WAVECOM Corporate Presentation Including Q1 2008 Financials

Forward-looking statements This presentation may contain forward-looking statements that relate to the Company's plans objectives, estimates and goals. Words such as "expects," "anticipates," "intends," "plans," "believes" and "estimates," and variations of such words and similar expressions identify such forward-looking statements. The Company's business is subject to numerous risks and uncertainties, including probable variability in the Company's quarterly operating results, manufacturing capacity constraints, dependence on a limited number of customers, variability in production yields, dependence on third parties, currency rate changes and risks associated with managing growth. These and other risks and uncertainties, which are described in more detail in the Company's most recent filings with the Securities and Exchange Commission, could cause the Company's actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

Agenda Smart wireless. Smart business. Financial highlights Q1 2008 Conclusion

Smart wireless. Smart business.

Financial highlights Q1 2008

Conclusion

WAVECOM - Company Profile A world leader in pre-packaged wireless communications solutions for automotive, industrial (machine-to-machine) and mobile professional applications Publicly traded on the Euronext and Nasdaq exchanges Headquartered in Paris with offices in Hong Kong (China), Beijing (China) Research Triangle Park, NC (USA), Farnborough (UK) ~500 total employees 70% focused on R&D Fabless model with outsourced production A worldwide network of more than 40 value-added distributors

A world leader in pre-packaged wireless communications solutions for automotive, industrial (machine-to-machine) and mobile professional applications

Publicly traded on the Euronext and Nasdaq exchanges

Headquartered in Paris with offices in Hong Kong (China), Beijing (China) Research Triangle Park, NC (USA), Farnborough (UK)

~500 total employees 70% focused on R&D

Fabless model with outsourced production

A worldwide network of more than 40 value-added distributors

Wavecom’s vision… Vehicles are safer, Energy consumption is optmimized, Homes and offices are safe and secure, Rural communities are connected, Payments are easier… To be the driving force in building a fully connected wireless world

Vehicles are safer,

Energy consumption is optmimized,

Homes and offices are safe and secure,

Rural communities are connected,

Payments are easier…

A wide adressable market and a huge potential « In Europe and the United States alone there are 1.1 billion generic machines , such as computers, photocopiers, burglar alarms and point-of-sales devices that could readilly be connected, yet during 2007, just 2% were » Telecommunications Predictions, Deloitte, TMT Trends 2008

« In Europe and the United States alone there are 1.1 billion generic machines , such as computers, photocopiers, burglar alarms and point-of-sales devices that could readilly be connected, yet during 2007, just 2% were »

Telecommunications Predictions, Deloitte, TMT Trends 2008

How Wavecom adresses its markets M2M Automotive Automotive Mobile Professional Tier One Car Manufacturer OEM Aftermarket Control & Monitoring Sales & Payment Home & Security Vehicle Remote Management Automatic Meter Management Fixed Voice Mobile Computing Entertainment

Huge markets to address As the telecommunications sector could be impacted by a possible economic downturn, the growing M2M market demonstrated its viability, catalyzed by the imminent arrival of the 10$ mobile phone. In Telecommunications Predictions , Deloitte, TMT Trends 2008 (*):Wavecom estimates CAGR (2008-10) Total available market (2008)(*) Wireless adoption Markets 36% 2,9M ~ 4% Industrial Vehicles 39% 2,6M ~ 5% Home & Security 14% 3,8M <1% Mobile professionals 31% 1,6M ~ 3% Control & Monitoring 20% 3,0M ~ 5% Metering 29% 6,3M ~3% Automotive

As the telecommunications sector could be impacted by a possible economic downturn, the growing M2M market demonstrated its viability, catalyzed by the imminent arrival of the 10$ mobile phone.

