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SAN MATEO, Calif.—October 15,
2003—Siebel Systems, Inc. (NASDAQ: SEBL), a leading provider
of business applications software, today announced financial
results for the quarter ended September 30, 2003, within the range
of management guidance presented July 22, 2003, and consistent with
preliminary financial results presented October 2, 2003.

Revenues for the third quarter of 2003 were $321.4 million.
Revenues from license fees for the third quarter of 2003 were
$110.0 million. Revenues from maintenance, consulting, and other
services were $211.4 million.

The company’s cash, cash equivalents, and short-term
investments were $2.027 billion as of September 30, 2003, the net
result of approximately $32 million in cash during the quarter
offset by a reduction of $307 million from the redemption of
convertible debt. The redemption of convertible debt eliminated
substantially all of the company’s debt as of September 30,
2003. Days sales outstanding in accounts receivable decreased to 53
days in the third quarter of 2003 versus 58 days in the second
quarter of 2003.

Net loss for the third quarter of 2003, including restructuring
and other charges, was $59.3 million, or ($0.12) per share. These
charges relate to the company’s previously announced
restructuring and debt redemption. Net income for the third quarter
of 2003, excluding restructuring and other charges, was $16.1
million, or $0.03 per share.1 Restructuring and other charges for
the third quarter of 2003 included:

  • Restructuring and related charges of $107.2 million
  • Debt retirement and associated costs of $10.7 million incurred
    in connection with the redemption of the company’s $300
    million convertible subordinated debentures
  • A tax benefit associated with both of these charges of $42.5
    million

With the completion of these restructuring activities, the
company believes it is on track to achieve its previously stated
goals of $30 million per quarter in savings in the fourth quarter
of 2003 and $40 million per quarter in savings by the second half
of 2004 as compared with Q2 2003 expenses prior to the initiation
of this restructuring.

Siebel Systems to Acquire UpShot Corporation: Siebel
Systems today announced that it has signed a definitive agreement
to acquire UpShot Corporation, a pioneer in delivering hosted CRM
service over the Internet, in a cash transaction valued at up to
$70 million. Under the terms of the deal, $50 million will be paid
in cash upon closing, with provisions for an additional $20 million
to be paid in earn-outs during 2003 and 2004. The board of
directors of each company has approved the acquisition, which is
subject to customary closing conditions. The acquisition is
expected to accelerate Siebel Systems’ penetration of the
hosted CRM market and significantly expand customer choice in this
market segment.

Siebel Systems Acquires Assets of Motiva, Inc.: Siebel
Systems today also announced the acquisition of assets of Motiva,
Inc., a provider of enterprise incentive management (EIM) software.
Siebel Systems is targeting availability for the enhanced
integrated offering in the fourth quarter of 2003. The
incorporation of Motiva’s services-processing architecture
will enable users of Siebel Incentive Compensation to handle a much
broader variety of compensation plans with greater flexibility and
increased performance. Gartner Group estimated the EIM market to be
one of the few technology sectors to grow in 2002, and a recent
Giga Information Group study predicted that the sector will
continue to grow at a compound annual growth rate of 40 percent
through 2005. The acquisition is expected to accelerate Siebel
Systems’ penetration of the EIM market and significantly
expand customer choice in this market segment.

Siebel Systems Product, Technology, and Industry
Leadership

Siebel Systems Expands New Product Strategy—CRM for
Everyone:
Siebel Systems launched its “CRM for
Everyone” product strategy, which provides customers the
reach and depth needed to make CRM pervasive throughout their
organizations and partner ecosystems at the lowest total cost of
ownership (TCO). CRM for Everyone also encompasses new products,
including Siebel CRM OnDemand, the industry’s first and only
CRM offering built to combine hosted delivery and fee models in any
combination; Siebel 7.7, the company’s next release of its
enterprise CRM suite; Siebel Analytics 7.7, a new and enhanced
suite of customer analytics applications and platform; and new
deployment options for Universal Application Network, which now
supports both the .NET and J2EE platforms, as well as newly
emerging Web Services standards for business process
integration.

Siebel Systems and IBM Launch Siebel CRM OnDemand:
Central to the CRM for Everyone product strategy, Siebel CRM
OnDemand is the industry’s first and only hosted CRM solution
that offers both seamless integration and automated migration to an
on premise Siebel CRM application. Siebel Systems, together with
IBM Corp., announced that the two companies will jointly develop,
market, sell, deliver, and service Siebel CRM OnDemand. Designed
for the on demand era, Siebel CRM OnDemand is as easy to use and
configure as a Web site. It is a high-availability Internet utility
that enables customers to start with a small CRM project, with
practically zero start-up time, deploy rapidly, and grow the system
as needs change over time. Individuals and companies can sign up
for Siebel CRM OnDemand for a monthly subscription price of $70 per
user at www.crmondemand.com.

