SC 13E3

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13E-3

RULE 13e-3 TRANSACTION STATEMENT
(Pursuant to Section 13(e) of the Securities Exchange Act of 1934)

COREL CORPORATION

(Name of Subject Company)

COREL CORPORATION
(Name of Person Filing Statement)

COMMON STOCK, NO PAR VALUE
(Title of Class of Securities)

21869X103
(CUSIP Number of Class of Securities)

Kris Hagerman
Chief Executive Officer
Corel Corporation
1600 Carling Ave
Ottawa, Ontario
Canada A6 K1Z 8R7
(650) 930-5826
(Name, address and telephone number of person authorized to receive
notice and communications on behalf of the person filing statement)

Copies to:

Barry J. Reiter	Joel I. Greenberg	Gregory C. Smith
Bennett Jones LLP	Kaye Scholer LLP	Woodside Counsel, P.C.
3400 One First Canadian Place	425 Park Avenue	203 Redwood Shores Parkway
Toronto Ontario	New York, NY 10022-3598	Redwood Shores, CA 94065
M5X 1A4 Canada	(212) 836-8201	(650) 632-1690
(416) 777-6500

     This statement is filed in connection with (check the appropriate box):

o	a.	The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.
o	b.	The filing of a registration statement under the Securities Act of 1933.
þ	c.	A tender offer.
o	d.	None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies:o

Check the following box if the filing is a final amendment reporting the results of the transaction:o

CALCULATION OF FILING FEE

Transaction Valuation*	Amount of Filing Fee**
$34,724,716.00	$1,937.64

*

Estimated for purposes of calculating the filing fee only. Calculated by multiplying (i) the sum of (A) 8,222,724, which is the difference between 25,905,422, the number of common shares, no par value (“Shares”), of Corel Corporation outstanding as of September 22, 2009, and 17,682,698, the number of Shares beneficially owned by Corel Holdings, L.P., (B) 447,767, which is the number of Shares issuable upon the exercise of outstanding options that are vested and exercisable as of September 30, 2009 with an exercise price less than $4.00 (“in-the-money” options), and (C) 10,688, which is the number of restricted stock units (“RSUs”) that are vested and exercisable as of September 30, 2009, by (ii) $4.00, which is the per Share tender offer price. The number of outstanding Shares is contained in Corel Corporation’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2009. The number of Shares issuable upon the exercise of “in-the-money” options, the weighted average exercise price for such options and the number of RSUs that are vested before September 30, 2009 are provided by Corel Corporation.

**

The amount of the filing fee is calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory # 2 for Fiscal Year 2010 issued by the Securities and Exchange Commission on September 28, 2009, by multiplying the transaction valuation by 0.0000558.

þ  Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount previously paid:	$1,937.64
Filing Party:	Corel Holdings, L.P.
Form or registration no.:	Schedule TO-T/A
Date Filed:	November 12, 2009

INTRODUCTION

     This Rule 13e-3 Transaction Statement on Schedule 13E-3, together with the exhibits hereto (the “Transaction Statement”), is being filed by Corel Corporation, a Canadian corporation (the “Company”), the issuer of the common stock, no par value per share (“Shares”) that is subject to the Rule 13e-3 transaction. The filing person is the subject company. This Transaction Statement relates to the offer by Corel Holdings, L.P. (the “Offeror”), a holding company organized by VCP II International LLC, a manager of private equity funds (together with its affiliates, including the Offeror, “Vector”) in the Cayman Islands for the purpose of holding Shares, to acquire all of the issued and outstanding Shares not already owned by Vector for $4.00 per Share (such amount, or any different amount per Share offered pursuant to the Offer, the “Offer Price”), upon the terms and subject to the conditions specified in the Offer to Purchase dated October 28, 2009, (the “Offer to Purchase”) and the related Letter of Transmittal, each as originally filed with the Tender Offer Statement and Rule 13E-3 Transaction Statement filed with the U.S. Securities and Exchange Commission (the “SEC”) under cover of Schedule TO by Vector on October 28, 2009, and as amended and supplemented by the Tender Offer Statement and Rule 13E-3 Transaction Statement filed with the SEC under cover of Schedule TO/A (Amendment No. 1) by Vector on November 2, 2009, and as further amended and supplemented by the Tender Offer Statement and Rule 13E-3 Transaction Statement filed with the SEC under cover of Schedule TO/A (Amendment No. 2) by Vector on November 12, 2009 (the “Schedule TO”).

     The information contained in the Solicitation/Recommendation Statement on Schedule 14D-9, filed by the Company with the SEC on November 12, 2009, as amended and supplemented by the Solicitation/Recommendation Statement on Schedule 14D-9/A (Amendment No. 1) filed on November 16, 2009 (the “Schedule 14D-9”), copies of which is attached hereto as Exhibit (a)(2)(A) and (a)(2)(B), respectively, are incorporated by reference, and the responses to each item in this Schedule 13E-3 are qualified in their entirety by the information contained in the Schedule 14D-9.

     The cross references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Schedule TO and Schedule 14D-9 of the information required to be included in response to the items of Schedule 13E-3. The information contained in the Schedule TO and Schedule 14D-9, including all annexes thereto, is incorporated by reference herein, and the responses to each Item in this Transaction Statement are qualified in their entirety by the information contained in the Schedule TO and Schedule 14D-9 and the annexes thereto. All information contained in this Transaction Statement concerning the Company or Vector has been provided by such person and not by any other person.

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TABLE OF CONTENTS

Item 1.	Summary Term Sheet	4
Item 2.	Subject Company Information	4
Item 3.	Identity and Background of Filing Person(s)	4
Item 4.	Terms of the Transaction	4
Item 5.	Past Contacts, Transactions, Negotiations and Agreements	5
Item 6.	Purposes of the Transaction and Plans or Proposals	5
Item 7.	Purposes, Alternatives, Reasons and Effects	5
Item 8.	Fairness of the Transaction	5
Item 9.	Reports, Opinions, Appraisals and Certain Negotiations	6
Item 10.	Source and Amounts of Funds or Other Consideration	6
Item 11.	Interest in Securities of the Subject Company	6
Item 12.	The Solicitation or Recommendation	6
Item 13.	Financial Information	7
Item 14.	Persons/Assets, Retained, Employed, Compensated or Used	7
Item 15.	Additional Information	7
Item 16.	Exhibits	7
EX-99.C.2
EX-99.C.3

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ITEM 1. SUMMARY TERM SHEET

Regulation M-A Item 1001

     The information set forth in the Offer to Purchase under the caption “Summary Term Sheet” is incorporated by reference herein.

ITEM 2. SUBJECT COMPANY INFORMATION

Regulation M-A Item 1002

     (a) Name and Address. The information set forth in “Item 1 — Subject Company Information” of the Schedule 14D-9 is incorporated by reference herein.

     (b) Securities. The information set forth in “Item 1 — Subject Company Information” of the Schedule 14D-9 is incorporated by reference herein.

     (c) Trading Market and Price. The information set forth in “The Offer — Price Range of Shares; Dividends” of the Offer to Purchase is incorporated by reference herein.

     (d) Dividends. The information set forth in “The Offer — Price Range of Shares; Dividends” of the Offer to Purchase is incorporated by reference herein.

     (e) Prior Public Offerings. None.

     (f) Prior Stock Purchases. The information set forth in “Item 6 — Interest in Securities of the Subject Company” of the Schedule 14D-9 is incorporated by reference herein.

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON(S)

Regulation M-A Item 1003

     (a) Name and Address. The information set forth in “Item 1 — Subject Company Information” of the Schedule 14D-9 and in “The Offer — Certain Information Concerning the Purchaser and its Affiliates” and Schedule A of the Offer to Purchase is incorporated by reference herein. The filing person is the subject company. The address of the Company’s principal executive offices is 1600 Carling Avenue, Ottawa, Ontario, Canada K1Z 8R7, and the telephone number of the Company’s principal executive offices is (613) 728-0826. The executive officers of the Company are Kris Hagerman (CEO), Thomas Berquist (CFO) and Amanda Bedborough (EVP, Global Sales). The directors of the Company are Alexander Slusky, Daniel Ciporin, Steven Cohen, Barry Tissenbaum and Amish Mehta. The business address and phone number of the directors and executive officers is the same as that of the Company noted above, except for Amish Mehta and Alexander Slusky, whose business address is One Market Street, Steuart Tower, 23rd Floor, San Francisco, CA 94105 and whose telephone number is (415) 293-5000.

     (b) Business and Background of Entities. The information set forth in “Item 1 — Subject Company Information” and “Item 2 — Identity and Background of Filing Person” of the Schedule 14D-9 and “The Offer — Certain Information Concerning the Purchaser and its Affiliates” of the Offer to Purchase is incorporated by reference herein.

     During the past five years, the Company (i) has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) and (ii) was not a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of such laws.

     (c) Business and Background of Natural Persons. The information set forth in Schedule A to the Offer to Purchase is incorporated by reference herein. Attached as Annex I is the name, current principal occupation or employment and material occupations, positions, offices or employment for the past five years of each director and executive officer of the Company.

During the past five years, to the best of the Company’s knowledge, none of the persons listed on Annex I (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of such laws.

ITEM 4. TERMS OF THE TRANSACTION

Regulation M-A Item 1004

     (a) (1) Material Terms (Tender Offers). The information set forth in “Item 8 — Additional Information to be Furnished” of the

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Schedule 14D-9 and in the “Summary Term Sheet”; “Introduction”; “The Offer — Terms of the Offer”; “The Offer — Acceptance for Payment and Payment”; “The Offer — Procedures for Tendering Shares”; “The Offer — Withdrawal Rights”; “The Offer — Certain U.S. Federal Income Tax Consequences for U.S. Holders”; “The Offer — Certain Canadian Federal Income Tax Considerations”; “The Offer — Dividends and Distributions” and “The Offer — Conditions of the Offer” of the Offer to Purchase is incorporated by reference herein.

     (a) (2) Material Terms (Mergers or Similar Transactions). Not applicable.

     (c) Different Terms. Not applicable.

     (d) Appraisal Rights. The information set forth in “Item 8 — Additional Information to be Furnished” of the Schedule 14D-9 and “Special Factors — Acquisition of Shares Not Tendered in the Offer; Dissenters’ Rights” of the Offer to Purchase is incorporated by reference herein.

     (e) Provisions for Unaffiliated Security Holders. The Company has made no arrangements in connection with the Offer to provide holders of Shares access to its corporate files or to obtain counsel or appraisal services at its expense.

