Sewon and Wavecom Expand Business Partnership

Korean Handset Maker Confirms Short-Term Orders for 150,000 Wireless Modules.
Issy-les-Moulineaux, France and Seoul, South Korea-February 28, 2003

Wavecom SA (Nasdaq: WVCM; Euronext Nouveau Marché: 7306) and Sewon Telecom Co., Ltd. (Kosdaq: 24830) today announced an agreement to expand the long-term business partnership between the two companies. Under the terms of the agreement, Sewon, one of South Korea’s leading original design manufacturers both for CDMA & GSM, will integrate Wavecom’s wireless technology into four new handset product lines that will be launched in 2003.

In the short term, Sewon has placed orders for 150,000 wireless modules for delivery during the first quarter of 2003. The modules will be integrated into Sewon’s SG-1200 range of mobile telephones, which was launched in November 2002 and is mainly sold in China.

“We appreciate working with Wavecom, who provides us with a complete, flexible and reliable solution that allows us to move fast and to get our products to market when the demand is there,” said Jason Lee, Executive Vice President of Sales & Marketing Team of Sewon Telecom. “We are eager to benefit from the added advantages of Wavecom’s new Wireless Open Workshop offering, and we strongly expect Wavecom to support us in marketing to the US and European handset markets. We look forward to the continuation of our long-term partnership.”

“The global handset markets still hold great potential for growth, and we share Sewon’s excitement that their telephones have been so well received by consumers. The relationship between Sewon and Wavecom dates back to 2000, and we are delighted to be able to continue contributing to their success in an extremely competitive handset market,” said Song Mee Hee, managing director of Wavecom Korea Co. Ltd.

About Sewon Telecom Co., Ltd:

Sewon Telecom is a leading player in the Korean telecommunications manufacturing market and one of the few companies in the world that designs and manufactures both CDMA and GSM handsets. Sewon manufactures private label handsets for LG Telecom, KTF and is now considering supplying new model for SK Telecom for this year. Through a commitment to progressive research, their own technology structure, and garnering customer satisfaction, Sewon has been growing steadily since its establishment in 1988. Sewon is also the first KOSDAQ listed company to ship GSM handsets in the nascent Chinese market. For more information, visit www.sewon-tele.com.