  
United States                                                     Singapore                                                                        

A.G. Burnett                                                      Trude Felde

Treasurer                                                           Secretary
United States                                                     Norway                        

Blair Cairncross                                                Dale Fuga
Trustee                                                                Trustee
New Zealand                                                      Canada

Atle Hamar                                                        Serobi Maja
Trustee                                                                Trustee
Norway                                                                South Africa                                      

Kathleen McDonald                                          Bheki Mlambo
Trustee                                                                Trustee
Antigua & Barbuda                                          South Africa     

Reuben Portanier                                             David Rebuck
Trustee                                                                Trustee
Malta                                                                    United States            

Birgitte Sand                                                      Michael Sarquis
Trustee                                                                 Trustee
Denmark                                                             Australia                          

Jenny Williams
United Kingdom