David Tolleth named General Manager of MYOB US, Inc.; Christopher Lee remains as Executive Director, MYOB Ltd.

ROCKAWAY, N.J.--(BUSINESS WIRE)--October 18, 1999--

David W. Tolleth has been named General Manager, MYOB US, Inc. by its parent company, MYOB Ltd., Melbourne, Australia. Mr. Tolleth will assume the responsibilities of the former president of MYOB US, Inc., Christopher P. Lee, who is also Executive Director of MYOB Ltd. Mr. Tolleth is now responsible for the operation of the U.S. Company, while Mr. Lee focuses his efforts on the global expansion of the MYOB Accounting software product line in his capacity as Executive Director. MYOB US, Inc., headquartered in Rockaway, NJ, develops MYOB Premier Accounting and MYOB Accounting Plus, award-winning accounting and financial management solutions for small businesses.

Mr. Tolleth brings to MYOB US, Inc. 18 years experience in managing all aspects of complex software systems and services. Most recently he was the president of his own consulting firm, advising clients on sales, partnerships, acquisitions and business strategies. Prior to that he was the Director of Channel Partnerships for ObjectSwitch Corporation of Larkspur, CA. He also spent 15 years with Bell Labs and Lucent Technologies; six of which as senior manager of marketing and sales for Lucent in Tokyo, Japan.

Mr. Tolleth holds a Ph.D. in physics from the University of California and has attended management and finance programs at the Kenan Flagler School of Business at the University of North Carolina and at the AT&T School of Business and the Wharton School. Mr. Tolleth lives with his wife and children in Holmdel, NJ.

"I am pleased to have David join the MYOB family and am confident that he will be a very strong leader, " said Craig Winkler, CEO, MYOB Ltd. "Our recent company and product expansion provides us with an even greater opportunity to assist our customers in the growth and management of their small businesses, and I know that David will ensure that we set new standards in providing the value they expect."

Christopher Lee is one of the original founders of MYOB US, Inc., formerly known as Teleware, Inc. and founded in November, 1982. Teleware specialized in developing microcomputer software for online financial services. As the microcomputer market matured, he led the development of many popular software programs including the Dow Jones Market Manager (portfolio management), The Charles Schwab Equalizer (online stock trading), and Andrew Tobias' Managing Your Money for the Macintosh (personal finance).

After spearheading the development of MYOB accounting software, Mr. Lee became president of Teleware in 1991. In 1993 he and his partners sold Teleware to Best Programs of Reston, Virginia. Mr. Lee stayed on as president of the company, re-named Best!Ware, Inc. And in 1996, Mr. Lee and two Australian-based partners purchased BestWare and created an international family of MYOB companies. These companies are organized under the parent company, MYOB Ltd of Australia and include MYOB US, Inc., of Rockaway, NJ, as well as MYOB Australia Pty Ltd., MYOB Canada Inc., MYOB UK Ltd., MYOB NZ, Ltd., and Teletax Systems (Aust) Pty. Ltd.

Mr. Lee has been instrumental in the original design and ongoing innovations of MYOB Accounting products and will continue to explore and evaluate product opportunities worldwide in his current position.

"Chris' achievements in expanding MYOB Accounting products to worldwide markets and his contributions in developing the company into a global force speak highly of both his business acumen and his dedication to ensuring a strong and growing product line," said Winkler. "We're fortunate to have him apply his energies in furthering our product reach and extending our sphere of influence in the marketplace."

Christopher Lee resides with his wife and three sons in Mendham, New Jersey, where he is very active in local youth sports programs. For more information on the MYOB Group: www.myob.com.

For more information on MYOB US, Inc.: www.myob.com/us.

For downloadable PHOTOS of David Tolleth and Christopher Lee, go to the MOB US, Inc. webpage at http://www.myob.com/us/news/releases/tolleth.htm., or request from Jennifer DeBroux at 800-851-1315 ext. 529.

MYOB and the MYOB logo are trademarks and M.Y.O.B. is a registered trademark of MYOB Limited.