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PROJECT LEVEROctober 21, 2009

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TABLE OF CONTENTS

1. Project Summary

2. Industry Trends & Overview

3. Acquisition Target Overview

4. Leveraged Buyout

5. Creation of Settlement & Clearinghouse

6. Appendix

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1.0 PROJECT SUMMARY

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1. Project Summary

STRATEGY EXECUTION METHODOLOGY

Identify technologies

Interlink technologies

Establish Asian S&C

Telcoware establishes ananchor for market expansion

Embedding best coretechnology into the

customer baseInterlink SS7 signaling andcore network components

based on standards

LBO: Source of capital secured bydebt/cash flow rich stable business model

Expansion capital from LBO, debt servicefrom consistent cash flow and customerexpansionNext generation network S&Cstandard via partnership with 3GPP,Wimax Forum, and Asian carriers

Hypothesis: We strongly believe Telcowareʼs technology, and stable and predictable cash flowstreams is central to the creation of a next generation Asian Settlement & Clearinghouse.

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1.1 Financing Strategy

Source of capital drives financing strategy - managing and servicing debt requires a stablecash flow operation to satisfy debt obligations, and build an S&C business.

Source of Capital

Debt

Stable Cash Flow

(Privatization)

LBO

Fund

Debt Repayment

Initial payment from Telcoware cashreserve; Reduce subsequent debt viaTelcoware cash flow; Retire debt in

2015

Fund

IPO value

3x currentmarket value

Settlement &Clearinghouse

Spin-off

$120M

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1.2 Phase One: Present - LBO completion

• Due diligence and LBO Preparation• Identify LBO candidate - identified (Telcoware, LTD.)• Financial due diligence• Investment banking and LBO advisor selection• Tender offer negotiation• Market signaling to control stock price manipulation

• Morestone Management team assembled• CEO - John Shin• CFO - Identified• Executive VP, Sales and Marketing - Identified• Managing Director, Korean operations - Identified

• Finalize financing with Zenith Holdings• Secure Senior debt to be pledged for LBO in escrow account• Fund $8.5M in bridge capital for Morestone working capital

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1.3 Phase Two: Synergies & Refocusing on Growth

• Management reorganization at Telcoware, LTD.• Current CEO retained as ʻAdvisor to the Companyʼ• Assistant Managing Directors are redundant• Replace with additional Sales and Marketing personnel• Accelerate global marketing campaign for existing products are services

• Refocus R&D spending• Eliminate Wibro product development• Replace with LTE product engineering• Reduce non-core R&D initiatives and programs

• Improve year-over-year revenue growth to 30%• Expand beyond Korean market• Focus on high-growth Asian markets (e.g., China, India, and developing Asian

countries)• Improve operational efficiencies• Gross margin enhancement via optimized procurement of subcomponents• Divest non-core assets

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1.3 Phase Two: Leveraging core for future Spin-off

• Privatize Telcoware, LTD.• Eliminate public disclosure requirements• Focus on long-term goals instead of quarterly results• Reposition for IPO by 2017

• Incubate Settlement & Clearing division• 3GPP and IEEE standardization participation• IPv6 and SS7 signaling engineering• Embed Telcowareʼs core technologies

• At IPO, spin-off Settlement & Clearing division• By 2017, Morsetone estimates that S&C will generate in excess of $50M in EBITDA• S&C division will become the standard for next generation roaming remediation

entity in the Asian marketplace

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1.4 Valuation Analysis

Based on DCF and APV valuation methodologies, Telcowareʼs intrinsic value is far aboveits current market capitalization, thus a 25% premium to the share price is still below itsintrinsic value

Telcoware Valuation Analysis(in $000) Current LBO Premium

Market Cap $45,021 $78,653 $33,632Discounted Cash Flow (DCF) $57,286 $128,870 $71,584Adjusted Present Value (APV) $56,603 $130,491 $73,888Premium/(Discount) to Intrinsic Value -20.81% -39.60%

