Corel Corporation Extends Vector Due Diligence Period.

Business Editors/High-Tech Writers

OTTAWA, Canada--(BUSINESS WIRE)--April 23, 2003

Corel Corporation (NASDAQ:CORL)(TSX:COR) today announced that it has agreed to a request from Vector CC Holdings, L.L.C. to extend for a further 12 days to May 5, 2003, the non-exclusive period of 30 days granted by Corel to Vector pursuant to the non-disclosure and standstill agreement entered into on March 24, 2003. The extension will permit Vector to complete its due diligence review of Corel's business operations.

"The Board of Directors is glad that sophisticated investors are recognizing the value inherent in Corel," said James Baillie, Chairman of Corel's Board of Directors. "Vector's request for additional time is understandable given the breadth of Corel's product portfolio and asset mix. The Board of Directors, together with the Company's management team, is excited by the prospects that lie ahead for Corel. While the Company and CIBC World Markets continue to have discussions with interested parties regarding a potential transaction, whether or not a satisfactory offer emerges from this process, we will continue to aggressively advance our strategy in order to maximize value for our shareholders."

Corel also confirmed that, with the assistance of CIBC World Markets, it is continuing its exploration of strategic alternatives for the Company. This process is not subject to the May 5, 2003 deadline.

About Corel Corporation

Founded in 1985, Corel Corporation (www.corel.com) is a leading technology company specializing in content creation tools, business process management and XML-enabled enterprise solutions. The company's goal is to give consumers and enterprise customers the ability to create, exchange and instantly interact with visual content that is always relevant, accurate and available. With its headquarters in Ottawa, Canada, Corel's common stock trades on the Nasdaq Stock Market under the symbol CORL and on the Toronto Stock Exchange under the symbol COR.

This press release contains forward-looking statements as defined by the United States Private Securities Litigation Reform Act of 1995, involving the company's expectations about future financial results and other matters. These statements reflect management's current forecast of certain aspects of the company's future business. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results of operations to differ materially from historical results or current expectations. The words "plan", "expect", "believe", "intend", "anticipate", "forecast", "target", "estimate" and similar expressions identify forward-looking statements. Risk factors include shifts in customer demand, product shipment schedules, product mix, competitive products and pricing, technological shifts and other variables. Readers are referred to Corel's most recent reports filed with the Securities and Exchange Commission for a more complete discussion of the other risks and uncertainties. The factors underlying forecasts are dynamic and subject to change. As a result, forecasts speak only as of the date they are given and do not necessarily reflect the company's outlook at any other point in time. The company does not undertake to update or review these forward-looking statements.

(C) 2003 Corel Corporation. All rights reserved. Corel and the Corel logo are trademarks or registered trademarks of Corel Corporation and/or its subsidiaries. All other product, font and company names and logos are trademarks or registered trademarks of their respective companies.