You can choose the manner in which your Individual Account is invested. The Plan offers you the choice of five Life Stage Investment Options which represent a range of risk and return potential. The Plan also offers an Age Based Investing program under which your investment fund changes as you get older so that your exposure to the stock market is reduced as you age.

The following are the Investment options available to you and a description of the types of investments in each option. In addition, there will be some level of cash and other short-term investments to provide liquidity for transfers by Employees, withdrawals and the expenses of the Fund.

The Maximum Growth Investment Option seeks to provide high returns over the long term. It may be a good choice for long-term investors seeking aggressive growth who can tolerate higher risk of losses. As the most aggressive option, it invests 15% in the Small/Mid Company Equity Portfolio, 25% in the Large U.S. Company Growth Equity Portfolio, 20% in the Large U.S. Company Value Equity Portfolio, 10% in non-U.S. Company Equity Portfolio, 5% in the Real Estate Equity Portfolio, and 25% in the U.S. Bond Portfolio. This type of investment is usually best suited for individuals below the age of 30 or investors who can tolerate the ups and downs of the market.

The Wealth Building Investment Option seeks to provide long-term growth with income. It is less aggressive than the Maximum Growth Option. This investment option may be appropriate for investors who can tolerate high potential risk in exchange for potential long-term growth. It invests 10% in the Small/Mid Company Equity Portfolio, 15% in the Large U.S. Company Growth Equity Portfolio, 20% in the Large U.S. Company Value Equity Portfolio, 5% in non-U.S. Company Equity Portfolio, 5% in the Real Estate Equity Portfolio, and 45% in the U.S. Bond Portfolio. Investors between the ages of 30 and 40 typically select similar investment options.

The Growth and Income Investment Option seeks to provide high total return and current income. It may be a good choice for investors who are willing to take on a moderate level of risk in exchange for potential long-term growth. Many people between the ages of 40 and 50 choose this type of investment mix. This option invests 5% in the Small/Mid Company Equity Portfolio, 10% in the Large U.S. Company Growth Equity Portfolio, 15% in the Large U.S. Company Value Equity Portfolio, 5% in non-U.S. Company Equity Portfolio, 5% in the Real Estate Equity Portfolio, and 60% in the U.S. Bond Portfolio.

The Current Income Investment Option seeks to provide current income and preservation of principal with the opportunity for growth. It is designed to provide less risk than the Growth and Income Option. Investors over the age of 50 may prefer this type of portfolio, as it is geared toward stability. This option invests 5% in the Large U.S. Company Growth Equity Portfolio, 10% in the Large U.S. Company Value Equity Portfolio, 5% in the Real Estate Equity Portfolio, 40% in the U.S. Bond Portfolio and 40% in the Stable Value Portfolio.

The Capital Preservation Investment Option seeks to preserve principal and to provide stable returns and higher yields than money market funds. Designed to provide greater stability at the expense of higher return potential, this option is the most conservative of the choices. It may be appropriate if you are investing for the short term and will be receiving distributions within five years. It invests 5% in the Real Estate Equity Portfolio, 25% in the U.S. Bond Portfolio, and 70% in the Stable Value Portfolio.

Age Based Investing is an investment program under which your investment fund changes as you get older so that your exposure to the stock market is reduced as you age. For example, the Maximum Growth Investment Option is well suited for individuals under age 30 while the Wealth Building Investment Option is well suited for investors between the ages of 30 and 40. The Maximum Growth Investment Option has 70% exposure to the stock market while the Wealth Building Investment Option has 50% exposure to the stock market. If you begin to participate in Age Based Investing at age 25, your individual account (including new contributions) will be invested in the Maximum Growth portfolio. When you reach age 30, your individual account (including new contributions) will automatically be invested in the Wealth Building portfolio. Once you have elected Age Based Investing, you do not need to make any further investment choices. Your investment fund, and therefore, your exposure to the stock market will automatically be changed to give you an asset allocation that is appropriate to your age. The Investment Options and the ages at which your individual account will be automatically invested in those Funds is as follows:

If you do not select a Life Stage Investment Option, your Individual Account will be invested following the Age Based Investing program. Once you participate in Age Based Investing, whether you elected to do so or participated by default, you are free to make different investment choices provided under the Plan. However, once you elect a different investment option for either your new contributions or your existing account balance, you will no longer participate in Age Based Investing program unless you later elect to do so.

The Age Based Investing program is not ideal for everyone. You need to take into consideration your own risk tolerance and retirement needs when deciding which Investment Option is best for you.