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1.5 Sources & Uses

Sources Uses

Bridge Financing $8,500,000 Morsetone Mgmt $5,000,000 Transaction Cost Legal & Admin Fees $950,000 LBO Advisory Fees 2,550,000

Senior Debt $95,160,000 Telcoware Buyout Tender Offer $80,160,000 Sales & Marketing 10,000,000 Expansion WC 5,000,000

TOTAL $103,660,000 TOTAL $103,660,000

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2.0 INDUSTRY TRENDS & OVERVIEW

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2.1 Mobile Service Evolution

The introduction of mobile technologies is driven by the demand for new services

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2.2 CDMA2000 Roadmap with Next Generation

First new technology implementations occurred in Korea

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2.3 Subscriber Growth

Technology innovation anticipates subscribers need for faster speed and services

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2.4 Protocol Architecture

Picking the leader in Next Generation signaling and database management: Telcoware

TelcowareSignaling Expert

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2.5 Nextgen Network Architecture

No matter how much the network architecture changes, Telcowareʼs expertise does not

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2.6 Industry Conclusion

• Technology constantly changes• Subscribersʼ appetite for faster speed and more complex applications• Voice is treated the same as other data packets

• The telecom equipment marketplace is highly competitive but specialized• Access Network: Switch and core routing equipment (e.g., Samsung, Alcatel, Cisco,

Ericsson, Huawei)• Gateways and Servers: AAA, HLR, App servers, etc (Telcoware sweet spot and

market leader)• Handsets and Terminals: End-user equipment (e.g., Nokia, Samsung, Sony,

Ericsson)• Standardization is becoming a central focus

• A fixed-mobile convergence creates complexity• Mobile networks blend with fixed networks in architecture and standards• A unified standardization effort is the only way to have these networks speak the

same language• Standardization bodies from landline mobile and broadcasting are deciding on a

single standard for their networks to speak to each other• Korean telecom market leads global telecom landscape in technology innovation and

implementation

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2.7 Where do you Compete?

• Size and scope matters• Access Network Components is crowded with multibillion dollar equipment vendors

like Cisco, Samsung, and Ericsson• Handsets and Terminals is sold directly to end-users which requires breadth and

scale• A Core Network Sector within this highly complex telecom industry provides the

sweet spot for smaller vendors

• Expertise matters• Carriers (e.g., SK Telecom, AT&T, China Mobile) are the customers• Technological leaders have the largest market share• Technological leadership reduces switching costs

• Stability matters• Carriers choose stable vendors to minimize switching costs• Stable companies continue to innovate in the ever-changing technology space

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3.0 ACQUISITION TARGET OVERVIEW

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3.1 Telcoware Business SummaryBusiness SummaryTelcoware Co., Ltd. is a Korea-based company engaged in the provision of network solutions and relatedservices for telecommunications companies. The Company mainly provides two categories of products:voice over Internet protocol (VoIP) core networks solutions and wireless data solutions. Its VoIP corenetwork solutions include home location register (HLR), authentication center (AC), equipment identityregister (EIR), number portability database (NPDB), gateway location register (GLR) solutions and others.Its wireless data solutions consist of telephony and IP integration systems,authentication, authorization andaccounting (AAA) systems, as well as instant messaging (IM), fixed mobile convergence gateway (FMCG),session initiation protocol (SIP) and push-to talk (PTT) solutions.

