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Actual and Forecast Sources and Uses of Cash
Oracle Corporation (ORCL)
Public Company Valuation Analysis
(Dollars and Shares in Millions, Except Per Share Amounts)

	Actual								Forecast		Forecast
	12 Months 05/31/98		12 Months 05/31/99		12 Months 05/31/00		12 Months 05/31/01		12 Months 05/31/02		12 Months 05/31/03		12 Months 05/31/04		12 Months 05/31/05		12 Months 05/31/06
Cash Provided by Operations:
Net Sales	$7,144		$8,827		$10,130		$10,860		$11,642		$12,480		$13,379		$14,342		$15,375
Income and Expense Items:
Operating Expenses	(5,900)		(6,954)		(7,050)		(7,083)		(7,567)		(8,087)		(8,629)		(9,222)		(9,840)
Depreciation	0		0		0		0		276		276		276		276		276
Historical Interest Expense	(17)		(21)		(19)		(24)		0		0		0		0		0
Interest Expense on Line of Credit	0		0		0		0		120		116		469		534		623
Interest Expense on Term Loans	0		0		0		0		(27)		(46)		(41)		(32)		(23)
Interest Expense on Subordinated Debt	0		0		0		0		0		(6,683)		(6,683)		(6,683)		(6,683)
Other Income (Expense)	101		130		7,063		218		218		218		218		218		218
Intangible Amortization	0		0		0		0		0		(4,126)		(4,126)		(4,126)		(4,126)
Income Tax (Expense) Credit	(514)		(692)		(3,827)		(1,410)		(1,557)		2,451		2,165		1,988		1,782
	814		1,290		6,297		2,561		3,105		(3,401)		(2,972)		(2,705)		(2,398)
Investment and Financing Transactions:
Capital Expenditures	$(65)		$(54)		$54		$(41)		$(313)		$(313)		$(313)		$(313)		$(313)
(Incr.) Decr. in Accounts Receivable	(356)		(414)		(311)		76		(195)		(209)		(225)		(241)		(258)
(Incr.) Decr. in Other Current Assets	11		(67)		74		(30)		0		0		0		0		0
(Incr.) Decr. in Intangibles	0		0		99		0		0		4,126		4,126		4,126		4,126
(Incr.) Decr. in Investments	(71)		(63)		140		110		0		0		0		0		0
(Incr.) Decr. in Other Assets	(7)		(200)		(674)		58		0		0		0		0		0
Incr. (Decr.) in Line of Credit	0		0		0		0		(2,663)		(7,238)		(592)		(850)		54,546
Incr. (Decr.) in Current Maturities	0		1		(1)		0		0		101		0		0		0
Incr. (Decr.) in Other Current Obligations	274		130		126		81		0		0		0		0		0
Incr. (Decr.) in Accounts Payable	55		44		3		(17)		18		308		21		22		24
Incr. (Decr.) in Accrued Expenses	148		151		33		9		51		840		56		62		64
Incr. (Decr.) in Taxes Payable	(23)		97		2,544		(2,055)		0		0		0		0		0
Incr. (Decr.) in Other Current Liabilities	108		139		111		37		0		0		0		0		0
Incr. (Decr.) in Term Loans	3		0		(3)		0		(3)		(101)		(101)		(101)		(101)
Incr. (Decr.) in Subordinated Debt	0		0		0		0		0		0		0		0		(55,690)
Incr. (Decr.) in Other Long Term Obligations	33		21		108		142		0		0		0		0		0
Incr. (Decr.) in Other Liabilities	9		120		131		(61)		0		0		0		0		0
Incr. (Decr.) in Common Stock	280		500		1,636		1,709		0		0		0		0		0
Incr. (Decr.) in Preferred Stock	0		0		0		0		0		0		0		0		0
Incr. (Decr.) in Other Equity	(29)		(6)		52		(159)		0		0		0		0		0
(Incr.) Decr. in Treasury Stock	0		0		0		0		0		0		0		0		0
Dividends	(3)		(5)		(14)		(28)		0		0		0		0		0
Other	(474)		(1,041)		(5,206)		(4,266)		0		0		0		0		0
	(107)		(647)		(1,098)		(4,435)		(3,105)		(2,487)		2,972		2,705		2,398
Net Incr. (Decr.) in Cash	707		643		5,199		(1,874)		0		(5,888)		0		0		0
Cash at Beginning of Period	1,213		1,920		2,563		7,762		5,888		5,888		0		0		0
Cash at End of Period	$1,920		$2,563		$7,762		$5,888		$5,888		$0		$0		$0		$0

Glossary of Sources and Uses of Cash terms.