1. NMS Communications Investor Summary November 2007

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 Slide 3 NMS Communications at a Glance Value Added Services Focus – Developers and Operators Technologies, Platforms and Applications Components Leader in Ringback Tone deployments Global presence with product s deployed in 100+ countries 25 year history of successes and industry “firsts” Slide 3

4. www.nmscommunications.com Slide 4 Investment Summary Communications Platforms $70M Business w/ Gross Margins > 65% & Contribution Margins > 20% Global Customer Base Technology Leadership & VAS Market Growth Drive Demand Mobile Applications Early Stage…$11M business - TTM Revenue Growing 50% Y-o-Y Beginning Shift to Managed Services Model Corporate Total Market capitalization $75M as of October 31 st, 2007 Strong Balance Sheet - $28M cash as of September 30 th, 2007 Improved financial performance – top line growth - and return to operating profitability (non-GAAP) in Q3 ‘07

5. www.nmscommunications.com Communications Platforms Slide 5

6. www.nmscommunications.com Slide 6 NMS 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

7. www.nmscommunications.com Business Model Application Components Servers, App Platforms Core Technologies Services Mobile Video technology Media Processors: boards + HMP Signaling, protocols, global approvals VXML servers Application-specific Gateway Server Signaling Server ATCA MRFP platform 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

8. 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 8

9. www.nmscommunications.com Real-World Deployments: VISION VXML Ontario Systems ’ Verified Contacts Industry-leading debt collection solution using Vision VoiceXML Server to enhance functionality and performance Rapidly develop and deploy speech-enabled predicative dialer applications for increased right party contacts Slide 9

10. www.nmscommunications.com CP Performance Slide 10 Market Challenges Industry Consolidation China 3G Delays Low end erosion Growth Drivers New Design Wins Mobile Subscriber & VAS Demand New Technologies Continued Strength in Margins

11. www.nmscommunications.com Mobile Applications Slide 11

12. www.nmscommunications.com Ringback Tones Market Revenue from Subscribers Western Europe: $846M Asia-Pacific: $776M China/India: $512M North America: $230M Latin America: $93M Middle East/Africa: $63M (Source: OVUM)

13. www.nmscommunications.com MyCaller Subscribers Total Subs Passed: 161M Active Sub Growth: since Jan 2007: +97% Year-over-year: +196%

14. www.nmscommunications.com RBT Revenue Drivers Brand B-C Advertising $$ Enterprise B-B Advertising $$ Consumer Subscription + Content Consumer Content

15. www.nmscommunications.com Service (2009) Capex (2007) ProductMyCaller MyCaller+ $/subscriber over 3 years $N 3 – 5x$N # Operators 30 10 Target wins Move to Managed Service Offering Business Driver technology service success Go-to-marketindirect direct Revenue One-Time/Unpredictable Repeatable/Predictable

16. www.nmscommunications.com 16 Our Differentiation: Why We’ll Win RBT market leader 30+ operators; 200M+ subs passed; 10M+ subs personalizing Mobile Place personalization platform Built to drive usage & adoption Network through handset Domain expertise Communications network integration SUCCESS Marketing Managed Services capability –Storefront & content management –Experienced operations team Customer proof points –Need to expand at current customers

17. www.nmscommunications.com Slide 17 Financial Overview

18. www.nmscommunications.com Slide 18 Balance Sheet

19. www.nmscommunications.com Slide 19 NMS P&L (Non-GAAP * ) *Not including impact of stock-based compensation and amortization of acquired intangible assets **Guidance as of October 31 st, 2007 Q4 ’07 Guidance** Modest revenue increase in Q4; Mobile Apps revenue remain lumpy Q4 operating profit about break-even (Non-GAAP); Gross margins likely to be below Q4 levels

20. www.nmscommunications.com Slide 20 NMS Target Business Model (Non-GAAP * ) *Not including impact of stock-based compensation and amortization of acquired intangible assets

21. www.nmscommunications.com Slide 21 Investment Summary Communications Platforms Highly Profitable… modest growth outlook Mobile Applications Rapid growth… business model shift Corporate Strong Balance Sheet… improving P&L

22. www.nmscommunications.com Slide 22