Exhibit (a)(5)(P)
THE LAWRENCE J. ELLISON REVOCABLE TRUST
101
YGNACIO VALLEY ROAD, SUITE #320
WALNUT CREEK, CALIFORNIA 94596
TELEPHONE:
(925) 977-9060
FACSIMILE: (925) 977-9099
December 21, 2025
To Whom It May Concern:
This letter serves to address questions recently raised regarding The Lawrence J. Ellison Revocable Trust u/a/d 1/22/1988, as amended (the “Trust”) in connection with the proposed merger of Warner Bros. Discovery, Inc. (“WBD”) and Paramount Skydance Corporation (“Paramount”).
The Trust was created in 1988, and there has been one and only one Lawrence J. Ellison Revocable Trust in existence since. Over the past 35+ years, the Trust has been amended on several occasions. Prior to 2020, the Ellison family office utilized nomenclature which referenced the Trust’s most recent amendment - for example, “The Lawrence J. Ellison Trust u/a 7/11/12 as amended.”
Consistent with the representations and warranties provided by the Trust and Mr. Larry Ellison in the Ellison Guarantee, we also write to confirm that the Trust owns Mr. Ellison’s shares of Oracle stock (see attached ownership records from Oracle’s transfer agent) and that the Trust has no material liabilities (other than liabilities resulting from the pledging arrangements disclosed in Oracle’s proxy statement). We note there are a total of 3 accounts with the transfer agent consisting of such Oracle shares, with former co-trustee Philip Simon listed on two accounts. These two accounts remain because they reference specific, physically certificated shares (with then-trustee Philip Simon listed on the certificates), long held in bank vaults.
Kind regards,
Paul T. Marinelli, Co-Trustee
| EQUINITI TRUST COMPANY, LLC | ||
| OPERATIONS CENTER | ||
| PO BOX 500 | ||
| NEWARK, NJ 07101 | Statement Date: | December 17, 2025 |
| Company Name: | ORACLE CORPORATION | |
| 0.001.001.00001 | Company Number: | 17983 |
| LAWRENCE J ELLISON & PHILIP B SIMON | Stock Exchange: | NYSE |
| TRUSTEES LAWRENCE J ELLISON REVOCABLE | Company Ticker Symbol: | ORCL |
| TRUST U/A 07/11/12 AS AMENDED | CUSIP: | 68389X105 |
| 101 YGNACIO VALLEY ROAD SUITE 320 | REDACTED | |
| WALNUT CREEK CA 94596-7026 | W9/W8/W8BENE Certified: | Yes |
| REDACTED |
Balance Summary as of 12/17/2025
| Total Shares | Closing Price Per Share | Estimated Value | |||||||
| 123,600,000.000 | $ | 188.650 | $ | 23,317,140,000.00 | |||||
| Plan | Certificated | DRS/Book | ||||||||||
| Shares | Shares | Entry Shares | ||||||||||
| Restricted | 123,600,000.000 | 0.000 | ||||||||||
| Unrestricted | 0.000 | 0.000 | 0.000 | |||||||||
If you have questions, please call our office at 800-937-5449. Our representatives are available to assist you Monday through Friday from 8:00 a.m. to 8:00 p.m. Eastern Time. You may also email us by selecting “Contact Us” on www.astfinancial.com
| REDACTED | 0 001.001 00001 |
| REDACTED |
A full copy of any rights, privileges, restrictions, and conditions which may be attached to the securities covered by this statement can be obtained by writing to the Secretary of the Company
Access your stock accounts online
Visit astfinancial.com today to conveniently manage your stock accounts anytime, anywhere.
| • | View your account details including balances and transaction history |
| • | Manage your payment method for dividends and sales proceeds |
| • | Request check replacements |
| • | Buy or sell shares |
| • | Update your contact information |
| • | Download statements and tax forms |
ONLINE ACCOUNT ACCESS:
Accessing the AST website is designed to be simple and secure. In order to access your account online, please follow these steps:
Step 1: Go to www.astfinancial.com
Step 2: Click Login located at the top right hand corner of the page.
Step 3: Click First Time Here? Register under Shareholder Central, complete the short registration process to create your user name.
Important Information
| • | If you have only fractional shares, they cannot be transferred. |
| • | If you have at least one share: |
• If your broker is a participant in the Direct Registration System (DRS), your broker may request your shares from AST via the DRS. You must provide your broker with the Company’s CUSIP, your shareholder account number, your taxpayer identification number, the name in which the shares are registered, and the number of shares you wish to transfer. Please note, your broker may request a copy of this Direct Registration Statement.
