Exhibit (a)(119)

The following text contains excerpts from the PeopleSoft, Inc. third quarter
2004 earnings conference call held on October 21, 2004. Certain portions of the
transcript that do not relate to Oracle's tender offer have been omitted.
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Dave Duffield  - PEOPLESOFT, INC. - CHAIRMAN & CEO

Thanks, Bob. And let me first apologize for my laryngitis. Let me start by
saying how great it is to be back full-time at PeopleSoft and back in
Pleasanton. Although I have to say it's been amusing to listen to what people
think I'm gonna do. Some people speculated that I'm here to sell the Company to
Oracle. Others are guessing I'm here to block a sale. Both are wrong. I am here
to make sure that our Company achieves its full potential, something that
absolutely enhances value to our shareholders.

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Kevin Parker  - PEOPLESOFT, INC. - CO-PRESIDENT & CFO

Before we begin our discussion of expenses, I want to remind everyone on the
call that beginning in Q2, we have been excluding the Oracle-related costs from
our pro forma operating expenses and pro forma income statistics. In Q3, these
costs were $8.5 million, in total approximately $81 million since this process
began. Our pro forma operating expenses also exclude restructuring charges,
executive separation charges, asset impairment charges, and those charges
related to purchase accounting adjustments and other charges arising from the
acquisition of J.D. Edwards. A reconciliation of pro forma to GAAP results is
available on our website at peoplesoft.com.

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Turning to the customer assurance program, as of September 30th, the maximum
potential liability associated with our customer assurance program increased by
a net amount of about $400 million to approximately $2.4 billion. As you are
aware, we've just completed the trial in Delaware, which Oracle asked the
Chancery Court to invalidate PeopleSoft's shareholder's right plan and the
customer assurance plan. We believe we presented a strong case to the Court with
compelling evidence that both the rights plan and the CAP are indispensable to
our efforts to maintain and enhance shareholder value.

At the conclusion of the testimony, the Vice Chancellor made a number of
important statements. First, he recognized that all CAP provisions in contracts
that have been signed to date and



continue to be signed in -- and that continued to be signed in advance of a
court decision will be valid. Consequently, customers who have signed and
continue to sign license contracts can rely on the protections of the CAP.
Second, he acknowledged that the current version of the CAP addresses the
objections that were raised by Oracle. While the Chancery Court has not rendered
a decision, these comments are encouraging. Now that the testimony is complete,
we anticipate that Vice Chancellor Strine will rule in due course.

We continue to believe that the CAP program is a proper legal tool to protect
our business and our shareholders' investments. CAP has been very successful in
helping us realize license revenue for the past 16 months. Details concerning
the CAP are disclosed to the footnotes to our financial statements filed with
the SEC and of course, there's no impact on our financial statements.

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With that, I'd like to turn the call over to Phil.

Phil Wilmington  - PEOPLESOFT, INC. - CO-PRESIDENT

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I'd like to spend my time giving you my perspective on how we outperformed our
primary competitors, despite difficult external circumstances we faced during
the quarter. There are 3 main reasons why we were able to post such a strong and
balanced quarter: First, we continue to have extraordinarily loyal customer
base, they have continued to show confidence in PeopleSoft over the last 16
months; second, our sales force is stable and focused. The integration of the
sales teams has gone extremely well and that's paying off in sales results;
third, winning in the marketplace all comes down to who offers the better
product, and I believe that PeopleSoft continues to offer the best in the
industry.

So, let me elaborate on all 3 of those points. First, loyal customers. The last
16 months have not only tested the resolve of the Company, but also caused our
customers to make some tough decisions concerning their ERP vendors. I can tell
you that our performance this quarter was nothing short of impressive, and it's
due primarily to the support and loyalty of our almost 13,000 customers who have
decided that their businesses are best run on our products. One only needs to
look at the metrics Kevin touched on previously to realize that our integrated
approach and high levels of customer service are paying large dividends.

