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Actual and Forecast Sources and Uses of Cash
Microsoft Corp (MSFT)
Public Company Valuation Analysis
(Dollars and Shares in Millions, Except Per Share Amounts)

	Actual				Forecast		Forecast
	12 Months 06/30/04		12 Months 06/30/05		12 Months 06/30/06		12 Months 06/30/07		12 Months 06/30/08		12 Months 06/30/09		12 Months 06/30/10
Cash Provided by Operations:
Net Sales	$36,835		$39,788		$43,767		$48,144		$52,958		$58,254		$64,079
Income and Expense Items:
Operating Expenses	(27,801)		(25,227)		(30,637)		(33,701)		(37,071)		(40,778)		(44,855)
Depreciation	308		(134)		400		400		400		400		400
Historical Interest Expense	0		0		0		0		0		0		0
Interest Expense on Line of Credit	0		0		337		1,222		2,989		2,990		3,098
Interest Expense on Term Loans	0		0		0		(110)		(99)		(77)		(55)
Interest Expense on Subordinated Debt	0		0		0		(25,594)		(25,594)		(25,594)		(25,594)
Other Income (Expense)	3,162		2,067		2,000		0		0		0		0
Intangible Amortization	0		0		0		(16,509)		(16,509)		(16,509)		(16,509)
Income Tax (Expense) Credit	(4,028)		(4,374)		(4,640)		7,964		6,998		6,514		5,951
	8,476		12,120		11,227		(18,184)		(15,928)		(14,800)		(13,485)
Investment and Financing Transactions:
Capital Expenditures	$(411)		$114		$(500)		$(500)		$(500)		$(500)		$(500)
(Incr.) Decr. in Accounts Receivable	(694)		(1,290)		(722)		(790)		(869)		(957)		(1,051)
(Incr.) Decr. in Other Current Assets	645		278		0		0		0		0		0
(Incr.) Decr. in Intangibles	(172)		(124)		0		16,509		16,509		16,509		16,509
(Incr.) Decr. in Investments	1,482		1,206		0		0		0		0		0
(Incr.) Decr. in Other Assets	(2,250)		662		0		0		0		0		0
Incr. (Decr.) in Line of Credit	0		0		(9,630)		(39,799)		531		(558)		211,446
Incr. (Decr.) in Current Maturities	0		0		0		245		0		0		0
Incr. (Decr.) in Other Current Obligations	(711)		988		0		0		0		0		0
Incr. (Decr.) in Accounts Payable	144		369		449		2,788		279		307		337
Incr. (Decr.) in Accrued Expenses	(77)		323		361		2,225		223		244		270
Incr. (Decr.) in Taxes Payable	1,434		(1,458)		980		0		0		0		0
Incr. (Decr.) in Other Current Liabilities	205		1,686		0		0		0		0		0
Incr. (Decr.) in Term Loans	0		0		0		(245)		(245)		(245)		(245)
Incr. (Decr.) in Subordinated Debt	0		0		0		0		0		0		(213,281)
Incr. (Decr.) in Other Long Term Obligations	(127)		2		0		0		0		0		0
Incr. (Decr.) in Other Liabilities	1,855		1,247		0		0		0		0		0
Incr. (Decr.) in Common Stock	7,162		4,017		0		0		0		0		0
Incr. (Decr.) in Preferred Stock	0		0		0		0		0		0		0
Incr. (Decr.) in Other Equity	0		0		0		0		0		0		0
(Incr.) Decr. in Treasury Stock	0		0		0		0		0		0		0
Dividends	(1,729)		(36,112)		(2,165)		0		0		0		0
Other	(3,688)		(6,869)		0		0		0		0		0
	3,068		(34,961)		(11,227)		(19,567)		15,928		14,800		13,485
Net Incr. (Decr.) in Cash	11,544		(22,841)		0		(37,751)		0		0		0
Cash at Beginning of Period	49,048		60,592		37,751		37,751		0		0		0
Cash at End of Period	$60,592		$37,751		$37,751		$0		$0		$0		$0