Wavecom awarded trophy for excellence in Corporate Governance from EthiFinance "Les Etoiles"

Award given by sustainable investors.
Issy-les-Moulineaux, France-October 16, 2008

Wavecom S.A. received the distinction of being awarded the 2008 trophy for excellence in Corporate Governance from EthiFinance an independent extra-financial research agency dedicated to the Corporate Social Responsibility (CSR) assessment required by Socially Responsible investors (SRI).

Wavecom was among five winners of this year’s "Etoile" categories including: Human Resource Management, Corporate Governance, Environmental Management, Global Performance and Most Promising.

Michel Alard, Wavecom President accepted the honor at a ceremony held on October 14 stating, "Receiving an award is always gratifying and this one comes at a critical time in the life of our company when Wavecom relies more than ever on the wisdom, advice and experience of its Board of Directors to ensure the best interest of all company stakeholders."

Wavecom – the wireless M2M experts
Wavecom is a leading provider of embedded wireless technology for M2M (machine-to-machine) communication. We provide a range of GSM/GPRS, CDMA, EDGE and 3G Wireless CPUs; programmable processors which also act as wireless modules or wireless modems. These are backed by a C and Lua-based cellular wireless software suite which includes a real-time operating system (RTOS), a software development environment based on Eclipse™, and several Plug-Ins (GPS, TCP/IP, security, Bluetooth™, Lua script and more). We also offer a wide range of professional and operated services. Our solutions are used for automotive telematics, smart metering, fleet management, GSM/GPS/satellite tracking, wireless alarms, wireless POS (point of sales), WLL (fixed voice), remote monitoring and many other M2M applications.

Founded in 1993 and headquartered in Issy-les-Moulineaux (France) near Paris, Wavecom has subsidiaries in Hong Kong (PRC), Research Triangle Park, NC (USA), Farnborough (UK), Munich (Germany) and Sao Paolo (Brazil). Wavecom is publicly traded on Euronext Paris (Eurolist) in France and on the NASDAQ (WVCM) exchange in the U.S.

www.wavecom.com

About EthiFinance
Founded in 2004 EthiFinance is an independent extra-financial research agency dedicated to the Corporate Social Responsibility (CSR) assessment required by Social Responsible investors (SRI). Its research methodology and rating systems have been developed over the last five years to deliver the most relevant approach to non financial risk management within the small & midcaps segment market in Europe. It also provides - on demand – extra financial benchmarks of companies within a sector.

www.ethifinance.com

Wavecom Contact
Lisa Ann Sanders
Director Investor Relations
Tel: +33(0) 1 46 29 41 81
E-mail: lisaann.sanders@wavecom.com

EthiFinance
Emmanuel de La Ville
Managing Director
Tel : +33(0) 1 39 62 13 22
email: emmanuel.delaville@ethifinance.com

Wavecom shareholders are urged to read Wavecom's Solicitation/Recommendation Statement on Schedule 14D-9 when it is filed by Wavecom with the U.S. Securities and Exchange Commission (the "SEC"), as it will contain important information. The Solicitation/Recommendation Statement and other public filings made from time to time by the Company with the SEC are available without charge from the SEC's website at www.sec.gov and at www.wavecom.com.

This press release contains forward-looking statements that relate to the Company's future business performance, operating expenses and financial results and objectives. Such forward-looking statements are based on the current expectations and assumptions of the Company’s management only and involve risk and uncertainties. Potential risks and uncertainties include, without limitation, whether the Company will be commercially successful in implementing its strategies, whether there will be continued growth in the vertical markets and demand for the Company’s products, the Company’s reliance on a single contract manufacturer in China for all production requirements, an unanticipated decrease in orders from one of the Company’s principal customers or customer cancellation or scale-down of a major project, changes in foreign currency exchange rates, dependence on third parties, new products or technological developments introduced by competitors, customer and supplier concerns regarding the Company’s overall financial position, and risks associated with managing growth. Unfavorable developments in connection with these and other risks and uncertainties described in the Company's reports on file with the Securities and Exchange Commission could cause the Company to fail to achieve the anticipated or targeted performance or results. As a consequence, the Company’s actual performance and results may be materially different from those expressed by the forward-looking statements above.