Analyst Call

Safra Catz, President & Chief Financial Officer

February 9, 2006

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*

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Exhibit 99.1

2

Safe Harbor

“Safe

Harbor”

Statement:

Statements

in

this

presentation

relating

to

Oracle’s

future

plans

and

prospects

are

“forward-looking

statements”

and

are

subject

to

material

risks

and

uncertainties.

Many

factors

could

affect

our

current

expectations

and

our

actual

results,

and

could

cause

actual

results

to

differ

materially.

We

presently

consider

the

following

to

be

among

the

important

factors

that

could

cause

actual

results

to

differ

materially

from

expectations:

(1)

Economic,

political

and

market

conditions

could

adversely

affect

our

revenue

growth

and

profitability

through

reductions

in

IT

budgets

and

expenditures.

(2)

We

may

fail

to

achieve

our

financial

forecasts

due

to

such

factors

as

delays

or

size

reductions

in

transactions,

fewer

large

transactions

in

a

particular

quarter,

unanticipated

fluctuations

in

currency

exchange

rates,

delays

in

delivery

of

new

products

or

releases,

or

a

decline

in

our

renewal

rates

for

software

license

updates

and

product

support.

(3)

We

cannot

assure

market

acceptance

of

new

products

or

new

versions

of

existing

products.

(4)

We

have

an

active

acquisition

program

(including

our

recently

completed

acquisition

of

Siebel

Systems,

Inc.),

and

our

acquisitions

may

not

be

successful,

may

involve

unanticipated

costs

or

other

integration

issues,

or

may

disrupt

our

existing

operations.

(5)

Periodic

changes

to

our

pricing

model

and

sales

organization

could

temporarily

disrupt

operations

and

cause

a

decline

or

delay

in

sales. 

(6)

Intense

competitive

forces

demand

rapid

technological

advances

and

frequent

new

product

introductions,

and

could

require

us

to

reduce

prices.

A

detailed

discussion

of

these

factors

and

other

risks

that

affect

our

business

is

contained

in

our

SEC

filings,

including

our

most

recent

reports

on

Form

10-K

and

Form

10-Q,

particularly

under

the

heading

"Factors

That

May

Affect

Our

Future

Results

or

the

Market

Price

of

Our

Stock.”

Copies

of

these

filings

are

available

online

from

the

SEC

or

by

contacting

Oracle

Corporation’s

Investor

Relations

Department

at

(650)

506-4073

or

by

clicking

on

SEC

Filings

on

Oracle’s

Investor

Relations

website

at

http://www.oracle.com/investor.

All

information

set

forth

in

this

presentation

is

current

as

of

February

9,

2006.

Oracle

undertakes

no

duty

to

update

any

statement

in

light

of

new

information

or

future

events.

3

Agenda

1.

Executive Summary

2.

Q3 Fiscal 2006 Financial Outlook

3.

Q4 Fiscal 2006 Financial Outlook

4.

Fiscal 2006 Financial Outlook

1.

Executive Summary

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5

Earnings Guidance

•

This presentation provides updated financial guidance for fiscal

2006 on a U.S. GAAP basis. It does not include non-GAAP financial

guidance; however, we will provide estimates of purchase

accounting adjustments and significant expenses incurred in

connection with Siebel and other acquisitions, which are included in

the estimated fiscal 2006 GAAP financial guidance.

•

We currently intend to early adopt FASB Statement 123R, Share-

Based Payment, in Q4 of

fiscal 2006.  However, given the

complexity of this new accounting standard, we may not

adopt

it

until

Q1

of

fiscal

2007

as

required.

The

stock-based

compensation expenses incurred under this new accounting

standard are not included in our estimated fiscal 2006 GAAP

financial

guidance .

If

adopted

in

fiscal

2006,

we

believe

the

full

year share-based compensation expense would be approximately

$300 million.

6

Earnings Guidance

•

Q3

Fiscal

2006

GAAP

EPS:

$0.13

-

$0.14

–

New license revenues up 15% -

20%

–

Total software revenues up 18% -

20%

–

Total revenues up 17% -

19%

–

Annual effective income tax rate of 29%

–

Assumes 4 percentage points of negative currency effect

•

Q4

Fiscal

2006

GAAP

EPS:

$0.21

-

$0.23

–

New license revenues up 7% -

17%

–

Total software revenues up 14% -

19%

–

Total revenues up 13% -

17%

–

Annual effective income tax rate of 29%

–

Assumes 2 percentage points of negative currency effect

7

Earnings Guidance

•

Fiscal

2006

GAAP

EPS:

$0.60

-

$0.62

–

New

license

revenues

up

10%

-

15%

–

Total

software

revenues

up

17%

-

20%

–

Total

revenues

up

18%

-

20%

–

Annual effective income tax rate of 29%

–

Assumes 2 percentage points of negative currency effect

2.

Q3 Fiscal 2006 Outlook

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9

Q3 Fiscal 2006 Financial Outlook

1.

Total

revenues

for

Q3

Fiscal

2006

assume

4

percentage

points

of

negative

currency

effect,

whereas

total

revenues

for

Q3

Fiscal

2005

were positively

affected

by

4

percentage

points

of

currency.

