Summary Annual Report For 2003
For The
Western Pennsylvania Teamsters And Employers Pension Plan

This is a summary of the Annual Report for the Western Pennsylvania Teamsters and Employers Pension Plan ("Plan") (Employer Iden-tification Number 25 6029946), for the plan year ending December 31, 2003. The Annual Report has been filed with the Department of Labor, Pension and Welfare Benefits Administration, as required under the Employee Retirement Income Security Act of 1974 ("ERISA").

Basic Financial Statement

Benefits under the Plan are provided by a trust (benefits are provided in whole from trust funds).

Plan expenses in plan year 2003 were $97,307,300.

These expenses included $5,976,769 in administrative expenses and $91,330,531 in benefits paid to participants and beneficiaries. A total of 24,967 persons were participants in or beneficiaries of the Plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.

The value of the Plan assets, after subtracting liabilities of the Plan, was $974,582,799 as of December 31, 2003, compared to $836,827,503 as of January 1, 2003. During the plan year, the Plan experienced an increase in net assets of $137,755,296. This increase included unrealized appreciation or depreciation in the value of the Plan assets; that is, the difference between the value of the Plan's assets at the end of the year and the value of the assets at the beginning of the year, including the cost of assets acquired during the year. The Plan had total income of $235,062,596, including employer contributions of $45,751,418, employee con-tributions of $15,613, gains of $16,394,011 from the sale of assets, and earnings from investments of $172,901,554.

Minimum Funding Standards

An Actuary's statement shows that enough money was contributed to the Plan to keep it funded in accordance with the minimum funding standards of ERISA.

Your Rights To Additional Information

You have the right to receive a copy of the complete Annual Report, or any part thereof, on request. The items below are included in that report:

1. An Accountant's report.
2. Financial information and information on payments to service providers.
3. Assets held for investment.
4. Transactions in excess of 5 percent of the Plan assets.
5. Actuarial information regarding the funding of the Plan.

To obtain a copy of the complete Annual Report or any part thereof, write to the Plan's Office at the Western Pennsylvania Teamsters and Employers Pension Fund, 49 Auto Way, Pittsburgh, PA 15206 3663, toll free 800-362-4201. The charge to a Plan participant to cover copying costs will be $10.00 for the complete Annual Report, or 20 cents per page for any part thereof.

You, as a Plan participant, also have the right to receive from the Plan, on request and at no charge, a statement of the assets and liabilities of the Plan and accompanying notes, or a statement of income and expenses of the Plan and accompanying notes, or both. If you request a copy of the complete Annual Report from the Plan, these two statements and accompanying notes will be included as part of the Annual Report. The charge to cover copying costs stated above does not include a charge for the copying of these portions of the Annual Report because these portions are furnished without charge.

You also have the legally protected right to examine the Annual Report at the office of the Plan, located at the Western Pennsyl-vania Teamsters and Employers Pension Fund, 49 Auto Way, Pittsburgh, PA 15206 3663, and at the U. S. Department of Labor in Washington, D.C., or to obtain a copy from the U. S. Department of Labor upon payment of copying costs. Requests to the Department of Labor should be addressed to: Public Disclosure Room, Room N5638, Pension and Welfare Benefit Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

TRUSTEES OF THE WESTERN
PENNSYLVANIA TEAMSTERS AND
EMPLOYERS PENSION FUND