NMS Communications Corporation Investor Summary

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NMS Communications CorporationInvestor Summary

• February 2008

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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
  managements current judgment on the future
  direction of the business, actual results may
  differ materially from any future performance
  suggested in the companys 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.

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NMS Communications Corporation at a Glance
For Developers Integrators

• 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 Operators
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Investment Summary

• LiveWire Mobile
• Early stage13M 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 31st, 2007
• Improved financial performance

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A Singular Focus on Mobile Personalization
Services
LiveWire Mobile makes creating a mobile identity
and mobile experience simple for subscribers and
lucrative for operators.
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Market Opportunity the Intersection of P2P
Communications and Personalization

• Drivers
• Personalization
• Improved networks and handsets
• Consumer brands
• Advertising

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Ringback Actuals
Through December 2007
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Our Service Offerings Today
A Ringback for Every Subscriber in Your Network
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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
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Shift To Managed Services
Service (2009)
CapEx (2007)
Go-to-market Indirect Direct
Offering Software Hardware
Managed Service
Application Music Ringback
Music Ringback
3 Year Value Per Subscriber N
3 6xN
Business Driver Technology
Service Success
Revenue One-Time/Less Predictable
Repeatable/Predictable
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CapEx vs. Managed Service example
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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

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NMS Communications
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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
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Business Model
Service Providers / Enterprises
Enabling NEPS and systems integrators to deliver
value added services quickly and efficiently
3 ways to win emerging apps
SIs
NEPs
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Real-World DeploymentsMobile TV Hong Kong CSL

• Hong Kong CSL launch Mobile Video TV
• Built on NMS Vision VxML servers and Golden
  Dynamics VOIR Mobile TV application

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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

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OnMobile

• South Asias 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.

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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

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Siemens

• Large European car manufacturer used Siemens AGs
  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 clients communication
  infrastructure due to NMS flexibility and
  integration capabilities

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NMS Communications Performance

• Market challenges
• Industry consolidation
• China 3G Delays
• Low end erosion
• Growth drivers
• New design wins
• Mobile subscriber VAS demand
• New technologies
• RD investment 18 growing to 20
• Continued strength in margins
• 65 gross margin
• 20 contribution margin

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Financial Overview
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Balance Sheet
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NMS Corporation PL (Non-GAAP)

• Q1 FY 08 Guidance (as of February 7th, 2008)
• Q108 revenues higher than Q107approximately 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

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Investment Summary

• LiveWire Mobile
• Rapid growth business model shiftprofitability
  in FY09
• NMS Communications
• Highly profitableflat growth near-term and
  modest growth long-term
• Corporate
• Strong balance sheet improving PL

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