     (f) Eligibility for Listing or Trading. Not applicable.

ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS

Regulation M-A 1005

     (a) Transactions. The information set forth in “Item 3 — Past Contacts, Transactions, Negotiations and Agreements” and “Item 4 — The Solicitation or Recommendation” of the Schedule 14D-9 and in “Special Factors — Background of the Offer; Past Contacts or Negotiations with the Company”; “Special Factors — Transactions and Arrangements Concerning the Shares”; and “Special Factors — Related Party Transactions” of the Offer to Purchase is incorporated by reference herein.

     (b) - (c) Significant Corporate Events; Negotiations or Contacts. The information set forth in “Item 3 — Past Contacts, Transactions, Negotiations and Agreements” and “Item 4 — The Solicitation or Recommendation” of the Schedule 14D-9 and in “Special Factors— Background of the Offer; Past Contacts or Negotiations with the Company”; “Special Factors— Transactions and Arrangements Concerning the Shares”; and “Special Factors— Related Party Transactions” of the Offer to Purchase is incorporated by reference herein.

     (e) Agreements Involving the Subject Company’s Securities. The information set forth in “Item 3 — Past Contacts, Transactions, Negotiations and Agreements” of the Schedule 14D-9 is incorporated by reference herein.

ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS

Regulation M-A Item 1006

     (b), (c)(1)-(8) Use of Securities Acquired; Plans. The information set forth in “Item 7—Purposes of the Transaction and Plans or Proposals” of the Schedule 14D-9 and in “Summary Term Sheet”; “Introduction” and “Special Factors — Purpose of and Reasons for the Offer; Plans for the Company after the Offer and the Second-Step Acquisition” of the Offer to Purchase is incorporated by reference herein.

ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS

Regulation M-A Item 1013

     (a) - (c) Purposes, Alternatives, Reasons. The information set forth in “Item 4 — The Solicitation or Recommendation” of the Schedule 14D-9 and “Summary Term Sheet”; “Introduction”; “Special Factors — Purpose of and Reasons for the Offer; Plans for the Company after the Offer and the Second-Step Acquisition” of the Offer to Purchase is incorporated by reference herein.

     (d) Effects. The information set forth in “Item 8 — Additional Information to be Furnished” of the Schedule 14D-9 and the sections of the Offer to Purchase entitled “Summary Term Sheet”; “Introduction”; “Special Factors — Purpose of and Reasons for the Offer; Plans for the Company after the Offer and the Second-Step Acquisition.”; “Special Factors — Acquisition of Shares Not Tendered in the Offer; Dissenters’ Rights”; “ Special Factors — Possible Effects of the Offer and the Second-Step Acquisition on the Market for the Shares; Nasdaq and TSX Listing; Registration under the Exchange Act”; “Special Factors — Interests of Certain Persons in the Offer”; “The Offer — Certain U.S. Federal Income Tax Considerations for U.S. Holders”; “The Offer — Certain Canadian Federal Income Tax Considerations” and “The Offer — Possible Effects of the Offer on the Market for the Shares; Nasdaq and TSX Listing; Registration under the Exchange Act; Margin Regulations” is incorporated by reference herein.

ITEM 8. FAIRNESS OF THE TRANSACTION

Regulation M-A 1014

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     (a) Fairness. The information set forth in “Item 4 — The Solicitation or Recommendation” of the Schedule 14D-9 is incorporated by reference herein.

     (b) Factors Considered in Determining Fairness. The information set forth in “Item 4 — The Solicitation or Recommendation” of the Schedule 14D-9 is incorporated by reference herein.

     (c) Approval of Security Holders. The Offer is structured so that at least a majority of the aggregate number of outstanding Shares (calculated on a fully-diluted basis as of the date the Shares are accepted for payment pursuant to the Offer) not beneficially owned by Vector and its affiliates must tender their Shares before any Shares can be purchased in the Offer.

     (d) Unaffiliated Representative. The information set forth in “Item 4 — Solicitation Recommendation; Background of the Offer; Reasons for the Special Committee Recommendation” of the Schedule 14D-9 is incorporated by reference herein.

     (e) Approval of Directors. The information set forth in “Item 4 — The Solicitation or Recommendation” of the Schedule 14D-9 is incorporated by reference herein.

     (f) Other Offers. None.

ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS

Regulation M-A Item 1015

     (a) Report, Opinion or Appraisal. The information set forth in “Item 4 — The Solicitation or Recommendation” and “Item 5 — Persons/Assets, Retained, Employed, Compensated or Used” of the Schedule 14D-9 is incorporated by reference herein.

     (b) Preparer and Summary of the Report, Opinion or Appraisal. The information set forth in “Item 4 — The Solicitation or Recommendation” and “Item 5 — Persons/Assets, Retained, Employed, Compensated or Used” of the Schedule 14D-9 is incorporated by reference herein.

     (c) Availability of Documents. The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of the Company during its regular business hours by any interested holder of shares of the Company’s common stock or representative of the interested holder who has been so designated in writing.

ITEM 10. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION

Regulation M-A Item 1007

     (a) Source of Funds. The information set forth in “The Offer — Source and Amount of Funds” and “The Offer — Fees and Expenses” of the Offer to Purchase is incorporated by reference herein.

     (b) Conditions. Not applicable.

     (c) Expenses. The information set forth in “The Offer — Fees and Expenses” of the Offer to Purchase is incorporated by reference herein with respect to the estimated fees and expense borne by Vector, and “Item 5 — Person/Assets, Retained, Employed, Compensated or Used” of the Schedule 14D-9 is incorporated by reference herein with respect to the estimated fees and expenses borne by the Company.

     (d) Borrowed Funds. Not applicable.

ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY

Regulation M-A Item 1008

     (a) Securities Ownership. The information set forth in “Item 3 — Past Contacts, Transactions, Negotiations and Agreements” and Annex I of the Schedule 14D-9, “Special Factors — Transactions and Arrangements Concerning the Shares” and Schedule B of the Offer to Purchase, and Item 12 of the Company’s Form 10-K for the year ended December 31, 2008 is incorporated by reference herein.

     (b) Securities Transactions. The information set forth in “Item 6 — Interests in Securities of the Subject Company” of the Schedule 14D-9 and in “Special Factors — Transactions and Arrangements Concerning the Shares” of the Offer to Purchase is incorporated by reference herein.

ITEM 12. THE SOLICITATION OR RECOMMENDATION

Regulation M-A Item 1012

     (d) - (e) Intent to Tender or Vote in a Going-Private Transaction; Recommendations of Others. The information set forth in “Item 4 — The Solicitation or Recommendation” of the Schedule 14D-9 is incorporated by reference herein.

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ITEM 13. FINANCIAL INFORMATION

Regulation M-A Item 1010

     (a) Financial Statements. The information set forth in “The Offer — Certain Information Concerning the Company” of the Offer to Purchase is incorporated by reference herein.

     (b) Pro Forma Information. Not applicable.

ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED

Regulation M-A Item 1009

     (a) - (b) Solicitations or Recommendations; Employees and Corporate Assets. The information set forth in “Item 5 — Persons/ Assets Retained, Employed, Compensated or Used” of the Schedule 14D-9 is incorporated by reference herein. The Company has not retained any other persons, including a proxy solicitor or information agent, in connection with the Offer and the transactions contemplated thereby. Reference is further made to the information set forth in the Offer to Purchase under “The Offer — Fees and Expenses” with respect to the persons employed or retained by Vector.

ITEM 15. ADDITIONAL INFORMATION

Regulation M-A Item 1011

     (b) Other Material Information. The information set forth in “Item 8 — Additional Information to be Furnished” of the Schedule 14D-9 and in “The Offer — Certain Legal Matters; Regulatory Approvals” of the Offer to Purchase is incorporated by reference herein.

ITEM 16. EXHIBITS

Exhibit No.	Description
(a)(2)(i)	Solicitation/Recommendation Statement on Schedule 14D-9 filed by Corel Corporation, dated and filed on November 12, 2009.
(a)(2)(ii)	Solicitation/Recommendation Statement on Schedule 14D-9/A (Amendment No. 1) filed by Corel Corporation, dated and filed on November 16, 2009.
(a)(5)(i)	Press Release of Corel Corporation, dated October 29, 2009 (incorporated by reference to Exhibit (a)(5)(i) to the Schedule 14D-9 filed by Corel Corporation on November 12, 2009)
(a)(5)(ii)	Press Release of Corel Corporation, dated November 12, 2009 (incorporated by reference to Exhibit (a)(5)(ii) to the Schedule 14D-9 filed by Corel Corporation on November 12, 2009)
(a)(5)(iii)	Press Release of Corel Corporation, dated November 16, 2009 (incorporated by reference to Exhibit (a)(5)(i) to the Schedule 14D-9/A filed by Corel Corporation on November 16, 2009)
(a)(5)(iv)	Item 12 of Corel Corporation’s Form 10-K for the year ended December 31, 2008 (incorporated by reference to the Form 10-K filed by Corel Corporation on February 9, 2009)
(b)	Not applicable
(c)(1)	Fairness opinion of Genuity Capital Markets, dated November 15, 2009 (incorporated by reference to Annex 2 to the Schedule 14D-9/A filed by Corel Corporation on November 16, 2009)
(c)(2)	Materials presented by Genuity Capital Markets to the Designated Directors on November 12, 2009 (filed herewith)
(c)(3)	Materials presented by Genuity Capital Markets to the Designated Directors on November 15, 2009 (filed herewith)
(d)	None
(f)	Reference is made to Section “Special Factors—Section 4—Acquisition of Shares Not Tendered in the Offer; Dissenters’ Rights” of the Offer to Purchase, filed as Exhibit (a)(1)(i) to the Schedule TO-T filed by Corel Holdings, L.P. on October 28, 2009)

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SIGNATURES

     After due inquiry and to the best knowledge of the undersigned, the undersigned certifies that the information set forth in this statement is true, complete and correct.

COREL CORPORATION
By	/s/ Kris Hagerman
	Kris Hagerman
	Chief Executive Officer

Dated: November 16, 2009

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Annex I

     Daniel T. Ciporin became a member of the Company’s Board in April 2007. He previously served as Chairman and Chief Executive Officer of Shopping.com from 1999 until its acquisition by eBay in June 2005. Between 2005 and 2007 Mr. Ciporin performed consultant services. Mr. Ciporin currently serves on the board of directors at Primedia, a publicly traded company, in addition to serving as a senior advisor and consultant to a variety of high growth private companies and boards. In March 2007, Mr. Ciporin joined Canaan Partners. Mr. Ciporin is a citizen of the United States.

