NMS Communications Corporation Investor Summary May 2008

Slide 2 Safe Harbor Statement This presentation may contain projections or other forward- looking statements regarding future events or the future financial performance of the company. While these statements represent management’s current judgment on the future direction of the business, actual results may differ materially from any future performance suggested in the company’s forward-looking statements. We refer you to the documents that the company files from time to time with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

Rev Run rate exiting FY08 $30 Million Long-Term Revenue Growth 40% + Accelerated Shift to Managed Services Model Non-GAAP Profitability 4Q 2008 $66M Business TTM w/ Gross Margins > 65% & Contribution Margins > 20% 25 Year History, Products Deployed in > 110 Countries Technology Leadership & VAS Market Growth Drive Demand NMSS Two Businesses Sum of parts greater than whole NMS Communications Corp. at a Glance

A Subsidiary of NMS Communications

the leading provider of mobile personalization services An integrated suite of music and video personalization services delivered from a single vendor Slide 5

mobile personalization market $10.7B in 2008 growing to $17.5B in 2012 Source: Juniper Research $6.7B $2.8B $3.3B $4.7B $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18, Ringback Tones Full Track Subscription Full Track Download Ringtones & Realtones

Ringback Subscribers Ringback Subs: 8.8M Total Subs Passed: 213M

groove mobile acquisition ● Triples market size from $3B to $10B in 2008 ● Accelerates business plan in 2008 –Managed services rev > than 50% & accelerates LiveWire Mobile profitability to 4Q 2008 ● Combined service offering meets growing market demand ● Adds significant customers and content partnerships ● Paid $14.5 million in cash

strategic fit Full-track Video Ringtone Platform Service Management Storefront Management Customer Touch Point Operator Relationship Owning storefront + multiple services expands revenue / sub Other Apps Ringback

expanded operator service reach Ringback Tones Ringtones Full Track Downloads Full Track Subscription $ 0.50 $ 0.25 $ 1.50 Avg Vendor Share Per Sub / Per Month Operator Services Ringback Tones BeforeToday Total $2.00 (one –time)$2.50 /month

value proposition ● An integrated suite of music and video personalization services delivered from a single vendor ● For subscribers, they get –Easy access to all related content –High value targeted offers –To focus on their favorite icons or brands ● For operators, they get –Increased service usage and adoption Make more $ !! –More effective marketing to their subscribers –A simplified business relationship Save $ !!

customers and partnerships Operator Customers Content Partners Handset Partners 12

NMS Communications Slide 13

Slide 14 NMS Communications Market Focus VAS - Enhanced Services/Applications Technology leader New application areas emerging Mobile Highest growth area for VAS (>ARPU) Video/Multi-media Central to next wave of applications + investment Asia – Global Innovation Leader Approach: Fast TTM w/New Apps “Applications Driven” Offerings Landline Wireless Triple-play Broadband Voice SMS Mobile Video Services

Business Model Application Components Servers, App Platforms Services Core Technologies Mobile Video technology Media Processors: boards + HMP Signaling, protocols, global approvals ATCA MRFP platform VXML servers Application-specific Gateway Server Signaling Server MobileTV VideoSMS VideoPortal SI’sNEPs Service Providers / Enterprises Enabling NEPS and Systems Integrators to deliver Value Added Services quickly and efficiently – 3 ways to win emerging apps Slide 15

NMS Communications Performance Slide 16 Market Challenges Low end substitution Industry Consolidation China 3G Delays Growth Drivers New Design Wins Mobile Subscriber Growth & VAS Demand Mobile broadband (3G and beyond) R&D investment 18% growing to 20% + Continued Strength in Margins  > 65% Gross Margin  > 20% Contribution Margin

Slide 17 Financial Overview

LiveWire Mobile

NMS Communications Platforms

NMS Communications Corp

Balance Sheet

Q2 & FY ’08 Guidance Guidance as of May 12, 2008: Q208 revenues to be flat-to-up modestly from the first quarter. Modest operating loss for Q208 on a non-GAAP basis primarily due to an estimated restructuring charge of approximately $1.2 million LiveWire Mobile to exit 2008 with a revenue run rate in excess of $30 million. NMS Communications business to generate full year 2008 revenues that are modestly down from The overall Company to deliver modest profitability on a non-GAAP basis for the full year 2008, not including the estimated restructuring of approximately $1.6 million. LiveWire Mobile to reach profitability on a non-GAAP basis in the fourth quarter of 2008.

Slide 23 Investment Summary LiveWire Mobile Rapid growth… accelerated business model shift…profitability in 4Q 2008 NMS Communications Highly Profitable… modest revenue decline near term and modest growth long-term Corporate Separating the two businesses to better serve distinct markets and to enhance shareholder value