(In millions, except earnings per share)

Year Ended June 30

1999

2000

2001 ⁽²⁾

2002 ⁽³⁾

2003 ⁽⁴⁾

Revenue

£12,027

£14,422

£17,307

£19,763

£20,512

Operating income

6,097

6,914

8,019

8,298

8,423

Income before accounting change

4,742

5,919

5,283

5,455

6,368

Net income

4,742

5,919

5,026

5,455

6,368

Diluted earnings per share before

  accounting change ⁽¹⁾

0.43

0.53

0.47

0.49

0.59

Diluted earnings per share ⁽¹⁾

0.43

0.53

0.45

0.49

0.59

Cash dividends per share

          -  

           -  

            -  

            -  

0.05

Cash and short-term investments

10,934

15,751

22,356

25,327

29,294

Total assets

24,311

34,214

41,620

44,326

47,524

Stockholders' equity

18,041

27,380

33,455

34,192

36,444

(1)  Earnings per share have been restated to reflect a two-for-one stock split in February 2003.

(2)  Fiscal year 2001 includes an unfavorable cumulative effect of accounting change of £256 million or £0.02 per diluted share, reflecting the adoption of SFAS No. 133, and £3.28 billion (pre-tax) in impairments of certain investments, primarily cable and telecommunication investments.

(3)  Fiscal year 2002 includes £3.00 billion (pre-tax) in impairments of certain investments, primarily related to our AT&T investment and further declines in the fair values of European cable and telecommunications holdings, and a £871 million (pre-tax) gain on the sale of Expedia, Inc.

(4)  Fiscal year 2003 includes £732 million (pre-tax) in impairments of certain investments.

* Cash and short-term investments, Total assets, and Stockholder's equity are translated using the June 30 exchange rate.  All other items have been translated using the average rate for the fiscal year.

This Consolidated Financial Highlights table has been converted into British currency. This presentation is intended only to provide additional information.  These financial highlights are not a complete presentation of the Company's financial position and results of operations.  A complete set of the Company’s primary financial statements prepared in accordance with generally accepted accounting principles in the United States of America, and included in filings with the United States Securities and Exchange Commission, can be found in The Microsoft 2003 Annual Report to Shareholders (including Form 10-K) which is available on this Web site. Copies may also be obtained by writing to the Company.