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To: JRI who wrote (271552)	12/21/2003 9:12:04 PM
From: Alias Shrugged	Read Replies (1) \| Respond to of 436258

JRI- <<Got any idea what % of Dow earnings due to extra pension cookies in the jar due to this year's run-up?>> None. Pension expense for 2003 fiscal year was calculated with asset values at beginning of fiscal year (assume Jan 1, 2003). 2003 actual asset performance does not impact 2003 pension expense since 2003 pension expense is determined using "expected" asset performance. The impact of good asset performance during 2003 will be felt in pension expense calculated for 2004 using asset values as of Jan 1, 2004. Mike