"We believe that EVA will provide a measurement and incentive system that can unify the varied goals
of all of our 14,000 team members to one overriding goal of creating additional shareholder value."


John Mackey, Chairman & CEO of Whole Foods

"The people at Stern Stewart are very talented at applying M&M to real world situations. They're more
entrepreneurial. We wrote the article. For us, that was the end of it. On the next thing, they set up
a firm, and are working with management in ways that neither Franco nor I would be very good at..."

Merton Miller, 1990 Nobel Prize Laureate in Economics

"It is common sense that the challenge of corporate management increases by the number and the degree of diversity of activities. Nevertheless, the unique concepts of Stern Stewart & Co. support us to
exercise control while not limiting the scope of our managers."

Adi Godrej, Chairman The Godrej Group

"EVA more accurately reflects economic reality (as opposed to accounting reality) when compared
with many traditional valuation measures, such as earnings-per-share,
return on equity and free cash flow."

Goldman Sachs, EVA Primer

"Taken as a whole, the changes in financial ratios summarized in this study are consistent with
actions aimed at increasing the companies' EVA. And, as finance theory would lead us to expect,
such increases in EVA have been accompanied by superior stock market performance."

Professor Robert Kleinman, Oakland University

"I take my hat off to Stern Stewart. Don't say, I've never heard of M&M.
If you've heard of EVA, you have."


Merton Miller, 1990 Nobel Prize Laureate in Economics

"Growth has not slowed down since introducing EVA. It has allowed us to grow with confidence
that we're growing the right way, but by no means has it slowed anything down."

Lee Matecko, Vice President & National Operations
Accounting Controller of Whole Foods

"CalPERS uses EVA and stock performance to identify companies where poor market performance is due to
underlying company specific operating performance problems as opposed to industry or extraneous
factors alone. EVA measures a company's net operating profit after tax, minus its cost of capital."

CalPERS Press Release

"The implementation of the EVA framework is a key element of our continuing efforts to evolve as
a world class organization and deliver sustainable value to our shareholders, customers, and employees.
EVA will foster our entrepreneurial culture and focus management to think like shareholders."

Richard M. Schulze, Founder, Chairman & CEO of Best Buy

"The EVA methodology explicitly addresses business and financial risk and allows the investor
to gauge the magnitude and sustainability of returns. Of all financial measures, it best explains
the creation of shareholder value.."

Credit Suisse, EVA Primer

"There is no profit unless you earn the Cost of Capital. Alfred Marshall said that in 1896,
Peter Drucker said that in 1954 and in 1973, and now EVA has
systemized this idea, thank God."

Peter Drucker, Claremont Graduate School, 1998

"The new VBM system fundamentally impact how we value our businesses, how we set strategic targets
for business managers to realize the value, how we review our businesses and compensate
our managers."

Kumar Mangalam Birla, Chairman Aditya Birla Group

"I have frequently engaged Stern Stewart for advice regarding corporate valuations, financial planning
issues, and incentive compensation design. I value their practical solutions to complex problems and
the firm foundations of their recommendations in theoretical economics and finance."

John P. Rochon, Past Chairman & CEO of Mary Kay Corporation

"Williams is adopting Stern Stewart's EVA Financial Management System. This is a prudent move,
one that might have staved off the 2002 disaster had it been implemented before the ill-fated
decision to go into energy marketing and trading.."

Merrill Lynch Research