Investor Presentation

(Based upon First Quarter 2010 Results)

May 4, 2010

Exhibit 99.2

•

Future operating results

•

Global economic conditions

•

Subscriber growth, retention and usage levels

•

Fax and voice service growth

•

International growth

•

New products, services, features and technologies

•

Corporate spending

•

Intellectual property

•

Liquidity

•

Network capacity, coverage and security

•

Regulatory developments

•

Taxes

Certain

statements

this

presentation

constitute

“forward-looking

statements”

within

the

meaning

the

Private

Securities

Litigation

Reform

Act

1995,

particularly

those

contained

the

“2010

Guidance”

slides.

These

forward-

looking

statements

are

based

management’s

current

expectations

beliefs

May

2010

and

are

subject

numerous

assumptions,

risks

and

uncertainties

that

could

cause

actual

results

differ

materially

from

those

described

the

forward-looking

statements.

undertake

obligation

revise

publicly

release

the

results

any

revision

these

forward-looking

statements.

Readers

should

carefully

review

the

risk

factors

described

this

presentation.

Such

forward-looking

statements

address

the

following

subjects,

among

others:

Safe Harbor for Forward-Looking Statements

All information in this presentation speaks as of May 4, 2010 and any distribution of

this presentation after that date is not intended and will not be construed as updating

or confirming such information.

Risk Factors

•

Inability

sustain

growth

profitability,

particularly

light

uncertain

U.S.

worldwide

economy

and

the

impact on customer acquisition and retention rates, customer usage levels and credit and debit card payment declines

•

Inability to maintain and expand our customer base and maintain or increase the average revenue per subscriber

•

Inability to continue to expand our business and operations internationally

•

New or unanticipated costs or income, sales or other tax liabilities or inability to accurately estimate our effective tax rate

•

Inability to maintain existing or enter into new supplier and marketing relationships on acceptable terms

•

Inability

manage

certain

risks

inherent

our

business,

such

fraudulent

activity,

system

failure

security

breach

•

Competition from other similar providers with regard to price, service and functionality

•

Inability to obtain telephone numbers in sufficient quantities on acceptable terms and in desired locations

•

Enactment of burdensome telecommunications, Internet, or other regulations

•

Reduced use of fax services due to increased use of email, scanning or widespread adoption of digital signatures

•

Inability to successfully manage our growth, including integration of newly acquired businesses

•

Inability to adapt to technological change and diversify our service offerings and related revenues at acceptable levels of

return-on-investment

•

Inadequate intellectual property protection or violations of third party intellectual property rights

•

Loss of services of executive officers and other key employees

•

Other factors set forth in our Annual Report on Form 10-K filed by us on February 23, 2010 with the Securities and Exchange

Commission (“SEC”) and the other reports we file from time-to-time with the SEC

The following factors, among others, could cause our business, prospects, financial condition, operating results and cash flows to

be materially adversely affected:

Q1 ’10 GAAP & Non-GAAP Results

(1)

Non-GAAP excludes share-based compensation and certain acquisition costs, net of tax. See slide 14 for a reconciliation to GAAP.

(2)

Non-GAAP excludes share-based compensation and certain acquisition costs, net of tax. Q1’s GAAP tax rate is 28.5% and non-GAAP is 28.7%.

See slide 14 for a reconciliation to GAAP.

(3)

See slide 13 for computation of free cash flow.

Margin

Q1 2010 GAAP

Revenues

$60.3M

Gross

Profit/Margin

(1)

$50.0M

83.0%

$50.3M

83.5%

Operating

Profit/Margin

(1)

$24.5M

40.6%

$27.5M

45.7%

EPS

(2)

$0.39/Share

$0.44/Share

Free Cash Flow

(3)

$34.2M

Cash and Investments

$264.4M

Margin

Q1 2010 Non-GAAP

2010 Q1 Highlights

2010 Q1 Highlights

Operations

net

adds

are

39,000+

with

11,000

from

organic

growth

gross

sign

ups

are

the

highest since Q1 2009

Retention

improving

–

cancel

rate

2.8%

our

lowest

rate

the

last

years

(Q4 2007 was 2.7%)

Successful

marketing

efforts

drive

annual

commitments

results

lower

churn

rates and ARPUs. The deferred revenue increased by $1.2M to $12.6M.