     Steven Cohen became a member of the Company’s Board in January 2006. He has served in various capacities at Teknion Corporation since February 2001 and is currently Teknion Corporation’s Senior Vice President, Corporate Development. He is also a Director and Chairman of the compensation committee of Pele Mountain Resources Inc., a junior exploration company listed on the TSX Venture Exchange. Mr. Cohen is a citizen of Canada.

     Barry A. Tissenbaum became a member of the Company’s Board in May 2009. He is currently a corporate director and consultant with B.A.T. Consulting since 2005. He is a board member, audit committee chairman and compensation committee member of Medworxx Solutions Inc. since 2006; a board member, audit committee member and compensation committee member of Northstar Healthcare Inc. since 2007; a member of the Investment Review Committee of Faircourt Asset Management Inc. since 2008; and an advisory board member of numerous private companies. Mr. Tissenbaum was a board member, audit committee chairman and compensation committee member of Universal Energy Group Ltd. and from 2007 to 2009. From 1991 to 2005, Mr. Tissenbaum was a partner at Ernst & Young LLP. Mr. Tissenbaum is a citizen of Canada.

     Amish Mehta became a member of the Corporation’s Board in January 2006. He served as the Company’s interim President and Chief Executive Officer from November 2003 to June 2005. He has been at Vector Capital since August 2002. Mr. Mehta is a citizen of the United States.

     Alexander Slusky has been a member of the Corporation’s Board since August 2003 and has served as managing partner of Vector Capital since its inception in 1997. Mr. Slusky was a member of the board of directors of Phase2 Media, Inc. when it filed for reorganization on July 18, 2001 under Chapter 11 of title 11 of the U.S. Bankruptcy Code. Mr. Slusky is a citizen of the United States.

     Kris Hagerman has been the Chief Executive Officer of the Company since August 2009. Prior to his employment as the Chief Executive Officer of the Company, Mr. Hagerman was the interim Chief Executive Officer of the Company. Mr. Hagerman was a Senior Advisor at Vector from March 2008 to May 2008; he was Group President for Data Center Management at Symantec from March 2006 to November 2007 and he was Senior Vice President Storage and Server Management Group at Symantec and Executive Vice President of Storage and Server Management Group at Veritas from 2005 to 2007. Mr. Hagerman is a citizen of the United States.

     Amanda Bedborough has been the Executive Vice President, Global Sales of the Company since 2003. Ms. Bedborough is a citizen of the United Kingdom.

     Tom Berquist has been the Chief Financial Officer of the Company since August 2009. Mr. Berquist was the Chief Executive Officer of Ingres Corporation from February 2006 to September 2009 and was the Managing Director of Software Equity Research at Citigroup from July 2003 to February 2006. Mr. Berquist is a citizen of the United States.

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EX-99.C.2

Genuity Capital Markets Strictly Private and Confidential. For Discussion purposes only DRAFT Presentation to the Designated Directors November 12th, 2009

DRAFT Strictly Private and Confidential 1 DRAFT Table of Contents I. Background to the Offer II. Corel Overview III. Overview of Fairness Opinion Methodology IV. Financial Analysis Appendices A. Additional Financial Details

I. Background to the Offer DRAFT

DRAFT Strictly Private and Confidential 3 DRAFT Timeline 2008 Offer ? On March 28, 2008, the Company received an unsolicited proposal from Vector to make an offer to acquire all of the Company’s outstanding Shares not owned by it at a price of $11.00 cash per share. The Board formed a Special Committee, which assisted it in evaluating and responding to Vector’s proposal. In addition, the Special Committee undertook a process to evaluate other strategic alternatives to maximize value for all shareholders. 2008 Sale Process ? On August 18, 2008, Vector informed the Company that it was withdrawing its proposal to facilitate pursuit by the Company of other alternatives for maximizing value for all shareholders. On August 20, 2008, the Company announced that it was in discussions with a third party regarding a potential sale of the Company. On October 22, 2008, the Company announced that discussions with a third party regarding a potential sale of the Company had ceased, and there were no longer any negotiations concerning an acquisition of the Company then pending. 2009 Offer ? In August 2009, Vector notified Messrs. Ciporin, Cohen and Tissenbaum that Vector had decided to once again evaluate the possibility of a transaction in which it would offer to acquire all of the outstanding Shares of the Company not owned by it and the Board confirmed that Messrs. Tissenbaum, Cohen and Ciporin would be mandated as the Designated Directors to act as the Board with respect to all matters related to a possible transaction with Vector. Thereafter, on October 23, 2009, a director affiliated with Vector informed one of the Designated Directors that Vector was considering making an offer of $3.35 in cash per share for all of the outstanding Shares of the Company not already owned by Vector. On October 28, 2009, Vector commenced its offer of $3.50 in cash per share for all of the outstanding Shares of the Company not already owned by it. On November 11, 2009, Vector informed the Designated Directors that it would increase the Offer Price to $4.00 per share

DRAFT Strictly Private and Confidential 4 DRAFT Offering Party ? Corel Holdings, L.P. a limited partnership controlled by an affiliate of Vector Capital (“Vector”) Consideration ? Amount payable in cash Offer Price ? US$4.00 per share for all issued and outstanding common shares of Corel Corporation, net to the seller in cash without interest and less applicable withholding taxes, not controlled by Vector and its affiliates Offer Expiry ? November 25, 2009 (“Expiry Date”) Offer Type ? Tender offer Conditions ? Conditioned upon at least a majority of the aggregate number of outstanding shares, excluding the shares controlled by Vector, tendering their shares prior to the Expiry Date Financing ? All capital provided by Vector Capital Partners II International Ltd. Offer Summary

II. Corel Overview DRAFT

DRAFT Strictly Private and Confidential 6 DRAFT Capitalization Capitalization (In US$ millions except per share) 1 Based on Genuity forecast 2 Street research as of July 10, 2009 Pre- Initial Revised Announ. Offer Offer Share Price $3.13 $3.50 $4.00 FD Shares Outstanding 27.5 27.9 28.2 Equity Value 86.2 97.6 113.0 Long-term debt 117.8 117.8 117.8 Capital Leases 1.3 1.3 1.3 Cash and Equivalents (18.9) (18.9) (18.9) TEV 186.3 197.7 213.1 TEV/EBITDA LTM 49.2 3.8x 4.0x 4.3x 2009E - Internal 40.1 4.6x 4.9x 5.3x 2010E — GCM1 43.2 4.3x 4.6x 4.9x 2009E — Street2 38.5 4.8x 5.1x 5.5x 2010E — Street2 42.5 4.4x 4.7x 5.0x Price/Earnings 2009E — Street2 $0.87 3.6x 4.0x 4.6x 2010E - Street2 $0.92 3.4x 3.8x 4.3x

DRAFT Strictly Private and Confidential 7 DRAFT Consolidated Financial Summary Quarterly Financial Summary (US$ millions) Q1 ‘07 Q2 ‘07 Q3 ‘07 Q4 ‘07 Q1 ‘08 Q2 ‘08 Q3 ‘08 Q4 ‘08 Q1 ‘09 Q2 ‘09 Q3 ‘09 Q4 ‘09E FY 2007A FY 2008A FY 2009E Digital Media 18.6 30.5 26.7 33.0 28.6 28.5 28.3 33.3 26.6 22.8 20.4 25.7 108.8 118.7 95.4 Graphics & Productivity 34.1 34.5 33.7 39.4 36.9 38.5 37.9 36.2 29.7 27.6 27.0 28.7 141.7 149.5 112.9 Total Revenue 52.6 65.0 60.4 72.4 65.5 67.0 66.2 69.4 56.2 50.4 47.4 54.4 250.5 268.2 208.3 COGS (8.9) (14.5) (12.4) (14.4) (15.5) (14.1) (15.5) (16.9) (15.7) (14.3) (12.7) (14.2) (50.3) (62.0) (56.9) Gross Margin 43.7 50.6 48.0 58.0 50.1 52.9 50.7 52.5 40.6 36.0 34.7 40.2 200.2 206.2 151.4 Direct Operating Expenses (11.4) (10.8) (11.7) (11.2) (11.8) (12.5) (10.9) (10.5) (9.4) (8.7) (7.5) (9.7) (45.1) (45.7) (35.4) Contribution Margin 32.3 39.8 36.2 46.8 38.2 40.4 39.8 42.0 31.2 27.3 27.2 30.5 155.1 160.5 116.1 Other Expenses (24.0) (24.2) (23.3) (27.0) (26.4) (25.4) (23.1) (22.8) (19.3) (18.9) (17.4) (20.4) (98.6) (97.8) (76.0) Adjusted EBITDA 8.3 15.6 12.9 19.7 11.8 15.0 16.7 19.2 11.9 8.3 9.8 10.1 56.5 62.7 40.1 FX Translation 0.5 (0.4) 0.6 0.1 1.5 (0.1) (0.9) (2.3) (0.9) 1.8 (0.2) 0.0 0.8 (1.8) 0.8 Adj. EBITDA — Reported 8.7 15.2 13.5 19.9 13.3 14.9 15.8 16.9 11.0 10.1 9.6 10.1 57.3 60.9 40.9 LTM Total Revenue 250.5 263.4 265.4 271.3 268.2 258.9 242.2 223.4 208.3 LTM Adjusted EBITDA 56.5 60.1 59.5 63.2 62.7 62.7 56.1 49.2 40.1 LTM Adjusted EBITDA — Reported 57.3 61.9 61.6 63.9 60.9 58.6 53.8 47.7 40.9 As % of Net Revenue COGS as % of Net Revenue 17% 22% 21% 20% 24% 21% 23% 24% 28% 28% 27% 26% 20% 23% 27% Gross Margin 83% 78% 79% 80% 76% 79% 77% 76% 72% 72% 73% 74% 80% 77% 73% Contribution Margin 61% 61% 60% 65% 58% 60% 60% 61% 55% 54% 57% 56% 62% 60% 56% Adjusted EBITDA 16% 24% 21% 27% 18% 22% 25% 28% 21% 17% 21% 19% 23% 23% 19% Note: Based on internal management reports

