Retirement Fund - December 31, 2003 Asset Allocation

December 31, 2003 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$176,006	$3,198	$179,204	8.7%
	AllianceBernstein	111,964	108,531	220,495	10.7%
	Artisan Partners	91,140	0	91,140	4.4%
	Fidelity Management	254,688	9,699	264,387	12.8%
	GAMCO Investors	207,865	5,267	213,132	10.3%
	TCW Asset Mgmt	78,139	0	78,139	3.8%
	Capital Guardian- Int'l	0	185,661	185,661	9.0%
	TT International	0	116,289	116,289	5.6%
	Cap Guardian- Emerg	0	70,364	70,364	3.4%
	Templeton Inv- Emerg	0	73,483	73,483	3.6%
	Total	$919,802	$572,492	$1,492,294
	%	44.6%	27.7%	72.3%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			23,224	1.1%
	Ramius Capital			23,424	1.1%
	Total			$46,648
	%			2.3%
	Target Range			0 - 10%
Real Estate	RREEF America II			72,712	3.5%
	TA Realty Fund III			34,405	1.7%
	TA Realty Fund IV			17,741	0.9%
	TA Realty Fund V			32,725	1.6%
	Total			$157,583
	%			7.6%
	Target Range			0 - 10%
FixedIncome	Capital Guardian			188,728	9.1%
	Pacific Investment			178,465	8.6%
	Total			$367,193
	%			17.8%
	Target Range			17.5 - 27.5%
	Fund			$2,063,718
	Cash for benefit payments			318
	Total Fund			$2,064,036

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 cash for benefit payments.

Reviewed 2011-02-22.