| 1. | BusinessWeek online, 2002 earnings index. |
| 2. | Shirley Kemp, “Core Earnings: A Better Measure,” CFOweb, July 13, 2002. |
| 3. | General Electric, investor information announcement, July 31, 2002. |
| 4. | Helen Jung, “Microsoft's Stock Option End Shows Change,” The Associated Press, July 10, 2003. |
| 5. | FASB Statements No. 141 (Business Combinations) and 142 (Goodwill and Other Intangible Assets), issued in June, 2001. |
| 6. | Credit Suisse/First Boston, The Magic of Pension Accounting, September 27, 2002, p. 13. |
| 7. | Ibid., page 18. |
| 8. | Howard Schilit, Financial Shenanigans, McGraw-Hill, 2002, p. 14. |
| 9. | Ibid., page 260. |
| 10. | Martin Peers and Robin Sidel, “Days May Be Numbered for EBITDA Numbers,” The Wall Street Journal, July 5, 2002. |
| 11. | Pamela Stumpp, senior vice president, Moody's, “The 10 Critical Failings of EBITDA as a Principal Determinant of Cash Flow,” July, 2000. |
| 12. | Bear, Stearns & Co., Inc., “Pro Forma Earnings: A Critical Perspective,” September 2002, p. 5 |
| 13. | Ibid., pp. 5–6 |
