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Corel Corporation Appoints Interim Chief Financial Officer

Press release from the issuing company

OTTAWA--Sept. 30, 2002--Corel Corporation today announced the appointment of W. Martin Catto to the position of Chief Financial Officer (CFO) and Executive Vice-President, Finance in an interim capacity for six months to one year. In this role, Mr. Catto will oversee Corel's financial reporting and management of its finance and legal departments. He will also be responsible for effecting the cost-reduction plan for the company. "With this appointment, we are rounding out the depth of business experience represented within Corel's executive management team," said Derek Burney, President and CEO of Corel Corporation. "With his 25-year professional history in corporate finance and strong credentials in leading public companies towards financial success, we are confident that Mr. Catto's extensive experience and exceptional skills will be a tremendous asset for Corel." Mr. Catto joins Corel following a long, distinguished career in corporate finance. Most recently, he worked as a financial consultant, providing process improvement, due diligence and interim financial executive services for firms based in New York. Prior to that, he worked for 16 years at Harlequin Enterprises Ltd., based in Toronto, Canada, where he assumed the position of Senior Vice-President and CFO. During Mr. Catto's tenure, Harlequin developed an outstanding financial reporting function during a period of international diversification and growth. Following his time at Harlequin, Mr. Catto worked as Senior Vice President and CFO at Troll Communications, LLC, a former Harlequin subsidiary based in New Jersey. "I look forward to taking a lead role in strengthening Corel's financial position and accelerating its efforts to improve profitability and cash generation," said Mr. Catto. "I am delighted to join Corel's strong management team and apply my international expertise in financial management." Mr. Catto qualified as a CA after graduating from the University of the Witwatersrand in Johannesburg, South Africa. He is certified as a CA with the Canadian Institute of Chartered Accountants and the South African Institute of Chartered Accountants. He is also an International Associate Member of the New York State Society of Certified Public Accountants.