For additional information about investing and the investment options offered by the Plan, you should refer to the educational materials provided to you.  Specifically, you should review the brochures entitled "Learning About Investing" and "Choosing Your Investment Option" as well as the video entitled "Making the Most of the SIS Pension Fund: Choosing Your Investment".  You can obtain additional materials by calling the SIS Pension Fund Service Center at (800) 538-2476.

After you have decided how to invest your individual account, you must contact the SIS Pension Fund Service Center at (800) 538-2476 to give investment instructions to the Fund.  Generally, your investment instructions will be carried out that day, if they are given by 3:00 p.m. Eastern Time.  However, neither the Fund nor the record keeper can guarantee that a transfer you have phoned in will be made on a particular day or time. You should keep this in mind when you give your instructions.

By calling the SIS Pension Fund Service Center you can check your account balance, obtain general plan information, check your current investment selection and rates of return.  You may give instructions to transfer your current account balance among the investment options and/or change the investment selection for future contributions at any time but only once in each calendar quarter.  For detailed information on how to obtain information and give investment instructions, you should review the brochures entitled "Managing Your Account" and "Calling in Your Choice" which were provided to you.  To obtain additional copies, call the SIS Pension Fund Service Center at (800) 538-2476.  

The Trustees have selected professional investment managers to handle each asset class (i.e., the Small Company Equity Portfolio, the U.S. Large Company Value Equity Portfolio, the U.S. Large Company Growth Equity Portfolio, the U.S. Bond Portfolio, the Real Estate Equity Portfolio and the Stable Value Portfolio). The Trustees may change the investment managers at any time. The current investment managers for each asset class and a description of the investments in that asset class are as follows:

• Small Company Equity Portfolio: Managed by Lazard Asset Management
  
  The Small Company Equity Manager will invest primarily in equity securities of United States companies.  The manager may invest in common stocks, preferred stocks, and securities convertible into or exchangeable for common stocks, rights and warrants.  The size (capitalization) of companies included in this portfolio will be similar to those included in the Russell 2000 Index and the Russell Midcap Index.



• U.S. Large Company Growth Equity Portfolio: Managed by INTECH
  
  The Large Company Growth Equity Manager may invest in the common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, rights and warrants of U.S. companies. The assets will be invested in domestic common stocks and other equity securities traded on a major United States exchange (New York Stock Exchange, American Stock Exchange, and the NASDAQ Over the Counter Market.) The portfolio may not invest in stock from corporations from outside of the United States nor in ADRs traded on U.S. exchanges or U.S. markets. They may also invest in short term investments rated A1/P1 and the short-term investment fund of the Fund's custodian. The size (capitalization) of the companies included in this portfolio will be similar to those which make up the S&P 500 Index.
  
  Intech’s Large Cap Growth process manages portfolios using a mathematical investment strategy developed by the firm’s chief investment officer. The investment approach is based on the mathematical theorem of portfolio behavior. Volatility of stock prices is the basis for Intech’s mathematical investment strategy. The strategy is both top-down and bottom-up. Risk control parameters are imposed upon the portfolio in an attempt to ensure that the risk will resemble the S&P/Barra Growth Index. The resulting portfolio holds approximately 50-90% of the S&P/Barra Growth Index.



• U.S. Large Company Value Equity Portfolio: Managed by the Barrow, Hanley, Mewhinney & Strauss, Inc.
  
  The Large Company Value Equity Manager may invest in the common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, rights and warrants of U.S. companies. The assets will be invested in domestic common stocks and other equity securities traded on a major United States exchange (New York Stock Exchange, American Stock Exchange, and the NASDAQ Over the Counter Market.) The portfolio may not invest in stock from corporations from outside of the United States nor in ADRs traded on U.S. exchanges or U.S. markets. They may also invest in short term investments rated A1/P1 and the short-term investment fund of the Fund's custodian. The size (capitalization) of the companies included in this portfolio will be similar to those which make up the S&P 500 Index.
  
  The Boston Company’s approach to equity investing is value oriented and research driven. The firm evaluates securities on traditional measures of value such as low price-to-earnings and low price-to-book value, and reviews broader measures including overall financial health by analyzing the quality of the business and its management. The firm looks to identify business momentum by applying fundamental analysis. The resulting portfolio holds between 65 and 100 securities.
  
  
• Non-U.S. Company Equity Portfolio: Managed by Alliance Capital Management L.P.
  
  The non-U.S. Equity manager may invest in non-U.S. dollar denominated securities and ADRs of companies based in the counties included in the MSCI EAFE index and Canada. They may also invest in the short-term investment Fund of the Fund’s custodian.
  
  This manager may hedge the currency risk of the portfolio by utilizing currency derivatives. At no time may the manager use currency derivatives to leverage the portfolio or for speculation.
  
