Retirement Funds - June 30, 2003 Asset Allocation

June 30, 2003 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$159,028	$3,450	$162,478	8.9%
	AllianceBernstein	96,651	90,350	187,001	10,3%
	Fidelity Management	237,257	1,424	238,681	13.1%
	GAMCO Investors	179,913	4,577	184,490	10.2%
	PIMCO Eq- Sm Cap	72,937	758	73,695	4.1%
	TCW Asset Mgmt	61,702	0	61,702	3.4%
	Capital Guardian- Int'l	0	151,154	151,154	8.3%
	TT International	0	95,438	95,438	5.3%
	Cap Guardian- Emerg	0	53,455	53,455	2.9%
	Templeton Inv- Emerg	0	55,039	55,039	3%
	Total	$807,488	$455,645	$1,263,133
	%	44.4%	25.1%	69.5%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			22,071	1.2%
	Ramius Capital			22,352	1.2%
	Total			$44,423
	%			2.4%
	Target Range			0 - 10%
Real Estate	RREEF America II			69,897	3.8%
	TA Realty Fund III			30,546	1.7%
	TA Realty Fund IV			17,817	1.0%
	TA Realty Fund V			32,767	1.8%
	Total			$151,027
	%			8.3%
	Target Range			0 - 10%
Fixed	Capital Guardian			178,793	9.8%
Income	Pacific Investment			179,743	9.9%
	Total			$358,536
	%			19.7%
	Target Range			17.5 - 27.5%
	Fund			$1,817,119
	Cash for benefit payments			53
	Total Fund			$1,817,172

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.