NETLEDGER APPOINTS INDUSTRY LEADER AS PRESIDENT AND CHIEF OPERATING OFFICER

Seasoned Executive Comes on Board to Continue Company’s Rapid Growth
SAN MATEO, CA. – July 9, 2002 æ NetLedger, Inc., a leading provider of application software for small to medium businesses, today announced the appointment of former Oracle (NASDAQ: ORCL) and Network Associates, Inc. (NYSE: NET) executive Zach Nelson as president and chief operating officer. Mr. Nelson will drive the strategic business and operational direction for the company to complement the existing successful product strategy effort headed by CEO and co-founder Evan Goldberg.

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