Notes to Consolidated Financial Statements

Note 1 - Summary of Significant Accounting Policies Note 2 - Segment Information Note 3 - Earnings Per Share Note 4 - Employee and Retiree Benefits Note 5 - Investments Held by VEBA Trust Note 6 - Former Natural Resource Operations Note 7 - Costs Associated With Exit Activities Note 8 - Property and Equipment Note 9 - Impairment of Long-Lived Assets Note 10 - Other Assets Note 11 - Accrued Liabilities Note 12 - Other Liabilities Note 13 - Long-Term Debt Note 14 - Accounts Receivable and Asset Securitization Note 15 - Operating Leases Note 16 - Equity-Based Compensation Plans Note 17 - Capital Stock Note 18 - Income Taxes Note 19 - Supplemental Cash Flow Information Note 20 - Other Operating Income, Net Note 21 - Other Nonoperating Income (Expense), Net Note 22 - Risk Management Note 23 - Other Commitments and Contingencies Note 24 - Selected Quarterly Financial Data (unaudited)

Note 5 – Investments Held by VEBA Trust

The Company’s VEBA held various types of investments as described below. The VEBA assets have been placed with investment managers which operate within specific guidelines. Accordingly, the Company has no daily direct control over the assets held. The information shown below reflects unrealized gains and losses as of December 31, 2003 and 2002. The VEBA retains all earnings from its investments. At the beginning of 2004, the use of the VEBA was restricted to the Company’s coal-related postretirement medical plan. The Company may use the assets in the VEBA only to pay for certain retiree benefits and not for other purposes.

The contractual maturities of debt securities at December 31, 2003 are: