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Actual and Forecast Sources and Uses of Cash
Google Inc. (GOOG)
Public Company Valuation Analysis
(Dollars and Shares in Millions, Except Per Share Amounts)

	Actual				Forecast		Forecast
	12 Months 12/31/04		12 Months 12/31/05		12 Months 12/31/06		12 Months 12/31/07		12 Months 12/31/08		12 Months 12/31/09		12 Months 12/31/10
Cash Provided by Operations:
Net Sales	$3,189		$6,138		$7,673		$9,975		$12,968		$16,858		$21,915
Income and Expense Items:
Cost of Goods Sold	(1,458)		(2,572)		(3,453)		(4,489)		(5,836)		(7,586)		(9,862)
Operating Expenses	(1,091)		(1,549)		(1,918)		(2,494)		(3,242)		(4,215)		(5,479)
Depreciation	130		255		350		450		550		650		650
Historical Interest Expense	0		0		0		0		0		0		0
Interest Expense on Line of Credit	0		0		229		(53)		(153)		(360)		(551)
Interest Expense on Term Loans	0		0		0		(82)		(73)		(57)		(41)
Interest Expense on Subordinated Debt	0		0		0		(8,830)		(8,830)		(8,830)		(8,830)
Other Income (Expense)	10		124		10		0		0		0		0
Intangible Amortization	0		0		0		(6,826)		(6,826)		(6,826)		(6,826)
Income Tax (Expense) Credit	(251)		(676)		(1,016)		5,120		4,797		4,406		3,870
	529		1,720		1,875		(7,229)		(6,645)		(5,960)		(5,154)
Investment and Financing Transactions:
Capital Expenditures	$(321)		$(838)		$(1,200)		$(1,700)		$(2,200)		$(2,700)		$(3,200)
(Incr.) Decr. in Accounts Receivable	(157)		(376)		(153)		(252)		(328)		(426)		(555)
(Incr.) Decr. in Inventory	0		0		0		0		0		0		0
(Incr.) Decr. in Other Current Assets	(178)		(30)		(21)		0		0		0		0
(Incr.) Decr. in Intangibles	(89)		(84)		(22)		6,826		6,826		6,826		6,826
(Incr.) Decr. in Investments	0		0		0		0		0		0		0
(Incr.) Decr. in Other Assets	(30)		16		1		0		0		0		0
Incr. (Decr.) in Line of Credit	0		0		(6,540)		(160)		2,372		2,240		75,584
Incr. (Decr.) in Current Maturities	(3)		(2)		0		181		0		0		0
Incr. (Decr.) in Other Current Obligations	34		93		(16)		0		0		0		0
Incr. (Decr.) in Accounts Payable	(13)		83		26		184		56		72		93
Incr. (Decr.) in Accrued Expenses	85		167		(57)		331		100		129		168
Incr. (Decr.) in Taxes Payable	(21)		28		(28)		0		0		0		0
Incr. (Decr.) in Other Current Liabilities	22		36		27		0		0		0		0
Incr. (Decr.) in Term Loans	(2)		0		0		(181)		(181)		(181)		(181)
Incr. (Decr.) in Subordinated Debt	0		0		0		0		0		0		(73,581)
Incr. (Decr.) in Other Long Term Obligations	2		0		0		0		0		0		0
Incr. (Decr.) in Other Liabilities	(2)		64		55		0		0		0		0
Incr. (Decr.) in Common Stock	1,857		4,895		0		0		0		0		0
Incr. (Decr.) in Preferred Stock	(44)		0		0		0		0		0		0
Incr. (Decr.) in Other Equity	125		130		19		0		0		0		0
(Incr.) Decr. in Treasury Stock	0		0		0		0		0		0		0
Dividends	0		0		0		0		0		0		0
Other	3		0		0		0		0		0		0
	1,268		4,182		(7,909)		5,229		6,645		5,960		5,154
Net Incr. (Decr.) in Cash	1,797		5,902		(6,034)		(2,000)		0		0		0
Cash at Beginning of Period	335		2,132		8,034		2,000		0		0		0
Cash at End of Period	$2,132		$8,034		$2,000		$0		$0		$0		$0