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THE STATE OF GEORGIA

EXECUTIVE ORDER

BY THE GOVERNOR:

WHEREAS :

WHEREAS:

EXECUTIVE ORDER APPROVING THE ISSUANCE OF
PRIVATE ACTIVITY BONDS

The Governor of the State of Georgia has been informed by officials of the
Private Colleges and Universities Authority that the Private Colleges and
Universities Authority (the “Issuer”) on July 7, 2011 approved the
application of Emory University, a Georgia nonprofit corporation (the
“University”) with respect to a plan of financing through the use of
revenue bonds to be issued by the Issuer in an amount not to exceed $265
million (the “Bonds”) to provide funds for the purpose of (A) financing or
refinancing, in whole or in part, the costs of the acquisition, construction,
installation, renovation, expansion and/ or improvement of (i) certain
academic and research buildings; (ii) certain administrative buildings and
parking decks; (iii) certain student housing facilities and related parking
decks; (iv) certain hospital and health care related facilities and
equipment; (V) certain alumni, administration, recreation, performing arts
and library facilities; (vi) certain infrastructure, administrative, utility,
telecommunications, roadway, landscape and parking facilities and
improvements; (vii) certain physical education facilities; and (viii) certain
other projects (such facilities and equipment, the “Facilities”); and (B)
refunding certain prior obligations issued by or for the benefit of the
University, including but not limited to the (i) Private Colleges and
Universities Authority Emory University Revenue Bonds, Series 2001A;
(ii) Private Colleges and Universities Authority Emory University Revenue
Bonds, Series 2002A; and (iii) Private Colleges and Universities Authority
Emory University Revenue Bonds, Series 2008B, to finance or refinance,
in whole or in part, the costs of the acquisition, construction, installation,
renovation, expansion and/ or improvement of the Facilities; and

The aforementioned Bonds will be issued by the Issuer, an instrumentality
of the State of Georgia and the Facilities will be owned and operated by the
University which is located entirely within the boundaries of the State of
Georgia; and