Subject: IAGR Annual Financial Review Report

The Board of Trustees is pleased to present to the IAGR membership the first annual Independent Accountant's Review Report as completed by McGladrey LLP in June 2012.

The financial review was prepared in accordance with the 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 prepared and reviewed by a qualified certified public accountant. The results of the 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 of our inaugural year of independent operation. 

Please contact any of the Trustees with questions that you may have.

IAGR Officers & Board of Trustees:
Susan Hensel                                       Andre Wilsenach                            Atle Hamar              
President, IAGR                                 Trustee                                           Trustee                    
United States                                      Alderney                                         Norway                                    
Michael Sarquis                                  Birgitte Sand                                   Dr. Joseph Borg
Vice President, IAGR                         Trustee                                           Trustee
Australia                                             Denmark                                         Malta           
Mark Lipparelli                                  Kathleen McDonald                       Lau Peet Meng
Treasurer, IAGR                                Trustee                                            Trustee
United States                                      Antigua                                           Singapore            
James Chan                                         Serobi Maja                                    Dale Fuga
Secretary, IAGR                                 Trustee                                           Trustee
Singapore                                            South Africa                                   Canada                                

Jenny Williams
Great Britain