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Throughout the quarter, our sales force did an amazing job against the
competition. Our Q3 license revenue was more than double the size of Oracle's
application business in their most recent quarter. Let me tell you about a few
trends that I am seeing as I meet with customers and



prospects around the world. First, we're seeing that there are more predictable
spending patterns. Customers are following through on budgeted evaluations and
not cancelling them. We're not seeing large increases in spending, but I believe
that there is less quarter-to-quarter volatility than before, and I believe
that's a positive sign.

And finally, in today's environment, there's a focus on the best product, and
that helps PeopleSoft. No matter how volatile the sales environment -- and
believe me, we've seen a lot of volatility in a sales environment in the last 16
months -- it still comes down to one simple truth: These buying decisions impact
the customers' business for many years. So, customers want the best possible
product. Period. And that's something we delivered again in Q3.

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We've got great products today, and we're regularly beating SAP and Oracle in
head-to-head competition. Our results evidence that fact.

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Thanks for your time today and I would now like to turn the call back over to
Kevin.

Kevin Parker  - PEOPLESOFT, INC. - CO-PRESIDENT & CFO

Thanks, Phil. As we look into Q4, a few things are very clear: First, we remain
a very viable and profitable company; second, we continue to see success in
leveraging our acquisition of J.D. Edwards as our integration plan remains on
track; third, our Q4 pipeline is healthy across the world and our business plan
is yielding operational success. While these are positive trends, we still feel
our business will continue to be effective [sic] by the Oracle hostile bid.
Given all the environmental issues surrounding -- predicting future results can
be challenging.

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With that, Phil and I would like to open the call up to questions. Operator?

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Kevin Parker  - PEOPLESOFT, INC. - CO-PRESIDENT & CFO

With regard to the, the forecast for the fourth quarter, the outlook, excuse me,
the guidance for the fourth quarter, I think we're trying to be as thoughtful as
we can about that.  Obviously, the environment is still very challenging, and
I'm not talking about the sales environment or our competitive environment, but
the overall environment created by the hostile tender offer.

Tom Ernst  - DEUTSCHE BANK - ANALYST

Yes, good afternoon. Thank you. Dave, I think investors greatly welcome your
goal of achieving full potential. My question to you is I assume that means
you're open to negotiating with Oracle? And then a follow-up to that is: What
can you do beyond execution to improve a negotiating position relative to Oracle
to get them to raise price?

Kevin Parker  - PEOPLESOFT, INC. - CO-PRESIDENT & CFO

Tom, Kevin here. Dave's not here, so Phil and I are here to answer the questions
and we've really been focused on the operations of the Company, and we are
really focused as a management team at driving top-line growth, focusing on our
operational excellence and driving shareholder value and using our leading
position in technology and vision with regard to technology to do that as well.

Tom Ernst  - DEUTSCHE BANK - ANALYST

Okay. But to the first point of the question though, I assume that this, the new
positioning here of achieve full potential also includes a willingness to talk?


Kevin Parker  - PEOPLESOFT, INC. - CO-PRESIDENT & CFO

Well, Tom, it's really a decision for the transaction committee of independent
directors of the Board. They are the folks that are really in charge of that
part of the process. The management team here is really focused on our role in
this, and that's using the Company's resources and our intellectual capabilities
and our focus to drive shareholder value using those available resources. But
it's really the transaction committee of the Board of Directors that is
responsible and will make the decision with regard to any discussion with
anybody as part of the process.

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Neil Herman  - LEHMAN BROTHERS - ANALYST

Yeah, thank you. 2 questions. The first, I was wondering if you could give us
your observations on the recent trial and your view in terms of how it is
affected PeopleSoft's negotiation position should it come to that for the Board.
And then secondly, if you look at your sales and marketing expenses as a
percentage of license revenue, I think fairly consistently it's been running
above your license revenue, and I'm wondering if there's room to take that down
to improve your operating margins and your earnings and is that something you
guys have seriously considered?

Kevin Parker  - PEOPLESOFT, INC. - CO-PRESIDENT & CFO

Neil, with regard to the first question, I'm not gonna add a comment as to what
the negotiating position is vis-a-vis Oracle. As I said, it's really the
responsibility of the transaction committee of independent directors of the
Board. That is their responsibility and not mine as a member of the management
team to handicap one way or another.

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