Corporate Sales

added 26 new contract customers in Q1; 7 are large deals

closed 2 additional large contracts in April

Added 2 countries: Brazil and Peru to our global footprint (48 countries total). Added

approx 130 cities (~3,700 cities total) in Q1

2010 Q1 Highlights

Marketing Investment and Initiatives

April net adds ~ 6K DIDs, largest monthly organic growth since November 2008

Investing in display advertising for both fax and voice to strengthen brand

positioning, boost straight to site sign ups and enhance market share

Re-investment in Free Base

Renewed investment in eFax Free®

designed to increase Free-to-Paid sign ups,

up-sells, cross-sells, straight to site traffic and advertising revenue

eVoice®

free

trial

program

(started

mid-January)

initial

results

encouraging;

actual conversion rates in late Q2/early Q3

Invest in Japan and Asia Pacific market to increase our international presence

Established Tokyo office

Formal launch during Q2

Start with Tokyo and Osaka -

DIDs contracted in 15 major cities in Japan

Websites in Japanese are in final testing, marketing campaigns almost ready

Hong Kong office expanding as our Asia Pacific hub to support existing business in

Hong Kong, Australia, New-Zealand, Singapore, Malaysia and Taiwan

2010 Q1 Highlights

2010 M&A Review

Trustfax

US fax business acquired in late January

Customer base is mostly SOHO and SMB, integration to be completed in May

mBox

Australian fax business acquired at the end of March, integration underway

Customers are primarily in the Asia-Pacific region: Australia, Singapore and

New Zealand

Reality Telecom

British voice services business acquired in January with service in UK for

primarily SMB accounts, integration targeted for late May

Fusemail

Deal closed today

Primarily email hosting and email marketing business

Customer

focus

SOHO

and

SMB,

similar

base

eFax

customers;

predominately in the US –

95%

M&A pipeline –

large number of candidates in multiple countries; but predominantly

international opportunities

2010 GUIDANCE

2010 Guidance

2010 EPS is based on Non-GAAP which excludes SFAS 123(R) non-cash compensation

expense, net of tax benefit.

2010 Plan

Revenues

3% -

7% increase vs. 2009

Non-GAAP EPS

similar to 2009

Supplemental Information

Metrics

2010

Fixed Subscriber Revenues

$46,593

$47,481

$48,125

$48,799

$49,726

$49,782

$49,612

$48,869

Variable Subscriber Revenues

12,943

12,985

11,503

10,842

11,322

11,264

10,576

10,678

Subscriber Revenues

$59,536

$60,466

$59,628

$59,640

$61,049

$61,046

$60,188

$59,547

Other Revenues

1,140

1,086

1,014

751

1,415

756

727

733

Total Revenues

$60,676

$61,552

$60,642

$60,391

$62,464

$61,801

$60,915

$60,280

DID - Based Revenues

$57,551

$58,440

$57,698

$57,449

$58,904

$58,969

$58,122

$57,435

Non-DID Revenues

3,125

3,112

2,944

2,942

3,560

2,832

2,793

2,845

Total Revenues

$60,676

$61,552

$60,642

$60,391

$62,464

$61,801

$60,915

$60,280

Subscriber Revenues/Total Revenues

98.1%

98.2%

98.3%

98.8%

97.7%

98.8%

DID - Based/Total Revenues

94.8%

94.9%

95.1%

94.3%

95.4%

95.3%

% Fixed Subscriber Revenues

78.3%

78.5%

80.7%

81.8%

81.5%

82.4%

82.1%

% Variable Subscriber Revenues

21.7%

21.5%

19.3%

18.2%

18.5%

17.6%

17.9%

Paid DIDs

(1)