DRAFT Strictly Private and Confidential 8 DRAFT Financial Forecast Consolidated Financial Summary Note: Based on Genuity forecast (US$ millions) Q1 2010E Q2 2010E Q3 2010E Q4 2010E FY 2010E FY 2011E FY 2012E FY 2013E Digital Media 25.7 22.5 20.5 24.2 92.9 95.4 95.2 93.7 Graphics & Productivity 30.8 28.6 28.0 29.7 117.1 119.8 125.4 128.7 Total Revenue 56.5 51.1 48.4 54.0 209.9 215.2 220.6 222.4 COGS (14.8) (13.0) (11.4) (13.1) (52.3) (52.1) (52.0) (51.6) Gross Margin 41.7 38.0 37.0 40.9 157.6 163.1 168.6 170.8 Direct Operating Expenses (9.8) (8.9) (8.6) (9.7) (36.9) (38.6) (39.7) (39.9) Contribution Margin 31.9 29.2 28.5 31.2 120.7 124.6 128.9 130.9 Other Expenses (20.9) (19.1) (17.4) (20.0) (77.4) (76.1) (78.4) (80.3) Adjusted EBITDA 10.9 10.1 11.1 11.1 43.2 48.5 50.6 50.6 As % of Net Revenue COGS as % of Net Revenue 26% 26% 24% 24% 25% 24% 24% 23% Gross Margin 74% 74% 76% 76% 75% 76% 76% 77% Contribution Margin 56% 57% 59% 58% 57% 58% 58% 59% Adjusted EBITDA 19% 20% 23% 21% 21% 23% 23% 23%

DRAFT Strictly Private and Confidential 9 DRAFT Share Ownership Shareholder Ownership Vector Ownership Source: Thomson; Big Dough; SEDI; Company filings All Others 32% Vector Capital 68% Number Percent Percent of Shareholder of Shares Ownership Float Insiders Vector Capital 17,682,698 68.3% All Other Insiders 70,027 0.3% Total Insiders 17,752,725 68.5% JANA Partners 2,090,232 8.1% 25.6% Evergreen Investment Management 1,145,483 4.4% 14.1% Burgundy Asset Management 8 32,010 3.2% 10.2% S Squared Technology 7 16,000 2.8% 8.8% Brandywine Global 3 01,511 1.2% 3.7% Other Disclosed Institutional 6 72,351 2.6% 8.2% Total Disclosed Institutions 5,757,587 22.2% 70.6% Other Institutional and Retail 2,395,110 9.2% 29.4% Total Shares Outstanding 25,905,422 100.0% Float 8,152,697 31.5% 100.0%

DRAFT Strictly Private and Confidential 10 DRAFT Share Price Since IPO Share Price Performance $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 25-Apr-06 25-Oct-06 25-Apr-07 25-Oct-07 25-Apr-08 25-Oct-08 25-Apr-09 25-Oct-09 Share Price (US$) 0 500 1,000 1,500 2,000 2,500 Volume (000s) Aug 28, 2006 Corel signed definitive agreement to acquire InterVideo Mar 28, 2008 Corel received unsolicited proposal from Vector Capital May 5, 2008 Corel appointed Kris Hagerman as interim CEO October 22, 2008 Corel ended discussions with third party regarding potential sale May 2, 2006 Corel completed its IPO and acquires WinZip from Vector Capital April 21, 2008 Corel CEO David Dobson stepped down October 28, 2009 Vector announces tender offer for outstanding Corel shares at US$3.50 per share Source: Bloomberg

DRAFT Strictly Private and Confidential 11 DRAFT Volume Weighted Average Price Turn of Float1 (Pre-Announcement) 1 Since April 7, 2008 2 Since June 22, 2009 Source: Bloomberg Since IPO 43.2% 23.5% 2.2% 3.3% 27.8% 0% 20% 40% 60% 80% 100% $1.25 to $3.25 $3.25 to $5.25 $5.25 to $7.25 $7.25 to $9.25 $9.25 to $11.25 Cumulative % of Shares Traded in Price Range VWAP = $5.31 Offer Premium Since Announcement2 $3.13 $3.12 $3.10 $2.99 $2.95 $2.54 1 Day 5-Day VWAP 10-Day VWAP 20-Day VWAP 30-Day VWAP 90-Day VWAP 27.8% 28.2% 29.1% 33.8% 35.6% 57.5% 20.7% 4.0% 22.2% 40.6% 12.4% 0% 20% 40% 60% 80% 100% $1.25 to $4.75 $4.75 to $8.25 $8.25 to $11.75 $11.75 to $15.25 $15.25 to $18.75 Cumulative % of Shares Traded in Price Range VWAP = $10.47 91.6% 4.8% 2.1% 0.5% 1.0% 0% 20% 40% 60% 80% 100% $3.50 to $3.80 $3.80 to $4.10 $4.10 to $4.40 $4.40 to $4.70 $4.70 to $5.00 Cumulative % of Shares Traded in Price Range VWAP = $3.72

DRAFT Strictly Private and Confidential 12 DRAFT Stock Performance — Since Announcement Stock Price at Market Close — Since Announcement Source: Bloomberg $4.01 $3.75 $3.70 $3.71 $3.79 $3.70 $3.64 $3.65 $3.60 $3.65 29-Oct-09 30-Oct-09 2-Nov-09 3-Nov-09 4-Nov-09 5-Nov-09 6-Nov-09 9-Nov-09 10-Nov-09 11-Nov-09 Offer: US$4.00

DRAFT Strictly Private and Confidential 13 DRAFT 0 20 40 60 80 100 120 140 160 25-Apr-06 25-Jul-06 25-Oct-06 25-Jan-07 25-Apr-07 25-Jul-07 25-Oct-07 25-Jan-08 25-Apr-08 25-Jul-08 25-Oct-08 25-Jan-09 25-Apr-09 25-Jul-09 25-Oct-09 Indexed Share Price (from Apr 25, 2006) S&P 500 Information Technology Index S&P/TSX Index S&P 500 Corel 0 20 40 60 80 100 120 140 20-Oct-08 20-Nov-08 20-Dec-08 20-Jan-09 20-Feb-09 20-Mar-09 20-Apr-09 20-May-09 20-Jun-09 20-Jul-09 20-Aug-09 20-Sep-09 20-Oct-09 Indexed Share Price (from Oct 20, 2008) S&P 500 Information Technology Index S&P/TSX Index S&P 500 Corel Relative Share Price Performance Indexed Performance Since IPO Performance Since October 20, 2008 Source: Bloomberg Note: Performance up to announcement IPO to Current Tech Index 113 S&P/TSX 88 S&P 500 80 Corel 20 20 Oct ‘08 to Current Tech Index 126 S&P 500 106 S&P/TSX 105 Corel 41

III. Overview of Fairness Opinion Methodology DRAFT

DRAFT Strictly Private and Confidential 15 DRAFT Fairness Opinion Methodology ? Reviewed publicly available financial statements and documents ? Reviewed certain internal financial information ? Reviewed fiscal 2009 budget prepared by management ? Discussed the past, current and projected operations and financial condition with management ? Reviewed reported prices and trading activity ? Compared the financial performance to selected publicly-traded reference companies ? Reviewed the publicly available financial terms of certain reference transactions ? Performed other valuation and comparative analyses, including: ? Discounted cash flow analysis; and ? Analysis of premiums paid in other public merger transactions ? Reviewed the offer and related documents ? Performed various other analyses and considered such other factors as deemed appropriate

IV. Financial Analysis DRAFT

DRAFT Strictly Private and Confidential 17 DRAFT $3.91 $3.74 $3.45 $3.59 $3.61 $1.37 $4.38 $4.19 $4.73 $5.25 $6.48 $5.07 $3.78 $4.23 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Bid Premium (1 Day) Bid Premium (20-Day VWAP) DCF — WinZip 15-Yr Forecast DCF — WinZip Going-Concern Precedent Transactions Public Comps 52 Week Low/High Summary of Values Summary of Value Range Comments ? April 8, 2009 (Low) / October 30, 2008 (High) ? Metrics based on 2009E and 2010E adjusted EBITDA ? Adjusted to exclude control premium ? 16.2% — 18.2% WACC and (1.0)% — 1.0% terminal growth rate (Residual Corel) ? 25% to 40% premium to 20-day VWAP (US$2.99) Bid: $4.00 (US$ share price) ? 25% to 40% premium to preannouncement price (US$3.13) ? 16.2% — 18.2% WACC and (1.0)% — 1.0% terminal growth rate

DRAFT Strictly Private and Confidential 18 DRAFT Public Comparables Public Comparables 1 Adjusted for Extraordinary Items 2 Calendar Year Estimates from I/B/E/S 3 Excludes impact from Omniture acquisition TEV = Total Enterprise Value (Market Capitalization, Option Dilution, Preferred Shares, Minority Interest, Net Debt) LTM = Last Twelve Months Note: Figures in Bold are excluded from the Adjusted Mean All Figures in USD millions unless indicated Market Cap TEV/EBITDA Price / Earnings TEV/Revenue Company Name 11-Nov-09 TEV LTM 1 2009E 2 2010E 2 2009E 2 2010E 2 LTM 1 2009E 2 2010E 2 Avid Technology 461 366 neg 6.5x 4.4x neg nmf 0.6x 0.6x 0.6x Cyberlink Corp. 491 357 9.7x 8.5x 7.6x 17.0x 13.3x 2.5x 2.7x 2.4x Sonic Solutions 244 246 nmf neg nmf neg nmf 2.2x 2.3x 2.3x RealNetworks 499 140 neg 3.4x 3.8x neg neg 0.2x 0.2x 0.2x Divx Inc. 173 38 3.4x 5.9x 3.5x nmf 44.4x 0.5x 0.6x 0.5x Adjusted Mean 6.5x 6.1x 4.8x 17.0x 28.9x 1.2x 1.3x 1.2x Adjusted Mean + 0.5 St Dev 8.8x 7.1x 5.8x na 39.9x 1.7x 1.8x 1.7x Adjusted Mean — 0.5 St Dev 4.3x 5.1x 3.9x na 17.9x 0.6x 0.7x 0.7x Median 6.5x 6.2x 4.1x 17.0x 28.9x 0.6x 0.6x 0.6x Corel Corp. (Street Estimates) 104 213 4.3x 5.5x 5.0x 4.6x 4.3x 1.0x 1.0x 1.0x All Figures in USD millions unless indicated Market Cap TEV/EBITDA Price / Earnings TEV/Revenue Company Name 11-Nov-09 TEV LTM 1 2009E 2 2010E 2 2009E 2 2010E 2 LTM 1 2009E 2 2010E 2 Microsoft Corp. 258,560 231,462 10.1x 9.5x 9.1x 16.6x 15.2x 4.0x 3.8x 3.6x Adobe Systems 18,813 17,106 15.3x 14.2x 12.5x 23.6x 20.5x 5.9x 5.8x 5.1x Symantec Corp. 14,258 13,933 7.6x 6.4x 6.0x 11.9x 11.5x 2.4x 2.3x 2.3x Intuit Inc. 9,674 9,794 9.7x 9.0x 7.9x 16.0x 17.4x 3.0x 3.0x 2.8x McAfee Inc. 6,812 6,371 16.5x 10.2x 9.4x 17.9x 16.1x 3.5x 3.3x 3.0x Autodesk Inc. 6,361 5,603 16.5x 16.5x 13.6x 31.1x 24.1x 2.9x 3.3x 3.1x Nuance Communications 3,801 4,515 23.7x 12.5x 11.9x 13.4x 12.4x 4.8x 4.4x 4.0x Magix 67 34 4.5x na na na na 0.7x na na Adjusted Mean 11.5x 10.3x 10.0x 16.6x 15.5x 3.4x 3.3x 3.1x Median 12.7x 10.2x 9.4x 16.6x 16.1x 3.3x 3.3x 3.1x Corel Corp. (Street Estimates) 104 213 4.3x 5.5x 5.0x 4.6x 4.3x 1.0x 1.0x 1.0x 3

