Give Harold Hughes, John Danforth & new BOD some credit?

Dear Fellow Rambus Shareholders,

I have spent a great deal of time working on my Rambus investment for the past few weeks. I have had the opportunity to speak with several individuals inside Rambus in an effort to ascertain what is happening at our company. This is a company in which I (and my associates) own a considerable number of shares. I needed to determine for myself whether we are (1) seeing a temporary reduction in quoted value of Rambus or (2) are we seeing a permanent reduction in the value of Rambus from which there will be no return. Believe me, recent events and the declining stock price has caused many of us long term holders real pain.

My bottom line conclusion is that Harold Hughes, John Danforth and the current Board of Directors are working very hard to create shareholder value. I also believe that we are seeing a temporary reduction in the quoted value of the shares. This is not to say that the stock won't trade lower. It could, who knows? But I believe that Rambus has been increasing in intrinsic value over the past few months. Trust me when I say that Rambus is more valuable today than when we were at $15 after Judge Payne worked his biased decision in VA2 in early 2005!

Harold Hughes and others inside Rambus are more frustrated with the stock option backdating problem than you can imagine. First, the option backdating charges are serious and the BOD is taking this matter very seriously. Second, I believe that they understand that these charges undermine investor confidence. Thirdly, this backdating problem is not of their own making. Although the investigation is not complete, it is logical to conclude that this problem predated Harold Hughes by a significant margin. I believe that the independent committee of the BOD will fully investigate this problem and will fashion an appropriate shareholder friendly remedy. Management, while not perfect, is focused on the business and is trying to move the ball ahead while dealing with a host of important issues.

Let's give Harold Hughes, John Danforth and the new BOD some credit. They were handed a bunch of lemons and are trying very hard to make some excellent lemonade.

Feel free to repost this on any message board.

Regards,

ownerofbusiness

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