SanDisk Announces First Quarter Results

                         SanDisk Corporation
            Condensed Consolidated Statement of Cash Flows
                      (in thousands, unaudited)

                                               Three months ended
                                          ----------------------------
                                          April 1, 2007  April 2, 2006
                                          -------------  -------------
Cash flows from operating activities:
Net income (loss)                           $     (575)     $  35,115
Adjustments to reconcile net income (loss)
 to net cash
  provided by operating activities:
  Deferred taxes                                11,431        (13,456)
  Gain on investment in foundries               (2,204)          (593)
  Depreciation and amortization                 65,096         26,397
  Provision for doubtful accounts                  913           (526)
  Share-based compensation expense              31,219         18,785
  Tax benefit from share-based
   compensation                                 (6,261)       (41,909)
  Write-off of acquired in-process
   technology                                        -         39,600
  Other non-cash income (charges)                4,749         (1,208)
  Changes in operating assets and
   liabilities:
     Accounts receivable                       467,030         90,546
     Inventory                                 (98,109)       (75,484)
     Other assets                               63,426         59,581
     Accounts payable trade                    (47,776)       (58,135)
     Accounts payable to related parties        (2,911)         6,208
     Other liabilities                        (230,779)       (32,472)
                                          -------------  -------------
   Total adjustments                           255,824         17,334
                                          -------------  -------------

Net cash provided by operating activities      255,249         52,449
                                          -------------  -------------

Cash flows from investing activities:
   Purchases of short and long-term
    investments                               (537,162)      (119,769)
   Proceeds from sale and maturities of
    short and long-term investments            549,146        154,664
   Investment in Flash Partners and Flash
    Alliance                                         -        (43,581)
   Acquisition of capital equipment, net       (43,799)       (52,597)
   Notes receivable from FlashVision            24,777              -
   Purchased technology and other assets       (13,240)             -
   Cash acquired in business combination,
    net of acquisition costs                         -          9,432
                                          -------------  -------------
Net cash used in investing activities          (20,278)       (51,851)
                                          -------------  -------------

Cash flows from financing activities:
   Proceeds from employee stock programs        38,370         46,061
   Distribution to minority interest            (7,485)             -
   Tax benefit from share-based
    compensation                                                            6,261                  41,909
      Share  repurchase  programs                                      (42,096)                          -
                                                                                    -------------    -------------
Net  cash  provided  by  (used  in)  financing
  activities                                                                          (4,950)                87,970
                                                                                    -------------    -------------

Effect  of  changes  in  foreign  currency
  exchange  rates  on  cash                                                        388                        (61)
                                                                                    -------------    -------------

Net  increase  in  cash  and  cash  equivalents            230,409                  88,507

Cash  and  cash  equivalents  at  beginning  of
  period                                                                            1,580,700                762,058

                                                                                    -------------    -------------
Cash  and  cash  equivalents  at  end  of  period    $1,811,109            $  850,565
                                                                                    =============    =============
 



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