NMS Communications Corporation Investor Summary

1. NMS Communications CorporationInvestor Summary March 2008

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. NMS Communications Corp. at a Glance • Rev Run rate exiting FY08 $30 Million • Long-Term Revenue Growth 40% + • Accelerated Shift to Managed Services Model • Non-GAAP Profitability 4Q 2008 • $70M 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

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5. The Leading Provider of Mobile Personalization Services An integrated suite of music and video personalization services delivered from a single vendor Slide 5

6. $18,000 Ringback Tones Full Track Subscription $16,000 Full Track Download $4.7 B Ringtones & Realtones $14,000 $12,000 $3.3B $10,000 $8,000 $2.8 B $6,000 $4,000 $6.7B $2,000 $0 2007 2008 2009 2010 2011 2012 mobile personalization market $10.7B in 2008 growing to $17.5B in 2012 Source: Juniper Research

7. Groove Mobile Acquisition • Paid $14.5 million in cash • Greatly expands addressable market • Triples market size from $3B to $10B in 2008 • Accelerates business plan in 2008 • Managed services revenue greater than 50% and accelerates LiveWire Mobile profitability to 4Q 2008 • Combined service offering meets growing market demand • Operator and subscriber challenges • Adds significant customers and partnerships • Operators and content relationships

8. Strategic Fit Operator Relationship Customer Touch Point Critical position to own services Layer Storefront Management Service Management Video Ringtone Full-track Other Apps Ringback Platform

9. solution • An integrated suite of music and video personalization services delivered from a single vendor • For subscribers, they get • To focus on their favorite icons or brands as a whole • Easy access to all related content • High value targeted offers • For operators, they get • Increased service usage and adoption • An integrated content strategy solution • New capabilities to marketing more effectively to their subscribers • A simplified business relationship

10. worldwide customer footprint 260 million subscribers reached 42 operators 15 million active subscribers

11. customers and partnerships Operator Customers Content Relationships Handset Partners 11

12. Shift To Managed Services Product (2007) Service (2009) Go-to-market Indirect Direct Offering Software & Hardware Managed Service Application Music Ringback Ringback+, Ringtones, Fulltrack, Videos Typical Revenue Per Sub $.50 one time $.50 - $2.00 per month Revenue One-Time/Less Predictable Subscription/Recurring Slide 12

13. 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 13

14. NMS Communications Slide 14

15. 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 Broadband Wireless Triple-play Voice SMS Mobile Video Services

16. MobileTV • VideoSMS • VideoPortal Application Components • VXML servers • Application-specific Gateway Server • Signaling Server Servers, App Platforms Services • Mobile Video technology • Media Processors: boards + HMP • Signaling, protocols, global approvals • ATCA MRFP platform Core Technologies Business Model Service Providers / Enterprises Enabling NEPS and Systems Integrators to deliver Value Added Services quickly and efficiently – 3 ways to win emerging apps NEPs SI’s Slide 16

17. 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 17

18. NTT Comware Nippon Telegraph and Telephone—required an IP based Integrated Voice Response and Conference Server for Japanese Telecom providers NTT Comware chose NMS platforms for new IVR application Natural Access API support of conferencing—new feature built for NTT Comware Scalable media processor allows for subscriber growth Support of IP and TDM vocoders on a single platform Slide 18

19. Siemens 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 Single number service vs. managing 2-3 numbers per employee Cost savings through least call routing via internal network to remote locations Siemens expanded client’s communication infrastructure due to NMS flexibility and integration capabilities Slide 19

20. NMS Communications Performance • 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 Slide 20

21. Financial Overview Slide 21

22. NMS Communications LiveWire Mobile Groove Acquisition: Guidance as of 3/18/08: Exit ’08 at $30M run rate. Profitable in Q4 ’08. NMS Communications Corp Slide 22

23. Balance Sheet Slide 23

24. Q1 & FY ’08 Guidance Guidance as of February 7, 2008: • Q108 revenues higher than Q107…approximately 10% - 15% down from Q407 • Expect a modest operating loss for Q108 on a non-GAAP basis • FY08 full year revenue growth of 40%-45% in LiveWire Mobile over 2007, and revenues about flat for NMS Communications business • Expect to be modestly profitable for the year on a non-GAAP basis Guidance on impact of acquisition of Groove Mobile, March 18, 2008: • Expect LiveWire Mobile to exit 2008 with rev run rate > $30 million • Groove Mobile acquisition to be accretive to non-GAAP earnings per share by $0.02 to $0.04 to the overall results of NMS Communications Corporation on a full year basis • LiveWire Mobile profitable in Q4 2008

25. Investment Summary LiveWire Mobile Rapid growth… accelerated business model shift…profitability in 4Q 2008 NMS Communications Highly Profitable… flat growth near-term and modest growth long-term Corporate Separating the two businesses to better serve distinct markets and to enhance shareholder value Slide 25