Share PerformancePrice (KRW): 6,830.00 52 Week High: 8,330.00 Currency:KRW; Volume (millions): 0.0 52 Week Low: 3,430.00

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3.2 Key Ratios and Statistics

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3.2 Income StatementTELCOWARE INCOME STATEMENTS($000)

Historical Fiscal Years Ending 12/312008 2009 2010 2011 2012 2013 2014 2015 2016

Total Sales..........................................…...…........… $54,546 $53,455 $60,244 $76,751 $97,780 $114,990 $129,593 $146,052 $164,600 Cost of Sales....................................….…….......… 33,922 32,608 36,146 41,445 50,846 59,795 67,389 75,947 85,592 Gross Profit.........................................…...…........… 20,624 20,847 24,098 35,305 46,935 55,195 62,205 70,105 79,008Sales, General & Administrative Expenses ……….. 6,136 6,415 7,229 9,210 11,734 13,799 15,551 17,526 19,752 Special charges ………………………....………..… 0 0 0 0 0 0 0 0 0Research & Development .....................………....… 6,213 5,346 3,012 6,140 7,822 9,199 10,367 11,684 13,168Other Income (Costs) …………………………......………... 0 (5) 0 0 0 0 0 0 0EBITDA bef. Restructuring Expenses ….………....….. 8,275 9,082 13,856 19,955 27,379 32,197 36,286 40,895 46,088 Restructuring Expenses ………………………...… 0 0 0 0 0 0 0 0 0EBITDA.............................................……...…....… $8,275 $9,082 $13,856 $19,955 $27,379 $32,197 $36,286 $40,895 $46,088Depreciation........................................……..........… 465 429 419 479 625 810 962 1,090 1,235Goodwill Amortization ……………………….…… 0 0 0 0 0 0 0 0 0Intangible Amortization …………………………………… 0 0 0 0 0 0 0 0 0Financing Cost Amortization …………...…...…......… 0 0 0 0 0 0 0 0 0EBIT..................................................….......…....…. $7,810 $8,653 $13,437 $19,476 $26,754 $31,387 $35,325 $39,804 $44,853Interest Expense …………………………….…….. 0 0 0 0 0 0 0 0Interest Income ...................................……......… 0 0 0 0 0 0 0 0Minority interest ………………………..………… 0 0 0 0 0 0 0 0 Pretax Income..............................….....……......… 8,653 13,437 19,476 26,754 31,387 35,325 39,804 44,853 Current Income Tax ...........................…….....… 0 0 0 0 0 0 0 0 Deferred Tax ...............................……….........… 0 0 0 0 0 0 0 0 Net Income..........................................……….… $8,653 $13,437 $19,476 $26,754 $31,387 $35,325 $39,804 $44,853Dividends to other than common: Preferred stock………………………….…….…… 0 0 0 0 0 0 0 0 Net Income Available to Common……..……......… 8,653 13,437 19,476 26,754 31,387 35,325 39,804 44,853

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3.3 Balance SheetTELCOWARE BALANCE SHEETS($000) Historical Fiscal Years Ending 12/31ASSETS 12/31/2009 2009 2010 2011 2012 2013 2014 2015Current: Cash and Marketable Securities ..........................................…$34,675 $35,089 $10,655 $11,050 $16,798 $29,315 $47,048 $68,350 Accounts Receivable..............…..…………..…………..……13,370 13,103 14,767 18,813 23,967 28,186 31,765 35,799 Inventories...................................…………...........................…65 62 69 79 97 115 129 146 Other Current Assets....................……….............................…1,099 1,077 1,214 1,546 1,970 2,317 2,611 2,943 Total Current Assets...................…………..........................…49,209 49,331 26,705 31,488 42,833 59,932 81,553 107,237

PP&E and Capitalized Leases............................................…26,546 26,619 29,254 35,120 42,608 49,034 54,761 61,223Less: Depreciation.........................…………...........................…8,745 9,174 9,593 10,073 10,697 11,507 12,469 13,559 Net PP&E and Capitalized Leases……………...........................…17,801 17,445 19,660 25,047 31,910 37,527 42,293 47,664

Other Noncurrent Assets: Investments ……………………………....……...... 8,196 8,196 8,196 8,196 8,196 8,196 8,196 8,196 Other Assets...............................…………............................…4,123 4,123 4,123 4,123 4,123 4,123 4,123 4,123

Total Assets.................................…………........................……79,329 79,095 58,685 68,855 87,062 109,777 136,165 167,220

