Retirement Fund - December 31, 2002 Asset Allocation

December 31, 2002 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$143,469	$3,255	$146,724	8.6%
	AllianceBernstein	88,462	75,327	163,789	9.6%
	Fidelity Management	213,773	2,624	216,397	12.6%
	GAMCO Investors	164,584	3,169	167,753	9.8%
	PIMCO Eq- Sm Cap	60,183	276	60,459	3.5%
	TCW Asset Mgmt	51,874	0	51,874	3.0%
	Capital Guardian- Int'l	0	139,752	139,752	8.1%
	TT International	0	86,341	86,341	5.0%
	Cap Guardian- Emerg	0	46,442	46,442	2.7%
	Templeton Inv- Emerg	0	47,629	47,629	2.8%
	Total	$722,345	$404,815	$1,127,160
	%	42.1%	23.6%	65.7%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			21,200	1.2%
	Ramius Capital			21,200	1.2%
	Total			$42,400
	%			2.5%
	Target Range			0 - 10%
Real Estate	RREEF America II			67,120	3.9%
	TA Realty Fund III			33,552	2%
	TA Realty Fund IV			17,710	1.0%
	TA Realty Fund V			32,220	1.9%
	Total			$150,602
	%			8.8%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			197,195	11.5%
	Pacific Investment			197,395	11.5%
	Total			$394,590
	%			23.0%
	Target Range			17.5 - 27.5%
	Fund			$1,714,752
	Cash for benefit payments			23,529
	Total Fund			$1,738,281

Notes:

1. All amounts are U.S. Dollars; all amounts are market value.
2. Percentages shown are on the base of invested assets; i.e., they do not include the funds for the annual distribution.

Reviewed 2011-02-22.