Document:

Second Amendment to the EDMC Retirement Plan, dated as of December 23, 2004

 Exhibit 10.13 
 SECOND AMENDMENT TO THE 
 EDUCATION MANAGEMENT CORPORATION RETIREMENT PLAN 
 (Amended and Restated August 1, 2003) 
 Pursuant to the authority granted in the Section titled “Changing the Plan” (under the Article titled “WHAT THE
EMPLOYER DOES”) of the Education Management Corporation Retirement Plan (the “Plan”), the Retirement Committee, on behalf of Education Management
Corporation (“EDMC”), hereby amends the Plan with this Second Amendment to be effective as follows: 
 Effective January 1,
2004 (unless an earlier date is otherwise specified below): 
 1. A new Section of the Plan, titled “Latest
possible date to take the money (or stock) for all years beginning on and after January 1, 2003” is added to the end of the Article, titled “WHEN PAYMENT IS
ACTUALLY MADE”, to read as follows: 
 “Latest possible
date to take the money (or stock) for all years beginning on and after January 1, 2003 
 All distributions made under the Plan
(whether to you or to your beneficiary) shall be made in accordance with the express terms and conditions of the Plan provided those Plan rules are not prohibited under the final 2003 Regulations relating to required minimum distributions under Code
Section 401(a)(9). If the Plan provides for a form or manner of distribution that the Plan Administrator determines is prohibited under the final 2002 Regulations relating to required minimum distributions under Code Section 401(a)(9),
then the form or manner of any such distribution shall be changed and conformed automatically by the Plan Administrator, in its sole discretion, in the most minimal way necessary in order for such distribution to comply with such required minimum
distribution rules. 
 Required minimum distributions are the payments described above that must begin, if you haven’t already taken out
your account balance, by the April 1st following the year in which you turn age 70 1/2 or, if you are not a
5% owner, the year you terminate employment, whichever is later. Required minimum distributions are also payments described above that must begin to your beneficiaries following your death, whether or not your benefits have begun. 

Time and Manner of Distribution 
 Unless the participant’s interest is distributed in a single sum on or before the required beginning date, as of the first distribution calendar year, distributions will be made in accordance with sections below, titled
“Required Minimum Distributions During Participant’s Lifetime” and “Required Minimum Distributions After Participant’s Death”. 

 Required Minimum Distributions During Participant’s Lifetime 
 Amount of Required Minimum Distribution For Each Distribution Calendar Year. During the participant’s lifetime, the minimum amount that
will be distributed for each distribution calendar year is the lesser of: 
  

	 	(a)	the quotient obtained by dividing the participant’s account balance by the distribution period in the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury
regulations, using the participant’s age as of the participant’s birthday in the distribution calendar year; or 

  

	 	(b)	if the participant’s sole designated beneficiary for the distribution calendar year is the participant’s spouse, the quotient obtained by dividing the participant’s
account balance by the number in the Joint and Last Survivor Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the participant’s and spouse’s attained ages as of the participant’s and spouse’s birthdays
in the distribution calendar year., 

 Lifetime Required Minimum Distributions Continue Through Year of Participant’s
Death. Required minimum distributions will be determined under this section, titled “Required Minimum Distributions During Participant’s Lifetime”, beginning with the first distribution calendar year and
up to and including the distribution calendar year that includes the participant’s date of death. 
 Required Minimum Distributions
After Participant’s Death 
 Death of Participant Before Distributions Begin. 
  

	 	(a)	Timing of Distribution. If the participant dies before distributions begin, the participant’s entire interest will be distributed, or begin to be distributed, no
later than as follows: 

  

	 	(1)	If the participant’s surviving spouse is the participant’s sole designated beneficiary, then distributions to the surviving spouse will begin by December 31 of the
calendar year immediately following the calendar year in which the participant died, or by December 31 of the calendar year in which the participant would have attained age 70 1/2, if later. 

  

	 	(2)	If the participant’s surviving spouse is not the participant’s sole designated beneficiary, then distributions to the designated beneficiary will begin by December 31
of the calendar year immediately following the calendar year in which the participant died. 