LIABILITIESCurrent: Short-term Debt & Current Portion of LTD ….... 0 0 0 0 0 0 0 0 Accounts Payable....................................…….........…...…......…5,807 5,582 6,188 7,095 8,704 10,236 11,536 13,001 Accrued Expenses...................................…….......................……110 108 121 155 197 232 261 295 Other Current Liabilities.............................………....................….587 575 648 826 1,052 1,237 1,395 1,572 Total Current Liabilities............................………........................…6,652 6,265 6,958 8,076 9,954 11,705 13,192 14,867Long-term Debt: Senior debt ……………...………...……...……… 95,160 86,660 52,120 41,696 31,272 20,848 10,424 0 Total Long-term Debt..........................................................................95,160 86,660 52,120 41,696 31,272 20,848 10,424 0Other Noncurrent Liabilities .........……………………….......….…2,209 2,209 2,209 2,209 2,209 2,209 2,209 2,209 Total Liabilities...........................………………………........…104,021 95,134 61,287 51,981 43,435 34,762 25,825 17,076Common Stock and Retained Earnings.....................................(24,692) (16,039) (2,602) 16,874 43,628 75,015 110,340 150,144 Total Net Worth .............................................................. (24,692) (16,039) (2,602) 16,874 43,628 75,015 110,340 150,144 Total Liabilities and Equity...........................................................79,329 79,095 58,685 68,855 87,062 109,777 136,165 167,220

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3.4 Statement of Cash Flow

TELCOWARE CASH FLOW STATEMENTS($000)

Fiscal Years Ending 12/312009 2010 2011 2012 2013 2014 2015

Funds from Operating Activities Net Income Available to Common.....….........…….…. $8,653 $13,437 $19,476 $26,754 $31,387 $35,325 $39,804 Depreciation.......................…....….……...……....… 429 419 479 625 810 962 1,090 Change in current assets except cash……….. ...… 292 (1,808) (4,389) (5,596) (4,582) (3,888) (4,382) Chg in current liabilities except debt ….……..….…. (387) 693 1,118 1,878 1,752 1,487 1,675 Change in Net Working Capital.........……….….….. (95) (1,115) (3,271) (3,718) (2,830) (2,402) (2,707) Funds From Operations...................….…….…......… 8,987 12,741 16,684 23,660 29,367 33,884 38,188

Funds for Investment Capital Expenditures ……………...………...…..… (73) (2,635) (5,866) (7,488) (6,426) (5,727) (6,461)

Funds from (to) Financing Debt, Preferred, Minority Retirement ………....…. (8,500) (34,540) (10,424) (10,424) (10,424) (10,424) (10,424) Common Dividend Paid ………….…….…......……. 0 0 0 0 0 0 0

(8,500) (34,540) (10,424) (10,424) (10,424) (10,424) (10,424) Increase in Cash …….................….....……......….. 414 (24,434) 394 5,748 12,517 17,733 21,302End-of-Year Cash & Marketable Securities ………. $35,089 $10,655 $11,050 $16,798 $29,315 $47,048 $68,350

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3.5 Transactions Summary

ENTERPRISE PURCHASE PRICE ($000) Telcoware Equity Purchase Price..................…….....................… $80,160 Assumed or Refinanced Debt and Preferred Stock ............................……0 Cash on Balance Sheet................…….…................… (43,175) Transactions expenses ……………………………… 0 Enterprise Purchase Price .........…...….…..….........… $36,985 Enterprise Forward EBITDA Purchase Multiple …………………….4.1 x Paid Trailing P/E Multiple ……………………………………… 16.3 x Pre-announcement Trailing P/E Multiple………………………………….13.0 x

SOURCES AND USES OF FUNDS AT CLOSING ON TELCOWARE($000)Uses: Sources: % of Capital

