Wavecom announces follow-on stock offering

Issy-les-Moulineaux, France-March 31, 2000

Wavecom S.A., (NASDAQ: WVCM; Nouveau Marché: WAVECOM), a leading developer of digital Wireless Standard Modules (WISMO™), today announced the planned commencement of a global underwritten offering of 1,560,000 shares (in the form of shares or American Depositary Shares), of which 1,050,000 shares are expected to be sold by Wavecom and 510,000 shares are expected to be sold by certain shareholders of the Company. The shares will be publicly offered in the United States and in France under separate prospectuses.

This offering is being underwritten by Credit Suisse First Boston, as Global Coordinator, and by BNP Paribas Group and Thomas Weisel Partners LLC. The selling shareholders have granted the underwriters a 30-day option to purchase up to 234,000 additional shares solely to cover over-allotments, if any.

The net proceeds to Wavecom from the offering will be used to provide working capital to purchase components for recently signed contracts and future contracts and to fund the possible acquisition of businesses, products or technologies. The Company will not receive any of the net proceeds from the sale of the shares by the selling shareholders.

When available, a copy of the preliminary prospectus relating to this offer may be obtained from Credit Suisse First Boston, 1 Cabot Square, London E14 4QJ, United Kingdom.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.