Oracle Releases Letter to PeopleSoft Board

November 22, 2004

[From Oracle Corp.]

Oracle Corporation (ORCL) sent the following letter to the PeopleSoft Board of Directors on Sunday evening:

November 21, 2004

Board of Directors
PeopleSoft, Inc.
4460 Hacienda Drive
Pleasanton, California 94588

Members of the Board:

We have received your response to our letter of November 19, 2004, and we see it for what it is, a second rejection of our best and final offer of $24.00 per share, yet this time with a repudiation of the choice nearly 61 percent of your shareholders have already made. We are obviously at an impasse. In that light, we thought it would be helpful to review a few key facts:

The article continues at http://www.oracle.com/corporate/press/2004_nov/psftletter2.html