  

	 	(3)	 If there is no designated beneficiary as of September 30 of the year following the year of the participant’s death, the participant’s entire 

  

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interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the participant’s death.

  

	 	(4)	If the participant’s surviving spouse is the participant’s sole designated beneficiary and the surviving spouse dies after the participant but before distributions to the
surviving spouse begin, this subsection, titled “Death of Participant Before Distributions Begin”, other than paragraph (a) of this subsection, will apply as if the surviving spouse were the participant.

 For purposes of this subsection, which is titled “Required Minimum Distributions After Participant’s
Death”, unless paragraph (4), above, applies, distributions are considered to begin on the participant’s required beginning date. If paragraph (4), above, applies, distributions are considered to begin on the date distributions
are required to begin to the surviving spouse under paragraph (1), above. 
  

	 	(b)	Amount of Distribution. 

  

	 	(1)	Participant Survived by Designated Beneficiary. If the participant dies before the date distributions begin and there is a designated beneficiary, the minimum amount that
will be distributed for each distribution calendar year after the year of the participant’s death is the quotient obtained by dividing the participant’s account balance by the remaining life expectancy of the participant’s designated
beneficiary, determined as provided in the subsection above, titled “Death On or After Date Distributions Begin”. 

  

	 	(2)	No Designated Beneficiary. If the participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following
the year of the participant’s death, distribution of the participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the participant’s death. 

 

	 	(3)	Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the participant dies before the date distributions begin, the participant’s
surviving spouse is the participant’s sole designated beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under paragraph (a) of the subsection above, titled “Death of
Participant Before Distributions Begin”, this subsection, titled “Death Before Date Distributions Begin”, will apply as if the surviving spouse were the participant. 

  

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 Death On or After Date Distributions Begin. 
  

	 	(a)	Participant Survived by Designated Beneficiary. If the participant dies on or after the date distributions begin and there is a designated beneficiary, the minimum amount
that will be distributed for each distribution calendar year after the year of the participant’s death is the quotient obtained by dividing the participant’s account balance by the longer of the remaining life expectancy of the participant
or the remaining life expectancy of the participant’s designated beneficiary determined as follows: 

  

	 	(1)	The participant’s remaining life expectancy is calculated using the age of the participant in the year of death, reduced by one for each subsequent year.

  

	 	(2)	If the participant’s surviving spouse is the participant’s sole designated beneficiary, the remaining life expectancy of the surviving spouse is calculated for each
distribution calendar year after the year of the participant’s death using the surviving spouse’s age as of the spouse’s birthday in that year. For distribution calendar years after the year of the surviving spouse’s death, the
remaining life expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse’s birthday in the calendar year of the spouse’s death, reduced by one for each subsequent calendar year.

  

	 	(3)	If the participant’s surviving spouse is not the participant’s sole designated beneficiary, the designated beneficiary’s remaining life expectancy is calculated using
the age of the beneficiary in the year following the year of the participant’s death, reduced by one for each subsequent year. 

  

	 	(b)	No Designated Beneficiary. If the participant dies on or after the date distributions begin and there is no designated beneficiary as of September 30 of the year after
the year of the participant’s death, the minimum amount that will be distributed for each distribution calendar year after the year of the participant’s death is the quotient obtained by dividing the participant’s account balance by
the participant’s remaining life expectancy calculated using the age of the participant in the year of death, reduced by one for each subsequent year. 

 Definitions 
 Designated beneficiary. The individual who is designated as the
beneficiary under the section of this Plan titled “Naming your beneficiary and getting spousal consent” (which is under the Article titled “IN CASE
OF DEATH”) and is the designated beneficiary under section 401(a)(9) of the Code and section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations. 
  