Offer Price per Share………..………...... $10.44 Cash in the Company.......…..… $8,500 8.2%Shares Outstanding ...……..….…….….. 7,680 Cash from the Acquirer …….. 0 0.0%Equity Purchase Price ……...………..… $80,160 Equity Rollover ………...…...… 0 0.0%Transaction Expenses .…...……….…… 0 New Common Stock Issued …. 0 0.0%Total Purchase Price ….…...……….….. $80,160 Short-Term Debt ……....……… 0 0.0%Retire Short-Term Debt ………..……… 0 Revolver ………………...…….. 0 0.0%Retire Senior Debt ………….……..…… 0 Senior Debt …….……………… 95,160 91.8%Retire Revolver …………………………. 0 Other Long-Term Debt ……………. 0 0.0%Retire Other Long-Term Debt ……..…. 0 Subordinated Debt 1 …………. 0 0.0%Retire Subordinated Debt …..……....… 0 Subordinated Debt 2 …………. 0 0.0%Retire Other Sub Debt ………..……..… 0 OID Debt …………...…………. 0 0.0%Retire Preferred Stock …....…....….…… 0 Assumed Debt ………….………. 0 0.0%Retire Convertible Preferred Stock …… 0 Preferred Stock ………...……… 0 0.0%Retire Minority Interest …………..…... 0 Convertible Preferred Stock.. … 0 0.0%Assumed Debt ……………………………… 0 Assumed Preferred Stock …...….. 0 0.0%Assumed Preferred Stock ………………… 0 Minority Interest …………………. 0 0.0%Assumed Minority Interest ………………. 0 Warrants Issued …………………. 0 0.0%Prepay Penalties/Retirement Premiums 0Cash for Working Capital ……………. 23,500Total Uses …………………………….. $103,660 Total Sources …………...……. $103,660 100.0%

• 25% Premium to forecasted stock price atclosing• $8.5M paid back from Cash Reserve• $35M initial pay down of Senior Debt• DCF Value at $90M• APV Valuation at $92M• Currently, stock repurchase

announced to stabilize stock price• Current stock price devaluation due to sector earnings pressures

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3.6 Why Leveraged Buyout?

Telcoware is an undervalued and under-managed enterprise

• Stable Cash Flow and customer base• No Debt; Cash & Cash Equivalent 35% of Market Capitalization• Leadership positioning to an incumbent customer base which is leveraging legacy

• Underperforming stock and earnings vs. KOSPI;• Using cash flow to repurchase stock versus business and market growth;

• Increasing R&D budgets• Not effectively leveraging cash flows and borrowing power• Not expanding sales geographically in emerging consumer markets

• Cultural Korean protocol limits growth e.g., no debt

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3.7 SWOT Analysis

S WO T

Stable free cash flowDebt free

Proven R&DIndustry leader: technology,

engineeringDiversified products and services

Loyal customer base: KT, Daum, SKTNaver

Dependent on a single market: KoreaWeak global market presenceSmall sales force focused ontechnology and development

Public company listing issues

Grow intl. sales and customer basePrivatization eradicates reportingReduce operating expenses for

profitabilityDivest non-core assets

Become leader in AAA functionalityin wired, wireless telecom

Alliance, co-development for 3G and4G, data roaming, settlement,

clearance

Weak telecom market, slower growthLarge telco equipment vendors

targeting Asian marketsEconomic downturn limiting lending

from banking sectorLack of debt is ideal for target for

takeover

INTE

RN

AL

VA

RIA

BLE

SE

XTE

RN

AL

VA

RIA

BLE

S

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(in 1

0MM

Won

)

Portfolio driven by technology leadership not volumetric market gains

CORE REVENUE

Revenue analysis shows that Telcowareʼs core competency is in core network components;#1 in technology patents and market share for these products in Korea; all products areSS7 signaling-related

