They're stored inside the .msg file, which itself is a binary file.

--
Sue Mosher, Outlook MVP
Author of Configuring Microsoft Outlook 2003
http://www.turtleflock.com/olconfig/index.htm
and Microsoft Outlook Programming - Jumpstart for
Administrators, Power Users, and Developers
http://www.outlookcode.com/jumpstart.aspx

"Ski" wrote in message news
I save copies of certain Outlook messages in special subfolders within "My
Documents" and I delete the original messages. The saved messages
(thankfully) still contain their original attachments. Where are the
attachments stored? The are certainly not stored in the same folders as
the saved messages.