EUH

December 5 , 2005
Emory University Summary Annual Report for the 2004 Plan Year

FOR EMORY UNIVERSITY RETIREMENT PLAN
This is a summary of the annual report for the EMORY UNIVERSITY RETIREMENT PLAN, EIN 58-0566256, Plan No. 001, for the period January 1, 2004 through December 31, 2004. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Benefits under the plan are provided.

A total of 10,074 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.

Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
1. insurance information, including sales commissions paid by insurance carriers.

To obtain a copy of the full annual report, or any part thereof, write or call EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD, ATLANTA, GA 30322, (404) 727-7623. The charge to cover copying costs will be $.50 for the full annual report, or 10 cents per page for any part thereof.

You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge.

You also have the legally protected right to examine the annual report at the main office of the plan (EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD,
ATLANTA, GA 30322) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

FOR EMORY UNIVERSITY WELFARE PLAN FOR INSURED BENEFITS
This is a summary of the annual report of the EMORY UNIVERSITY WELFARE PLAN FOR INSURED BENEFITS, EIN 58-0566256, Plan No. 501, for the period January 1, 2004 through December 31, 2004. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Insurance Information
The plan has contracts with UNUM LIFE INSURANCE COMPANY and RELIASTAR LIFE INSURANCE COMPANY to pay Life Insurance, long-term disability claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 2004 were $4,729,370.
Basic Financial Statement
The value of plan assets, after subtracting liabilities of the plan, was $6,413,529 as of December 31, 2004, compared to $5,873,443 as of January 1, 2004. During the plan year the plan experienced an increase in its net assets of $540,086. This increase includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $4,818,971, including employer contributions of $1,966,302, employee contributions of $2,312,583, and earnings from investments of $540,086.

Plan expenses were $4,278,885. These expenses included $4,278,885 in benefits paid to participants and beneficiaries.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
1. an accountant’s report;
2. financial information; and
3. insurance information, including sales commissions paid by insurance carriers.

To obtain a copy of the full annual report, or any part thereof, write EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD, ATLANTA, GA 30322, (404) 727-7623. The charge to cover copying costs will be $.50 for the full annual report, or 10 cents per page for any part thereof.

You also have the legally protected right to examine the annual report at the main office of the plan (EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD, ATLANTA, GA 30322) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

FOR EMORY UNIVERSITY HEALTHCARE PLAN
This is a summary of the annual report of the EMORY UNIVERSITY HEALTHCARE PLAN, EIN 58-0566256, Plan No. 502, for the period January 1, 2004 through December 31, 2004. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Insurance Information
The plan has contracts with AETNA and ORAL HEALTH SERVICES to pay Medical claims incurred under the terms of the plan. The total premiums paid for the plan year ending December 31, 2004 were $688,999.
Basic Financial Statement
The value of plan assets, after subtracting liabilities of the plan, was $55,760,910 as of December 31, 2004, compared to $52,446,699 as of January 1, 2004. During the plan year the plan experienced an increase in its net assets of $3,314,211. This increase includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. During the plan year, the plan had total income of $101,801,959, including employer contributions of $70,090,116, employee contributions of $27,172,399, and earnings from investments of $4,539,444.

Plan expenses were $98,487,748. These expenses included $7,444,091 in administrative expenses and $91,043,657 in benefits paid to participants and beneficiaries.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
1. an accountant’s report;
2. financial information and information on payments to service providers;
3. assets held for investment;
4. insurance information, including sales commissions paid by insurance carriers; and
5. information regarding any common or collective trusts, pooled separate accounts; master trusts or 103-12 investment entities in which the plan participates.

You also have the legally protected right to examine the annual report at the main office of the plan (EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD, ATLANTA, GA 30322) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

FOR EMORY UNIVERSITY RESIDENCY TRAINING PROGRAM HEALTH CARE BENEFIT PLAN
This is a summary of the annual report of the EMORY UNIVERSITY RESIDENCY TRAINING PROGRAM HEALTH CARE BENEFIT PLAN, EIN 58-0566256, Plan No. 505, for the period July 1, 2004 through June 30, 2005. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Insurance Information
The plan has contracts with COMPBENEFITS COMPANY to pay medical claims incurred under the terms of the plan. The total premiums paid for the plan year ending June 30, 2005 were $105,931.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
1. insurance information, including sales commissions paid by insurance carriers.

You also have the legally protected right to examine the annual report at the main office of the plan (EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD, ATLANTA, GA 30322) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

FOR EMORY UNIVERSITY RESIDENCY TRAINING PROGRAM LIFE ACCIDENTAL DEATH & DISEMEMBERMENT & LONG TERM DISABILITY
This is a summary of the annual report of the EMORY UNIVERSITY RESIDENCY TRAINING PROGRAM LIFE ACCIDENTAL DEATH & DISMEMBERMENT & LONG TERM DISABILITY, EIN 58-0566256, Plan No. 506, for the period July 1, 2004 through June 30, 2005. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Insurance Information
The plan has contracts with PROVIDENT LIFE & ACCIDENT INSURANCE and PROVIDENT LIFE & ACCIDENT INSURANCE CO. to pay life insurance, ACCIDENTAL DEATH & DISMEMBERMENT, long-term disability claims incurred under the terms of the plan. The total premiums paid for the plan year ending June 30, 2005 were $230,282.

Because they are so called “experience-rated” contracts, the premium costs are affected by, among other things, the number and size of claims. Of the total insurance premiums paid for the plan year ending June 30, 2005, the premiums paid under such “experience-rated” contracts were $70,623 and the total of all benefit claims paid under these experience-rated contracts during the plan year was $237,500.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
1. insurance information, including sales commissions paid by insurance carriers.

You also have the legally protected right to examine the annual report at the main office of the plan (EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD, ATLANTA, GA 30322) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

FOR EMORY UNIVERSITY BENEFLEX PLAN
This is a summary of the annual report of the EMORY UNIVERSITY BENEFLEX PLAN, EIN 58-0566256, Plan No. 507, for the period January 1, 2004 through December 31, 2004. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Your Rights To Additional Information
You have the right to receive a copy of the full annual report. To obtain a copy of the full annual report, or any part thereof, write EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD, ATLANTA, GA 30322, (404) 727-7623. The charge to cover copying costs will be $.50 for the full annual report, or 10 cents per page for any part thereof.

You also have the legally protected right to examine the annual report at the main office of the plan (EMORY UNIVERSITY DIVISION OF HUMAN RESOURCES, 1762 CLIFTON ROAD, ATLANTA, GA 30322) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

FOR EMORY UNIVERSITY WELFARE MASTER TRUST
This is a summary of the annual report for the Emory University Welfare Master Trust, EIN 58-2087692, Plan No. 511, for the period January 1, 2004 through December 31, 2004. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided. Plan expenses were $0. A total of 10,074 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.

The value of plan assets, after subtracting liabilities of the plan, was $44,849,854 as of December 31, 2004, compared to $41,073,219 as of January 1, 2004. During the plan year the plan experienced an increase in its net assets of $3,776,635. This increase includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $3,776,826, including earnings from investments of $3,776,826.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
1. financial information and information on payments to service providers.

To obtain a copy of the full annual report, or any part thereof, write Emory University, 1762 Clifton Road; Ste 103, Atlanta, GA 30322. The charge to cover copying costs will be $.50 for the full annual report, or 10 cents per page for any part thereof.

You also have the legally protected right to examine the annual report at the main office of the plan (Emory University, 1762 Clifton Road; Ste 103, Atlanta, GA 30322) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

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