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 Life expectancy. Life expectancy as computed by use of the Single Life Table in section
1.401(a)(9)-9 of the Treasury regulations.” 
 2. The Section of the Plan, titled “Having the money transferred directly to
another plan”, under the Article, titled “HOW PAYMENT IS MADE”, is amended by adding a sentence to the end thereof to read as follows:

 “Beginning on January 1, 2002, your surviving spouse has the same rights as you do under this section of the Plan with respect to
making a direct rollover.” 
 3. The Section of the Plan, titled “Pre-approved payments”, under the Article,
titled “How to Claim Your Money or Stock”, is amended by restating the second bullet point thereunder to read as follows (new text is underlined): 
  

	 	“•	For distributions from your ESOP account, payments will be processed on the 5th and the 20th day of each month (effective as of July 1, 2004, payments will be processed daily). It takes Fidelity about 4 to 6 weeks to issue a paper stock certificate. If you would prefer a wire transfer
to a brokerage account of your choosing, ask Fidelity whether wire transfers are available. If so, Fidelity will provide you with the necessary information Wire transfers (if available) can be made in 7 to 10 days.” 

 4. The Section of the Plan, titled “If you’re married”, under the Article, titled “IN
CASE OF DEATH”, is amended by adding a sentence to the end thereof to read as follows: 
 “However, effective as of January 1, 2002, if the recipient is your surviving husband or wife, he or she may, in addition to an IRA, make a direct rollover into any eligible retirement plan sponsored by
another employer so long as the other employer will accept such a rollover.” 
 5. The Section of the Plan, titled “Safe
harbor”, under the Article, titled “PAYMENT BEFORE TERMINATION OF EMPLOYMENT”, is amended (to clarify that the Plan follows the
safe harbor rules for hardship distributions) by restating the last bullet point thereunder to read as follows (new text is underlined): 
  

	 	“•	all qualified plans of the employer provide that the 401(k) contributions made during the year of the distribution will count against the $10,500 limit on
401(k) contributions (which may be increased as described later in this plan) for the calendar year following the calendar year of the distribution (this plan so provides if you choose to use this safe harbor). The limitation
described in this bullet point, however, will not apply to any hardship withdrawals taken on or after January 1, 2002.” 

  

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 6. The Section of the Plan, titled “Diversification of ESOP accounts”, under the
Article, titled “SPECIAL ESOP PROVISIONS”, is amended by restating the last paragraph thereunder to read as follows (new text is underlined): 
 “The plan administrator may adopt rules and limitations intended to avoid any negative impact of these diversification rights on the trading market
for employer stock. Shares of employer stock are sold from ESOP accounts on only two days each month: the 5th and the 20th day of each month (each a “diversification date”) (effective as of July 1,
2004, the “diversification date” will be daily rather than on the 5th and the 20th day of each month). If you submit a diversification election,
it will be given effect as of the first diversification date occurring after you submit the election or, if different, it will be given effect in accordance with the recordkeeper’s processing procedures.” 
 7. The Section of the Plan, titled “Excluding extraordinary items”, under the Article, titled
“MISCELLANEOUS”, is amended (to clarify the meaning of “deferred compensation”) by restating the fourth bullet point thereunder to read as follows (new text is underlined): 
  

	 	“•	deferred compensation (this is not defined to include employee contributions to any nonqualified deferred compensation plan sponsored by the employer), or”

 8. Two new Sections of the Plan, titled “South University” and “American Education
Centers, Inc.”, are added to the end of the Article, titled “SPECIAL ARRANGEMENTS FOR NEW PARTICIPATING
EMPLOYERS”, to read as follows: 
 “South University and Other Related
Entities. In determining the length of your service for the purpose of eligibility to receive matching contributions and for deciding what portion of your account you are entitled to if you leave before age 65, hours of service
in the employ of South University (and other related entities) before it was acquired by Education Management Corporation are taken into account as hours of service under the plan to the same extent as if South University had been a participating
employer during that period. As an exception, no more than five years of service will be credited under this paragraph to any employee who upon entering this plan is a “restricted employee” as described in the section called “Maximum
Amount of 401(k) Contributions. 
 All of your accounts under the South University 401(k) Profit Sharing Plan were transferred to this
Plan on September 1, 2004. All of the contributions made by South University on your behalf to its 401(k) plan will continue to vest in accordance with that plan’s vesting schedule even though they are now held under this Plan. Therefore,
the matching contributions and the profit sharing contributions which were transferred to this plan (to a “Prior Plan Match” account 

