Retirement Fund - March 31, 2003 Asset Allocation

March 31, 2003 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$142,007	$2,942	$144,949	8.7%
	AllianceBernstein	83,410	74,579	157,989	9.4%
	Fidelity Management	209,332	2,562	211,894	12.7%
	GAMCO Investors	154,698	5,048	159,746	9.5%
	PIMCO Eq- Sm Cap	54,677	1,954	56,631	3.4%
	TCW Asset Mgmt	50,291	0	50,291	3.0%
	Capital Guardian- Int'l	0	126,933	126,933	7.6%
	TT International	0	78,512	78,512	4.7%
	Cap Guardian- Emerg	0	43,601	43,601	2.6%
	Templeton Inv- Emerg	0	45,329	45,329	2.7%
	Total	$694,415	$381,460	$1,075,875
	%	41.5%	22.8%	64.3%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			21,865	1.3%
	Ramius Capital			21,971	1.3%
	Total			$43,836
	%			2.6%
	Target Range			0 - 10%
Real Estate	RREEF America II			68,490	4.1%
	TA Realty Fund III			33,548	2.0%
	TA Realty Fund IV			17,711	1.1%
	TA Realty Fund V			32,220	1.9%
	Total			$151,969
	%			9.1%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			203,076	12.1%
	Pacific Investment			199,585	11.9%
	Total			$402,661
	%			24%
	Target Range			17.5 - 27.5%
	Fund			$1,674,341
	Cash for benefit payments			1,813
	Total Fund			$1,676,154

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.