  It is expected that the non-U.S. Equity manager will exceed the return of the MSCI EAFE (unhedged, GDP weighted) index over a market cycle or three years, which ever is less.
  
  
• Real Estate Equity Portfolio:  Managed by the Multiemployer Property Trust
  
  Real estate may be purchased through commingled funds. Selection, evaluation and asset management of properties will be assumed by each Real Estate Equity Manager utilizing prudent underwriting criteria including, but not limited to, market analysis, physical condition and tenancy.  



• U.S. Bond Portfolio: Managed by Weiss, Peck & Greer Investments
  
  The U.S. Bond Manager serves in a specialist role managing debt securities. Unless otherwise authorized in writing by the Trustees, the following guidelines apply to each Bond Manager.  Commingled investment vehicles may be used if approved in writing by the Trustees.  To the extent assets are placed in commingled funds, the practices of such funds as identified in the fund prospectus will be materially consistent with these guidelines.
  
  This portfolio may include (a) U.S. dollar denominated obligations of the United States Government and its Agencies and instrumentalities, and U.S. corporations; (b) mortgage-backed securities including Collateralized Mortgage Obligations ("CMOs"); (c) Asset Backed Securities ("ABSs"); (d) municipal bonds; and (e) short term securities.  The fixed income securities in this portfolio must be rated at least Baa3/BBB- or higher by Moody's or Standard & Poor's, respectively, at the time of purchase. Short-term instruments may include the short-term investment fund of the Plan's custodian and individual securities rated A1/P1 at the time of purchase. In the event of a split rating, the higher rating will prevail. The average option-adjusted duration of the portfolio may not exceed four (4) years.
  
  CMOs are limited to Planned Amortization Class (PAC) and Sequential issues so long as their inclusion is consistent with the letter and spirit of the above-stated guidelines. Specifically prohibited are companion tranches or support bonds, floaters, inverse floaters, income only, and principal only CMOs and structured notes unless specifically allowed in writing. At no time may derivatives be utilized to leverage the fund or for speculation.



• Stable Value Portfolio: Managed by PRIMCO Capital Management, Inc.
  
  The Stable Value Portfolio Manager may invest in the following: traditional investment contracts issued by insurance companies, banks or other institutions; separate account contracts issued by insurance companies; security investment contracts issued by insurance companies, banks or other institutions; units in a PRIMCO Group Trust or similar pooled investment fund; Bank short-term investment funds; cash and cash equivalents and other individual short-term securities that qualify for investment as detailed below for underlying securities.  
  
  Issuers of all investment contracts must be rated A or higher by Moody's, S&P, or other nationally recognized statistical rating agency at the time of purchase.  No more than 20% of the portfolio may be invested in companies rated below A+.  No more than 20% of the portfolio may be invested in traditional investment contracts issued by any single institution.  No more than 20% of the portfolio may be invested in asset-backed investment contracts (separate account, security investment contract) issued by any single institution.  Underlying securities of separate account contracts, security-backed contracts, and units in a PRIMCO Group Trust or similar pooled investment fund may be comprised of U.S. Government and its Agencies and other fixed income securities rated A or higher by Moody's, S&P, or other nationally recognized Statistical rating agency at the time of purchase.  At no time may derivatives be utilized to leverage the fund or for speculation.
  
  In addition to holding short-term investments or other fixed income vehicles allowing ready access to cash for Plan Participant liquidity needs, the Stable Value Portfolio Manager may utilize other liquidity tools such as advance features, lines of credit, and other appropriate borrowing arrangements on behalf of the Fund.  These vehicles may be used as short-term measures to provide cash as needed for honoring Plan Participant withdrawal and transfer requests.
  
  The portfolio will normally be managed with a weighted average duration of not less than two (2) nor more than four (4) years.  While a range of two to four years is indicated, the account will be managed opportunistically, consistent with the investment objectives.  No individual contract may have a duration exceeding six (6) years.

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You can obtain additional information about the investment portfolios which comprise each of the investment options.  You can also obtain a description of the annual operating expenses of the investment options, copies of prospectuses, financial statements reports and any other material relating to the investment alternatives if this material is provided to the Plan, information concerning the assets in each investment alternative, information concerning investment performance of the investment alternatives and information concerning the value of each investment alternative held in your account.  To inquire about this information, you should contact the SIS Pension Fund Service Center at (800) 538-2476.

The Plan has been designed to be a plan described in Section 404(c) of the Employee Retirement Income Security Act (ERISA).  Because you have the ability to choose how your Individual Account is invested, the Trustees of the Plan are not responsible for any losses that may result from the investment choices you make.