  

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 and a “Prior Plan Profit Sharing” account, respectively), will vest under a “six year graded” vesting schedule. Also, for purposes of determining your vested interest in the
transferred accounts, years of service will be determined as defined under the South University 401(k) Profit Sharing Plan. 
 A six year
graded vesting schedule means that: (i) after 2 years, you’ll be 20% vested, (u) after 3 years, you’ll be 40% vested, (iii) after 4 years, you’ll be 60% vested, (iv) after 5 years, you’ll be 80% vested, and
(v) after 6 years, you’ll be 100% vested. Remember, however, that this vesting schedule applies to only the Prior Plan Match account and the Prior Plan Profit Sharing account and does not apply to other contributions attributable to Plan
Years beginning on or after January 1, 2004 under this Plan. 
 American Education Centers, Inc. and Other Related
Entities. In determining the length of your service for the purpose of eligibility to receive matching contributions and for deciding what portion of your account you are entitled to if you leave before age 65, hours of service in the employ
of American Education Centers, Inc. (and other related entities) (“AEC”) before it was acquired by Education Management Corporation are taken into account as hours of service under the plan to the same extent as if AEC had been a
participating employer during that period. As an exception, no more than five years of service will be credited under this paragraph to any employee who upon entering this plan is a “restricted employee” as described in the section called
“Maximum Amount of 401(k) Contributions. 
 All of your accounts under the American Education Centers, Inc. 401(k) Plan were
transferred to this Plan on September 1, 2004. All of the contributions made by AEC on your behalf to its 401(k) plan will continue to vest in accordance with that plan’s vesting schedules even though they are now held under this Plan.
Therefore, the matching contributions that were transferred to this plan (to a “Prior Plan Match” account) will vest under a “six year graded” vesting schedule, as described below. Also, for purposes of determining your vested
interest in the Prior Plan Match account, years of service will be determined as defined under the American Education Centers, Inc. 401(k) Plan. The other employer contributions that were transferred to this plan (to a “Prior Plan Employer
Contribution” account) are 100% vested. 
 A six year graded vesting schedule means that: (i) after 2 years, you’ll be 20%
vested, (ii) after 3 years, you’ll be 40% vested, (iii) after 4 years, you’ll be 60% vested, (iv) after 5 years, you’ll be 80% vested, and (v) after 6 years, you’ll be 100% vested. Remember, however, that this
vesting schedule applies to only the Prior Plan Match account and does not apply to other contributions attributable to Plan Years beginning on or after January 1, 2004 under this Plan. 
 Also, you also will continue to have the right to withdraw, even if you are still employed with EDMC, a portion or all of your rollover contributions made
to the AEC 401(k) Plan which were transferred to this Plan at any time. The rollover 

  

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contributions for which you have this right will be held in an account named “Prior Rollover” account.” 
 9. Appendix A is amended and restated (to add new participating employers) in substantially the same form as Attachment A, which is attached hereto and
which is made a part hereof. 
 10. Appendix B is amended and restated (to update the investment options) in substantially the same form as
Attachment B, which is attached hereto and which is made a part hereof. 
 11. In all other respects, the provisions of the Plan are hereby
ratified and confirmed, and they shall continue in full force and effect. In order to continue to set forth the provisions of the Plan in a single document, changes made by this Second Amendment may be incorporated into the most recent restatement
of the Plan. 
 IN WITNESS WHEREOF, this Second Amendment has been duly adopted by action on behalf of EDMC on the 23rd day of December 2004. 
  