In Telecommunications Predictions , Deloitte, TMT Trends 2008

Wavecom has a history of innovation 2004 2006 2003 Open AT ® Software Suite Software suite complete with Integrated Development Environment making wireless M2M development easier and faster First wireless Module  Pre-packaged and pre-qualified for handsets and machine applications  Focus on intellectual property and software development Pioneer in Fleet Management Early applications for tracking mobile assets like vehicle fleets 1997 1993 Wavecom Founded The vision: everything could be connected wirelessly Wireless Microprocessor ® Breakthrough in high performance processing wireless connectivity on a single component 2000 inSIM ® Embedded SIM for automotive and industrial applications 2006 2007 Complete solutions Wavecom Intelligent Device Services combined with Anyware Technologies to offer first complete solution 2008

Typical Value Chain: Automotive Silicon Software Wireless CPU ® or Module System (e.g. car) Retail Sub-System (e.g. Telematics Platform) Wavecom + Wavecom suppliers Wavecom Wavecom Customer: Telematics Box Customer’s Customer: Volvo (Ford Premier Auto) Car Dealership Sells to consumer Service Provider Volvo on Call Wavecom Wavecom is evolving from a hardware and software company to a full solution provider

Unique Technology Ownership/Position … Wavecom is unique in owning its own technology Many hundreds of man years of development over the last fourteen years Field proven in over 30 million devices Licensed to semiconductor and handset companies Key Owned Software Protocol stack, GSM through UMTS/HSDPA TCP/IP, evolving to IPv6 Real-time operating system Integrated development environment, powered by Eclipse, C programming Key Owned Silicon GSM/GPRS/EDGE baseband 3G hardwired modem - FPGA available with live calls NEW: client-server remote device management system Core engine licensed from a third party who sold to handset business with complete rights to sublicense, & licensee cannot compete Customized for Wavecom DOTA and industrial and automotive applications

Wavecom is unique in owning its own technology

Many hundreds of man years of development over the last fourteen years

Field proven in over 30 million devices

Licensed to semiconductor and handset companies

Key Owned Software

Protocol stack, GSM through UMTS/HSDPA

TCP/IP, evolving to IPv6

Real-time operating system

Integrated development environment, powered by Eclipse, C programming

Key Owned Silicon

GSM/GPRS/EDGE baseband

3G hardwired modem - FPGA available with live calls

NEW: client-server remote device management system

Core engine licensed from a third party who sold to handset business with complete rights to sublicense, & licensee cannot compete

Customized for Wavecom DOTA and industrial and automotive applications

The Wavecom approach The traditional approach is to add wireless modules and software in an existing system… Wavecom proposes a complete embedded solutions, hardware + software + that can be directly integrated into end products with the add-on of post-installation services. It is simple and cost effective since the application processing can be done directly on the Wavecom wireless CPU

The traditional approach is to add wireless modules and software in an existing system…

Wavecom proposes a complete embedded solutions, hardware + software + that can be directly integrated into end products with the add-on of post-installation services.

It is simple and cost effective since the application processing can be done directly on the Wavecom wireless CPU

Wavecom’s Basic Strategy four key principles Integrate to remove redundant hardware Most efficient supply chain Updating of software remotely – Over-the-Air Full value-chain solutions (Anyware Technologie) Integrated Development Environment powered by Eclipse™ Software support – Standard C programming Superior technical support Unique technology ownership Lowest cost of ownership Future investment protection Ease of Use Sustained leadership

Integrate to remove redundant hardware

Most efficient supply chain

Updating of software remotely – Over-the-Air

Full value-chain solutions (Anyware Technologie)

Integrated Development Environment powered by Eclipse™

Software support – Standard C programming

Superior technical support

Unique technology ownership

Wavecom Solutions (Software+Hardware+Server+Subscription) OpenAT ® Software Suite Wireless Microprocessor ® Hardware inSIM ® Embedded SIM Remote Device Mgmt. Services Lowest total cost of ownership Ease of use Investment protection Sustained leadership

Lowest total cost of ownership

Ease of use

Investment protection

Sustained leadership

Intelligent Device Services (IDS)

Anyware: a strategic acquisition A leader in M2M Solutions and Services Complementary – IDS fits right in, plus global sales channel A long term partner Strong client portfolio (CBS Outdoor, EDF, Sogexi and Schneider Electric) Expected synergies/developments An accretive acquisition for Wavecom

A leader in M2M Solutions and Services

Complementary – IDS fits right in, plus global sales channel

A long term partner

Strong client portfolio (CBS Outdoor, EDF, Sogexi and Schneider Electric)

Expected synergies/developments

An accretive acquisition for Wavecom

Anyware M2M OperatingPortal & IDE Communication Device Management Data Logging Event Management Alerting APIs (web services, Java, SQL) M2M Middleware IDE Based On Eclipse Access Control Street Lighting Monitoring

Agenda Smart wireless. Smart business. Financial highlights Q1 2008 Conclusion

Smart wireless. Smart business.

