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Actual and Forecast Statements of Net Earnings
Microsoft Corp (MSFT)
Public Company Valuation Analysis
(Dollars and Shares in Millions, Except Per Share Amounts)

	Actual						Forecast		Forecast
	12 Months 06/30/03		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
Net Sales	$32,187		$36,835		$39,788		$43,767		$48,144		$52,958		$58,254		$64,079
Operating Expenses	22,642		27,801		25,227		30,637		33,701		37,071		40,778		44,855
Operating Earnings	9,545		9,034		14,561		13,130		14,443		15,887		17,476		19,224
	29.7%		24.5%		36.6%		30.0%		30.0%		30.0%		30.0%		30.0%
Other Income (Expense):
Historical Interest Expense	0		0		0		0		0		0		0		0
Interest on Line of Credit	0		0		0		337		1,222		2,989		2,990		3,098
Interest on Term Loans	0		0		0		0		(110)		(99)		(77)		(55)
Interest on Subordinated Debt	0		0		0		0		(25,594)		(25,594)		(25,594)		(25,594)
Intangible Amortization	0		0		0		0		(16,509)		(16,509)		(16,509)		(16,509)
Other Income (Expense)	1,509		3,162		2,067		2,000		0		0		0		0
	1,509		3,162		2,067		2,337		(40,991)		(39,213)		(39,190)		(39,060)
Earnings Before Income Tax	11,054		12,196		16,628		15,467		(26,548)		(23,326)		(21,714)		(19,836)
Provision (Credit) For Income Tax	3,523		4,028		4,374		4,640		(7,964)		(6,998)		(6,514)		(5,951)
Net Earnings	$7,531		$8,168		$12,254		$10,827		$(18,584)		$(16,328)		$(15,200)		$(13,885)
Earnings per Share	$0.69		$0.75		$1.12		$0.99		$(1.70)		$(1.50)		$(1.39)		$(1.27)