Table 1   EDS - Financial Results & Forecast Feb-05
        (Fiscal year end: Dec 31)        
Scenario 1:     2005e % of Change 2004 % of Change 2003 % of
Stemming revenue erosion   ($ Mill) Rev 05/04 ($ Mill) Rev 04/03 ($ Mill) Rev
                     
Revenue           (restated)     (restated)  
Non-GM     $18,230 91.2% -2.3% $18,661 90.5% 1.6% $18,372 89.3%
GM     $1,766 8.8% -10.0% $1,962 9.5% -10.7% $2,198 10.7%
Total Revenue   $20,000 100.0% -3.0% $20,623 100.0% 0.3% $20,570 100.0%
Gross Profit/Margin   $1,468 7.3% -14.3% $1,713 8.3% 12.8% $1,519 7.4%
                     
Oper. Profit (Loss)   ($96) -0.5% -10.7% ($108) -0.5% -61.0% ($277) -1.3%
                     
Interest Expense/Income, Net* $280 1.4%   $280 1.4%   $266 1.3%
Income(Loss) B. Tax   ($376) -1.9% -3.0% ($388) -1.9% -28.5% ($543) -2.6%
Income Tax     ($100) -0.5% 7.5% ($93) -0.5% -50.0% ($186) -0.9%
" Rate     26.6%     24.0%     34.3%  
Income from disco'd operations       $453     $91  
Accounting change charge               ($1,432)  
Net Income (Loss)   ($276) -1.4% -275.0% $158 0.8% -109.3% ($1,698) -8.3%
                     
Earnings (Loss) per share (basic) ($0.55)   -275.0% $0.32   -108.9% ($3.55)  
                     
    Source: Annex Research