Current Pension Summary Annual Report

Benefits under the plan are provided through a trust fund. Plan expenses were $48,582,718. These expenses included $8,272,863 in administrative expenses and $40,309,855 in benefits paid to participants and beneficiaries. A total of 38,650 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 $1,219,424,720 as of May 31, 2008, compared to $1,239,960,198 as of June 1, 2007. During the plan year the plan experienced a decrease in its net assets of $20,535,478. This decrease 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 $23,194,660 including employer contributions of $14,075,801, realized losses of $23,546,748 from the sale of assets, earnings from investments of $14,770,746, and other contributions of $17,894,861.

Minimum Funding Standards

An actuary's statement shows that enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA.

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:

an accountant's report;
financial information and information on payments to service providers;
assets held for investment;
transactions in excess of 5% of the plan assets;
insurance information, including sales commissions paid by insurance carriers;
information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates; and
actuarial information regarding the funding of the plan.

To obtain a copy of the full annual report, or any part thereof, write or call BOARD OF TRUSTEES OF THE EQUITY-LEAGUE PENSION TRUST FUND, 165 WEST 46TH STREET 14TH FLOOR, NEW YORK, NY 10036-2501, (212) 869-9380.

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.

You also have the legally protected right to examine the annual report at the main office of the plan (BOARD OF TRUSTEES OF THE EQUITY-LEAGUE PENSION TRUST FUND, 165 WEST 46TH STREET 14TH FLOOR, NEW YORK, NY 10036-2501) 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.