3.8 Revenue Contribution by Product

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3.9 Revenue Model

• Revenue projected to grow on average 30% year-over-year• Average contract size for Telcoware Products and Services is $3 to $5 million• SK Telecom accounts for approximately 50% of their revenue base• KT, LG, Daum and Naver account for the rest of the 50%• By selling core products (which accounts for 90% of the revenue base today)

outside of Korea, Telcoware can accomplish this growth target on a conservativebasis• There are over 100 carriers throughout Asia• Key customers outside of Korea: China Mobile (China), Reliance (India), Tata

(India), China Unicom (China), and Bharti (India) and rest of Asia• 4 new customers per year would meet the 30% growth target• Morsetone already has relationships with over 25 carriers who are ready

to upgrade to a better HLR, AAA, and IMS• The revenue assumption is a very conservative case scenario• Additional upgrades and maintenance contracts would supplement core base

revenues by approximately 20%

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3.10 Revenue Expansion Model

TODAY: 100% revenuecontribution

SouthKorea

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3.11 Operational Efficiencies

• Cost of Goods Model• Currently, Telcoware has improved COGS to 61% of Sales• There is an opportunity decrease this to an additional 10% of Sales• Telcoware remains a “Made in Korea” vendor with all sourcing and labor from within

Korea which is about 40% more in labor costs and about 10% more in componentspricing• By resourcing equipment components from same equipment quality sources in

China and Japan would increase COGS by an additional 5%• Some core components can be manufactured in China with equivalent

engineering talent – an additional 2% cost improvement• Headcount Analysis

• Remove redundant management layers• Currently there are two layers of senior management between the Managing

Directors and Program Managers creating unnecessary overhead• Replace layers of inefficient management with Sales and Marketing personnel

• Non-Korean, market based• Executive Vice President will also bring seasoned sales professionals

• Reduce headcount with more efficient and effective partnerships and alliances

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3.12 Technology Evolution

Telcoware core equipment already compliant for Wibro, Mobile Wimax, LTE, and NextGeneration IEEE 8022.16n standards.

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4.0 LEVERAGED BUYOUT

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4.1 Leveraged Buyout Process

WEEKS 1- 4

INITIALDICUSSION

PHASE

WEEKS 4 -12

MARKETINGPHASE

(IF REQUIRED)

WEEKS 12 - 16

DUE DILIGENCE& PRELIMINARYNEGOTIATIONS

WEEKS 16 - 26

BID PHASEWEEK 26

WEEKS 26 - 36

EXECUTIONPHASE

CLOSING PHASE

• Begin negotiations with FinancialSponsor group

• Retain investment banking advisors• Legal Agreements• Letter of Intent

• Investment banking and Fairness Opinion• Incorporate acquisition vehicle• Binding financial commitments: debt and equity• Definitive Agreement

• Final Fairness Opinion• Finalize Financing Agreement• Acquisition Agreement executed• Press Release

• Valuation Analysis• Initial meetings re: Structure, Capitalization, Accounting and Tax• Identify optimal structure

• Confidential Information Memorandum• Management presentation

• Final schedules to FSC• Final approval by FSC• Close acquisition

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4.2 Revenue Growth vs Free Cash Flow Contribution

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

2009 2010 2011 2012 2013 2014 2015 2016 2017

Free Cashl flow

EBITDA

Revenue

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4.3 LBO Premium Calculation

LBO is assumed at 25% premium despite a 30% premium calculation.

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4.4 Debt Repayment

• At closing of LBO, Telcoware will immediately pay $8.5M to extinguish bridge financingto Morsetone

• First debt payment of $34.5M paid from cash and cash equivalents of Telcoware• 20% of cash remaining on balance sheet

• ʻExpected Case ̓Scenario• Subsequent debt payments of $10.4M per annum to extinguish debt by 2015• Cash balance covenant: 20% of cash reserves• Interest assumed at 6.5%

• ʻWorst Caseʼ Scenario• Assumes flat revenue growth• Covenants remain the same: An additional 3 years to satisfy debt repayment, 2018

