Investor Relations/Financial

Summary Description of Bethlehem's Publicly Traded
Cumulative Convertible Preferred Stocks

  $5.00 Preferred $2.50 Preferred
Issue Date 3/11/83 9/23/84
Conversion Ratio 1.77 shares of common .84 shares of common
Call Price $50/share $25/share
Shares Outstanding 2,500,000 4,000,000
Annual Dividend $5.00/share $2.50/share

See the Articles of Incorporation for a more detailed description of these securities. Go to page 11 for details on the $5.00 Preferred, and page 24 for the $2.50 Preferred.

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