1. NMS Communications Corporation Investor Summary February 2008

2. www.nmscommunications.com 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.

3. www.nmscommunications.com NMS Communications Corporation at a Glance Value Added Services Focus – Developers and Operators Technologies, Platforms, Applications and Services Global presence with products deployed in 100+ countries 25 year history of successes and industry “firsts” For Developers & Integrators For Operators

4. www.nmscommunications.com Slide 4 Investment Summary LiveWire Mobile Early stage…$13M business - TTM Revenue growing 40% - 50% Y-o-Y Beginning shift to managed services model NMS Communications $70M business w/ gross margins > 65% & contribution margins > 20% Global customer base Technology leadership & VAS market growth drive demand Corporate Total Strong balance sheet - $30M cash and marketable securities as of December 31 st, 2007 Improved financial performance

5. Click to edit Master title style Click to edit Master subtitle style Slide 5

6. A Singular Focus on Mobile Personalization Services LiveWire Mobile makes creating a mobile identity and mobile experience simple for subscribers and lucrative for operators. Slide 6

7. 7 Market Opportunity: the Intersection of P2P Communications and Personalization Drivers : Personalization Improved networks and handsets Consumer brands Advertising Market Segment20052010Applications Enhanced P2P Communications $9B$27B Push-to-talk, voiceSMS, mobile IM, MMS, videoSMS, video sharing Personalization$15B$48B Skins, wallpapers, ringtones, ringback Source: Yankee Group Slide 7

8. Ringback Actuals * Through December 2007 Active Ringback Subscribers (7.1M)* Ringback Service Footprint (189M)* Slide 8

9. Our Service Offerings Today A Ringback for Every Subscriber in Your Network Slide 9

10. Virgin Mobile USA Customer Snapshot “We selected LiveWire Mobile because of their impressive track record with deploying and managing mobile personalization services like ringback. Their Infuse Personalization Platform and Achieve Marketing Program are well-aligned with our focus on providing personalization services for our customers.” Dominick Tolli, vice president, mobile data services for Virgin Mobile USA Slide 10

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12. Service (2009)CapEx (2007) Offering Software & Hardware Managed Service Application Music Ringback Music Ringback++ 3 Year Value Per Subscriber $N 3 – 6x$N Shift To Managed Services Business Driver Technology Service Success Go-to-market I ndirectDirect Revenue One-Time/Less Predictable Repeatable/Predictable Slide 12

13. CapEx vs. Managed Service example Slide 13

14. Managed Services Target Business Model (2009) 10 mobile operators launched over 10 Qtrs Low double digit penetration of sub base Share of monthly subscription fees ~ $0.50 Share of content fees Profitability early ‘09 40% - 50% Y-o-Y revenue growth rates for next 3 years Slide 14

15. www.nmscommunications.com NMS Communications Slide 15

16. www.nmscommunications.com Slide 16 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

17. www.nmscommunications.com 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 17

18. www.nmscommunications.com Real-World Deployments: Mobile TV: Hong Kong CSL Hong Kong CSL launch Mobile Video TV Built on NMS Vision VxML servers and Golden Dynamic’s VOIR Mobile TV application Slide 18

19. www.nmscommunications.com 19 SMART Communications Philippines’ leading mobile operator with over 30 million subscribers. Nationwide WCMDA 3G coverage. Most advanced SMS-based mobile commerce services Launched Video Avatar service built with NMS’ patent pending Video-SMS mobile applications component NMS provides a unique turnkey solution for both 2G and 3G users – combined with innovative revenue sharing business model Slide 19

20. www.nmscommunications.com 20 OnMobile South Asia’s leading content aggregator and technology enabler 4.7 Billion calls per month Over 300 million subscribers. Initially deployed NMS technology for network based speech- enabled Voice Portals. Follow-on project - major market share in the sub continent for providing Ring Back Tones based on NMS platforms. Recent expansions include launching of Multi Modal Services including Infotainment, Interactive Media and Mobile Marketing. NMS chosen for its technological superiority and value. Ongoing close partnership with OnMobile sales and technical teams to bid and win new business. Slide 20

21. www.nmscommunications.com NTT Comware Nippon Telegraph and Telephone - required an IP based Integrated Voice Response and conference server for Japanese telecom providers NTT Commware chose NMS CG 6000 platforms for new IVR application Natural Access API support of conferencing- new feature built for NTT Commware Scalable media processor allows for subscriber growth Support of IP and TDM vocoders on a single platform NMS development team delivered on time and in budget NTT recognizes NMS as a valued partner for all voice portal opportunities Slide 21

22. www.nmscommunications.com Siemens Large European car manufacturer used Siemens AG’s HiPath Corporate Connect Solution for follow-me service anywhere in the world NMS won Siemens HiPath solution NMS scalable and low cost per port Open Access media processors and APIs Open Access API consistency and flexibility NMS in depth understanding of how to optimize Open Access to meet Siemens business needs Siemens customer installed HiPath Solution with NMS Single number service for all customer employees - vs managing 2-3 numbers per employee Cost savings through least call routing of calls internally and to external locations Siemens expanded client’s communication infrastructure due to NMS flexibility and integration capabilities Slide 22

23. www.nmscommunications.com NMS Communications Performance Slide 23 Market challenges Industry consolidation China 3G Delays Low end erosion Growth drivers New design wins Mobile subscriber & VAS demand New technologies R&D investment 18% growing to 20% + Continued strength in margins  > 65% gross margin  > 20% contribution margin

24. www.nmscommunications.com Slide 24 Financial Overview

25. www.nmscommunications.com Slide 25 Balance Sheet

26. www.nmscommunications.com Slide 26 NMS Corporation P&L (Non-GAAP * ) Q1 & FY ’08 Guidance (as of February 7th, 2008) Q108 revenues higher than Q107…approximately 10% - 15% down from Q407 Expect a modest operating loss for Q108 on a non-GAAP basis Expectations for 2008 full year revenue are for growth in Live Wire Mobile of 40% - 45% and about flat for NMS Communications business Expect to be modestly profitable for the year on a non-GAAP basis

27. www.nmscommunications.com Slide 27 Investment Summary LiveWire Mobile Rapid growth… business model shift…profitability in FY09 NMS Communications Highly profitable…flat growth near-term and modest growth long-term Corporate Strong balance sheet… improving P&L

28. www.nmscommunications.com