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Asia Pacific Achieves 25% Annual Growth


PeopleSoft Reports Financial Results for the Year and Quarter Ended December 31, 1999

Asia Pacific achieves 25% annual growth & 100% increase in license revenues in fourth quarter


AUCKLAND, February 3, 2000 – PeopleSoft, Inc. (Nasdaq - PSFT) today announced the financial results for the quarter and year ended December 31, 1999. Revenues, net income and net income per share for the fourth quarter of 1999 from recurring operations were US$372.3 million, US$11.1 million and US$0.04, respectively.

This compares with revenues, net income and net income per share from recurring operations of US$411.3 million, US$42.3 million and US$0.15, respectively, for the fourth quarter of 1998. Including non-recurring items, net loss and net loss per share for the fourth quarter of 1999 were US$(5.6) million, and US$(0.02), respectively.

Revenues, net income and net income per share for the year ended December 31, 1999 from recurring operations were US$1,429.1 million, US$21.0 million and US$0.08, respectively.

This compares with revenues, net income and net income per share from recurring operations of US$1,474.8 million, US$164.1 million, and US$0.58, respectively, in 1998. Including non-recurring items, net loss and net loss per share for the year ended December 31, 1999 were US$(177.8) million and US$(0.67), respectively.

Revenues from license fees for the quarter ended December 31, 1999 for the combined company increased 45% over the combined license revenues of the previous quarter. Fourth quarter license revenues for the enterprise software business grew 37% from the previous quarter while license revenues for the customer relationship management (CRM) business grew 68% from the previous quarter. Revenues from services for the fourth quarter of 1999 decreased 1% from the previous quarter. Revenues from the combined company’s international operations for the fourth quarter of 1999 increased by 40% to US$102.3 million or 27% of total revenues, compared to US$73.3 million or 21% of total revenues for the third quarter of 1999.

“The fourth quarter marked a much anticipated return in customer demand for PeopleSoft and our industry,” said Craig Conway, president and chief executive officer.

“With the growth in licensing activity, the addition of a functionally rich CRM product suite, and the release of our new, pure HTML PeopleSoft Internet Architecture, PeopleSoft has become a stronger competitor in a rapidly improving industry.”

In Asia Pacific
Andrew Barkla, Regional Vice President, PeopleSoft Asia Pacific, said the region’s growth rate and licensing revenue increase was outstanding in 1999.

“I am extremely pleased to announce that, year on year, we achieved 25 per cent growth in the Asia Pacific region. Even more exciting is the region’s growth in licensing revenues which were up by a phenomenal 100 per cent from the third quarter to the fourth quarter.

“Accounts won in the fourth quarter include General Motors, Davids, Ord Minnett, the Department of Defence and Barwon Region Water as well as Royal Melbourne Institute of Technology (RMIT), the University of New South Wales (UNSW) and Griffith University in Australia.

“Add to these, significant wins from around the region such as Bangkok General Hospital in Thailand, Starhub Pte Ltd in Singapore, Kwah Construction Materials in Hong Kong and Team Vantage in Malaysia, and it is evident that our success truly was regional,” Mr Barkla continued.

“In addition to our traditional business, going forward we anticipate strong results to come from our acquisition of The Vantive Corporation and we are currently investing significant resources in establishing a regional customer relationship management business unit to support strong demand for the Vantive product,” he added.

Results Information
The results for all periods presented include the results of The Vantive Corporation, which merged with PeopleSoft in the fourth quarter of 1999 in a transaction accounted for as a pooling of interests. Recurring operations for the fourth quarter of 1999 exclude charges of US$64.3 million incurred in connection with the merger and write-off of certain assets and gains of US$51.3 million from the sale of equity investments, and for the year exclude charges of US$185.1 million incurred in connection with the first quarter of 1999 spin-off of Momentum Business Applications, Inc. and reductions in work force. The fourth quarter of 1998 recurring operations exclude the write-off of in-process research and development costs of US$13.9 million incurred principally in connection with the acquisition of Intrepid Systems, Inc., and for the year exclude acquisition expenses incurred by Vantive of approximately $11 million.

About PeopleSoft
PeopleSoft (NASDAQ:PSFT) is a world leader in enterprise application software. PeopleSoft provides eBusiness and analytic applications for human resource management, financials, distribution, manufacturing, and supply chain, along with a range of industry-specific solutions. Headquartered in Pleasanton, California, PeopleSoft (www.peoplesoft.com) employs more than 6,000 people and had 1998 revenues of US$1.5 billion.

PeopleSoft began operations in Asia Pacific in 1993 and now has offices in Auckland, Wellington, Sydney, Melbourne, Canberra, Perth, Brisbane, Adelaide, Singapore, Hong Kong and Malaysia. Its customers include AAP, AMP, Alcoa, Australian National University, Australian Stock Exchange, Coles Myer, Department of Defence, Eastern Energy, Ford, Foxtel, John Fairfax Holdings, Loy Yang Power, National Mutual Health Insurance, NZ Police, NZ Post, NZ UNITEC, Reserve Bank of Australia, Reding Paper Products, Transfield Pty Ltd, University of NSW, WA Department of Education and WA Petroleum, Hewlett-Packard, Citibank, AMD, DBS Bank, PSA Corporation, Singapore Ministry of Finance, Morrison Express, Singtel, Starhub, Tenaga Nasional, Telekom Malaysia and Swire Properties.

This release contains projections or other forward-looking statements regarding future events or the future financial performance of the Company that involve risks and uncertainties. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. The specific forward-looking statements relate to such matters as competitive landscape; new product development status; position in the Internet sector; and future growth. Please refer to the Company's annual report to shareholders (Form 10-K) and subsequent filings on Form 10-Q for more information on the risk factors that could cause actual results to differ.

For further information: http://www.peoplesoft.com

MEDIA CONTACTS

Imogen Riley, PeopleSoft, Phone: +61 2 9413 0120 Fax: +61 2 9413 0001, Imogen_Riley@peoplesoft.com

Nimita Morarji, Botica Conroy & Associates, Phone: +64 9 3033 862 Fax: +64 9 3033 610
Nimitam@bca.co.nz

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