Tumbleweed Communications Corp Watch

from SC 13D/A 2 pages Shareholder Presentation Jan 2008 Current Situation Empire Has Been in the Stock for a Long Time Continue to Believe Stock Is Under Valued Management Team Promoted as the Team to Turn Things Around • Initial Quarters Did Not Produce Significant Results • in Recent Quarters the Team Seems Behind the Market and the Business Channel Checks Indicate • Inconsistent Channel Communications • Leadership Turnover and Strategy Changes Causing Poor Performance Product MIX Validation Authority — Harvest Mode Mailgate — Commodity Margins • Corvigo Acquisition Under Performed Value Expectation • Cisco (Ironport) Dominates the Channel Secure Content Delivery Platform — Future Value • Secure Messenger • Secure Transport • Avoids Perception of Channel Conflict/Competition With Cisco • New Product in the Category, Not Likely Resource Rich Enough to Promote It Operational Performance Gross Margin Compression to 77% Operating Expenses Exceeded 85% of Total Revenue Sales and Marketing Expense Ratio Too High for Too Long and Unproductive • Current Explanation Is Priming the Channel • Past Experience Suffered Turnover in Leadership Position a 10% Across the Board Expense Reduction Is Not Sufficient Operating Expenses Have Been a Systemic Challenge for More Than 7 Quarters Situational Awareness Industry Consolidation • Competition and Margin Compression Is Increasing • Smaller Independent Software Vendors at a Competitive Disadvantage Position in the Industry • in a Consolidating Segment, the Issuer Is a Seller • if You Are Small, You Must Be Strong; Which Means Profitable Operations and Positive Cash Flow Company Trades at a Discount to Intrinsic Value Due to • Unprofitable Operations • Downside Surprises to Revenue, Net Income and Cash • Competitive Weakness in the Channel • Flagging Legacy Product Sales • Uncertain Value in the Promise of New Secure Content Delivery Product

from SC 13D/A 2 pages Shareholder Presentation Jan 2008 Current Situation Empire Has Been in the Stock for a Long Time Continue to Believe Stock Is Under Valued Management Team Promoted as the Team to Turn Things Around • Initial Quarters Did Not Produce Significant Results • in Recent Quarters the Team Seems Behind the Market and the Business Channel Checks Indicate • Inconsistent Channel Communications • Leadership Turnover and Strategy Changes Causing Poor Performance Product MIX Validation Authority — Harvest Mode Mailgate — Commodity Margins • Corvigo Acquisition Under Performed Value Expectation • Cisco (Ironport) Dominates the Channel Secure Content Delivery Platform — Future Value • Secure Messenger • Secure Transport • Avoids Perception of Channel Conflict/Competition With Cisco • New Product in the Category, Not Likely Resource Rich Enough to Promote It Operational Performance Gross Margin Compression to 77% Operating Expenses Exceeded 85% of Total Revenue Sales and Marketing Expense Ratio Too High for Too Long and Unproductive • Current Explanation Is Priming the Channel • Past Experience Suffered Turnover in Leadership Position a 10% Across the Board Expense Reduction Is Not Sufficient Operating Expenses Have Been a Systemic Challenge for More Than 7 Quarters Situational Awareness Industry Consolidation • Competition and Margin Compression Is Increasing • Smaller Independent Software Vendors at a Competitive Disadvantage Position in the Industry • in a Consolidating Segment, the Issuer Is a Seller • if You Are Small, You Must Be Strong; Which Means Profitable Operations and Positive Cash Flow Company Trades at a Discount to Intrinsic Value Due to • Unprofitable Operations • Downside Surprises to Revenue, Net Income and Cash • Competitive Weakness in the Channel • Flagging Legacy Product Sales • Uncertain Value in the Promise of New Secure Content Delivery Product

from SC 13D/A 2 pages Shareholder Presentation Jan 2008 Current Situation Empire Has Been in the Stock for a Long Time Continue to Believe Stock Is Under Valued Management Team Promoted as the Team to Turn Things Around • Initial Quarters Did Not Produce Significant Results • in Recent Quarters the Team Seems Behind the Market and the Business Channel Checks Indicate • Inconsistent Channel Communications • Leadership Turnover and Strategy Changes Causing Poor Performance Product MIX Validation Authority — Harvest Mode Mailgate — Commodity Margins • Corvigo Acquisition Under Performed Value Expectation • Cisco (Ironport) Dominates the Channel Secure Content Delivery Platform — Future Value • Secure Messenger • Secure Transport • Avoids Perception of Channel Conflict/Competition With Cisco • New Product in the Category, Not Likely Resource Rich Enough to Promote It Operational Performance Gross Margin Compression to 77% Operating Expenses Exceeded 85% of Total Revenue Sales and Marketing Expense Ratio Too High for Too Long and Unproductive • Current Explanation Is Priming the Channel • Past Experience Suffered Turnover in Leadership Position a 10% Across the Board Expense Reduction Is Not Sufficient Operating Expenses Have Been a Systemic Challenge for More Than 7 Quarters Situational Awareness Industry Consolidation • Competition and Margin Compression Is Increasing • Smaller Independent Software Vendors at a Competitive Disadvantage Position in the Industry • in a Consolidating Segment, the Issuer Is a Seller • if You Are Small, You Must Be Strong; Which Means Profitable Operations and Positive Cash Flow Company Trades at a Discount to Intrinsic Value Due to • Unprofitable Operations • Downside Surprises to Revenue, Net Income and Cash • Competitive Weakness in the Channel • Flagging Legacy Product Sales • Uncertain Value in the Promise of New Secure Content Delivery Product

from SC 13D 10 pages Voting Agreement and Irrevocable Proxy

from S-4 ~20 pages Articles of Incorporation or Bylaws

from S-4 ~5 pages Articles of Incorporation or Bylaws

from S-1/A ~20 pages Articles of Incorporation or Bylaws

from S-1/A ~5 pages Articles of Incorporation or Bylaws

from S-1/A ~20 pages Articles of Incorporation or Bylaws

from S-1 ~20 pages Articles of Incorporation or Bylaws