Annuity Fund Update
(01/31/09)

January 2009

Dear Member,

The Trustees and the Investment Committee continue to hold meetings with our investment managers.  The Board of Trustees based on these meetings has voted to continue the current allocation 25% - 30% in equities and 70% - 75% in fixed income for the Annuity Fund.

At this time the Board also voted to change from a yearly calculation of the investment yield to quarterly, while continuing to send out yearly statements in October.

Any withdrawals from your account will be done utilizing the investment yields of the previous and following quarters (if applicable) subject to a withholding of a 25% deemed necessary under Sections 2.2 and 2.5 of the Annuity Plan.

Should you decide to withdraw 100% of your Account, the withheld balance for the quarter will be paid to you after the Funds’ accountant calculates the quarterly yield and each individual account had been proportionately adjusted

We must remind you that as a participant any withdrawal or rollover out of this Fund will not be allowed to be invested through your Annuity Fund again.  Also, please be careful in selecting your investment advisor and be aware of the applicable fees.

For The Annuity Fund
The Board of Trustees’

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