Investment of Contributions

Participant Accounts

Plan assets are held in the trust established by the Declaration of Trust under which the Plan is established.

When you become a Plan participant, an individual account is established and maintained for you. Your account will reflect contributions received on your account and investment earnings or losses on the contributions to your account and your share of Plan expenses. Your account will be charged an initial fee of $25 to cover its set-up costs.

You will receive a quarterly statement which will indicate the value of your account and the transactions which have occurred in your account during the quarter.

You can direct the investment of your account balance among the mutual funds which the Trustees have made available under the Plan; the Plan Trustees will invest your account in accordance with your instructions. The investment funds currently available under the Plan are described below. You can obtain a prospectus for any of these funds by calling Putnam Investments, Inc. ("Putnam") at 1-877-864-6644, by accessing their website at www.ibenefitcenter.com, or by contacting the Fund Office.

Growth Funds

American Funds Growth Fund of America: Seeks to provide long-term growth of capital through a diversified portfolio of common stocks.  The fund may invest up to 15% of its assets in securities of issuers domiciled outside of the United States and Canada and not included in the S & P 500.  The Fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise.  Many factors can adversely affect a stock’s performance, including both general financial market conditions and factors related to a specific company or industry.

Putnam Voyager Fund: Seeks capital appreciation by investing mainly in a combination of large and midsized companies expected to grow over time.  The fund invests some or all of its assets in small and/or midsize companies.  Such investments increase the risk of greater price fluctuations.

T. Rowe Price Growth Stock Fund:  Seeks long-term growth of capital and, secondarily, increasing dividend income by investing primarily in common stocks of well-established growth companies.  The fund normally (but not always) seeks investments in companies that have the ability to pay increasing dividends through strong cash flow.  The fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise.  Many factors can adversely affect a stock’s performance, including both general financial market conditions and factors related to a specific company of industry.

Blend Funds

American Funds EuroPacific Growth Fund:  Seeks to provide long-term growth of capital by investing in companies based outside the United States.  The fund invests primarily in common and preferred stocks, convertibles, American Depositary Receipts, European Depositary Receipts, bonds, and cash.  All holdings are non-United States except a nominal portion that, for liquidity purposes, may be held in U.S. dollars and/or equivalents.  International investing involves certain risks, such as currency fluctuations, economic instability, and political developments.  Additional risks may be associated with emerging-market securities, including illiquidity and volatility.

Franklin Rising Dividends Fund:  Seeks long-term capital appreciation.  Preservation of capital, while not a goal, is also an important consideration.  Under normal market conditions, the fund invests at least 80% of its net assets in companies that have paid consistently rising dividends.  The fund invests some or all of its assets in small and/or mid-size companies.  Such investments increase the risk of greater price fluctuations.

Royce Low-Priced Stock Fund:  Seeks long-term growth of capital by investing primarily in small and micro-cap companies trading at less than $20 per share at the time of investment.  This sector of the market remains underfollowed and, therefore, the fund’s manager believes that it offers significant investment opportunities.  The fund invests some or all of its assets in small and/or midsize companies.  Such investments increase the rise of greater price fluctuations.

Torray Institutional Fund:  Seeks to build shareholder wealth over long periods of time.  Ordinarily 90% or more of the fund’s assets will be invested in U.S. common stocks with the balance held in U.S. Treasury securities or other cash equivalents. The fund utilizes a buy-and-hold approach and focuses on investing in well-run, growing companies with demonstrated earning power, sound finances, a strong competitive position, and capable management.  Investments are made only when it is believed that a company’s long-term outlook is sound and the shares are fairly priced.  The fund usually holds between 25 and 40 stocks, and the turnover ratio is low, indicating a long holding period.  The fund concentrates its assets in fewer stocks, which can affect the fund’s performance.

UA S&P 500 Index Fund:  Seeks to provide investment results that, before fund expenses, approximate the aggregate price and dividend performance of the securities included in the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 index”) by investing in securities composing the S&P 500 Index.  The S&P 500 Index is made up of common stocks of 500 large, publicly traded companies.  The fund buys and holds all stocks included in the S&P 500 Index in exactly the same proportion as those stocks that are held in the index.  Stocks are eliminated from the fund when removed from the S&P 500 Index.

Value Funds

American Funds American Balanced Fund:  Seeks to provide conservation of capital, current income, and long-term growth of capital and income by investing in stocks, bonds, and other fixed-income securities.  The fund invests primarily in common stocks and preferred stocks, bonds, convertibles, and cash.  The fund may invest up to 10% of its assets in securities of issuers domiciled outside the United States and not included in the S&P 500.  The fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise.  Many factors can adversely affect a stock’s performance, including both general financial market conditions and factors related to a specific company or industry.

American Funds Capital World Growth and Income Fund:  Seeks to provide long-term growth of capital with current income by investing primarily in well-established companies located all over the world, including the United States.  International investing involves certain risks, including currency fluctuations, economic instability, and political developments.

American Funds Washington Mutual Investors Fund:  Seeks to provide current income and the opportunity for growth of principal consistent with sound common-stock investing. The fund seeks to be at least 95% invested in equity-type securities.  The fund invests in stocks that meet strict standards evolving from requirements originally established by the U.S. District Court for the District of Columbia for the investment of trust funds.  The fund may not invest in companies that derive their primary revenues from alcohol or tobacco.  The fund involves the risk that the stock prices of the companies in the portfolio will fall or will fail to rise.  Many factors can adversely affect a stock’s performance, including both general financial market conditions and factors related to a specific company or industry.

