Table 2   EDS - Financial Results & Forecast Feb-05
        (Fiscal year end: Dec 31)        
Scenario 2:     2005e % of Change 2004 % of Change 2003 % of
Improving margins, reducing revenues ($ Mill) Rev 05/04 ($ Mill) Rev 04/03 ($ Mill) Rev
                     
Revenue           (restated)     (restated)  
Non-GM     $14,730 89.3% -21.1% $18,661 90.5% 1.6% $18,372 89.3%
GM     $1,766 10.7% -10.0% $1,962 9.5% -10.7% $2,198 10.7%
Total Revenue   $16,500 100.0% -20.0% $20,623 100.0% 0.3% $20,570 100.0%
Gross Profit/Margin   $1,939 11.8% 13.2% $1,713 8.3% 12.8% $1,519 7.4%
                     
Oper. Profit (Loss)   $457 2.8% -523.1% ($108) -0.5% -61.0% ($277) -1.3%
                     
Interest Expense/Income, Net* $280 1.7%   $280 1.4%   $266 1.3%
Income(Loss) B. Tax   $177 1.1% -145.6% ($388) -1.9% -28.5% ($543) -2.6%
Income Tax     $60 0.4% -164.5% ($93) -0.5% -50.0% ($186) -0.9%
" Rate     33.9%     24.0%     34.3%  
Income from disco'd operations       $453     $91  
Accounting change charge               ($1,432)  
Net Income (Loss)   $117 0.7% -25.9% $158 0.8% -109.3% ($1,698) -8.3%
                     
Earnings (Loss) per share (basic) $0.23   -25.9% $0.32   -108.9% ($3.55)  
                     
    Source: Annex Research