TOP 50 PENTAGON CONTRACTORS									Feb-2002
	By Annual Spending Increase
					Annual Spending			Stock	Stock
Rank	Defense Contractor				1998	2000	Change	Price	Price	Change
					($ 000s)	($ 000s)		3/23/99	2/01/02
-	-	-	-	-	-	-	-	-	-	-
1	HALLIBURTON COMPANY (INC)				$285,623	$595,070	108%
2	COMPUTER SCIENCES CORPORATION				$646,655	$1,164,634	80%
3	LITTON INDUSTRIES, INC				$1,644,465	$2,737,284	66%	$54.63	N/A	80%
4	TRW INC				$1,347,903	$2,004,857	49%	$45.81	$43.00	-6%
5	ALLIANT TECHSYSTEMS INC				$316,569	$470,397	49%
6	DYNCORP				$537,330	$771,235	44%
7	LONGBOW LIMITED LIABILITY CORP				$331,067	$468,091	41%
8	GENERAL ELECTRIC COMPANY INC				$1,161,392	$1,609,329	39%
9	MARCONI CORPORATION PLC				$732,057	$997,339	36%	36%
10	BOOZ ALLEN & HAMILTON INC				$311,704	$419,576	35%
11	ELECTRONIC DATA SYSTEMS CORP				$260,804	$329,554	26%
12	SCIENCE APPLICATIONS INTERNATIONAL				$1,223,978	$1,522,077	24%
13	LOCKHEED MARTIN CORPORATION				$12,341,236	$15,125,846	23%	$38.75	$52.43	35%
14	JOHNS HOPKINS UNIVERSITY INC				$305,842	$351,776	15%
15	NORTHROP GRUMMAN CORPORATION				$2,690,742	$3,079,615	14%	$61.69	$109.80	78%
16	GENERAL DYNAMICS CORPORATION				$3,679,867	$4,195,923	14%	$61.75	$89.45	45%
17	IT GROUP INC, THE				$435,920	$493,335	13%
18	RAYTHEON*				$5,661,161	$6,330,613	12%	$23.95	$38.27	60%
19	BOEING COMPANY, THE INC				$10,865,899	$12,041,420	11%	$34.13	$41.46	21%
20	PHILIPP HOLZMANN AG				$304,869	$334,703	10%
21	ROCKWELL INTERNATIONAL CORPORATION				$435,264	$473,668	9%
22	UNITED TECHNOLOGIES CORPORATION				$1,983,147	$2,071,536	4%	$65.00	$70.05	8%
23	MITRE CORPORATION, THE				$394,233	$409,217	4%
24	AEROSPACE CORPORATION, THE				$339,055	$334,194	-1%
25	MASSACHUSETTS INSTITUTE OF TECHN.				$371,883	$347,197	-7%
26	CARLYLE GROUP, THE				$1,328,834	$1,194,713	-10%
27	TRIWEST HEALTHCARE ALLIANCE CO.				$419,973	$335,878	-20%
28	ITT INDUSTRIES, INC				$780,794	$553,972	-29%
29	TEXTRON INC				$1,837,815	$1,164,465	-37%	$78.00	$44.51	-43%
30	NEWPORT NEWS SHIPBUILDING INC				$1,546,634	$789,900	-49%	$30.69	$67.58	120%
31	GOVERNMENT OF THE UNITED STATES				$265,291		N/A
32	OCEAN SHIPHOLDINGS, INC				$278,784		N/A
33	HUMANA INC				$867,453		N/A
34	STANDARD MISSILE COMPANY, LLC				$475,088		N/A
35	SVERDRUP CORPORATION, THE				$255,834		N/A
36	FDX CORPORATION				$288,999		N/A
37	NICHOLS RESEARCH CORPORATION				$243,722		N/A
38	NASSCO HOLDINGS INC				$257,650		N/A
39	NEW ENERGY VENTURES, LLC				$297,075		N/A
40	UNISYS CORPORATION				$281,197		N/A
41	ALLIED SIGNAL INC				$655,994		N/A
42	CBS CORPORATION				$567,485		N/A
43	TEXAS INSTRUMENTS INCORPORATED				$349,120		N/A
44	GTE CORPORATION				$787,073		N/A
45	AVONDALE INDUSTRIES INC				$398,821		N/A
46	HIGHMARK, INC				$314,923		N/A
47	SHELL OIL COMPANY				$254,625		N/A
48	FOUNDATION HEALTH SYSTEMS INC				$592,990		N/A
49	ROLLS-ROYCE PLC				$345,054		N/A
50	ENERGY, UNITED STATES DEPT OF				N/A	$590,631	N/A
	EXXON MOBIL CORPORATION				N/A	$324,816	N/A
	STEWART & STEVENSON SERVICES				N/A	$424,051	N/A
	HEALTH NET INC				N/A	$550,580	N/A
	B P AMOCO PLC				N/A	$592,953	N/A
	MORRISON KNUDSEN CORPORATION				N/A	$596,635	N/A
	NATIONAL AMUSEMENTS INC				N/A	$619,696	N/A
	GOVERNMENT OF CANADA				N/A	$676,881	N/A
	FEDEX CORP				N/A	$452,385	N/A
	MAERSK INC				N/A	$426,798	N/A
	FEDERAL REPUBLIC OF GERMANY				N/A	$408,004	N/A
	BECHTEL GROUP, INC				N/A	$694,717	N/A
	RENCO GROUP, THE INC				N/A	$330,064	N/A
	RAYTHEON LOCKHEED MARTIN				N/A	$401,586	N/A
	JACOBS ENGINEERING GROUP INC				N/A	$387,343	N/A
	BOEING SIKORSKY COMANCHE TEAM				N/A	$384,751	N/A
	L-3 COMMUNICATIONS HOLDING				N/A	$377,662	N/A
	OSHKOSH TRUCK CORP				N/A	$372,526	N/A
	AT & T CORP.				N/A	$352,547	N/A
	HONEYWELL INTERNATIONAL INC				N/A	$951,255	N/A
	WORLDCORP, INC				$316,215		N/A
	TOTAL				$62,616,108	$72,633,295	16%
	Percent of total defense budget				23%	27%
	LEGEND:	IT companies		Non-industrial suppliers		Non-U.S. suppliers		Top 10	New in 2000
	Source: Annex Research (based on DOD data)					*52-Week Low $23.95 on 10-Sep-2001; 52-2k high 31-Jan-02
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