GAAP Estimated Financial Performance ($mm, except per share data)

Low

High

Low

High

Actuals

New software licenses

1,086

$        

1,133

$        

15%

20%

947

$                 

Software license updates and product

support

1,671

1,671

20%

20%

1,389

Software revenues

2,757

2,805

18%

20%

2,336

Total revenues (1)

3,449

3,497

17%

19%

2,950

Net income

706

$           

734

$           

31%

36%

540

$                 

EPS

13c

14c

29%

34%

10c

WASO

5,308

5,308

1%

1%

5,230

Q3 Fiscal 2005

Q3 Fiscal 2006

Outlook

% Inc (Dec)

10

Supplemental Disclosure:

Estimated Purchase Accounting Adjustments & Significant Expenses

($mm)

Q3 Fiscal 2006 Financial Outlook

1.

Represents

revenues

related

to

support

contracts

assumed

that

will

not

be

recognized

as

revenues

pursuant

to

purchase

accounting

rules.

The

Q3

Fiscal

2006

revenue estimates

include

a

range

between

$20

and

$24

associated

with

the

Siebel

acquisition.

Q3

Q3

FY 2006

FY 2005

%

Estimate

Actuals

Inc (Dec)

Software license updates & product

support

revenues (1)

60

$          

143

$        

-58%

Amortization of intangible assets

150

81

85%

Acquisition related charges

95

51

86%

Restructuring charges

20

107

-81%

Stock-based compensation

11

10

10%

Income tax effect

(98)

(118)

-17%

Total

238

$        

274

$        

-13%

3.

Q4 Fiscal 2006 Outlook

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*

12

GAAP Estimated Financial Performance ($mm, except per share data)

Q4 Fiscal 2006 Financial Outlook

1.

Total

revenues

for

Q4

Fiscal

2006

assume

2

percentage

points

of

negative

currency

effect,

whereas

total

revenues

for

Q4

Fiscal

2005

were

positively

affected

by

3

percentage

points

of

currency.

Low

High

Low

High

Actuals

New software licenses

1,726

$        

1,887

$        

7%

17%

1,609

$             

Software license updates and product

support

1,821

1,821

20%

20%

1,514

Software revenues

3,547

3,708

14%

19%

3,123

Total revenues (1)

4,385

4,546

13%

17%

3,878

Net income

1,148

$        

1,245

$        

12%

22%

1,022

$             

EPS

21c

23c

10%

19%

20c

WASO

5,357

5,357

2%

2%

5,234

Q4 Fiscal 2006

Q4 Fiscal 2005

Outlook

% Inc (Dec)

13

Supplemental Disclosure:

Estimated Purchase Accounting Adjustments & Significant Expenses

($mm)

Q4 Fiscal 2006 Financial Outlook

1.

Represents

revenues

related

to

support

contracts

assumed

that

will

not

be

recognized

as

revenues

pursuant

to

purchase

accounting

rules.

The

Q4

Fiscal

2006

revenue

estimates

include

a

range

between

$57

and

$67

associated

with

the

Siebel

acquisition.

Q4

Q4

FY 2006

FY 2005

%

Estimate

Actuals

Inc (Dec)

Software license updates & product

support

revenues (1)

75

$          

178

$        

-58%

Amortization of intangible assets

190

122

56%

Acquisition related charges

30

105

-71%

Restructuring charges

60

40

50%

Stock-based compensation

10

15

-34%

Income tax effect

(106)

(126)

-16%

Total

259

$        

334

$        

-22%

4.

Fiscal 2006 Outlook

*

*

*

*

*

15

Fiscal 2006 Financial Outlook

1.

Total

revenues

for

Fiscal

2006

assume

2

percentage

points

of

negative

currency

effect,

whereas

total

revenues

for

Fiscal

2005

were

positively

affected

by

4

percentage

points

of

currency.

GAAP Estimated Financial Performance ($mm, except per share data)

Low

High

Low

High

Actuals

New software licenses

4,499

$        

4,707

$        

10%

15%

4,090

$             

Software license updates and product

support

6,554

6,554

23%

23%

5,331

Software revenues

11,052

11,261

17%

20%

9,421

Total revenues (1)

13,894

14,103

18%

20%

11,799

Net income

3,170

3,296

10%

14%

2,886

EPS

60c

62c

9%

13%

55c

WASO

5,287

5,287

1%

1%

5,231

Fiscal 2006

Fiscal 2005

Outlook

% Inc (Dec)

16

Supplemental Disclosure:

Estimated Purchase Accounting Adjustments & Significant Expenses

($mm)

Fiscal 2006 Financial Outlook

1.

Represents

revenues

related

to

support

contracts

assumed

that

will

not

be

recognized

as

revenues

pursuant

to

purchase

accounting

rules.

The

Fiscal

2006 revenue

estimates

include

a

range

between

$77

and

$91

associated

with

the

Siebel

acquisition.

FY 2006

FY 2005

%

Estimate

Actuals

Inc (Dec)

Software license updates & product

support revenues (1)

375

$        

320

$        

17%

Amortization of intangible assets

589

219

169%

Acquisition related charges

163

208

-22%

Restructuring charges

91

147

-38%

Stock-based compensation

37

25

46%

Income tax effect

(364)

(264)

38%

Total

891

$        

655

$        

36%