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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 05/31/04		12 Months 05/31/05		12 Months 05/31/06		12 Months 05/31/07		12 Months 05/31/08		12 Months 05/31/09		12 Months 05/31/10
Cash Provided by Operations:
Net Sales	$10,156		$11,799		$12,979		$14,277		$15,705		$17,276		$19,004
Income and Expense Items:
Operating Expenses	(6,292)		(7,777)		(8,566)		(9,423)		(10,365)		(11,402)		(12,543)
Depreciation	91		(4)		150		150		150		150		150
Historical Interest Expense	(21)		(135)		0		0		0		0		0
Interest Expense on Line of Credit	0		0		(86)		72		411		499		623
Interest Expense on Term Loans	0		0		(11)		(67)		(60)		(47)		(33)
Interest Expense on Subordinated Debt	0		0		0		(7,295)		(7,295)		(7,295)		(7,295)
Other Income (Expense)	102		164		164		0		0		0		0
Intangible Amortization	0		0		0		(5,393)		(5,393)		(5,393)		(5,393)
Income Tax (Expense) Credit	(1,264)		(1,165)		(1,344)		3,132		2,799		2,545		2,255
	2,772		2,882		3,286		(4,547)		(4,048)		(3,667)		(3,232)
Investment and Financing Transactions:
Capital Expenditures	$(97)		$(370)		$(200)		$(200)		$(200)		$(200)		$(200)
(Incr.) Decr. in Accounts Receivable	(113)		(566)		(290)		(319)		(351)		(386)		(424)
(Incr.) Decr. in Other Current Assets	72		(362)		0		0		0		0		0
(Incr.) Decr. in Intangibles	(80)		(10,296)		0		5,393		5,393		5,393		5,393
(Incr.) Decr. in Investments	233		0		0		0		0		0		0
(Incr.) Decr. in Other Assets	166		(111)		0		0		0		0		0
Incr. (Decr.) in Line of Credit	9		2,684		(2,928)		(6,713)		(804)		(1,164)		59,210
Incr. (Decr.) in Current Maturities	(153)		0		0		149		0		0		0
Incr. (Decr.) in Other Current Obligations	88		792		0		0		0		0		0
Incr. (Decr.) in Accounts Payable	(37)		39		23		279		28		30		34
Incr. (Decr.) in Accrued Expenses	(661)		263		109		1,306		131		144		158
Incr. (Decr.) in Taxes Payable	38		(25)		0		0		0		0		0
Incr. (Decr.) in Other Current Liabilities	830		38		0		0		0		0		0
Incr. (Decr.) in Term Loans	(12)		(4)		0		(149)		(150)		(150)		(148)
Incr. (Decr.) in Subordinated Debt	0		0		0		0		0		0		(60,789)
Incr. (Decr.) in Other Long Term Obligations	0		0		0		0		0		0		0
Incr. (Decr.) in Other Liabilities	19		1,295		0		0		0		0		0
Incr. (Decr.) in Common Stock	355		1,140		0		0		0		0		0
Incr. (Decr.) in Preferred Stock	0		0		0		0		0		0		0
Incr. (Decr.) in Other Equity	29		42		0		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	(1,390)		(1,226)		0		(1)		1		0		(2)
	(704)		(6,667)		(3,286)		(255)		4,048		3,667		3,232
Net Incr. (Decr.) in Cash	2,068		(3,785)		0		(4,802)		0		0		0
Cash at Beginning of Period	6,519		8,587		4,802		4,802		0		0		0
Cash at End of Period	$8,587		$4,802		$4,802		$0		$0		$0		$0