NMS Communications Corporation Investor Summary

1. NMS Communications CorporationInvestor Summary May 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 • $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

4. A Subsidiary of NMS Communications

5. the leading provider ofmobile 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. Ringback SubscribersRingback Subs: 8.8M Total Subs Passed: 213M

8. 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

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

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

11. 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 $ !!

12. customers and partnerships Operator Customers Content Partners Handset Partners 12

13. NMS Communications Slide 13

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 Broadband Wireless Triple-play Voice SMS Mobile Video Services

15. 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 15

16. NMS Communications Performance • 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 16

17. Financial Overview Slide 17

18. LiveWire Mobile

19. NMS Communications Platforms

20. NMS Communications Corp

21. Balance Sheet

22. 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 2007. • 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.

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