Dear Fellow CII Members,

Please find below links to an open letter that the CEOs of PGGM and Railpen have written to the Board of Oracle Corporation, regarding our long standing corporate governance concerns at the company.

http://www.pggm.nl/wat-vinden-we/Paginas/Open-brief-aan-Oracle.aspx

http://www.rpmi.co.uk/news-events/news/news-details/2015/01/26/open-letter-to-oracle's-board-from-railpen-and-pggm

PGGM and Railpen have been trying to engage with the Board for over 4 years and this open letter to the Board is an escalation of our strategy which, since September 2010, has involved:

* seeking private meetings with independent board members to discuss our concerns (no meeting with a director has ever been forthcoming);

* publishing open letters with other concerned shareholders, including CalSTRs, to Oracle shareholders in 2013 and 2014 setting out our concerns;

* co-sponsoring the 'proxy access' shareholder proposal at the 2014 annual shareholders' meeting. The Nathan Cummings Foundation were the lead proponent and the proposal was co-sponsored by CalSTRs, PGGM, Railpen and UAW Medical Benefits Trust); and

* attending the 2014 annual shareholder meeting to (i) present the proposal, along with the other co-sponsors and (ii) address the directors in person.

If you are a shareholder in Oracle, we encourage you to read the letter and consider this information in your own engagement efforts with the company.

Kind regards,

Deborah Gilshan & Catherine Jackson

Catherine Jackson, CPA, CA
Responsible Investment
PGGM
+416 602 3901
Postbus 117, 3700 AC Zeist, Noordweg Noord 150, 3704 JG Zeist

www.pggm.nl<http://www.pggm.nl/>

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