			
	EDUCATION MANAGEMENT CORPORATION
		
	By:	 	/s/ Patricia V. Sullivan
	Title:	 	VP, Compensation/Benefits/HRIS

  

 8Third Amendment to the EDMC Retirement Plan, dated as of December 21, 2005

 Exhibit 10.14 
 THIRD AMENDMENT TO THE 
 EDUCATION MANAGEMENT CORPORATION RETIREMENT PLAN 
 (Amended and Restated August 1. 2003) 
 Pursuant to the authority granted in the Section titled “Changing the Plan” (under the Article titled “WHAT THE
EMPLOYER DOES”) of the Education Management Corporation Retirement Plan (the “Plan”), the Retirement Committee, on behalf of Education Management Corporation
(“EDMC”), hereby amends the Plan with this Third Amendment to be effective as of the dates set forth below: 
 1.
Effective as of August 1, 2005, the Section of the Plan, titled “How to do it”, which is under the Article, titled “TRADING OFF YOUR PAY
FOR CONTRIBUTIONS TO THE PLAN”, is amended by adding the following to the end of the first paragraph thereunder to read
as follows: 
 “However, beginning on August 1, 2005, the only way you will be able to trade off your pay in return for a
contribution to the plan is by completing an actual enrollment form. You will be given instructions on how to complete the form, by when it must be completed and submitted, and to whom it must be submitted.” 
 2. Effective as of August 1, 2005, the fourth, and last, bullet point under the Section of the Plan, titled “How to do it”,
which is under the Article, titled “TRADING OFF YOUR PAY FOR CONTRIBUTIONS TO THE
PLAN”, is restated in its entirety to read as follows (the new text is underlined): 
  

	 	“•	You can change your agreement at any time, but the change will take effect at the beginning of the following month (effective as of August 1, 2005, your change will become
effective as soon as soon as administratively practicable with the next pay cycle that follows the date on which your change is processed).” 

 3. Effective as of March 28, 2005, a new paragraph is added immediately after the second paragraph under the Section of the Plan, titled “Your choices about timing”, which is under
the Article, titled “WHEN PAYMENT IS ACTUALLY MADE”, to read as follows: 
 “However, beginning on March 28, 2005, new rules will apply to you if your entitlement is $5,000 or less. The Plan Administrator will still have
a right to make an automatic distribution to you if your entitlement is $5,000 or less even if you do not consent to receiving one. The difference is that if your entitlement is $5,000 or less but is more than $1,000, the Plan Administrator
will pay the distribution, if made, to an individual retirement plan set up in your name if you do not tell the Plan Administrator where to pay the money or if you simply do not respond within a reasonable period of time after being notified of the
distribution. If your entitlement is less than $1,000, distributions will be paid to you and not to 

 
an individual retirement plan if you do not tell the Plan Administrator where to pay the money.” 
 4. Effective as of March 21, 2005, the Section of the Plan, titled “Diversification of ESOP accounts”,
which is under the Article, titled “SPECIAL ESOP PROVISIONS”, is amended by adding the following to the end thereof: 
 “Effective as of March 21, 2005, ESOP diversification requests will be processed on a real time basis in accordance with uniform procedures,
including procedures under the trust agreement, that will be consistently applied by Fidelity. Trading stock in a real-time environment generally means that your trade order is sent to the Plan’s broker in real-time for execution, giving you
the same control that you would have with traditional brokerage accounts. All questions that you may have regarding this change should be directed to Fidelity.” 
 5. Effective as of the dates set forth therein, Appendix B is amended and restated (to update the investment options) in substantially the same form as Attachment B, which is attached hereto and which is made a part
hereof. 
 6. In all other respects, the provisions of the Plan are hereby ratified and confirmed, and they shall continue in full force and
effect. In order to continue to set forth the provisions of the Plan in a single document, changes made by this Third Amendment may be incorporated into the most recent restatement of the Plan. 
 IN WITNESS WHEREOF, this Third Amendment has been duly adopted by action on behalf of EDMC on the 21st day of December 2005. 
  