Telcowareʼs stable existing customer base is sufficient to repay LBO financing

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5.0 CREATION OF S&C

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5.1 “Filling the Next Generation S&C Gap”

• Today, MACH is the global leader in “TAP”- based settlement and clearing• Accounts for over 150 billion records processed per annum• MACHʼs 2008 revenue was approximately $1.3 billion• Became the de facto standard by acquiring regional S&Cʼs• Acquired market leaders in S&C outside of MACHʼs markets• Active in GSM World Congress for standardization• Currently evaluating standardization change for Next Generation networks

• Problem: MACH only owns the SS7 links and not the data file format for roamingresolution• Will need to begin from scratch to adjust to new standardization• “TAP” format is for circuit-switched voice traffic• Data roaming is currently being settled on a per Meg basis - inefficient

• Gap: everyone starts from scratch for the Next Generation settlement andclearinghouse• By embedding Telcowareʼs roaming gateway throughout Asia, Morsetone S&C can

become the standardization leader for the Next Generation S&C market

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5.2 Steps to build Morsetone S&C

1. Incubate S&C division within Telcoware

2. Increase R&D headcount for standardization effort

3. Embed Telcowareʼs roaming gateway throughout Asia

4. Active participation and standardization efforts with 3GPP, GSM World Congress,Wimax Forum, and IEEE

5. Relink SS7 signaling from legacy networks to Next Generation service networks

6. Spin-off during Telcowareʼs IPO

7. Build a global footprint outside of Asia via acquisitions

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5.3 Morsetone Financial SummaryMorsetoneFinancial Summary($ in thousands) 2010 2011 2012 2013 2014

Revenue $3,333.3 $4,000.0 $2,625.0 $31,062.5 $55,562.5Cost of Service $0.0 $0.0 $215.3 $2,547.1 $4,556.1Gross Margin $3,333.3 $4,000.0 $2,409.8 $28,515.4 $51,006.4 Gross Margin % 100.0% 100.0% 91.8% 91.8% 91.8%

Operating Expenses $1,843.1 $4,152.4 $5,070.2 $6,432.1 $7,694.7 Operating Expense Ratio NM 103.8% 193.2% 20.7% 13.8% EBITDA $1,490.2 ($152.4) ($2,660.5) $22,083.2 $43,311.6 EBITDA Ratio 44.7% NM NM 71.1% 78.0% Net Income (Loss) $778.1 ($643.5) ($3,077.4) $14,513.7 $26,676.9 Net Income Ratio 23.3% NM NM 46.7% 48.0%

Current Assets $5,778.1 $5,134.6 $2,272.4 $17,431.9 $44,431.7Total Assets 6,271.0 10,180.4 7,521.5 23,103.6 50,521.8Current Liability 492.9 1,254.8 1,673.3 2,741.7 3,483.0Total Liability 492.9 5,045.8 5,464.3 6,532.7 7,274.0Stockholder's Equity/Deficit 5,778.1 5,134.6 2,057.2 16,570.9 43,247.8Total Liability and Stockholders' Equity $6,271.0 $10,180.4 $7,521.5 $23,103.6 $50,521.8

Net Increase (Decrease) in Cash ($221.9) $356.5 ($4,174.6) $11,222.0 $25,031.1

Cash Balance $4,778.1 $5,134.6 $959.9 $12,181.9 $37,212.9

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6.0 APPENDIX

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6.1 Itemized Appendices

1. Financials and detailed analysis1. Telcoware financials and LBO model2. Telcoware equity premium calculator3. Morsetone SNC model

2. Telcoware information overview1. Information book (Korean)2. Roaming gateway brochure3. IMS brochure4. IR book 2009

3. Industry information1. CDG presentation2. BERGE new business models 20073. Korean government initiatives

4. Other supporting documents - LBO price premium research

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CONTACT

John J. ShinPresident & CEOMorsetone, Inc.8840 Stanford Boulevard, Suite 4000Columbia, MD 21045

+1 443 538 8110Jshin@Morsetone.com