Exhibit 99.2

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(selected sections)

RESULTS OF OPERATIONS FOR FISCAL YEARS 2008, 2007, AND 2006

Summary of Results for Fiscal Years 2008, 2007, and 2006

(In millions, except percentages and per share amounts)	2008			2007			2006			Percentage Change 2008 versus 2007		Percentage Change 2007 versus 2006
Revenue	$	60,420		$	51,122		$	44,282		18	%	15	%
Operating income	$	22,271		$	18,438		$	16,380		21	%	13	%
Diluted earnings per share	$	1.87		$	1.42		$	1.20		32	%	18	%
Corporate-Level Activity
(In millions, except percentages)	2008			2007			2006			Percentage Change 2008 versus 2007		Percentage Change 2007 versus 2006
Corporate-level activity	$	(6,925	)	$	(4,863	)	$	(4,896	)	(42	)%	1	%
Operating Expenses - Sales and Marketing
(In millions, except percentages)	2008			2007			2006			Percentage Change 2008 versus 2007		Percentage Change 2007 versus 2006
Sales and marketing	$	13,260		$	11,541		$	9,910		15	%	16	%
As a percent of revenue		22	%		23	%		22	%	(1	) ppt	1	ppt
Other Income, Net
(In millions, except percentages)	2008			2007			2006			Percentage Change 2008 versus 2007		Percentage Change 2007 versus 2006
Dividends and interest	$	888		$	1,319		$	1,510		(33	)%	(13	)%
Net recognized gains on investments		346			650			161		(47	)%	304	%
Net gains (losses) on derivatives		226			(358	)		(99	)	*		262	%
Net gains on foreign currency remeasurements		226			56			77		304	%	(27	)%
Other		(143	)		(4	)		233		*		*
Other income, net	$	1,543		$	1,663		$	1,882		(7	)%	(12	)%

* Not meaningful