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THE EXS PRODUCT FAMILY

The EXS (Expandable Switching System) is Excel's next-generation programmable switching platform. EXS is a distributed switching architecture that is scalable and configurable to support from 100 to over 30,000 non-blocking ports. The EXS family of programmable switches was designed specifically to fulfill the design criteria of open programmability, high performance, configurability and expandability. EXS supports the connection of multiple switching shelves over EXNET, Excel's 1.2 Gbps fiber-optic network infrastructure, all utilizing the same rich Application Programming Interface (API). EXS is designed to be geographically distributed or centrally located, based on customer needs. The EXNET infrastructure can also support media resources, integrating voice, data and other media into the switching fabric.

EXS software also utilizes a distributed architecture, and is designed to meet specific requirements based on a layered architecture. Each layer of the software is open and programmable. Behind this rich software environment is Excel's patented Programmable Protocol Language (PPL). PPL was originally designed to enable Excel and its customers to develop country variances of E1 protocols. It has been extended to virtually every part of the switching fabric, and it can facilitate the development of enhanced services, significantly reduce the cost of service provisioning, and simplify operations management.

For additional information on Excel's family of products, please refer to our product index. Also please see our on-line brochure (large file, high-speed internet connection recommended)describing the EXS family.

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MARKETING AND SALES

The sophistication and rich functionality of Excel's programmable switching platforms are often used as a basis for value-added solutions by telecommunications systems. Thus, Excel’s marketing and sales strategy consists of a balanced combination of direct sales to service providers, as well as sales to Applications Developers, Original Equipment Manufacturers (OEMs) and System Integrators.

Excel's customer base continues to grow. Distribution has expanded to over 100 application developers, OEMs and service providers. Excel switches are deployed in 60 countries around the world and in the networks of local exchange carriers (LECs), inner exchange carriers (IXCs), competitive access providers (CAPs), wireless providers and service bureaus.

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TECHNOLOGY INNOVATION AND DESIGN PHILOSOPHY

The Company’s Massachusetts-based research and development organization is a major corporate resource, providing the basis for Excel’s open product design.

Hardware Engineering, Software Engineering and Applications Engineering comprise over forty percent of the Company’s employee resources, illustrating Excel’s continued commitment to R&D. Under the direction of the core engineering team, the goal of these groups is to design and build the most open, programmable, reliable and configurable switches the industry has to offer, and to provide our customer with the highest levels of quality product support.

Excel’s technical development plan addresses the emerging needs of the global telecommunications marketplace. Systems being developed today feature the characteristics demanded by real-time switching operations:

• Open systems architecture to support current and future applications
• 24-hour continuous reliable operations
• High port capacities and scalability with diverse expandability options
• Compact footprint for easy, cost-effective deployment

The Company is committed to using industry-standard technology in its products. Industry standards further a design philosophy that has achieved a distributed open architecture. Thus, Excel's product line can integrate new, more powerful technologies as they become available. It can provide industry-standard communications that support today’s and tomorrow’s networks. And, it can achieve maximum performance, greater reliability and ease in introducing system enhancements. This commitment to standards helps assure the customer that the product purchased today will not be obsolete tomorrow. It is applied throughout Excel’s products, including the hardware technology, communications support, and system software.

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FINANCIAL PROFILE

A publicly traded company (Nasdaq: XLSW), Excel Switching Corporation is a young, dynamic, thriving business. The Company began delivering product in 1988, and has grown consistently from year to year. Excel posted revenues of $88.7 million for the fiscal year ended December 31, 1997.

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EXECUTIVE BIOGRAPHIES

Board Of Directors

Robert P. Madonna founded the Company in January 1988 and has served as its Chief Executive Officer, President and a Director since that time. Mr. Madonna was elected Chairman of the Board of Directors in September 1997. Mr. Madonna also served as the Company's Treasurer until June 1996 and Clerk until May 1997. From August 1984 to October 1987, Mr. Madonna was Director of Hardware Engineering for Lan-Tel, Inc., a developer and manufacturer of PBX voice and data switches. From January 1983 to July 1984, Mr. Madonna was a principal engineer at American Science and Engineering, Inc., a manufacturer of CAT scan and other medical imaging technology.

Christopher Stavros joined the Company in August 1995 as General Counsel and was elected a director in December 1995 and Vice President in September 1997. From January 1992 to August 1995, Mr. Stavros was a member of the law firm of DeVito, Pransky and Stavros, P.A. Prior to 1992, Mr. Stavros maintained his own private practice concentrating in small business and general corporate law in Boston, Massachusetts. Mr. Stavros has represented the Company on various matters since its incorporation.

Edward L. Breslow first became a director of the Company in November 1997 upon the Company's initial public offering. Mr. Breslow has been Vice President, Corporate Business Development of EMC Corporation since December 1988. EMC Corporation is a supplier of enterprise-wide intelligent information storage and retrieval solutions. Prior to joining EMC Corporation, Mr. Breslow held various financial management positions at Bose Corporation, a consumer electronics company, and Texas Instruments, Inc., a diversified technology company.

John Loughlin first became a director of the Company in November 1997 upon the Company's initial public offering. Mr. Loughlin has been a human resources consultant providing staffing and human resource services to technology and financial services clients, including the Company, since 1986. From 1981 to 1986, Mr. Loughlin serviced as Director of Human Resources at American Science & Engineering, Inc. a manufacturer of CAT scan and other medical imaging technology.

Executive Officers

Robert P. Madonna founded the Company in January 1988 and has served as its Chief Executive Officer, President and a Director since that time. Mr. Madonna was elected Chairman of the Board of Directors in September 1997. Mr. Madonna also served as the Company's Treasurer until June 1996 and Clerk until May 1997. From August 1984 to October 1987, Mr. Madonna was Director of Hardware Engineering for Lan-Tel, Inc., a developer and manufacturer of PBX voice and data switches. From January 1983 to July 1984, Mr. Madonna was a principal engineer at American Science and Engineering, Inc., a manufacturer of CAT scan and other medical imaging technology.

