To All Delegates and Members

September 10, 2002

The award in the PBA's interest arbitration has been filed today at PERB. As we previously advised, it provides for the following retroactive increases:

5% as of August 1, 2000
5% as of August 1, 2001

In addition, the award provides for an additional increase of 1.5% as of July 31, 2002, to be negotiated by the parties.

The total compensation under the award is 11.75% compounded.

Fraternally,

Patrick J. Lynch
President