BUSINESSWEEK ONLINE : NOVEMBER 8, 1999 ISSUE
BUSINESSWEEK INVESTOR

The Pension Income Boost


COMPANY/SYMBOL            1998 OPERATING     PENSION INCOME
                             INCOME*        AS PERCENT OF 1998
                            MILLIONS        OPERATING INCOME*

USX-US STEEL GROUP/X          $480                 40%
UNOCAL/UCL                      39                 38
NORTHROP GRUMMAN/NOC           939                 28
WESTVACO/W                     296                 19
PEOPLE'S ENERGY/PGL            158                 18
ALLEGHENY TELEDYNE/ALT         470                 17
LUCENT TECHNOLOGIES/LU       3,811                 15


* Defined by Bear Stearns as revenues minus the cost of goods sold; selling, 
general, and administrative expenses; and depreciation, depletion, and 
amortization

DATA: BEAR, STEARNS & CO.; FACTSET RESEARCH SYSTEMS


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TABLE: The Pension Income Boost



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