David Brajczewski, joined the Company in April 1997 as Vice President, Research and Development and now serves as Vice President, Research and Development and Engineering. From September 1988 to April 1997, Mr. Brajczewski was employed by the Otis Elevator Company, a supplier of elevator systems and a division of United Technologies Corporation, as part of its engineering management team. From September 1987 to September 1988, Mr. Brajczewski was a Project Engineer at Microtechnologies, Inc., a designer of microprocessor and PC-based test and control systems. From May 1986 to September 1987, Mr. Brajczewski was an Electrical Engineer at Lan-Tel, Inc.

Jeff Buttel, joined the Company in May 1989 as a design engineer. Prior to his current position as Vice President, Advanced Technology, a position Mr. Buttel has held since April 1997, Mr. Buttel held several positions at Excel including Vice President, Research and Development, Vice President of Engineering, Director of Hardware Development, Director of Software Development and Manager of Manufacturing. From December 1985 to March 1989, Mr. Buttel was employed by GTECH Holdings Corporation, a supplier of computerized, on-line lottery products and services. While at GTECH, Mr. Buttel held several positions including Design Engineer, Manager of Firmware and Research and Development Engineer. From July 1984 to December 1985, Mr. Buttel was a design engineer at Lan-Tel, Inc.

James Carroll, joined the Company in August 1995 as Director of Corporate Quality. Since November 1996, Mr. Carroll has served as Vice President, Engineering and since January 1998, as Vice President, Customer Engineering and Quality. From December 1993 to August 1995 and from November 1990 to May 1992, Mr. Carroll was employed by Boston Technology, Inc., a designer and manufacturer of central office enhanced services. From December 1993 to August 1995, Mr. Carroll was Manager of Operations and Customer Service Quality Assurance and from November 1990 to May 1992, he was Senior Supplier, Quality Assurance. From May 1992 to December 1993, Mr. Carroll was employed by Brite Voice Systems, Inc., a manufacturer of voice processing systems. At Brite Voice, Mr. Carroll was Director of Quality until March 1993 and Director of Research and Development until December 1993.

Steve Galliker, joined the Company in July 1996 as Chief Financial Officer and was elected Vice President, Finance and Administration in September 1997. From September 1992 to June 1996, Mr. Galliker was employed by Ultracision, Inc., a developer and manufacturer of ultrasonically powered surgical instruments. At Ultracision, Inc., Mr. Galliker was Chief Financial Officer and Vice President of Finance until November 1995 and Chief Operating Officer from December 1995 to June 1996. From June 1989 to September 1992, Mr. Galliker was Senior Vice President, Operations/Finance and Chief Financial Officer at Tylink Corporation, a manufacturer of high-speed telecommunications equipment. Mr. Galliker is a Certified Public Accountant.

Russell Levesque, joined the Company in May 1992 as Director of Software. In January 1998, Mr. Levesque was made Vice President, Product Management. From June 1995 until January 1998, Mr. Levesque served as the Company's Director of Product Management. From July 1986 to April 1992, Mr. Levesque served as Software Engineering Manager at Imaging Technologies, Inc., a manufacturer of image processing hardware and software products for the image inspection and image analysis markets.

Robert Panoff, joined the Company in January 1997 as Vice President, Marketing. From February 1986 to December 1996, Mr. Panoff was employed by Natural MicroSystems Corporation, a designer and manufacturer of PC-based call processing hardware and software components where he held several positions including Vice President and General Manager of the European group from September 1994 through December 1996, Vice President of New Business Development from 1990 to 1994, Vice President Sales and Marketing from 1987 to 1990 and Vice President, Marketing from 1986 to 1987

Bob Ross, joined the Company in February 1995 as Director of Sales and became Vice President, Sales in August 1996. From June 1994 to January 1995, Mr. Ross was a Director of Telecommunications Sales for Switchcraft, a division of Raytheon Company and a supplier of components for the audio/video, telecommunications, computer, medical, military, appliance, transportation and instrumentation industries. From January 1994 to June 1994, Mr. Ross was Regional Vice President of Sales for a division of Augat, Inc., a manufacturer of telecommunications equipment. From September 1982 to October 1993, Mr. Ross was employed by ADC Telecommunications, Inc., a manufacturer and designer of transmission, networking and connectivity products. During his tenure at ADC, Mr. Ross held several different positions, including National Sales Manager and Regional Sales Manager for the NYNEX region.

Christopher Stavros, joined the Company in August 1995 as General Counsel and was elected a director in December 1995 and Vice President in September 1997. From January 1992 to August 1995, Mr. Stavros was a member of the law firm of DeVito, Pransky and Stavros, P.A. Prior to 1992, Mr. Stavros maintained his own private practice concentrating in small business and general corporate law in Boston, Massachusetts. Mr. Stavros has represented the Company on various matters since its incorporation.

Gadi Tamari, joined the Company in November 1996 as Chief Operating Officer. From February 1990 until joining Excel, Mr. Tamari was a consultant to various telecommunications companies based in both Israel and the United States. In addition to his work as a consultant, from February 1990 to October 1996, Mr. Tamari was President of ALNO Networks USA, an importer and distributor of household goods. From February 1988 to January 1990, Mr. Tamari served as Director of East Coast Operations at Credence Systems Corporation, a designer and manufacturer of automatic test equipment for digital and mixed signal semiconductors. From September 1986 to January 1988, Mr. Tamari was Vice President, Operations at Lan-Tel, Inc.

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