Forest City Enterprises Inc. Selects PeopleSoft Solutions for Real Estate and Financials; Leading U.S. Real Estate Company Standardizes on PeopleSoft.

Business Editors/High-Tech Writers

LAS VEGAS--(BUSINESS WIRE)--May 19, 2004

Today at its 2004 Leadership Summit, PeopleSoft, Inc. (Nasdaq:PSFT) announced that Forest City Enterprises Inc. (NYSE:FCEA) (NYSE:FCEB), a $5.9-billion real estate company, selected PeopleSoft(R) EnterpriseOne Real Estate Management, Advanced Real Estate Forecasting, Real Estate Analytics and PeopleSoft(R) Financial Management in the first quarter of 2004. The company selected PeopleSoft to automate its entire real estate lifecycle from leasing to billing to performance tracking. Forest City expects to increase tenant retention, enhance portfolio management, and improve financial performance as the company continues to grow through acquisitions and new development projects.

"We needed a robust and integrated technology solution to effectively support our business as we continue to grow," said Thomas G. Smith, chief financial officer, Forest City Enterprises. "With PeopleSoft, we are able to leverage best-of-breed functionality for our corporate office and deep industry functionality for our divisions. Once deployed, PeopleSoft's solution will help us achieve greater portfolio visibility -- through better forecasting, data management, and information access."

Ohio-based Forest City's properties include retail centers, apartment communities, office buildings, and hotels in 21 states and the District of Columbia. The PeopleSoft Real Estate solutions will provide employees real-time access to accurate lease status information including updated expiration dates, lease amounts, and stipulations to the lease agreements. By integrating its existing systems with the new PeopleSoft solutions, Forest City will be able to more effectively manage its real estate portfolio across the enterprise.

With PeopleSoft's solutions for financial management, Forest City can now utilize a single solution for seamless visibility of its financial operations. In addition, the company will increase accountability through best practices such as commitment control. This feature provides developers with real-time budget visibility to track unapproved invoices and compare committed costs against existing budgets for streamlined reporting of expenditures.

"With 15 years of experience, PeopleSoft provides solutions to address the specific business needs of both corporate and commercial real estate companies," said Peter Hill, vice president and global industry executive, Projects and Service Industry Group, PeopleSoft. "Streamlining operational and financial business processes is crucial for companies like Forest City because gathering accurate leasing and pricing data is a cumbersome, expensive and labor-intensive task. They are turning to PeopleSoft's Real Estate applications to provide flexible and adaptable solutions for business efficiency."

Forest City Enterprises is principally engaged in the ownership, development, acquisition and management of commercial and residential real estate throughout the United States. The company's portfolio includes interests in retail centers, apartment communities, office buildings and hotels in 20 states and the District of Columbia. For more information on the company visit forestcity.net.

Forest City licensed the PeopleSoft solutions in the first quarter of 2004.

About PeopleSoft:

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