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NATIONAL ACADEMY OF SCIENCES Statements of Financial Position December 31, 2009 and 2008 (Dollars in thousands) Assets 2009 2008 Current assets: Cash and cash equivalents $ 1,387 $ 4,110 Short-term investments (note 3) 49,113 43,456 Contracts receivable – U.S. government (note 12) 47,027 55,786 Contributions and other receivables, net (note 6) 14,565 15,212 Other current assets 4,627 4,156 Total current assets 116,719 122,720 Other assets (notes 2, 13, 15, and 17) 8,093 8,508 Long-term investments (note 3) 376,163 309,740 Contributions receivable, net (note 6) 28,191 31,480 Property and equipment, net (notes 5 and 16) 127,476 128,349 Einstein Memorial 1,723 1,723 Total assets $ 658,365 $ 602,520 Liabilities and Net Assets Liabilities: Current liabilities: Accounts payable and accrued expenses $ 42,064 $ 38,598 Deferred revenue (note 7 and 12) 32,080 35,471 Line of credit (note 8) - 686 Other current liabilities (note 13 and 14) 3,498 4,818 Total current liabilities 77,642 79,573 Bonds payable (note 13) 122,545 120,681 Funds held on behalf of others (note 3) 8,794 7,186 Note payable (note 14) 757 1,513 Accrued employee benefits (note 15) 4,603 8,597 Other long-term liabilities (notes 2, 13, and 16) 14,057 17,698 Total liabilities 228,398 235,248 Net assets: Unrestricted 72,871 51,731 Temporarily restricted (note 9) 241,734 200,791 Permanently restricted (note 10) 115,362 114,750 Total net assets 429,967 367,272 Commitments and contingencies (notes 3, 12, 13, 15, 18, and 19) Total liabilities and net assets $ 658,365 $ 602,520 See accompanying notes to financial statements. 42

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NATIONAL ACADEMY OF SCIENCES Statements of Activities Years ended December 31, 2009 and 2008 (Dollars in thousands) 2009 2008 Temporarily Permanently Temporarily Permanently Unrestricted restricted restricted restricted restricted Totals Unrestricted Totals Revenues, gains, and other support: Government contracts and grants (note 12) $ 214,957 - - 214,957 $ 202,810 - - 202,810 Private contracts and grants 21,596 17,441 - 39,037 23,836 21,423 - 45,259 Other contributions 4,201 851 612 5,664 3,195 1,064 3,916 8,175 Fees and publications 18,828 - 18,828 18,757 - 18,757 - - Investment income (loss) (note 3) 19,088 60,289 - 79,377 (25,138) (120,987) - (146,125) Other income (note 13) 12,225 - - 12,225 1,945 - - 1,945 Net assets released from restriction (note 9) 37,638 (37,638) - - 41,848 (41,848) - - Total revenues, gains, and other support 328,533 40,943 612 370,088 267,253 (140,348) 3,916 130,821 Expenses (notes 13, 15, and 16): Programs (note 11) 260,709 - - 260,709 247,426 - - 247,426 Management and general 45,843 - - 45,843 47,564 - - 47,564 Fundraising 3,010 - - 3,010 2,511 - - 2,511 Total expenses 309,562 - - 309,562 297,501 - - 297,501 Post-retirement changes other than net (2,169) - - (2,169) 6,337 - - 6,337 periodic benefit cost (note 15) Change in net assets, before reclassifica- tion of net assets under FASB ASC Section 958-205-45 21,140 40,943 612 62,695 (36,585) (140,348) 3,916 (173,017) Reclassification of net assets under FASB ASC Section 958-205-45 (notes 2 and 10) - - - - (102,814) 102,814 - - Change in net assets 21,140 40,943 612 62,695 (139,399) (37,534) 3,916 (173,017) Net assets at beginning of year 51,731 200,791 114,750 367,272 191,130 238,325 110,834 540,289 Net assets at end of year $ 72,871 241,734 115,362 429,967 $ 51,731 200,791 114,750 367,272 See accompanying notes to financial statements. 43

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NATIONAL ACADEMY OF SCIENCES Statements of Cash Flows Years ended December 31, 2009 and 2008 (Dollars in thousands) 2009 2008 Cash flows from operating activities: Change in net assets $ 62,695 $ (173,017) Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: Depreciation and amortization 7,632 7,162 Loss on disposal of property and equipment 140 84 Bad debt expense 192 533 Net loss (gain) on investments (70,998) 165,904 Net loss (gain) on investments held on behalf of others (1,600) 3,765 Amounts collected on behalf of others (5,490) (2,723) Amounts remitted on behalf of others 5,320 3,664 Change in value of interest rate swap (4,301) 9,057 Change in value of split-interest agreements 137 343 Contributions restricted for construction or endowment (2,791) (6,645) (Increase) decrease in assets: Other receivables 3,744 6,465 Contracts receivable - U.S. government 8,759 (10,220) Other current assets (471) (343) Other assets (590) 2,612 Increase (decrease) in liabilities: Accounts payable and accrued expenses 3,466 7,828 Deferred revenue (3,391) 4,057 Other current liabilities (916) (885) Funds held on behalf of others 1,608 (4,618) Other long-term liabilities (103) 35 Accrued employee benefits (3,994) 2,718 Net cash provided by (used in) operating activities (952) 15,776 Cash flows from investing activities: Additions to property and equipment (5,911) (5,910) Sales or maturities of investments 215,761 231,756 Purchases of investments (215,234) (243,624) Net cash used in investing activities (5,384) (17,778) Cash flows from financing activities: Contributions restricted for construction or endowment 2,791 6,645 Proceeds from line of credit 139,954 123,426 Payments on line of credit (140,640) (126,085) Payments on bank note (756) (757) Proceeds from interest rate swaption 1,834 - Proceeds from bond issue 57,500 66,325 Payments on bond principal (57,070) (66,645) Net cash provided by financing activities 3,613 2,909 Net increase (decrease) in cash and cash equivalents (2,723) 907 Cash and cash equivalents, beginning of year 4,110 3,203 Cash and cash equivalents, end of year $ 1,387 $ 4,110 Supplemental disclosure of cash flow information: Interest paid $ 4,803 $ 5,189 See accompanying notes to financial statements. 44