Industry Analysts Agree: “(Siebel) introduced a
very credible hosted CRM offering with bells and whistles not seen
in this space before,” said Denis Pombriant of Aberdeen
Group. And according to an October 2, 2003, AMR Research Alert,
“Based on the shared data model, Siebel CRM OnDemand should
be put at the top of the list by companies that already have Siebel
and are pursuing a hosted solution to augment it.”

Siebel Systems Introduces New Customer Analytic
Applications:
Siebel Systems announced a number of new and
expanded analytics products, including Siebel Analytics 7.7, a
suite of enhanced customer analytic applications that includes new,
guided analytics and business process integration, expanded
vertical solutions, mobile functionality, and numerous analytic
platform enhancements; Siebel Enterprise Analytic Platform 7.7,
which provides customers new levels of business intelligence and
insight across the enterprise; and an analytics partnership with
IBM, which expands both companies’ global strategic alliance
to include a dedicated IBM Business Consulting Services team
focused on Siebel Analytics Applications and the broader enterprise
business intelligence marketplace.

Siebel Systems Builds Significant Partner Momentum for
Universal Application Network:

Siebel Systems announced extended relationships with
industry-leading integration server vendors to further expand their
commitment to building the Universal Application Network (UAN)
ecosystem. The new expansion includes partnering with BEA Systems
to deliver Siebel Business Integration Applications for the
telecommunications, media, and energy industries on BEA WebLogic
Integration 8.1, as well as additional industry-specific business
integration applications for the financial services industry and
other cross-industry applications. IBM and Siebel Systems also
announced their expanded commitment to UAN with the product release
of Siebel Business Integration Applications for the IBM WebSphere
Business Integration platform. Finally, Siebel Systems and
Microsoft are delivering support for UAN with Microsoft BizTalk
Server, providing integration support for the .NET platform. By
partnering with these integration server vendors, Siebel is
delivering comprehensive, customer-driven business process
integration solutions that aid customers in enabling the rapid and
cost-effective deployment of cross-application, industry-specific
business processes.

Quarterly Highlights
The following highlights were announced or occurred since Siebel
Systems’ last earnings statement:

Siebel Systems Secures New Customers: The company
concluded new software licensing agreements with more than 126 new
customers in the third quarter, including Allianz First Life
Insurance Company; Bridgestone Europe NV; Burberry Spain, S.A.;
Burlington Northern Santa Fe Corp.; CarsDirect.com Inc.; Dun &
Bradstreet; Energaia, Agencia Municipal de Energia de Gaia; ENI
SpA; e-Systems Corporation; Hershey Foods Corporation;
Hewlett-Packard Colombia Ltda; Kraft Foods International Ltd.;
Locus Telecommunication Inc. Ltd; LSI Logic Corporation; Pfizer
Italia, SRL; Ritchie Bros. Auctioneers (Canada) Ltd.; Royal
Caribbean Cruise Lines; Sabre, Inc.; Systems Research &
Applications Corp.; Thomson Broadcast and Media Solutions Inc.; and
US Patent and Trademark Office.

Siebel Systems Secures Repeat Orders: In the third
quarter, the company concluded additional software licensing
agreements with more than 191 existing customers, including Abbey
National PLC; Agilent Technologies Inc.; Aspective Ltd.; Bally
Gaming, Inc.; Bouygues Telecom; BT; Computer Network Technology
Corp.; EDF Energy Plc; Honeywell ACS Industrial Solutions; La
Poste; Lockheed Martin Corporation; Loews Cineplex Corporation;
Minnesota Mining and Manufacturing, Inc.; National Archives and
Records Administration; Nokia Corp.; Safelight Glass Corporation;
Siemens AG; Taldor Computer Systems; Teva Neuroscience, Inc.; The
Capital Group Companies, Inc.; Trema (Europe) AB; T-Systems
International GmbH; and XM Satellite Radio, Inc.

Customer Engagements
The company concluded new engagements with more than 126 new
customers and expanded engagements at more than 191 existing
customers, including the following:

Centers for Medicare and Medicaid Services (CMS), the
largest health insurance provider in the United States, is
extending its deployment of Siebel Healthcare across its 70
locations nationwide as part of its ongoing efforts to maximize its
customer service and satisfaction. CMS is looking to its Siebel
system to further improve its level of customer satisfaction as it
works to unify the 76 call centers managed by nearly 40 different
contractors and modernize its customer service systems. As part of
its customer care solution, CMS also will deploy Siebel Reports
Server, Siebel SmartScript, Siebel Advanced Search, Siebel
Connector 7 for First Logic Libraries, Siebel Tools, Siebel FINS
Analytics, Siebel Service Analytics, and Siebel Answers. CMS
already has recognized early benefits from its Siebel deployment,
including reduced training time, increased call agent productivity,
and a reduction in “after-call” work time.

