Wavecom provides second quarter 2003 business update

Issy-les-Moulineaux, France-June 16, 2003

Wavecom SA (Nasdaq: WVCM; Euronext Nouveau Marché: 7306) today announced that it expects its second quarter revenues will be 18% to 23% lower than the first quarter 2003. On April 29, 2003, Wavecom had announced revenues for the first quarter 2003 of €88 million and management expectations that revenues in the second quarter would be flat to moderately down. Management cautioned at that time that certain elements beyond its control could have a material impact on short-term results.

The Company is currently experiencing the impact of two major factors identified in the first quarter release. The SARS epidemic has significantly depressed consumer spending, including purchases of mobile telephones, in China, which is Wavecom’s largest market. In addition, the U.S. dollar has continued to weaken against the euro during the quarter. Most of Wavecom’s sales are denominated in U.S. dollars, while its reporting currency is the euro.

Based on information currently available, Wavecom management believes that the high levels of inventory being reported in China, exacerbated by SARS, are likely to delay the rebound that the Company had expected in the second half of 2003 by at least one quarter. As a result, management now expects full-year 2003 revenues to be lower than 2002 levels.

This announcement reports Wavecom’s current best estimate of revenues for the quarter. The quarter has not yet ended and the company’s actual results may differ.

Wavecom will release second quarter 2003 results on July 24. Management will host a conference call to comment on the Company’s second quarter 2003 results and full year 2003 outlook on July 24, 2003 at 3:00 pm, Paris time, followed by a presentation for financial professionals at 5:30 pm in Paris.