1,162,872

1,198,950

1,236,079

1,273,876

1,274,145

1,274,240

1,275,486

1,314,857

Average Monthly Revenue/DID

$16.29

$15.87

$15.29

$14.85

$14.96

$15.03

$14.85

$14.40

Cancel Rate

(2)

2.9%

3.0%

3.1%

3.5%

3.3%

3.1%

3.0%

2.8%

Free DIDs (MM)

10.2

10.4

10.1

10.0

9.9

10.3

Average Monthly Revenue/DID

$0.07

$0.06

$0.05

$0.06

$0.05

$0.04

$0.05

Cities Covered

3,126

3,137

3,135

3,207

3,327

3,500

3,539

3,665

Countries Covered

Cash & Investment

(millions)

$149.9

$151.8

$161.9

$179.3

$194.8

$222.5

$243.7

$264.4

Free Cash Flow

(3)

(millions)

$23.2

$15.0

$24.4

$30.4

$22.9

$26.1

$22.2

$34.2

2008

2009

(1)

Paid DIDs reflect reserves for: anticipated product migration and/or price increase and a non-recurring adjustment for data clean up.

(2)

Cancel Rate is defined as individual customer DIDs with greater than 4 months of continuous service (continuous service includes customer DIDs which are administratively cancelled and reactivated within

calendar month), and DIDs related to enterprise customers beginning with their first day of service. Calculated monthly and expressed here as an average over the three months of the quarter.

(3)

Free cash flow is net cash provided by operating activities, plus excess tax benefits/(deficiency) from share based compensation, less purchases of property and equipment. See slide 13 for computation of

free cash flow.

(1)

Free cash flow is defined as net cash provided by operating activities, less purchases of property, plant and equipment, plus

excess tax benefit (deficiency) from share based compensation. Free cash flow amounts are not meant as a substitute for GAAP,

but are solely for informational purposes.

Computation of Free Cash Flow

($ in millions)

Q2 '08

Q3 '08

Q4 '08

Q1 '09

Q2 '09

Q3 '09

Q4 '09

Q1 '10

Net cash provided by operating activities

$23.840

$15.676

$23.789

$31.152

$20.362

$26.469

$23.850

$34.688

Purch. of property & equipment

($0.796)

($0.937)

($0.305)

($0.721)

($0.217)

($0.767)

($1.546)

($0.086)

Excess tax benefit/(deficiency) from share

based compensation

$0.204

$0.212

$0.910

$0.005

$2.718

$0.403

($0.063)

($0.406)

Free Cash Flow

(1)

$23.248

$14.951

$24.394

$30.436

$22.863

$26.105

$22.241

$34.196

Non-GAAP Results & Reconciliation to GAAP

(1)

based

compensation

follows:

for

Q1,

Cost

revenues

$329K,

Sales

and

Marketing

$491K,

R&D

$220K,

and

G&A

$1,901K.

(2)

Nonrecurring acquisition costs of $130K.

(3)

Income

tax

expense

adjusted

for

the

net

impact

items

above

$944K.

j2 GLOBAL COMMUNICATIONS, INC.

UNAUDITED RECONCILIATION OF MODIFIED NET EARNINGS

THREE MONTHS ENDED MARCH 31, 2010

(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

Reported

Non-GAAP

Revenues

Subscriber

59,547

Other

733

Total revenue

60,280

Cost of revenues

(1)

10,266

(329)

(1)

9,937

Gross profit

50,014

329

50,343

Operating expenses:

Sales and marketing

(1)

11,152

(491)

(1)

10,661

Research, development and engineering

(1)

2,909

(220)

(1)

2,689

General and administrative

(1) (2)

11,494

(2,031)

(1) (2)

9,463

Total operating expenses

25,555

(2,742)

22,813

Operating earnings

24,459

3,071

27,530

Interest and other income, net

192

Earnings before income taxes

24,651

3,071

27,722

Income tax expense

(3)

7,015

944

(3)

7,959

Net earnings

17,636

2,127

19,763

Diluted net earnings per share

0.39

0.44

Diluted weighted average shares outstanding

45,421,180

Non-GAAP Entries

THREE MONTHS ENDED MARCH 31, 2010