Ellison seeks meeting with PeopleSoft board

Following is the text of the Larry Ellison's letter to Craig Conway, seeking a meeting with the PeopleSoft board.


9 June 2003

Dear Mr. Conway:

This morning we commenced our tender offer for PeopleSoft. We believe that our offer provides full and fair value to PeopleSoft stockholders and a compelling future for PeopleSoft customers. I am reaffirming our request to meet with you and your board to discuss our offer further.

Your press release, quotes attributed to you in the press, and a notice we just received with respect to your intention to commence litigation against us raise the concern that you have taken a negative position with respect to the merits and motivations behind our offer before you and the PeopleSoft board have taken the time required to consider the offer. We have made a serious, fully financed, all-cash offer to your stockholders, and your fiduciary duties to those stockholders require a full and fair review done in good faith.

This matter will ultimately be decided by the PeopleSoft stockholders based on the merits and not by frivolous litigation. I reaffirm our request that you redeem your poison pill to enable stockholders to act on our offer, and I expect that the board will not take any further action that would interfere with the rights of PeopleSoft stockholders to determine the outcome of this process.

Sincerely,

Lawrence J. Ellison
Chairman and Chief Executive Officer