The Putnam Fund for Growth and Income:  Seeks capital growth and current income by investing mainly in attractively priced stocks of mature companies that offer long-term growth potential while also providing income.  Value investing seeks underpriced stocks, but there is no guarantee that a stock’s price will rise.

Income Funds

American Funds Bond Fund of America:  Seeks to maximize your level of current income and preserve your capital by investing primarily in bonds.  Normally, the fund invests the majority of its assets in bonds rated A and above.  The fund may also invest in lower-rated bonds.  The lower credit ratings of high-yield bonds in the portfolio reflect a greater possibility that adverse changes in the economy or poor performance by the issuers of these bonds may affect the issuer’s ability to pay principal and interest.  Lower-rated bonds may offer higher yields in return for more risk.

Putnam Income Fund:  Seeks current income consistent with prudent risk through a flexible, diversified strategy that encompasses a range of fixed-income categories, including government bonds and investment-grade and high-yield corporate bonds.  Lower-rated bonds may offer higher yields in return for more risk.  Mutual funds that invest in government securities are not guaranteed.  Mortgage-backed securities are subject to prepayment risk.  The use of derivatives involves special risks and may result in losses.

Capital Preservation Fund

Putnam Stable Value Fund: Seeks stability of principal by investing mainly in investment contracts or similar investments issued by insurance companies, banks, and similar financial institutions.  The fund seeks capital preservation, but there can be no assurance that it will achieve this goal.  The fund’s returns will fluctuate with interest rates and market conditions.  The fund is not insured or guaranteed by any government agency.

Ready-Mixed Portfolios

T. Rowe Price Personal Strategy Growth Fund:  Seeks the highest total return over time consistent with a primary emphasis on capital growth and a secondary emphasis on income.  The fund invests in a diversified portfolio typically consisting of about 80% stocks and 20% bonds and money market securities.

T. Rowe Price Personal Strategy Balanced Fund:  Seeks the highest total return over time consistent with an emphasis on both capital growth and income.  The fund invests in a diversified portfolio typically consisting of about 60% stocks, 305 bonds, and 10% money market securities.

T. Rowe Price Personal Strategy Income Fund:  Seeks the highest total return over time consistent with a primary emphasis on income and a secondary emphasis on capital growth.  The fund invests in a diversified portfolio typically consisting of about 40% stocks, 40% bonds, and 20% money market securities.

Earnings on each of the investment funds are reinvested in the same Investment Fund.

Participant Investment Direction

By allowing participants to direct the investment of their accounts, the Trustees intend the Plan to meet the requirements of Section 404(c) of the Employee Retirement Income Security Act of 1974 ("ERISA"). Under that section, the Plan trustees may be relieved of liability for any investment losses which are the direct and necessary result of investment instructions given by a participant or beneficiary.

A telephone system, "Putnam On-Call" (1-877-864-6644)and the website at www.ibenefitcenter.com allows you to check your account values, change your investment elections for future contributions, or transfer amounts from one investment fund to another on any day on which the New York Stock Exchange is open. Instructions received and accepted by 4PM Eastern time will generally be processed at the closing price on that day; instructions received and accepted after 4PM or on a non-business day will generally be processed at the closing price on the next business day.

Your Putnam enrollment packet contains more specific information about Putnam's telephone system, its hours and its capabilities.

To protect your investments, if you are incapacitated for a period which is expected to last more than 10 Business Days and you have not appointed a legal representative, the Executive Administrator when informed of the incapacity will transfer your Account Balance to the Putnam Stable Value Fund until you inform the Plan that your incapacity no longer exists or until you have appointed a legal representative.

It is important to recognize that each investment fund represents a different balance of risk and reward. Each Plan participant must consider what level of risk and reward best suits his circumstances and tolerance for risk and direct the investment of his account accordingly. You may want to consider dividing your account among several of the investment funds to achieve the combination of risk and reward which is best for you. Putnam has been engaged to provide general information to participants in an effort to educate them about the selection of an appropriate investment mix. If you would like information about any of the investment options, you can call the Fund Office or contact Putnam through its telephone system 8AM through 10PM any business day.

Plan Amendment

The Trustees have the right to amend the Plan to add or remove investment options and require Plan participants to transfer into or out of certain investment funds at any time.

Valuation of Accounts

The trust is valued at fair market value at the close of business on the last business day of each calendar quarter. Valuation of the Trust is the basis for determining the value of your account. You share in the Plan’s investment gains and losses in each investment fund in the proportion that your account balance in each investment fund bears to the account balances of all participants in that investment fund and in accordance with the rules governing each of the mutual funds. As a practical matter, when you elect to invest in one or more of the mutual funds available under the Plan, you are electing to purchase units in the mutual fund, which can increase or decrease in value. Your overall Account Balance is the sum of your interest in all of the investment funds, that is, the value of all the mutual fund units purchased for your account, less any Plan expenses charged to your account. Your share of Plan expenses will include a charge for maintaining your account, any transaction charges that might specifically apply to your account, and a proportionate share of any general expenses