As the BBT investment system moves forward we are pleased that we can continue to provide broad diversification for your pension assets while continuing to honor our commitment to socially responsible investing (SRI).

On November 1, 1998, we added a domestic index investment component to the Common Stock Fund. The investment manager providing this service is Walden Capital Management of Boston, Massachusetts.

28.3 percent of the Common Stock Fund is now allocated to domestic SRI index investments that parallel the investment characteristics and performance of the S&P 500 Index.