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Actual and Forecast Statements of Net Earnings
Oracle Corporation (ORCL)
Public Company Valuation Analysis
(Dollars and Shares in Millions, Except Per Share Amounts)

	Actual						Forecast		Forecast
	12 Months 05/31/03		12 Months 05/31/04		12 Months 05/31/05		12 Months 05/31/06		12 Months 05/31/07		12 Months 05/31/08		12 Months 05/31/09		12 Months 05/31/10
Net Sales	$9,475		$10,156		$11,799		$12,979		$14,277		$15,705		$17,276		$19,004
Operating Expenses	6,035		6,292		7,777		8,566		9,423		10,365		11,402		12,543
Operating Earnings	3,440		3,864		4,022		4,413		4,854		5,340		5,874		6,461
	36.3%		38.0%		34.1%		34.0%		34.0%		34.0%		34.0%		34.0%
Other Income (Expense):
Historical Interest Expense	(16)		(21)		(135)		0		0		0		0		0
Interest on Line of Credit	0		0		0		(86)		72		411		499		623
Interest on Term Loans	0		0		0		(11)		(67)		(60)		(47)		(33)
Interest on Subordinated Debt	0		0		0		0		(7,295)		(7,295)		(7,295)		(7,295)
Intangible Amortization	0		0		0		0		(5,393)		(5,393)		(5,393)		(5,393)
Other Income (Expense)	1		102		164		164		0		0		0		0
	(15)		81		29		67		(12,683)		(12,337)		(12,236)		(12,098)
Earnings Before Income Tax	3,425		3,945		4,051		4,480		(7,829)		(6,997)		(6,362)		(5,637)
Provision (Credit) For Income Tax	1,118		1,264		1,165		1,344		(3,132)		(2,799)		(2,545)		(2,255)
Net Earnings	$2,307		$2,681		$2,886		$3,136		$(4,697)		$(4,198)		$(3,817)		$(3,382)
Earnings per Share	$0.43		$0.50		$0.55		$0.60		$(0.90)		$(0.80)		$(0.73)		$(0.65)