Investing Your PSR Account Funds

You may invest your PSR Account Funds in...

* Participation in the A&B Common Stock Fund is limited to individuals who are not subject to Section 16 of the Securities Exchange Act of 1934.

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Administration Procedures

You may request exchanges in or out of the A&B Common Stock Fund any day of the month. Requests received prior to 4:00 p.m. (ET) on the 15th of any month (or the previous business day if the 15th is not a business day) will be executed and shares will be purchased or sold on the succeeding 16th of a month (or the next business day if the 16th is not a business day).

Exchanges From Mutual Funds To A&B Common Stock Fund

Mutual Fund shares will be sold on the 15th of each month (or previous day if the 15th is not a business day) and A&B stock will be purchased on the 16th of each month (or next business day if the 16th is not a business day).

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Exchanges From A&B Common Stock Fund To Mutual Funds

A&B stock will be sold on the 16th (or next business day if the 16th is not a business day) of each month. The subsequent purchase into Mutual Funds will take place three business days later. This additional 3 days allows for the settlement of the stock sale at the transfer agent and the corresponding transfer of funds to Fidelity.

Shares held in the Tax Credit ESOP ("TCESOP") account continue not to be available for exchanges.

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