DRAFT Strictly Private and Confidential 19 DRAFT Comparable Companies Analysis Comparable Companies Analysis 1 EBITDA and cash adjusted for the effect of planned restructuring (US$ millions, unless otherwise stated) Metric Range TEV Input Low High Low High 2009E Adjusted EBITDA1 43.6 5.1x 7.1x 222 309 2010E Adjusted EBITDA1 46.9 3.9x 5.8x 183 272 Average TEV 202 291 Add: Cash 18 18 Less: Total Debt and Capital Leases (119) (119) Equity Value 101 189 FD Shares Outstanding 28.0 29.2 Implied Value Per Share $3.61 $6.48

DRAFT Strictly Private and Confidential 20 DRAFT All Figures in USD millions unless indicated Date TEV/LTM Target Company Acquiror Annou nced TEV Revenue EBITDA Softimage Co. Autodesk Inc. 23-Oct-08 3 5 1.9x na Aladdin Knowledge Systems Vector Capital 16-Aug-08 1 70 1.1x 9.0x CoCreate Software GmbH & Co. KG Parametric Technology Corp. 31-Oct-07 245 3.1x 7.3x Artwork Systems Group NV Esko NV 2-Aug-07 1 99 4.4x 12.4x Nova Development Corp. Avanquest Software 17-Jan-07 4 8 1.5x na InterVideo Corel 28-Aug-06 1 12 0.9x 9.7x Ulead InterVideo 5-Jul-06 2 2 0.7x na Macromedia Inc. Adobe Systems Inc. 18-Apr-05 2 ,845 6.5x 28.4x Pinnacle Systems Avid Technology 21-Mar-05 3 60 2.1x neg Roxio Sonic Solutions 9-Aug-04 8 5 1.0x 3.2x Adjusted Mean 1.9x 8.3x Adjusted Mean + 0.5 St Dev 2.5x 10.0x Adjusted Mean — 0.5 St Dev 1.3x 6.6x Precedent Transactions Precedent Transactions — Residual Corel Precedent Transactions — WinZip 1 Genuity estimate 2 EBIT reported for segment; D&A estimated from residual business 3 Includes earnout of $2 million All Figures in USD millions unless indicated Date TEV/LTM Target C ompany Acquiror Annou nced TEV Revenue EBITDA PKWARE Inc. Novacap et al 23-Sep-09 4 0 1.0x 5.0x On2 Technologies Google Inc. 4-Aug-09 1 05 6.0x na Acresso Software Thoma Cressey Bravo 13-Feb-08 2 00 1.8x 4.1x WinZip Corel Corporation 28-Feb-06 8 8 3.9x 6.5x WinZip Vector Capital 18-Jul-05 3 4 1.3x 2.1x Allume Systems Inc. Smith Micro Software 5-Jul-05 1 3 1.3x na Aladdin Systems IMSI 21-Jan-04 1 0 1.2x 10.0x Adjusted Mean 1.8x 4.4x Adjusted Mean + 0.5 St Dev 2.3x 5.3x Adjusted Mean — 0.5 St Dev 1.2x 3.5x 2 1 3

DRAFT Strictly Private and Confidential 21 DRAFT Precedent Transactions Precedent Transactions Value Range (US$ millions, unless otherwise stated) Metric Range TEV Per Share Metric Input Low High Low High Low High WinZip TEV/LTM EBITDA 28.2 3.5x 5.3x 98.6 149.4 Remaining Business TEV/LTM EBITDA 21.0 6.6x 10.0x 138.6 210.0 Total 237.2 359.4 $4.78 $8.75 Control Premium Discount (25%) (40%) Total 199.0 244.8 $3.59 $5.25

DRAFT Strictly Private and Confidential 22 DRAFT DCF — WinZip 15-Yr Forecast Case DCF Sensitivity DCF Per Share Free Cash Flow Forecast Observations ? WinZip forecast period: ? Assume WinZip business declines over 15 years starting in 2013 ? WACC: 17.2% (WinZip and Residual Corel) ? Terminal growth rate: 0.0% (Residual Corel) ? Implied TEV/EBITDA multiple in terminal year: 4.4x ? WinZip 15-Yr Forecast case results in a DCF value of $3.45 to $4.23 per share ? WACC range: 16.2% to 18.2% ? Terminal growth range: (1.0%) to 1.0% (US$ millions) 2008A 2009E 2010E 2011E 2012E 2013E Revenues 268.2 208.3 209.9 215.2 220.5 218.5 EBITDA 60.9 40.9 43.2 48.5 50.6 47.9 Capital Expenditures (2.4) (2.5) (2.5) (2.5) Cash Taxes (2.1) (2.2) (7.1) (6.7) Changes in Working Capital (0.1) (0.3) (0.3) (0.1) Unlevered Free Cash Flow 38.7 43.5 40.7 38.6 Res Corel Terminal Growth Rate WACC (1.0%) (0.5%) 0.0% 0.5% 1.0% 16.2% $3.97 $4.03 $4.09 $4.16 $4.23 16.7% $3.83 $3.89 $3.94 $4.01 $4.07 17.2% $3.70 $3.75 $3.80 $3.86 $3.92 17.7% $3.57 $3.62 $3.67 $3.72 $3.78 18.2% $3.45 $3.50 $3.54 $3.59 $3.64

DRAFT Strictly Private and Confidential 23 DRAFT DCF — WinZip Going-Concern Case DCF Sensitivity DCF Per Share Free Cash Flow — Forecast Observations ? WinZip forecast period: Perpetuity ? WinZip incremental R&D investment: 10% of revenue to drive new product development ? WACC: 17.2% (Residual Corel), 19.2% (WinZip) ? Terminal growth rate: 0.0% ? Implied TEV/EBITDA multiple in terminal year: ? WinZip: 4.3x ? Residual Corel: 4.4x ? WinZip Going-Concern case results in a DCF value of $3.78 to $4.73 per share ? WACC range: 16.2% to 18.2% (Residual Corel), 18.2% to 20.2% (WinZip) ? Terminal growth range: (1.0%) to 1.0% (US$ millions) 2008A 2009E 2010E 2011E 2012E 2013E Revenues 268.2 208.3 209.9 214.8 219.8 221.2 EBITDA 60.9 40.9 39.4 44.4 46.2 45.9 Capital Expenditures (2.4) (2.5) (2.5) (2.5) Cash Taxes (1.9) (2.1) (6.5) (6.5) Changes in Working Capital (0.1) (0.3) (0.3) (0.1) Unlevered Free Cash Flow 34.9 39.5 36.8 36.8 WinZip Res Corel Terminal Growth Rate WACC WACC (1.0%) (0.5%) 0.0% 0.5% 1.0% 18.2% 16.2% $4.47 $4.53 $4.59 $4.66 $4.73 18.7% 16.7% $4.29 $4.34 $4.40 $4.46 $4.52 19.2% 17.2% $4.11 $4.16 $4.21 $4.27 $4.32 19.7% 17.7% $3.94 $3.98 $4.03 $4.09 $4.14 20.2% 18.2% $3.78 $3.82 $3.87 $3.91 $3.97

A. Additional Financial Detail DRAFT

DRAFT Strictly Private and Confidential 25 DRAFT Weighted Average Cost of Capital WACC 1 Average of 10 year and 30 year US government bond yields (Bloomberg) 2 Average of B-rated and BB-rated corporate bond yield spreads 3 Source: 2009 Ibbotson Risk Premia Over Time Report (Morningstar) 4 Assuming debt/equity ratio of 0.25x 5 Source: 2009 Ibbotson Risk Premia Over Time Report (Morningstar) Cost of Debt Risk free rate1 3.93% Borrowing spread2 5.22% Pre-tax cost of debt 9.15% Tax rate 30.00% After tax cost of debt 6.40% Cost of Equity Risk free rate1 3.93% Equity risk premium3 6.50% Unlevered beta 1.30 Levered beta4 1.53 Size Premium5 6.03% After tax cost of equity 19.91% Optimal Capital Structure 20% debt WACC Calculated from Above 17.21%

DRAFT Strictly Private and Confidential 26 DRAFT 40% 70% 56% 56% 47% 39% 42% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 44 62 54 25 31 41 37 S&P 500 Index Takeover Premiums Takeover Premiums1 1 All M&A transactions over US$20 million; excludes real estate and financial industry transactions, excludes premiums over 200%; based on premium to prior day closing price Source: Capital IQ 32% 29% 31% 2005 2006 2007 221 270 319 Average: 30% Year # Deals

DRAFT Strictly Private and Confidential 27 DRAFT Going Private Bid Premium Insider Transactions — Bid Premiums Final Offer as % of Mid-Point Range (20%) 0% 20% 40% 60% 80% 100% Clublink Corp Northbirdge Financial Corp. Teknion Corporation Cunningham Lindsey Group FUN Technologies Nurun Inc. Sobeys St. Lawrence Cement Group Sears Canada Shell Canada Bell Nordiq Income Fund Falconbridge Thyssenkrupp Budd Canada Inc. Rogers Wireless Communications Decoma International Intier Automotive Cara Operations Ltd Dupont Canada Gulf Indonesia Resources Ltd Trilon Financial Corp Cominco Ltd Bentall Corporation Desjardins Financial Corp Inc BPO Properties Ltd Canadian Satellite Comm. Perkins Papers Ltd. Rolland Inc Paperboard Industries International Cambridge Shopping Centres Monarch Development Corp Quebectel Group Inc BCE Mobile Communications Inc Celanese Canada Inc Southam Inc. Meridian Technologies Inc Global Equity Corp Great Pacific Enterprises Spruce Falls Acquisition CP 1-day premium 4-week premium 1-Day Average: 21% 4 Week Average: 26% 57% 99% 152%

