Introduction Important Information Investment Fund Overview (PDF)   Investment Fund Information Brochure (PDF)   Account Information / Fund Allocation Change Form (PDF)

Introduction

HRA VEBA participants may choose to have their HRA VEBA account invested in either one of two options:  Option A: Do-it-yourself Participants will be able to build their own portfolio from among seven individual asset classes. Below is a list of the seven asset classes and underlying investment funds available to participants who choose Option A. To vie a fund fact sheet or prospectus for each investment option, click on the investment fund name below each asset class.  Stable Value Dwight Separate Account (1) Total Return Bonds PIMCO Total Return (Institutional) Balanced Vanguard Balanced Index (Institutional) Large Cap Equity Vanguard Institutional Index (Institutional) Mid Cap Equity Touchstone Mid Cap (Class Y) Small Cap Equity Champlain Small Company (Advisor) International Equity Julius Baer International Equity II (Class I) (1) The Stable Value Dwight Separate Account is a portfolio of assets managed by Dwight Asset Management exclusively for the HRA VEBA Trust. Unlike a mutual fund, it is not publicly traded and is available only to HRA VEBA participants. Therefore, when investing in the Stable Value fund a share class designation is not applicable. For information on Dwight Asset Management, please visit www.dwight.com. Option B: Choose a pre-mix Participants not wanting to build their own portfolio can instead choose any one of four pre-mixed asset allocation portfolios comprised of funds from some or all of the seven asset classes. Participants not wanting to build their own portfolio can instead choose Option B and select any one of four professionally designed pre-mixed asset allocation portfolios. Immediate Use (begin to file claims within 0-1 years) Short-term Use (begin to file claims within 2-3 years) Medium-term Use (begin to file claims within 4-5 years) Long-term Use (begin to file claims within 6+ years)

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Important Information

Contributions Contributions received by the 25th of the month are held in a short-term investment fund (STIF) until the first business day of the following month, and then allocated per your current investment fund allocation election on file with the TPA.  If no investment fund allocation election is on file, funds will be allocated to the Stable Value fund.   Transfers You may transfer among the investment funds monthly.  Participants can make fund transfer requests online at www.hraveba.org or by submitting a completed and signed Account Information/Fund Allocation Change Form to the TPA. Transfer requests received by the 25th of a given month will become effective on the first business day of the following month. If more than one transfer request is received during the month, only the most recent will be processed.   Withdrawals If your account is allocated among multiple investment funds, withdrawals from your account will be made proportionately based on your fund allocation election on file with the TPA unless you request otherwise.   Investment Risk The Stable Value fund is invested among interest-bearing guaranteed investment contracts (GICs) and is the most conservative fund choice. The remaining funds are invested in securities that will fluctuate in value on a monthly basis, and withdrawals from these funds may be worth more or less than your original employer contribution.    Should your investment objectives change, you should reevaluate your fund selection(s) and make appropriate changes. Remember, any investment that contains stock market investments entails the risk of loss. We must stress that investment returns, particularly over shorter time horizons, are highly dependent on trends in various investment markets. Thus, investing in stocks and bonds is suitable primarily as a longer-term strategy and should not be used by participants who will begin filing claims immediately.   Using Multiple Investment Funds You may use a single fund or multiple funds when creating your do-it-yourself portfolio. You may choose only one pre-mixed portfolio. You may not choose both a do-it-yourself portfolio and a pre-mixed portfolio.   fund management expenses Fund management expenses vary from fund to fund. Each investment fund’s expense ratio can be found on the HRA VEBA Trust Investment Fund Overview updated quarterly at www.hraveba.org, or by visiting each fund’s respective website.   Investment Advice Please read the available investment information carefully and consult with your personal financial advisor before making an investment decision. The trustees, plan consultant and third-party administrator do not give investment advice.   EXPENSES Fee schedule changes effective January 1, 2007: The $2.00 per month small, inactive account fee will be eliminated A monthly account fee of $1.50 will be implemented for all accounts The annualized percentage charged to each account to cover remaining administrative and operating expenses will reduce from approximately 2.20% to approximately 1.00% Fund management fees will continue to vary by fund(s) selected

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