h

Total Plan Assets on 12-31-2002 $1,026,732,564.00

Total Trust, Administrative, and Investment Manager Cost $5,061,875.00



Hewitt Associates (our record keeper) reported that in a study of 8 clients with an average plan size of
40,000 plus participants, the following range of costs were experienced:

Trustee Cost = 5% to 15% of Total Plan Cost

Admin Cost = 20% to 35% of Total Plan Cost

Investment Cost = 70% to 85% of Total Plan Cost

Applying the above range to our asset base provides the following comparison

Trust Cost Range (.05 – .15 x 5,061,875) 5% to 15%

253,094 to 759,281

DAP Trust Cost = $485,073 or 9.6%



Admin Cost Range (.20 – .35 x 5,061,875) 20% to 35%

1,012,375 to 1,771,656

DAP Admin Cost = $1,422,902 or 28.11%



Investment Cost Range (.70 – .85 x 5,061,875) 70% to 85%

3,543,3313 to 4,302,594

DAP Investment Cost = $3,153,900 or 62.3%


The Directed Account Plan expenses fall into the lower range of expenses experienced by the larger
plans as reported by Hewitt. In addition, our actual costs in 2002 were further reduced by participant
transfer fees and mutual fund administrative fee offsets by $749,817 or 14.8%.

The Directed Account Plan expenses continue to be very competitive relative to other plans.

2002 Expense Overview


	Total Assets (12/31/02)			$1,026,732,564


	Total * Operating Expenses			1,642,075
		Recordkeeping (Benefits Express)
		Trustee
		Administration
		Personnel
		Communication


	Operating Expenses * as a percent of assets			16

	Approximate net * investment manager fees			28

	Other Mutual Fund Expenses ****			9

	Total Plan Fees and Expenses as a percent of assets			53	basis points


	* Net of transfer fees
	** Mutual Fund Investment Management Fee Avg.
	*** After Administrative Offsets
	**** Includes Mutual Fund Transaction Fees, 12b-1 Fees, Administrative Fees, and all other
	Asset-based costs incurred by the funds. Does not include transaction costs of participant
	activity, which is reflected in each BGI NAV lowering BGI fund performance.

			Expense Ratio

				Morningstar
			Option	Average
			(Basis Points)	(Basis Points)

		Stable Value	30	n/a
		Value Stock	93	104 LV, 125 MV
		Equity Index	22	n/a
		Growth Stock	73	114 LG, 121 MG
		International Stock	135	114
		Diversified Small Co. Stock	94	116

		Models:
		Conservative	41	n/a
		Moderate	61	n/a
		Aggressive	73	n/a

Directed Account Plan