			
	EDUCATION MANAGEMENT CORPORATION
		
	By:	 	/s/ Ronald Ogrodnik
	Title:	 	 SVP Human Resources

  

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 Attachment B to the Third Amendment 
 APPENDIX B TO THE 
 EDUCATION MANAGEMENT CORPORATION 
 RETIREMENT
PLAN 
 Investment Options Effective January 1, 2005 (Unless Otherwise Indicated) 
 Managed Income Portfolio (Fidelity). This is a commingled pool of the Fidelity Group Trust for Employee Benefit Plans. Its objective is to
preserve principal while earning interest income. It invests in investment contracts offered by major insurance companies and other approved financial institutions and in certain types of fixed income securities. A small portion of the fund is
invested in a money market fund to provide daily liquidity. 
 Fidelity Intermediate Bond Fund. This is a mutual fund that
invests in all types of U. S. and foreign bonds, including corporate or U. S. government issues. Normally, it selects bonds considered medium to high quality (“investment grade”) while maintaining an average maturity of 3 to 10 years.
These bond prices will go up and down more than those of short-term bonds. 
 Van Kampen Growth and Income Fund - Class A. This
is a mutual fund that seeks income and long-term growth of capital. It invests primarily in income-producing equity securities, including common stocks and convertible securities (although investments are also made in non-convertible preferred
stocks and debt securities). The fund may invest up to 25% of its total assets in securities of foreign issuers, which involve greater risks. 
 Fidelity Contrafund. This is a mutual fund that seeks to provide capital appreciation. It invests primarily in common stocks. The fund also may invest in securities of domestic and foreign issuers whose value the fund’s
manager believes is not fully recognized by the public. The fund may invest in “growth” or “value” stocks, or both. 
 Spartan U.S. Equity Index Fund. This fund, managed by Bankers Trust, seeks to provide investment results that correspond to the total return of common stocks publicly traded in the United States. In seeking this objective, the
fund attempts to duplicate the composition and total return of the S&P 500. The fund uses an “indexing” approach and allocates its assets similarly to those of the index. The fund’s composition may not always be identical to that
of the S&P 500. 
 Fidelity Freedom Funds. These are mutual funds that invest in a combination of Fidelity equity,
fixed-income, and money market funds. They allocate their assets among those funds according to an asset allocation strategy that becomes increasingly conservative as each Freedom Fund approaches its target retirement date. The Freedom Funds are:

 Fidelity Freedom 2010 Fund — targeted to investors expecting to retire around 2010. 
 Fidelity Freedom 2020 Fund — targeted to investors expecting to retire around 2020. 
 Fidelity Freedom 2030 Fund — targeted to investors expecting to retire around 2030. 
 Fidelity Freedom 2040 Fund—targeted to investors expecting to retire around 2040. 
 Fidelity Freedom Income Fund — targeted to investors who have retired. 
 Please note: The Fidelity Freedom Funds replace three other Fidelity funds that were previously available — Fidelity Asset Manager, Fidelity Asset Manager: Growth, and 

 
Fidelity Asset Manager: Income. Effective July 6, 2001, no money may be contributed or transferred to those three Asset Manager funds. 
 Please note also: If you have chosen any of those three Asset Manager funds — Fidelity Asset Manager, Fidelity Asset Manager: Growth, or
Fidelity Asset Manager: Income — as the destination for new contributions going into the plan, then effective July 6, 2001, those new contributions will automatically be re-directed by Fidelity into the Fidelity Freedom Fund that
corresponds to your birth date, as shown on the table in the following paragraph. 
 Please note, finally: Participants with money in
any of those Asset Manager funds — Fidelity Asset Manager, Fidelity Asset Manager: Growth, and Fidelity Asset Manager: Income — are urged to move the money into other investment options available under the plan. Any money remaining in any
of those three Asset Manager funds at September 30, 2001 (that is, 90 days later) will automatically be transferred by Fidelity into the Fidelity Freedom Fund that corresponds to your birth date, as shown on this table: 
  

