Mr Cooper Group Inc (COOP)

[monkeyfrog]

Insert TPG or any other large holder's name in this letter. And send it to WAMUQ

Here's the text of the letter:

August 5, 2004


Mr. James P. Jenkins
Chairman of the Board
Peregrine Systems, Inc.
3611 Valley Centre Drive
San Diego, California 92130

Dear Mr. Jenkins,

Our firm is the investment manager of two private funds that in the aggregate
own approximately 7% of the common shares of Peregrine Systems Inc. (the
"Company"). For the reasons set forth in this letter, we believe that the Board
of Directors should immediately implement a plan to solicit buyers for either:
1) the assets and business of the company and distribute the existing cash and
sale proceeds to the shareholders or 2) the Company's equity securities.

The Company participates in an increasingly competitive industry in which, we
believe, smaller, independent operators are less likely to succeed over time.
The business software systems segment is especially vulnerable to potential
competitive threats given the continuing consolidation among providers of both
hardware and software solutions. We feel strongly that the interests of the
Company's shareholders will be best served if the Company conducts a
comprehensive sales process that is designed to solicit the highest possible bid
for the assets and business of the Company or its equity securities.

We remind you that as a Director of a public company, your and your fellow
Directors' fiduciary duty is to protect the interests of all shareholders. As we
have mentioned, we believe that the best interests of shareholders will best be
served if a formal sales process is initiated as soon as possible.

Sincerely,
Lampe, Conway & Co., LLC

See you all this evening