DHL, a subsidiary of Deutsche Post World Net, and the
world leader in global express and logistics services, has selected
Siebel CRM applications for a global sales force automation (GSFA)
solution serving more than 12,000 sales professionals across its
international operations. DHL will use Siebel Sales to improve
sales productivity and effectiveness by implementing sales best
practices; reduce IT complexity and costs; and leverage a unified,
real-time view of all customer interactions to expand revenue
opportunities, improve the customer experience, and acquire and
retain new customers. The comprehensive solution will advance
Deutsche Post World Net’s enterprise-wide value enhancement
program (STAR) and will play an integral role in its 3-D initiative
to become the world’s premiere logistics provider by
integrating its group companies—DHL, Danzas, and Deutsche
Post Euro Express—into the “new DHL.”

KeyCorp, one of the nation’s largest bank-based
financial services companies with assets of approximately $85
billion, has chosen Siebel Finance to provide technology that will
support its ongoing initiatives to deepen client relationships and
generate revenues. KeyCorp chose the Siebel solution to help
integrate business processes, make better use of customer data
analytics, and provide seamless information to its sales and
service teams. KeyCorp has been a customer of Siebel Systems for
two years.

Reuters, the global information company, has purchased an
additional 300 user licenses of Siebel Communications and Media and
upgraded 1,500 more to enable streamlined order management and
business administration. Reuters has an existing worldwide Siebel
capability of more than 4,000 user licenses that supports sales,
service, help desk, and client training. As part of a company-wide
initiative, Reuters will build on these capabilities using Siebel
Order Management and Universal Application Network to deliver its
vision of automating the customer interaction from prospect to
selling, ordering, fulfillment, and support—all within Siebel
CRM applications—with increased customer service levels.
Reuters will leverage Siebel’s industry-specific solution,
Siebel Communications and Media, to establish a strategic
integration platform based on Universal Application Network that
will initially integrate billing and order fulfillment.

South African Revenue Services, the tax, customs, and
revenue collection arm of the government of South Africa, has
selected Universal Application Network to integrate all taxpayer
systems and thus provide personnel with a single, comprehensive
view of the taxpayer. The Siebel solution will build on South
African Revenue Services’ existing Siebel Call Center
implementation and will integrate citizen-facing service
applications with systems managing account balances, payment and
receipts history, and imports/exports. The availability of
comprehensive, real-time taxpayer information will enable South
African Revenue Services to improve citizen service, operate more
efficiently, and immediately perform debt equalization to increase
revenue collection.

Siebel Systems Receives Industry Accolades: CRM Magazine
inducted Thomas M. Siebel into its CRM Hall of Fame and honored
Siebel Systems with its Enterprise CRM Suite Award. The leading CRM
business and technology journal inducted Mr. Siebel into its
inaugural CRM Hall of Fame in ceremonies held in August 2003 at the
DCI CRM Conference and Exposition in New York City. The award cited
Mr. Siebel’s achievements as Siebel Systems’ founder,
Chairman, and CEO and recognized his pioneering vision, strong
leadership, and enduring commitment to innovation. In conjunction
with the Hall of Fame ceremonies, CRM Magazine also named Siebel
Systems the winner of its Enterprise CRM Suite Award, which ranked
the CRM suites of leading vendors based on revenue, revenue growth,
market share, customer wins, and reputation for customer service.
The recognition reflects Siebel Systems’ unique position as
the CRM application vendor offering customers the deepest domain
expertise, the lowest total cost of ownership, and the broadest
reach of application functionality.

About Siebel Systems
Siebel Systems, Inc. is a leading provider of business applications
software, enabling corporations to sell to, market to, and serve
customers across multiple channels and lines of business. With more
than 3,500 customer deployments worldwide, Siebel Systems provides
organizations with a proven set of industry-specific best
practices, CRM applications, and business processes, empowering
them to consistently deliver superior customer experiences and
establish more profitable customer relationships. Siebel
Systems’ sales and service facilities are located in more
than 30 countries.

Siebel is a trademark of Siebel Systems, Inc. and may be
registered in certain jurisdictions. All other product and company
names mentioned are the property of their respective owners and are
mentioned for identification purposes only.

Except for the historical information contained herein, this
press release contains forward-looking statements that involve
risks and uncertainties. The future operating results of Siebel
Systems, Inc. may differ from the results forecasted in the
forward-looking statements due to factors that include, but are not
limited to, risks associated with financial, economic, political
and other uncertainties, the eBusiness software applications
market, the company’s restructuring efforts, dependence on
the Internet, new versions and new products and rapid technological
change. Further information on potential factors that could affect
the financial results of Siebel Systems, Inc. are included in its
Annual Report on Form 10-K, Quarterly Reports on Form 10