LOTUS VICE PRESIDENT JOINS BEST AS PRESIDENT AND CEO; Co-Founder James F. Petersen Continues As Full-time Chairperson

Business Wire, May 16, 1995

RESTON, Va.--(BUSINESS WIRE)--May 16, 1995--A former senior executive of Lotus Development Corp., 39-year-old Timothy A. "Tim" Davenport, has been named to the newly created position of president and chief executive officer of Best Programs, Inc., developer of leading business software, including M.Y.O.B. Best co-founder and Chairperson James F. Petersen made the announcement today.

Best's largest individual shareholder, Petersen, 51, will continue as full-time chairperson of the company, spearheading Best's strategy to be the leading provider of innovative PC-based business management software solutions, value-added services, and information to small and mid-sized businesses throughout the world.

"In the 13 years since Best's founding, we've grown by successfully making the complex operations of corporate finance, fixed asset, human resource and accounting easy to understand and affordable," said Petersen. "I see great opportunities ahead. To seize them, we must build an organization that can deliver on these opportunities and handle the extraordinary growth that will result.

"Tim Davenport is a proven builder of organizations," continued Petersen. "He will run the day-to-day operations, so I can focus more time on our next innovations. I'm thrilled that Tim has agreed to join Best so we can make this happen together."

As Vice President at Lotus, Davenport headed the Notes Developer Tools group and was responsible for development and marketing of several products, including: Notes ViP, Lotus Forms and Notes HiTest. He joined Lotus in 1987 to manage the Graphics Products division where he headed the development and marketing of Freelance Graphics, a presentation product.

During his seven years managing the Graphics division, Davenport spearheaded the effort that created the award-winning Freelance Graphics for Windows and propelled the division to a five-fold increase in revenues.

Petersen said Davenport was his first choice and the unanimous choice of the Board of Directors for the new position. Best conducted a far-reaching search across industries including financial services, telecommunications, consumer products and technology.

"Our goal was primarily to find someone who has successfully guided fast-growing organizations to large scale operations," said Petersen. "It was important that this person be evangelistic about PC power and the growing software revolution in corporations. We also wanted the person to be rooted in the PC marketing and technology disciplines that are Best's business. Tim is highly respected at Lotus for his success in developing people and building teams."

Davenport said he looked forward to his new position and to working with Petersen and the others at Best. "Over the next five years, PC software will be able to handle most of the administrative and information processing that people do now," he noted. "I firmly believe that Best is in a unique position to capture a lion's share of this growing market."

"Jim has already seen that Best will have to make the leap from an emerging company to a major corporation without losing the team spirit and sense of accomplishment people need to succeed. Part of my work with Jim will be to build the foundation for the next levels of rapid growth."

Added Davenport, "Best is a quiet company that has brought together the distribution channels, products and talented people needed to explode in growth over the next five years. It is already a leader in providing PC software for the corporate controller, human resource director and small businessperson."

Davenport holds a bachelor's degree in economics and a master's in business administration both from Harvard University. Prior to joining Lotus in 1987, he was Vice President, Product Marketing for Decision Resources, a division of Ashton-Tate Corporation.

Based in Reston, VA, Best is a leading publisher of small to mid-sized business application software. The company develops and markets software products that enable controllers, accountants, human resource professionals, and small businesses to automate their work. Best's Abra family is the #1 publisher of human resource information and payroll systems. Best's Fixed Asset System is used by 25,000 corporate controllers and most major accounting firms to track and manage fixed assets. Best's popular M.Y.O.B. enables small businesses to easily track finances, manage inventory, track customers, and do payroll.

For more information, contact Best Programs, Inc. at 11413 Issac Newton Square, Reston, VA 22090, or call 703-709-5200 (voice) or 703-318-0499 (fax).

CONTACT: Best Programs, Inc., Reston

Jim Petersen, 703/709-5200, ext. 3016

or

Baron, McDonald & Wells, Atlanta

Beverly McDonald, 404/806-0062 (voice)

404/806-0062 (fax)

Internet: bmcdonald@bmwpr.com