DRAFT Strictly Private and Confidential 28 DRAFT Precedent Going Private Transactions Insider Bid Transactions Initial Offer Final Offer Premium Target Acquiror Price Price 1-day 4 weeks High River Gold Mines Lybica Holding B.V. 6/16/09 $0.22 77% $0.30 105% 114% 122% Clublink Corp ClubLink Enterprises Ltd. 5/29/09 $7.16 87% $7.16 87% (4%) 8% Teal Exploration & Mining Inc. Companhia Vale do Rio Doce 12/15/08 $3.00 125% $3.00 125% 329% 900% Northbirdge Financial Corp. Fairfax Financial Holdings 12/1/08 $39.00 100% $39.00 100% 21% 36% Teknion Corporation A-Tean Holdings 12/24/07 $3.15 96% $3.15 96% 80% 91% Cunningham Lindsey Group Fairfax Financial Holdings 10/30/07 $3.20 117% $3.20 117% 25% 23% FUN Technologies Liberty Media 6/21/07 $3.56 86% $3.56 86% 13% 9% Nurun Inc. Quebecor Media Inc. 5/31/07 $4.75 111% $4.75 111% 32% 36% Sobeys Empire Company 4/26/07 $58.00 97% $58.00 97% 53% 55% St. Lawrence Cement Group Holcim 2/26/07 $36.50 95% $43.50 114% 33% 49% Sears Canada Sears Holdings 12/5/06 $16.86 82% $18.00 na 16% 30% Shell Canada Royal Dutch Shell 10/23/06 $40.00 89% $45.00 100% 37% 48% Bell Nordiq Income Fund Bell Aliant Regional Communications 10/11/06 $19.00 125% $19.00 125% 6% 7% Falconbridge Noranda 3/9/05 $40.90 90% $40.90 90% 5% 28% Thyssenkrupp Budd Canada Inc. Thyssenkrupp Budd Company 11/20/04 $9.00 152% $9.00 152% 44% 46% Rogers Wireless Communications Rogers Communications 11/11/04 $50.75 99% $50.75 99% 15% 16% Decoma International Magna International 10/25/04 $12.20 83% $12.83 91% 29% 23% Intier Automotive Magna International 10/25/04 $34.42 74% $33.27 83% 30% 31% Cara Operations Ltd Cara Holdings Limited 8/29/03 $7.50 98% $8.00 105% 31% 31% Dupont Canada E.I du Pont 3/19/03 $21.00 98% $21.75 101% 21% 12% Gulf Indonesia Resources Ltd ConocoPhillips Holding Co 5/28/02 $20.29 104% $20.29 104% 47% 46% Trilon Financial Corp Brascan Financial Corp 3/26/02 $17.00 103% $17.00 103% 3% 5% Cominco Ltd Teck Cominco Ltd 4/30/01 $37.50 102% $37.50 102% 14% 29% Bentall Corporation SITQ Immobilier 2/15/01 $20.00 86% $20.00 86% 3% 3% Desjardins Financial Corp Inc Le Mouvement des Caisses Desjardins 8/2/00 $23.50 77% $23.50 77% 29% 29% BPO Properties Ltd Brookfield Properties Corp. 7/24/00 $16.05 64% $16.05 64% 10% 10% Canadian Satellite Comm. Shaw Communications Inc 7/17/00 $29.90 94% $31.24 94% 13% 31% Perkins Papers Ltd. Cascades 7/10/00 $4.74 62% $4.38 57% (7%) (9%) Rolland Inc Cascades 7/10/00 $5.77 72% $5.00 63% (15%) (13%) Paperboard Industries International Cascades 7/10/00 $1.90 83% $1.64 72% (6%) (0%) Cambridge Shopping Centres Ivanhoe Inc 5/25/00 $12.50 83% $12.50 83% 17% 35% Monarch Development Corp Taylor Woodrow PLC 4/7/00 $11.25 NA $11.25 NA 33% 40% Quebectel Group Inc Telus Corp 3/31/00 $23.00 100% $23.00 100% 10% 21% BCE Mobile Communications Inc BCE Inc 7/30/99 $58.75 100% $58.75 100% 17% 23% Celanese Canada Inc Hoechst AG 5/19/99 $25.00 92% $27.25 100% 30% 35% Southam Inc. Hollinger Inc. 12/2/98 $29.00 84% $32.25 94% 22% 18% Meridian Technologies Inc Investor Group 5/29/98 $11.00 93% $11.00 93% 18% 27% Global Equity Corp Pico Holdings Inc 5/8/98 $2.95 78% $2.95 78% 19% 10% Great Pacific Enterprises Jim Pattison Industries 4/24/97 $80.00 NA $80.00 NA 21% 19% Spruce Falls Acquisition CP Tembec Inc 1/21/97 $10.60 102% $10.60 102% 36% 41% Median: 93% 99% 21% 28% Average: 94% 96% 21% 26% Date Announced % of Mid- Point Range % of Mid- Point

EX-99.C.3

Genuity Capital Markets Strictly Private and Confidential. For Discussion purposes only Presentation to the Designated Directors
November 12th, 2009

Strictly Private and Confidential 1 Table of Contents I. Background to the Offer II. Corel Overview III. Overview of Fairness Opinion Methodology IV. Financial Analysis Appendices A. Additional Financial Details

I. Background to the Offer

Strictly Private and Confidential 3 Timeline2008 Offer ? On March 28, 2008, the Company received an unsolicited proposal from Vector to make an offer to acquire all of the Company’s outstanding Shares not owned by it at a price of $11.00 cash per share. The Board formed a Special Committee, which assisted it in evaluating and responding to Vector’s proposal. In addition, the Special Committee undertook a process to evaluate other strategic alternatives to maximize value for all shareholders. 2008 Sale Process ? On August 18, 2008, Vector informed the Company that it was withdrawing its proposal to facilitate pursuit by the Company of other alternatives for maximizing value for all shareholders. On August 20, 2008, the Company announced that it was in discussions with a third party regarding a potential sale of the Company. On October 22, 2008, the Company announced that discussions with a third party regarding a potential sale of the Company had ceased, and there were no longer any negotiations concerning an acquisition of the Company then pending. 2009 Offer ? In August 2009, Vector notified Messrs. Ciporin, Cohen and Tissenbaum that Vector had decided to once again evaluate the possibility of a transaction in which it would offer to acquire all of the outstanding Shares of the Company not owned by it and the Board confirmed that Messrs. Tissenbaum, Cohen and Ciporin would be mandated as the Designated Directors to act as the Board with respect to all matters related to a possible transaction with Vector. Thereafter, on October 23, 2009, a director affiliated with Vector informed one of the Designated Directors that Vector was considering making an offer of $3.35 in cash per share for all of the outstanding Shares of the Company not already owned by Vector. On October 28, 2009, Vector commenced its offer of $3.50 in cash per share for all of the outstanding Shares of the Company not already owned by it. On November 11, 2009, Vector informed the Designated Directors that it would increase the Offer Price to $4.00 per share

Strictly Private and Confidential 4 Offer SummaryOffering Party ? Corel Holdings, L.P. a limited partnership controlled by an affiliate of Vector Capital (“Vector”) Consideration ? Amount payable in cash Offer Price ? US$4.00 per share for all issued and outstanding common shares of Corel Corporation, net to the seller in cash without interest and less applicable withholding taxes, not controlled by Vector and its affiliates Offer Expiry ? November 25, 2009 (“Expiry Date”) Offer Type ? Tender offer Conditions ? Conditioned upon at least a majority of the aggregate number of outstanding shares, excluding the shares controlled by Vector, tendering their shares prior to the Expiry Date Financing ? All capital provided by Vector Capital Partners II International Ltd.

II. Corel Overview

Strictly Private and Confidential 6 Capitalization

Capitalization

(In US$ millions except per share) 1 Based on Genuity forecast 2 Street research as of July 10, 2009Pre-InitialRevisedAnnoun.OfferOfferShare Price $3.13$3.50$4.00FD Shares Outstanding27.527.928.2Equity Value86.297.6113.0Long-term debt117.8117.8117.8Capital Leases1.31.31.3Cash and Equivalents(18.9)(18.9)(18.9)TEV186.3197.7213.1TEV/EBITDALTM49.23.8x4.0x4.3x2009E - Internal40.14.6x4.9x5.3x2010E — GCM143.24.3x4.6x4.9x2009E — Street238.54.8x5.1x5.5x2010E - Street242.54.4x4.7x5.0xPrice/Earnings2009E — Street2$0.873.6x4.0x4.6x2010E - Street2$0.923.4x3.8x4.3x

Strictly Private and Confidential 7 Consolidated Financial Summary

Quarterly Financial Summary(US$ millions)Q1 ‘07Q2 ‘07Q3 ‘07Q4 ‘07Q1 ‘08Q2 ‘08Q3 ‘08Q4 ‘08Q1 ‘09Q2 ‘09Q3 ‘09Q4 ‘09EFY 2007AFY 2008AFY 2009EDigital Media18.630.526.733.028.628.528.333.326.622.820.425.7108.8118.795.4Graphics & Productivity34.134.533.739.436.938.537.936.229.727.627.028.7141.7149.5112.9Total Revenue52.665.060.472.465.567.066.269.456.250.447.454.4250.5268.2208.3COGS(8.9)(14.5)(12.4)(14.4)(15         .5)(14.1)(15.5)(16.9)(15.7)(14.3)(12.7)(14.2)(50.3)(62.0)(56.9)Gross Margin43.750.648.058.050.152.950.752.540.636.034.740.2200.2206.2151.4Direct Operating Expenses(11.4)(10.8)(11.7)(11.2)(11.8)(12.5)(10.9)(10.5)(9.4)(8.7)(7.5)(9.7)(45.1)(45.7)(35.4)Contri bution Margin32.339.836.246.838.240.439.842.031.227.327.230.5155.1160.5116.1Other Expenses(24.0)(24.2)(23.3)(27.0)(26.4)(25.4)(23.1)(22.8)(19.3)(18.9)(17.4)(20.4)(98.6)(97.8)(76.0)Ad justed EBITDA8.315.612.919.711.815.016.719.211.98.39.810.156.562.740.1FX Translation0.5(0.4)0.60.11.5(0.1)(0.9)(2.3)(0.9)1.8(0.2)0.00.8(1.8)0.8Adj. EBITDA - Reported8.715.213.519.913.314.915.816.911.010.19.610.157.360.940.9LTM Total Revenue250.5263.4265.4271.3268.2258.9242.2223.4208.3LTM Adjusted EBITDA56.560.159.563.262.762.756.149.240.1LTM Adjusted EBITDA - Reported57.361.961.663.960.958.653.847.740.9As % of Net RevenueCOGS as % of Net Revenue17%22%21%20%24%21%23%24%28%28%27%26%20%23%27%Gross Margin83%78%79%80%76%79%77%76%72%72%73%74%80%77%73%Contribution Margin61%61%60%65%58%60%60%61%55%54%57%56%62%60%56%Adjusted EBITDA16%24%21%27%18%22%25%28%21%17%21%19%23%23%19%

