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Corporate Presentation

Including Q1 2008 Financials

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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.

Forward-looking statements

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Agenda

Smart wireless. Smart business.

Financial highlights Q1 2008

Conclusion

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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

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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

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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

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How Wavecom adresses its markets

M2MM2MAutomotiveAutomotiveAutomotiveAutomotive Mobile ProfessionalMobile Professional

Tier OneTier OneCar ManufacturerCar Manufacturer

OEMOEM

AftermarketAftermarket

Control & MonitoringControl & Monitoring

Sales & PaymentSales & Payment

Home & SecurityHome & Security

Vehicle RemoteVehicle RemoteManagementManagement

Automatic MeterAutomatic MeterManagementManagement

Fixed VoiceFixed Voice

Mobile ComputingMobile Computing

EntertainmentEntertainment

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Huge markets to addressMarkets Wireless

adoptionTotal available

market (2008)(*)CAGR (2008-

10)

Automotive ~3% 6,3M 29%

Metering ~ 5% 3,0M 20%

Industrial Vehicles ~ 4% 2,9M 36%

Home & Security ~ 5% 2,6M 39%

Control & Monitoring ~ 3% 1,6M 31%

Mobile professionals <1% 3,8M 14%

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

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Wavecom has a history of innovation

2004

2006

2003

Open AT®Software SuiteSoftware suite complete with Integrated Development Environment making wireless M2M development easier and faster

First wireless Module Pre-packaged and pre-qualifiedfor handsets and machine applications Focus on intellectual propertyand software development

Pioneer in FleetManagementEarly applications for tracking mobile assets like vehicle fleets

1997199

3

WavecomFoundedThe vision: everything could beconnected 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 solutionsWavecom Intelligent Device Services combined with Anyware Technologies to offer first complete solution

2008

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Typical Value Chain: Automotive

SiliconSoftware

Wireless CPU®

orModule

System(e.g. car)

Retail Sub-System (e.g. Telematics

Platform)

Wavecom+

Wavecom suppliersWavecom

Wavecom Customer:Telematics

Box

Customer’s Customer:

Volvo (Ford Premier

Auto)

Car Dealership

Sells to consumer

ServiceProvider

Volvo on Call

Wavecom

Wavecom is evolving from a hardware and software company

to a full solution provider

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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

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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

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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

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Wavecom Solutions (Software+Hardware+Server+Subscription)

OpenAT®

Software Suite

Wireless Microprocessor®

Hardware

inSIM®

Embedded SIM

RemoteDevice Mgmt.

Services

Connector

GPS Chipset

InternalGSM antenna

Connector to externalGSM antenna

Connector to externalGPS antenna

CANInterface

GSM/GPRS/EDGE

Wireless Microprocessor®

CustomeCall

ApplicationCAN

aqLink®

GPSOpen AT® RTOS

1. Lowest total cost of ownership

2. Ease of use

3. Investment protection

4. Sustained leadership

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Intelligent Device Services (IDS)

IDS Platform

GGSN -Public/Private APN

IDS Customer

IDS Web PortalHTTPS Access

Application Flow

Device Management: Flow

Device ManagementOperations

(SOAP/XML)

IDS Customer Back office

Utilities Meters

HomeSecurity

VehiculeManagement

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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

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Anyware M2M OperatingPortal & IDE

Communication

Device Management

Data Logging

Event Management

Alerting

APIs (web services, Java, SQL)

M2M Middlewar

e

M2M Middlewar

eIDE Based On

EclipseIDE Based On

Eclipse

Access ControlAccess ControlStreet Lighting MonitoringStreet Lighting Monitoring

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Agenda

Smart wireless. Smart business.

Financial highlights Q1 2008

Conclusion

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Revenues and backlog

In millions of euros

50

40

30

20

10

60

70

Q4 2007Q1 2007

82.4

Q2 2007

38,145,752,456,148,1

70.9

Q3 2007

52.3 41.7

2007 Revenues: 202.3 million €

Q1 2008

37.5Quarter-end backlogMillions of €

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Sales evolution on an annual basis

Breakdown by regionIn millions of euros

2006 2007EMEA

Americas

APAC

Services and licensing

Products by region

188.8 202.3

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Sales evolution per quarter

Q1 2007 Q4 2007 Q1 2008

60

50

40

30

20

10

EMEA

Americas

APAC

Breakdown by regionIn millions of euros

Products by region

Services/

licences/Anyware

48.1 45.7 38.1

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Gross margin

Q1 2007 Q3 2007 Q4 2007Q2 2007

2007 average: 45.4% (product: 47.3%)(as % of revenues)

Total Gross margin

Product Gross margin

45,6 46,0 46,5

52,851,6

42,7 43,445,3

51,550,7

20

25

30

35

40

45

50

55

Total GrossmarginProductGross margin

Q1 2008

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Results FY 2007 – US GAAP

FY 2006 FY 2007in Millions of euros or % as indicated, In US gaap

Revenues 188.8 202.3

Gross Margin 80.2 91.9

Gross Margin in % of revenues 42.5% 45.4%

R&D expenses 31.1 33.6

Sales and Marketing expenses 16.8 22.7

General and administrative expenses 25.2 22.9

Acquired in-process technology 1.5 Total OPEX 74.6 79.2

Operating income 5.6 12.7

Net income 4.7 17.4

Pro forma Operating income* 12.2 21.1

Cash and marketable securities 54.8 139.3Inventory 6.6 6.1Accounts receivable 28.7 29.5Shareholders' equity 71.7 88.7

* Operating income before stock based compensation and amortization related to acquisitions

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Results Quarters – US GAAP

Q1, 2007 Q4, 2007 Q1, 2008in Millions of euros or % as indicated, In US gaap

Revenues 48.1 45.7 38.1Gross Margin 20.6 23.2 19.6Gross Margin in % of revenues 42.8% 50.8% 51.4%R&D expenses 7.8 9.1 9.7Sales and Marketing expenses 5.4 5.9 7.2General and administrative expenses 5.8 5.9 5.8Acquired in-process technology Total OPEX 19.0 20.9 22.7Operating income 1.6 2.3 -3.1Net income 1.9 7.1 -2.3Pro forma Operating income* 3.4 4.8 2.7Cash and marketable securities 53.7 139.3 127.5Inventory 9.0 6.1 4.9Accounts receivable 32.3 29.5 27.6Shareholders' equity 74.7 88.7 91.4

* Operating income before stock based compensation and amortization related to acquisitions

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2006 2007 Q1 2008

571

440

483

88%

87% 85%

Employees worldwide

Temporary employees and independent contractors

Salaried employees

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Agenda

Smart wireless. Smart business.

FY 2007 highlights

Conclusion

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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

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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

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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

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Total numberof 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

Capital structure58%

22%

6%6%

Treasury

Float

Founders

3%

Sloane Robinson (UK)

Jo Hambro (UK)

5%

Lansdowne Partners (UK)

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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