• If your broker is not a participant in the Direct Registration System (DRS), please write to AST at the address listed above, instructing AST to credit your brokerage account. You must include your AST account number, the name of your brokerage institution, your brokerage account number, and the number of shares that you wish to transfer. Your letter of instruction must be signed by all owners listed in the account registration and the signatures must be medallion guaranteed by a bank, broker or other financial institution that is a member of a Securities Transfer Association-approved medallion program such as STAMP, SEMP, or MSP. Please include a copy of this Direct Registration Statement. Please coordinate with your broker to ensure that they will accept share delivery via the DRS.
How To Replace Lost Certificates
To replace any lost certificate(s), please access your account via our website at www.astfinancial.com, contact our Shareholder Services Department at the number listed above or notify our Correspondence Department in writing at the letterhead address. Upon receipt of your request, the appropriate documents will be sent to replace the certificate(s).
W9/W8 Certified Instructions
You will need to complete and return the tax form, W9 form (domestic shareholders), W8 BEN (foreign individual), or W8 BEN-E (foreign entity). The forms are available at www.astfinancial.com/knowledge-center/forms. Once AST receives your tax form your Social Security Number/TIN will be updated and your account will become certified.
| EQUINITI TRUST COMPANY, LLC | ||
| OPERATIONS CENTER | ||
| PO BOX 500 | ||
| NEWARK, NJ 07101 | Statement Date: | December 17, 2025 |
| Company Name: | ORACLE CORPORATION | |
| 0.001.001.00001 | Company Number: | 17983 |
| LAWRENCE J ELLISON OR PAUL T MARINELLI | Stock Exchange: | NYSE |
| TRUSTEES OF THE LAWRENCE J ELLISON | Company Ticker Symbol: | ORCL |
| REVOCABLE TRUST U/A 1/22/88 AS AMENDED | CUSIP: | 68389X105 |
| C/O LAWRENCE INVES / P MARINELLI | REDACTED | |
| 101 YGNACIO VALLEY ROAD SUITE 320 | W9/W8/W8BENE Certified: | Yes |
| WALNUT CREEK, CA 94596-7026 | REDACTED |
Balance Summary as of 12/17/2025
| Total Shares | Closing Price Per Share | Estimated Value | |||||||
| 936,232,353.000 | $ | 188.650 | $ | 176,620,233,393.45 | |||||
| Plan | Certificated | DRS/Book | ||||||||||
| Shares | Shares | Entry Shares | ||||||||||
| Restricted | 502,437,353.000 | 433,795,000.000 | ||||||||||
| Unrestricted | 0.000 | 0.000 | 0.000 | |||||||||
If you have questions, please call our office at 800-937-5449. Our representatives are available to assist you Monday through Friday from 8:00 a.m. to 8:00 p.m. Eastern Time. You may also email us by selecting “Contact Us” on www.astfinancial.com
| REDACTED | 0 001.001 00001 |
A full copy of any rights, privileges, restrictions, and conditions which may be attached to the securities covered by this statement can be obtained by writing to the Secretary of the Company
Access your stock accounts online
Visit astfinancial.com today to conveniently manage your stock accounts anytime, anywhere.
| • | View your account details including balances and transaction history |
| • | Manage your payment method for dividends and sales proceeds |
| • | Request check replacements |
| • | Buy or sell shares |
| • | Update your contact information |
| • | Download statements and tax forms |
ONLINE ACCOUNT ACCESS:
Accessing the AST website is designed to be simple and secure. In order to access your account online, please follow these steps:
Step 1: Go to www.astfinancial.com
Step 2: Click Login located at the top right hand corner of the page.
Step 3: Click First Time Here? Register under Shareholder Central, complete the short registration process to create your user name.
Important Information
| • | If you have only fractional shares, they cannot be transferred. |
| • | If you have at least one share: |
• If your broker is a participant in the Direct Registration System (DRS), your broker may request your shares from AST via the DRS. You must provide your broker with the Company’s CUSIP, your shareholder account number, your taxpayer identification number, the name in which the shares are registered, and the number of shares you wish to transfer. Please note, your broker may request a copy of this Direct Registration Statement.
• If your broker is not a participant in the Direct Registration System (DRS), please write to AST at the address listed above, instructing AST to credit your brokerage account. You must include your AST account number, the name of your brokerage institution, your brokerage account number, and the number of shares that you wish to transfer. Your letter of instruction must be signed by all owners listed in the account registration and the signatures must be medallion guaranteed by a bank, broker or other financial institution that is a member of a Securities Transfer Association-approved medallion program such as STAMP, SEMP, or MSP. Please include a copy of this Direct Registration Statement. Please coordinate with your broker to ensure that they will accept share delivery via the DRS.
