ACXIOM CORPORATION AND SUBSIDIARIES
                                      CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                        (Unaudited)
                                                   (Dollars in thousands)

                                                                                      For the Three Months Ended
                                                                                               June 30,



                                                                                  2003                           2002
                                                                           --------------------           -------------------

Cash flows from operating activities:

    Net earnings                                                          $             11,263           $            10,465
    Adjustments to reconcile net earnings to net cash provided
        by operations:
            Depreciation and amortization                                               33,896                        28,174
            Gain on disposal or impairment of assets, net                               (1,008)                            -
            Deferred income taxes                                                       (6,742)                        7,552
            Changes in operating assets and liabilities:
                Accounts receivable                                                      6,009                            85
                Other assets                                                             2,061                        34,079
                Accounts payable and other liabilities                                   2,785                       (19,546)
                Restructuring and impairment costs                                        (139)                         (566)
                                                                           --------------------           -------------------
                    Net cash provided by operating activities                           48,125                        60,243
                                                                           --------------------           -------------------

Cash flows from investing activities:
    Proceeds received from the disposition of operations                                 7,684                             -
    Proceeds received from the disposition of assets                                       506                            45
    Payments received from investments                                                   1,201                             -
    Capitalized software development costs                                              (6,335)                       (8,652)
    Capital expenditures                                                                (1,588)                       (1,916)
    Deferral of costs                                                                   (6,026)                       (3,240)
    Investments in joint ventures and other investments                                 (5,000)                       (1,052)
    Net cash paid in acquisitions                                                            -                          (772)
                                                                           --------------------           -------------------
                    Net cash used by investing activities                               (9,558)                      (15,587)
                                                                           --------------------           -------------------
Cash flows from financing activities:
    Proceeds from debt                                                                  53,187                        73,707
    Payments of debt                                                                   (60,655)                     (127,972)
    Sale of common stock                                                                 2,850                         6,168
    Acquisition of treasury stock                                                      (34,665)                            -
                                                                           --------------------           -------------------
                    Net cash used by financing activities                              (39,283)                      (48,097)
                                                                           --------------------           -------------------
Effect of exchange rate changes on cash                                                     87                            44
                                                                           --------------------           -------------------
Net decrease in cash and cash equivalents                                                 (629)                       (3,397)
Cash and cash equivalents at beginning of period                                         5,491                         5,676
                                                                           --------------------           -------------------
Cash and cash equivalents at end of period                                $              4,862           $             2,279
                                                                           ====================           ===================
Supplemental cash flow information:
    Cash paid (received) during the period for:
        Interest                                                          $              3,508           $             6,702
        Income taxes                                                                       977                       (39,906)
    Noncash investing and financing activities:
        Acquisition of land in exchange for debt                                         2,698                             -
        Acquisition of data under long-term obligation                                  18,340                             -
        Enterprise software licenses acquired under software obligation                  8,221                         2,828
        Acquisition of property and equipment under capital lease                       16,803                         2,310