Wavecom to launch share buyback program

Issy-les-Moulineaux, France -February 12, 2003

Wavecom SA (Nasdaq: WVCM; Euronext Nouveau Marché: 7306) today announced that its Board of Directors has decided to launch a share buyback program, pursuant to a vote at the Annual General Meeting on June 17, 2002. The program will cover a maximum of 1,400,000 ordinary shares, representing 9.45% of the capital. Despite prior authorisation from the AGM, Wavecom has never before bought back its shares. The company holds no treasury stock. The purchase price is capped at €30 per share, and the shares may not be resold for less than €30 per share, excluding fees and commissions.

By order of priority, the objectives of the program, as defined by the Board of Directors, are to:

1. buy and sell shares, depending on market conditions,

2. buy and sell shares to stabilize the price, trading systematically against the trend,

3. acquire shares for use in employee stock option plans,

4. acquire shares as currency for acquisitions or mergers,

5. minimise the dilutive effects of any future share issues, and/or

6. use excess cash.

As the resolution voted at the Annual General Meeting on June 17, 2002, fixed the minimum selling price at €30 per share, the buying and selling of shares mentioned in point 1 and point 2 above will initially be limited to the purchase of shares given the current market price.

Commenting on the decision, Chairman Michel Alard said: “The program is a way for the Board to show its confidence in the future of Wavecom. For the longer term, the buyback comes within the scope of plans for promoting employee stock ownership. From an event-driven perspective, the shares could be used to pay for future acquisitions, in compliance with prevailing legislation.”

The term of the program is 18 months from the date of the AGM of June 17, 2002, in other words until December 16, 2003. Wavecom is not required to acquire a predefined number of shares and the program can be suspended at any time. The founders do not intend to modify their shareholdings through the buyback program.

The Company received confirmation on February 11, 2003 that the buyback program notice had received the authorization of the French securities regulator, the Commission des Opérations de Bourse. The program notice is registered under certificate number 03-052, dated February 10, 2003.

The program concerns only those shares listed on the Nouveau Marché of Euronext Paris, and not the American Depositary Shares quoted on the Nasdaq National Market exchange in the United States. This communication is not an inducement or an offer to buy Wavecom shares in the US market. Furthermore, the company will not repurchase shares from shareholders of record that are US residents.