Note: Based on internal management reports

Strictly Private and Confidential 8 Financial Forecast

Consolidated Financial Summary

Note: Based on Genuity forecast(US$ millions)Q1 2010EQ2 2010EQ3 2010EQ4 2010EFY 2010EFY 2011EFY 2012EFY 2013EDigital Media25.722.520.524.292.995.495.293.7Graphics & Productivity30.828.628.029.7117.1119.8125.4128.7Total Revenue56.551.148.454.0209.9215.2220.6222.4COGS(14.8)(13.0)(11.4)(13.1)(52.3)(52.1)(52.0)(51.6)Gross Margin41.738.037.040.9157.6163.1168.6170.8Direct Operating Expenses(9.8)(8.9)(8.6)(9.7)(36.9)(38.6)(39.7)(39.9)Contribution Margin31.929.228.531.2120.7124.6128.9130.9Other Expenses(20.9)(19.1)(17.4)(20.0)(77.4)(76.1)(78.4)(80.3)Adjusted EBITDA10.910.111.111.143.248.550.650.6As % of Net RevenueCOGS as % of Net Revenue26%26%24%24%25%24%24%23%Gross Margin74%74%76%76%75%76%76%77%Contribution Margin56%57%59%58%57%58%58%59%Adjusted EBITDA19%20%23%21%21%23%23%23%

Strictly Private and Confidential 9 Share Ownership

Shareholder Ownership Vector Ownership

Source: Thomson; Big Dough; SEDI; Company filingsAll Others32%Vector Capital68%NumberPercentPercent of Shareholderof SharesOwnershipFloatInsidersVector Capital17,682,698 68.3%All Other Insiders70,027 0.3%Total Insiders17,752,725 68.5%JANA Partners2,090,232 8.1%25.6%Evergreen Investment Management1,145,483 4.4%14.1%Burgundy Asset Management832,010 3.2%10.2%S Squared Technology716,000 2.8%8.8%Brandywine Global301,511 1.2%3.7%Other Disclosed Institutional672,351 2.6%8.2%Total Disclosed Institutions5,757,587 22.2%70.6%Other Institutional and Retail2,395,110 9.2%29.4%Total Shares Outstanding25,905,422100.0%Float8,152,69731.5%100.0%

Strictly Private and Confidential 10 Share Price Since IPO

Share Price Performance$0.00$2.00$4.00$6.00$8.00$10.00$12.00$14.00$16.00$18.0025-Apr-0625-Oct-0625-Apr-0725-Oct- 0725-Apr-0825-Oct-0825-Apr-0925-Oct-09Share Price (US$)05001,0001,5002,0002,500Volume (000s)Aug 28, 2006Corel signed definitive agreement to acquire InterVideoMar 28, 2008Corel received unsolicited proposal from Vector CapitalMay 5, 2008Corel appointed Kris Hagerman as interim CEOOctober 22, 2008Corel ended discussions with third party regarding potential saleMay 2, 2006Corel completed its IPO and acquires WinZip from Vector CapitalApril 21, 2008Corel CEO David Dobson stepped downOctober 28, 2009Vector announces tender offer for outstanding Corel shares at US$3.50 per share

Source: Bloomberg

Strictly Private and Confidential 11 Volume Weighted Average PriceTurn of Float1 (Pre-Announcement)1 Since April 7, 20082 Since June 22, 2009Source: BloombergSince IPO43.2%23.5%2.2%3.3%27.8%0%20%40%60%80%100%$1.25 to $3.25$3.25 to $5.25$5.25 to $7.25$7.25 to $9.25$9.25 to $11.25Cumulative% of Shares Traded in Price RangeVWAP = $5.31Since Announcement2Offer Premium$3.13$3.12$3.10$2.99$2.95$2.541 Day5-Day VWAP10-Day VWAP20-Day VWAP30-Day VWAP90-Day VWAP27.8%28.2%29.1%33.8%35.6%57.5%23.8%3.9%21.3%39.1%12.0%0%20%40%60%80%100%$1.25 to $4.75$4.75 to $8.25$8.25 to $11.75$11.75 to $15.25$15.25 to $18.75Cumulative% of Shares Traded in Price RangeVWAP = $10.2249.4%48.7%1.1%0.3%0.5%0%20%40%60%80%100%$3.50 to $3.80$3.80 to $4.10$4.10 to $4.40$4.40 to $4.70$4.70 to $5.00Cumulative% of Shares Traded in Price RangeVWAP = $3.86 Strictly Private and Confidential 11 Volume Weighted Average Price

Turn of Float1 (Pre-Announcement)

1 Since April 7, 2008 2 Since June 22, 2009

Source: Bloomberg

Since IPO

Since Announcement2

Offer Premium

Strictly Private and Confidential 12 Stock Performance — Since Announcement Stock Price at Market Close — Since Announcement Source: Bloomberg $4.01 $3.70 $3.71 $3.70 $3.64 $3.65 $3.60 $3.65 $4.02 $4.04 $3.75 $3.79 29-Oct-09 30-Oct-09 2-Nov-09 3-Nov-09 4-Nov-09 5-Nov-09 6-Nov-09 9-Nov-09 10-Nov-09 11-Nov-09 12-Nov-09 13-Nov-09 Offer: US$4.00

Strictly Private and Confidential 13 Relative Share Price Performance02040608010012014016025-Apr-0625-Jul-0625-Oct-0625-Jan-0725-Apr-0725-Jul-0725-Oct-0725-Ja n-0825-Apr-0825-Jul-0825-Oct-0825-Jan-0925-Apr-0925-Jul-0925-Oct-09Indexed Share Price (from Apr 25, 2006)S&P 500 InformationTechnology IndexS&P/TSX IndexS&P 500Corel02040608010012014020-Oct-0820-Nov-0820-Dec-0820-Jan-0920-Feb-0920-Mar-0920-Apr-0920-May-0920 - -Jun-0920-Jul-0920-Aug-0920-Sep-0920-Oct-09Indexed Share Price (from Oct 20, 2008)S&P 500 InformationTechnology IndexS&P/TSX IndexS&P 500Corel

Indexed Performance Since IPO Performance Since October 20, 2008

Source: Bloomberg
Note: Performance up to announcementIPO to CurrentTech Index113S&P/TSX88S&P 50080Corel2020 Oct ‘08 to CurrentTech Index126S&P 500106S&P/TSX105Corel41

III. Overview of Fairness Opinion Methodology

Strictly Private and Confidential 15 Fairness Opinion Methodology

? Reviewed publicly available financial statements and documents ? Reviewed certain internal financial information ? Reviewed fiscal 2009 budget prepared by management ? Discussed the past, current and projected operations and financial condition with management ? Reviewed reported prices and trading activity ? Compared the financial performance to selected publicly-traded reference companies ? Reviewed the publicly available financial terms of certain reference transactions

? Performed other valuation and comparative analyses, including:? Discounted cash flow analysis; and

? Analysis of premiums paid in other public merger transactions

? Reviewed the offer and related documents
? Performed various other analyses and considered such other factors as deemed appropriate

IV. Financial Analysis

Strictly Private and Confidential 17 <PAGE> $3.91 $3.74 $3.45 $3.59 $3.61 $1.37 $4.38 $4.19 $4.73 $5.25 $6.48 $5.07 $3.78 $4.23 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Bid Premium (1 Day) Bid Premium (20-Day VWAP) DCF - WinZip 15-Yr Forecast DCF - WinZip Going-Concern Precedent Transactions Public Comps 52 Week Low/High Summary of Values Summary of Value Range Comments ?? April 8, 2009 (Low) / October 30, 2008 (High) ?? Metrics based on 2009E and 2010E adjusted EBITDA ?? Adjusted to exclude control premium ?? 16.2% — 20.2% WACC and (1.0)% — 1.0% terminal growth rate ?? 25% to 40% premium to 20-day VWAP (US$2.99) Bid: $4.00 (US$ share price) ?? 25% to 40% premium to preannouncement price (US$3.13) ?? 16.2% — 18.2% WACC and (1.0)% — 1.0% terminal growth rate (Residual Corel)

