Contents:
| Editorial | 2 |
| 20 years of FEPA | 10 |
| FEPA Inform: ASCAT Grand Prix to PIMCO's founder Mr. William "Bill" H. Gross; Hernani Carmelo de MAtos FEPA webmaster by Pedro Vaz Pereira; FEPA Awards 2008; FEPA Members; Minutes of the FEPA Board meeting Lisbon 24th January 2009; FIP Commission for postal history; MICHEL catalogue 1909-2009; Piero SAntangelo 1940-2009 | 27 |
| News from Austria, Bulgaria, Croatia, Czech Republic, Egypt, Great Britain, Monaco, Unioin of philatelists of Macedonia, Poland, Netherlands, Portugal, Slovakia, Sweden, Switzerland, United Kingdom | 42 |
| Exhibitions: Alpen-Adria 2009 Munich, Belgium-2010, Bulgaria-09, Italia-2009, London 2010, Milanexpo-2009, Monacophil 2009, Portugal-2010, Expomax Bacau 600, Exfilna 2009, Nordia 2010 | 65 |
| Article: CERES the republican postcards on the 1st Republic in Portugal 1912-1926 by Pedro Vaz Pereira | 91 |
| Youth corner: Croatia - philatelic school 2008 Trakoscan by Ivan Libric | 101 |
| Literature corner | 102 |
| Cartoon | 110 |
| Opinion: The jury of China 2009 - a jury of The System by Pedro Vaz Pereira | 111 |
