FUND NEWS                               Nov 24, 2004

APFC hires stock managers Mondrian, GE

NOVEMBER 24 – The APFC hired two external stock managers on Tuesday, November 23. Mondrian Investment Partners Limited of London will manage a $200 million emerging markets stock portfolio. GE Asset Management, a subsidiary of the General Electric Company, will manage a $500+ million domestic large-cap stock portfolio. A summary of other November 22-23 meeting topics follows.

NOVEMBER 24 – The APFC hired two external stock managers on Tuesday, November 23.

Mondrian Investment Partners Limited of London will manage a $200 million emerging markets stock portfolio. The Mondrian portfolio brings the Fund’s total allocation to emerging markets in line with the Board’s target of two percent, or around $560 million. Mondrian’s portfolio will complement the Fund’s current emerging markets manager, the Capital International Emerging Market Growth Fund.

GE Asset Management, a subsidiary of the General Electric Company, will manage a $500+ million domestic large-cap stock portfolio. GE, based in Stamford, CT, will be funded through assets formerly managed by Putnam Investments. APFC employs nine external large-cap stock managers, including GE, to oversee more than $9 billion allocated to the large-cap portfolio.

In other business, the Board:
· reviewed active versus passive stock investment management styles
· approved the APFC’s FY 2006 corporate budget
· reappointed Jerry Mitchell as one of three investment advisors to the Board
· reviewed the Fund’s FY 2005 first quarter performance.