Strictly Private and Confidential 18 Public Comparables

Public Comparables

1 Adjusted for Extraordinary Items

2 Calendar Year Estimates from I/B/E/S 3 Excludes impact from Omniture acquisition TEV = Total Enterprise Value (Market Capitalization, Option Dilution, Preferred Shares, Minority Interest, Net Debt) LTM = Last Twelve Months Note: Figures in Bold are excluded from the Adjusted MeanAll Figures in USD millions unless indicatedMarket CapTEV/EBITDAPrice / EarningsTEV/RevenueCompany Name11-Nov-09TEVLTM 12009E 22010E 22009E 22010E 2LTM 12009E 22010E 2 Avid Technology461366neg6.5x4.4xnegnmf0.6x0.6x0.6xCyberlink Corp.4913579.7x8.5x7.6x17.0x13.3x2.5x2.7x2.4xSonic Solutions244246nmfnegnmfnegnmf2.2x2.3x2.3xRealNetworks499140neg3.4x3.8xnegneg0.2x0.2x0.2xDivx Inc.173383.4x5.9x3.5xnmf44.4x0.5x0.6x0.5xMagix67344.5xnananana0.7xnanaAdjusted Mean5.8x6.1x4.8x17.0x28.9x1.1x1.3x1.2xAdjusted Mean + 0.5 St Dev7.5x7.1x5.8xna39.9x1.6x1.8x1.7xAdjusted Mean — 0.5 St Dev4.2x5.1x3.9xna17.9x0.6x0.7x0.7xMedian4.5x6.2x4.1x17.0x28.9x0.6x0.6x0.6xCorel Corp. (Street Estimates)1042134.3x5.5x5.0x4.6x4.3x1.0x1.0x1.0xAll Figures in USD millions unless indicatedMarket CapTEV/EBITDAPrice / EarningsTEV/RevenueCompany Name11-Nov-09TEVLTM 12009E 22010E 22009E 22010E 2LTM 12009E 22010E 2Microsoft Corp.258,560231,46210.1x9.5x9.1x16.6x15.2x4.0x3.8x3.6xAdobe Systems18,81317,10615.3x14.2x12.5x23.6x20.5x5.9x5.8x5.1xSymantec Corp.14,25813,9337.6x6.4x6.0x11.9x11.5x2.4x2.3x2.3xIntuit Inc.9,6749,7949.7x9.0x7.9x16.0x17.4x3.0x3.0x2.8xMcAfee Inc.6,8126,37116.5x10.2x9.4x17.9x16.1x3.5x3.3x3.0xAutodesk Inc.6,3615,60316.5x16.5x13.6x31.1x24.1x2.9x3.3x3.1xNuance Communications3,8014,51523.7x12.5x11.9x13.4x12.4x4.8x4.4x4.0xAdjusted Mean12.6x10.3x10.0x16.6x15.5x3.4x3.3x3.1xMedian15.3x10.2x9.4x16.6x16.1x3.5x3.3x3.1xCorel Corp. (Street Estimates)1042134.3x5.5x5.0x4.6x4.3x1.0x1.0x1.0x3

Strictly Private and Confidential 19 Comparable Companies Analysis

Comparable Companies Analysis

1 EBITDA and cash adjusted for the effect of planned restructuring(US$ millions, unless otherwise stated)Metric RangeTEVInputLowHighLowHigh2009E Adjusted EBITDA143.65.1x7.1x2223092010E Adjusted EBITDA146.93.9x5.8x183272Average TEV202291Add: Cash11818Less: Total Debt and Capital Leases(119)(119)Equity Value101189FD Shares Outstanding28.029.2Implied Value Per Share$3.61$6.48

Strictly Private and Confidential 20 Precedent TransactionsAll Figures in USD millions unless indicatedDateTEV/LTMTarget CompanyAcquirorAnnouncedTEVRevenueEBITDA Softimage Co.Autodesk Inc.23-Oct-0835 1.9xnaAladdin Knowledge SystemsVector Capital16-Aug-08170 1.1x9.0xCoCreate Software GmbH & Co. KGParametric Technology Corp. 31-Oct-07245 3.1x7.3xArtwork Systems Group NVEsko NV2-Aug-07199 4.4x12.4xNova Development Corp.Avanquest Software17-Jan-0748 1.5xnaInterVideoCorel28-Aug-06112 0.9x9.7xUleadInterVideo5-Jul-0622 0.7xnaMacromedia Inc.Adobe Systems Inc.18-Apr-052,845 6.5x28.4xPinnacle SystemsAvid Technology21-Mar-05360 2.1xnegRoxioSonic Solutions 9-Aug-0485 1.0x3.2xAdjusted Mean1.9x8.3xAdjusted Mean + 0.5 St Dev2.5x10.0xAdjusted Mean - - 0.5 St Dev1.3x6.6x

Precedent Transactions — Residual Corel

1 Genuity estimate 2 EBIT reported for segment; D&A estimated from residual business 3 Includes earnout of $2 million

All Figures in USD millions unless indicatedDateTEV/LTMTarget CompanyAcquirorAnnouncedTEVRevenueEBITDA PKWARE Inc.Novacap et al23-Sep-0940 1.0x5.0xOn2 TechnologiesGoogle Inc.4-Aug-09105 6.0xnaAcresso SoftwareThoma Cressey Bravo13-Feb-08200 1.8x4.1xWinZipCorel Corporation28-Feb-0688 3.9x6.5xWinZipVector Capital18-Jul-0534 1.3x2.1xAllume Systems Inc.Smith Micro Software5-Jul-0513 1.3xnaAladdin SystemsIMSI21-Jan-0410 1.2x10.0xAdjusted Mean1.8x4.4xAdjusted Mean + 0.5 St Dev2.3x5.3xAdjusted Mean — 0.5 St Dev1.2x3.5x213

Precedent Transactions — WinZip

Strictly Private and Confidential 21 Precedent Transactions

Precedent Transactions Value Range(US$ millions, unless otherwise stated)Metric RangeTEVPer ShareMetricInputLowHighLowHighLowHighWinZipTEV/LTM EBITDA28.23.5x5.3x98.6149.4Remaining BusinessTEV/LTM EBITDA21.06.6x10.0x138.6210.0Total237.2359.4$4.78$8.75Control Premium Discount(25%)(40%)Total199.0244.8$3.59$5.25

Strictly Private and Confidential 22 DCF — WinZip 15-Yr Forecast Case

DCF Sensitivity DCF Per Share Free Cash Flow Forecast Observations

? WinZip forecast period:? Assume WinZip business declines over 15 years starting in 2013

? WACC: 17.2% (WinZip and Residual Corel) ? Terminal growth rate: 0.0% (Residual Corel) ? Implied TEV/EBITDA multiple in terminal year: 4.4x

? WinZip 15-Yr Forecast case results in a DCF value of $3.45 to $4.23 per share? WACC range: 16.2% to 18.2%

? Terminal growth range: (1.0%) to 1.0%

(US$ millions)2008A2009E2010E2011E2012E2013ERevenues268.2208.3209.9215.2220.5218.5EBITDA60.940.943.248.55 0.647.9Capital Expenditures(2.4)(2.5)(2.5)(2.5)Cash Taxes(2.1)(2.2)(7.1)(6.7)Changes in Working Capital(0.1)(0.3)(0.3)(0.1)Unlevered Free Cash Flow38.743.540.738.6Terminal Growth RateWACC(1.0%)(0.5%)0.0%0.5%1.0%16.2%$3.97$4.03$4.09$4.16$4.2316.7%$3.83$3.89$3.94$4.01$4.0717.2%$3. 70$3.75$3.80$3.86$3.9217.7%$3.57$3.62$3.67$3.72$3.7818.2%$3.45$3.50$3.54$3.59$3.64

Strictly Private and Confidential 23 DCF — WinZip Going-Concern Case

DCF Sensitivity DCF Per Share Free Cash Flow Forecast Observations

? WinZip forecast period: Perpetuity ? WinZip incremental R&D investment: 10% of revenue to drive new product development ? WACC: 17.2% (Residual Corel), 19.2% (WinZip) ? Terminal growth rate: 0.0% ? Implied TEV/EBITDA multiple in terminal year:? WinZip: 4.3x ? Residual Corel: 4.4x

? WinZip Going-Concern case results in a DCF value of $3.78 to $4.73 per share? WACC range: 16.2% to 18.2% (Residual Corel), 18.2% to 20.2% (WinZip)

? Terminal growth range: (1.0%) to 1.0%

(US$ millions)2008A2009E2010E2011E2012E2013ERevenues268.2208.3209.9214.8219.8221.2EBITDA60.940.939.444.44 6.245.9Capital Expenditures(2.4)(2.5)(2.5)(2.5)Cash Taxes(1.9)(2.1)(6.5)(6.5)Changes in Working Capital(0.1)(0.3)(0.3)(0.1)Unlevered Free Cash Flow34.939.536.836.8WinZipRes CorelTerminal Growth RateWACCWACC(1.0%)(0.5%)0.0%0.5%1.0%18.2%16.2%$4.47$4.53$4.59$4.66$4.7318.7%16.7%$4.29$4.34$4.40$4.4 6$4.5219.2%17.2%$4.11$4.16$4.21$4.27$4.3219.7%17.7%$3.94$3.98$4.03$4.09$4.1420.2%18.2%$3.78$3.82$3.8 7$3.91$3.97

A. Additional Financial Detail

Strictly Private and Confidential 25 Weighted Average Cost of Capital

WACC

1 Average of 10 year and 30 year US government bond yields (Bloomberg) 2 Average of B-rated and BB-rated corporate bond yield spreads 3 Source: 2009 Ibbotson Risk Premia Over Time Report (Morningstar) 4 Assuming debt/equity ratio of 0.25x 5 Source: 2009 Ibbotson Risk Premia Over Time Report (Morningstar)

Cost of DebtRisk free rate13.93%Borrowing spread25.22%Pre-tax cost of debt9.15%Tax rate30.00%After tax cost of debt6.40%Cost of EquityRisk free rate13.93%Equity risk premium36.50%Unlevered beta1.30Levered beta41.53Size Premium56.03%After tax cost of equity19.91%Optimal Capital Structure20% debtWACC Calculated from Above17.21%

Strictly Private and Confidential 26 Takeover Premiums40%70%56%56%47%39%42%Q1 2008Q2 2008Q3 2008Q4 2008Q1 2009Q2 2009Q3 2009 44 62 54 25 31 41 37 S&P 500 Index

Takeover Premiums1

1 All M&A transactions over US$20 million; excludes real estate and financial industry transactions, excludes premiums over 200%; based on premium to prior day closing price

Source: Capital IQ32%29%31%200520062007 221 270 319 Average: 30% Year # Deals

Strictly Private and Confidential 27 Going Private Bid Premiums

Canadian Insider Transactions — Bid Premiums

Final Offer as % of Mid-Point Range(20%)0%20%40%60%80%100%Clublink CorpNorthbirdge Financial Corp.Teknion CorporationCunningham Lindsey GroupFUN TechnologiesNurun Inc.SobeysSt. Lawrence Cement GroupSears CanadaShell CanadaBell Nordiq Income FundFalconbridgeThyssenkrupp Budd Canada Inc.Rogers Wireless CommunicationsDecoma InternationalIntier AutomotiveCara Operations LtdDupont CanadaGulf Indonesia Resources LtdTrilon Financial CorpCominco LtdBentall CorporationDesjardins Financial Corp IncBPO Properties LtdCanadian Satellite Comm.Perkins Papers Ltd.Rolland IncPaperboard Industries InternationalCambridge Shopping CentresMonarch Development CorpQuebectel Group IncBCE Mobile Communications IncCelanese Canada IncSoutham Inc.Meridian Technologies IncGlobal Equity CorpGreat Pacific EnterprisesSpruce Falls Acquisition CP1-day premium4-week premium1-Day Average: 21%4 Week Average: 26%57%152%99%