Financial highlights Q1 2008

Conclusion

Revenues and backlog In millions of euros 50 40 30 20 10 60 70 Q4 2007 Q1 2007 82.4 Q2 2007 70.9 Q3 2007 52.3 41.7 2007 Revenues: 202.3 million € Q1 2008 37.5 Quarter-end backlog Millions of €

Sales evolution on an annual basis Breakdown by region In millions of euros 2006 2007 Americas APAC Services and licensing Products by region 188.8 202.3 EMEA

Sales evolution per quarter Q1 2007 Q4 2007 Q1 2008 60 50 40 30 20 10 Americas APAC Breakdown by region In millions of euros Products by region Services /licences/Anyware 48.1 45.7 38.1 EMEA

Gross margin Q1 2007 Q3 2007 Q4 2007 Q2 2007 2007 average: 45.4% (product: 47.3%) (as % of revenues) Q1 2008

Results FY 2007 – US GAAP

Results Quarters – US GAAP

Employees worldwide 2006 2007 Q1 2008 571 440 483 88% 87% 85% Temporary employees and independent contractors Salaried employees

Agenda Smart wireless. Smart business. FY 2007 highlights Conclusion

Smart wireless. Smart business.

FY 2007 highlights

Conclusion

Wavecom Trends and Objectives Volumes increasing Growth more in GSM than CDMA, customers switching globally ASP of CDMA much higher than GSM Introduction of new, low cost Wireless Microprocessor® products and subsystems Best total cost of ownership for our customers Ability to significantly reduce price and maintain margins More contact with end-customers and service providers Acquisitions of key strategic targets to continue, but focus will be on smaller deals

Volumes increasing

Growth more in GSM than CDMA, customers switching globally

ASP of CDMA much higher than GSM

Introduction of new, low cost Wireless Microprocessor® products and subsystems

Best total cost of ownership for our customers

Ability to significantly reduce price and maintain margins

More contact with end-customers and service providers

Acquisitions of key strategic targets to continue, but focus will be on smaller deals

Wavecom’s acquisition strategy External growth: Transformational - Sony Ericsson M2M business Technology-specific – Anyware Technologies Acquisitions to continue – targeting companies that will give us specific technologies that enhance our product and/or service offer

External growth:

Transformational - Sony Ericsson M2M business

Technology-specific – Anyware Technologies

Acquisitions to continue – targeting companies that will give us specific technologies that enhance our product and/or service offer

2008 Business initiatives Redeploying ressources to applications engineering to support design wins Re-energize EMEA sales team and distributors Expand customer and revenue base with Anyware model – software, services, system Profitable growth

Redeploying ressources to applications engineering to support design wins

Re-energize EMEA sales team and distributors

Expand customer and revenue base with Anyware model – software, services, system

Profitable growth

Capital structure Total number of outstanding shares: 15 796 591 – Float : 58% Dual listed Euronext Compartment B, Isin code FR0000073066 Nasdaq: wvcm (ticker) Financial calendar: July 23, 2008 Q2/H1 2008 results 58% 22% 6% 6% Treasury Float Founders 3% Sloane Robinson (UK) Jo Hambro (UK) 5% Lansdowne Partners (UK)

Total number of outstanding shares: 15 796 591 – Float : 58%

Dual listed

Euronext Compartment B, Isin code FR0000073066

Nasdaq: wvcm (ticker)

Financial calendar: July 23, 2008 Q2/H1 2008 results

3, esplanade du Foncet - 92442 Issy-les-Moulineaux Cedex - France Tel: +33 (0)1 46 29 08 00 - Fax: +33 (0)1 46 29 08 08 _______________________________________________ 430 Davis Dr., Suite 300 P.O. Box 13920 - Research Triangle Park, North Carolina USA Tel: +1 919 237 4000 Fax: =1 919 237 4140 _______________________________________________ Unit 201 – 207, Second Floor, Bio-Informatics Centre No. 2 Science Park West Avenue Hong Kong Science Park, Shatin - New Territories, Hong Kong Tel: +852 2824 5225 - Fax: +852 2824 5488 WAVECOM S.A. WAVECOM, Inc. WAVECOM Asia Pacific