10
4/14/2003
Standard & Poor’s Core Earnings Defined
M&A-related expenses
Unrealized gains/losses from hedging activities
Reversal of prior-period charges and provisions for bad debt
Purchased R&D
Litigation or insurance settlements
Pensions costs
Pension gains
Write-downs of depreciable or amortizable assets
Gains/losses from asset sales
Restructuring charges from on-going operations
Goodwill impairment charges
Employee stock option grant expense
Excluded from                                      Standard & Poor’s Core Earnings
Included in                                        Standard & Poor’s Core Earnings