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Notes to Consolidated Financial Statements

Note 1 – Summary of Significant Account 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 – Share-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

At the beginning of 2004, the use of the VEBA was restricted to the Company’s coal-related postretirement medical plan. As a result, the Company may use the assets in the VEBA only to pay for certain retiree benefits and not for other purposes. Accordingly, beginning in 2004 the VEBA assets are reflected as a plan asset for the Company’s coal related postretirement medical plan. In 2003, the investments held by the VEBA were classified as available for sale. The information shown below reflects unrealized gains and losses as of December 31, 2003.

(In millions)		Cost		Gross unrealized holding gains		Gross unrealized holding losses		Fair Value
December 31, 2003
Debt securities:
Government	$	9.7		0.1		(0.1)		9.7
Corporate		20.4		0.1		(0.2)		20.3
Debt securities		30.1		0.2		(0.3)		30.0
Equity securities		70.3		4.8		(0.3)		74.8
Cash equivalents		0.4		-		-		0.4
Total assets held by the VEBA	$	100.8		5.0		(0.6)		105.2

The contractual maturities of the VEBA’s debt securities holdings at December 31, 2003 were:

(In millions)		Cost	Fair Value
Due in one year or less	$	6.0	5.8
Due after one through five years		20.1	20.2
Due after five through 10 years		1.7	1.7
Due after 10 years		2.3	2.3
Total	$	30.1	30.0