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XYRATEX LTDAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSYear Ended November 30,2005 2004 2003(US dollars in thousands)(revised)(1)Cash flows from operating activities:Net income (loss) from continuing operations .................... $41,889 $(122,245) $(35,815)Adjustments to reconcile net income (loss) from continuing operations tonet cash provided by operating activities:Depreciation ........................................... 6,694 5,336 4,969Amortization of intangible assets ............................. 3,218 1,169 —Non-cash equity compensation ............................... 828 168,149 57,261Bonus paid by trust ....................................... 144 — 1,573In process research and development .......................... 3,230 852 —Private equity and restructuring costs .......................... — — 4,682Loss (gain) on sale of assets ................................ 90 (36) 71Supplier note receivable ................................... — (6,000) —Changes in assets and liabilities, net of impact of acquisitions anddivestituresAccounts receivable ..................................... (29,272) (6,695) (7,820)Inventories ........................................... (16,297) (2,084) (9,832)Prepaid expenses and other current assets ..................... (542) 244 (947)Accounts payable ....................................... 25,668 4,251 5,208Customer advance ...................................... — (1,073) (1,227)Employee compensation and benefits payable ................... 2,474 (1,610) 4,837Deferred revenue ...................................... (2,560) (11,093) 9,209Income taxes payable .................................... (643) 147 (1,479)Deferred income taxes ................................... 4,403 (7,709) (13,538)Amount payable to related party ............................ — — (1,342)Other accrued liabilities .................................. (986) 1,234 3,951Net cash used for operating activities of discontinued operations ..... 280 — (780)Net cash provided by operating activities .................... 38,618 22,837 18,981Cash flows from investing activities:Investments in property, plant and equipment .................. (17,070) (8,985) (5,107)Dispositions of property, plant and equipment .................. — 36 —Disposal of business, net of cash disposed and costs of disposition .... — — (175)Acquisition of business, net of cash received .................... (34,845) (7,418) —Repayment of supplier note receivable ........................ — 6,000 —Net cash used in investing activities ........................ (51,915) (10,367) (5,282)Cash flows from financing activities:Net payments of short-term borrowings ....................... (9,133) (4,133) (4,630)Payment of acquisition note payable ......................... (2,000) — —Proceeds of long term borrowing ............................ — — 19,000Payments of long term borrowing ........................... — — (7,850)Repurchase of ordinary shares ............................. — — (18,939)Proceeds from issuance of shares ........................... 2,175 53,150 273Net cash provided by (used in) financing activities .............. (8,958) 49,017 (12,146)Change in cash and cash equivalents ........................... (22,255) 61,487 1,553Cash and cash equivalents at beginning of period—continuing operations . 63,495 2,008 455Cash and cash equivalents at end of period—continuing operations ..... $41,240 $ 63,495 $ 2,008(1) We have revised our 2003 statement of cash flows to disclose that cash flows attributable to ourdiscontinued operations relate to operating activities.The accomanying notes are an integral part of these consolidated financial statements.F-5