			
	 Year of Birth
	  	 Fidelity Freedom Fund

	 1900-1934
	  	 Freedom Income

		
	 1935-1940
	  	 Freedom 2000

		
	 1941-1950
	  	 Freedom 2010

		
	 1951-1960
	  	 Freedom 2020

		
	 1961-1970
	  	 Freedom 2030

		
	 1971-1980
	  	 Freedom 2040

 Fidelity Growth Company Fund. This is a mutual fund that seeks long-term capital
appreciation by investing primarily in common stocks and securities convertible into common stocks. It may invest in companies of any size with above-average growth potential, though growth is most often sought in smaller, less well known companies
in emerging areas of the economy. The stocks of small companies often involve more risk than those of larger companies. 
 T. Rowe
Price Mid-Cap Value Fund. This is a mutual fund that seeks to provide long-term capital appreciation by investing primarily in mid-sized companies believed by the fund’s manager to be undervalued. It invests at least 80% of its net
assets in companies whose market capitalization falls within the range of the S&P MidCap 400 Index or the Russell Midcap Value Index. Investments in midsized companies may involve greater risks than those of larger, more well-known companies,
but may be less volatile than investments in smaller companies. 
 Munder Mid-Cap Core Growth Fund - Class Y—Effective as of
November 22, 2005. Effective as of November 22, 2005, the Munder Mid-Cap Core Growth Fund - Class Y will be made available under the Plan. This is a mutual fund that seeks to provide long-term capital appreciation by investing
primarily in equity securities of mid-capitalization companies. This mutual fund defines mid-capitalization companies as companies with a market capitalization similar to those represented by the S&P MidCap 400 Index. According to this mutual
fund, investments are evaluated based on quality, the potential for consistent, above-average earnings growth, financial productivity and valuation. Investments in mid-sized companies may involve greater risks than those in larger, more well known
companies, but may be less volatile than investments in smaller companies. 
  

 B-2 

 Franklin Small-Mid Cap Growth Fund – Class A (formerly Franklin Small Cap Growth Fund
A). Effective as of December 1, 2005, this option will no longer be available under the Plan. This is a mutual fund managed by Franklin Advisers, Inc. It seeks to increase the value of investments over the long term through capital growth.
It invests primarily in equity securities of small capitalization growth companies, which generally have market capitalizations of less than $1.5 billion at the time of the investment. The fund may also invest up to 25% of its assets in foreign
securities, which involve special risks, including economic and political uncertainty and currency fluctuation. Effective as of November 22, 2005, this mutual fund will not be available to future Plan contributions. Further, as of the close of
business (4:00 p.m. Eastern Standard Time) on November 30, 2005, all balances in this mutual fund will be transferred to the Munder Mid-Cap Core Growth Fund - Class Y unless the participant directs the balance to be transferred to another
available investment option under the Plan. Accordingly, as of December 1, 2005, this investment option shall no longer exist under the Plan. 
 American AAdvantage Small Cap Value Fund – Plan Ahead Class. This is a mutual fund whose objective is to provide long-term capital appreciation and current income. It normally invests at least 80% of its
total assets in equity securities of U.S. companies with market capitalizations of $2 billion or less at the time of investment. The fund’s investments may include common stocks, preferred stocks, securities convertible into common stocks, and
U.S. dollar-denominated American Depository Receipts. Investments in smaller companies may involve greater risks than those in larger, more well known companies. 
 Morgan Stanley Institutional Fund, Inc. – Small Company Growth Portfolio – Class B. This is a mutual fund whose objective is to increase the value of investments over the
long-term through price appreciation of small-sized companies. It invests primarily in commons stocks of small-sized domestic corporations and, to a limited extent, foreign (non-U.S.) corporations. Investments in smaller companies may involve
greater risk than those in larger, better-known companies. 
 Fidelity Diversified International Fund. This is a
mutual fund whose objective is capital growth. It normally invests at least 65% of total assets in foreign securities. It normally invests primarily in common stocks. Stocks are selected by using a computer-aided quantitative analysis supported by
fundamental analysis. In exchange for greater potential rewards, foreign investments, especially in emerging markets, involve greater risks than U.S. investments and as with any investment, share price and return will fluctuate. The risks in foreign
investments include political and economic uncertainties of foreign countries, as well as the risk of currency fluctuations. 
 Employer Stock Fund. This is a fund invested in employer common stock. The fund may also hold some cash for liquidity. This fund is available as an investment option effective August 1, 2003. Shares of
employer stock may be acquired by the fund either directly from the company or in open market transactions. 
  

 B-3

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