How To Replace Lost Certificates
To replace any lost certificate(s), please access your account via our website at www.astfinancial.com, contact our Shareholder Services Department at the number listed above or notify our Correspondence Department in writing at the letterhead address. Upon receipt of your request, the appropriate documents will be sent to replace the certificate(s).
W9/W8 Certified Instructions
You will need to complete and return the tax form, W9 form (domestic shareholders), W8 BEN (foreign individual), or W8 BEN-E (foreign entity). The forms are available at www.astfinancial.com/knowledge-center/forms. Once AST receives your tax form your Social Security Number/TIN will be updated and your account will become certified.
| EQUINITI TRUST COMPANY, LLC | ||
| OPERATIONS CENTER | ||
| PO BOX 500 | ||
| NEWARK, NJ 07101 | Statement Date: | December 17, 2025 |
| Company Name: | ORACLE CORPORATION | |
| 0.001.001.00001 | Company Number: | 17983 |
| LAWRENCE J ELLISON & PHILIP B | Stock Exchange: | NYSE |
| SIMON TR LAWRENCE J ELLISON | Company Ticker Symbol: | ORCL |
| REVOC TRUST UA 12/08/95 AMENDED | CUSIP: | 68389X105 |
| C/O LAWRENCE INVES / P MARINELLI | REDACTED | |
| 101 YGNACIO VALLEY RD STE 320 | W9/W8/W8BENE Certified: | Yes |
| WALNUT CREEK, CA 94596-7026 | REDACTED |
Balance Summary as of 12/17/2025
| Total Shares | Closing Price Per Share | Estimated Value | |||||||
| 98,400,000.000 | $ | 188.650 | $ | 18,563,160,000.00 | |||||
| Plan | Certificated | DRS/Book | ||||||||||
| Shares | Shares | Entry Shares | ||||||||||
| Restricted | 98,400,000.000 | 0.000 | ||||||||||
| Unrestricted | 0.000 | 0.000 | 0.000 | |||||||||
If you have questions, please call our office at 800-937-5449. Our representatives are available to assist you Monday through Friday from 8:00 a.m. to 8:00 p.m. Eastern Time. You may also email us by selecting “Contact Us” on www.astfinancial.com
| REDACTED | 0 001.001 00001 |
| REDACTED |
A full copy of any rights, privileges, restrictions, and conditions which may be attached to the securities covered by this statement can be obtained by writing to the Secretary of the Company
Access your stock accounts online
Visit astfinancial.com today to conveniently manage your stock accounts anytime, anywhere.
| • | View your account details including balances and transaction history |
| • | Manage your payment method for dividends and sales proceeds |
| • | Request check replacements |
| • | Buy or sell shares |
| • | Update your contact information |
| • | Download statements and tax forms |
ONLINE ACCOUNT ACCESS:
Accessing the AST website is designed to be simple and secure. In order to access your account online, please follow these steps:
Step 1: Go to www.astfinancial.com
Step 2: Click Login located at the top right hand corner of the page.
Step 3: Click First Time Here? Register under Shareholder Central, complete the short registration process to create your user name.
Important Information
| • | If you have only fractional shares, they cannot be transferred. |
| • | If you have at least one share: |
• If your broker is a participant in the Direct Registration System (DRS), your broker may request your shares from AST via the DRS. You must provide your broker with the Company’s CUSIP, your shareholder account number, your taxpayer identification number, the name in which the shares are registered, and the number of shares you wish to transfer. Please note, your broker may request a copy of this Direct Registration Statement.
• If your broker is not a participant in the Direct Registration System (DRS), please write to AST at the address listed above, instructing AST to credit your brokerage account. You must include your AST account number, the name of your brokerage institution, your brokerage account number, and the number of shares that you wish to transfer. Your letter of instruction must be signed by all owners listed in the account registration and the signatures must be medallion guaranteed by a bank, broker or other financial institution that is a member of a Securities Transfer Association-approved medallion program such as STAMP, SEMP, or MSP. Please include a copy of this Direct Registration Statement. Please coordinate with your broker to ensure that they will accept share delivery via the DRS.
How To Replace Lost Certificates
To replace any lost certificate(s), please access your account via our website at www.astfinancial.com, contact our Shareholder Services Department at the number listed above or notify our Correspondence Department in writing at the letterhead address. Upon receipt of your request, the appropriate documents will be sent to replace the certificate(s).
W9/W8 Certified Instructions
You will need to complete and return the tax form, W9 form (domestic shareholders), W8 BEN (foreign individual), or W8 BEN-E (foreign entity). The forms are available at www.astfinancial.com/knowledge-center/forms. Once AST receives your tax form your Social Security Number/TIN will be updated and your account will become certified.