First WISMO-Powered Mobile Phones with Color LCD Hit the Market

TCL Mobile Communication Launches New High-End Phones for China Market

Issy-les-Moulineaux, France -- November 21, 2002 -- Wavecom SA (Nasdaq: WVCM; Euronext Nouveau Marché: 7306), the world's number one provider of integrated wireless modules, today announced the launch of the first WISMO-powered mobile phones with a color LCD. After the success of its existing range of mobile phones, TCL Mobile Communication now responds to a strong demand in the Chinese market with its first models featuring color LCDs, the 9388 and 9688 phones, based on Wavecom's WISMO modules.

Wavecom's range of WISMO products allows its customers to develop products in all categories, from basic communications tools to sophisticated color-screen models. Following the launch of the 9388 and 9688 models, the first half of 2003 will see a series of new TCL products with new, exciting features such as dual color LCDs, polyphonic synthesizer and MMS, and including 850/1900 MHz products for the US market. In the second half of 2003, TCL will launch a product featuring camera, MP3 player and Java capabilities with the technical support of Wavecom.

At the same time, TCL is continuing to extend its product offering with entry-end and mid-range models based on the WISMO, such as the 3 series. TCL currently has more than 15 mobile phone models on the market, ranging from the popular 2 series models to the new, sophisticated 9 series models.

Dr. Wan Mingjian, CEO of TCL Mobile Communication, said: "The flexibility of the WISMO module and Wavecom's best-in-class integration support allows us to focus on design and marketing and to adapt our offering to the needs of the market. Our partnership with Wavecom has been one of the keys to our success, and has placed us among the largest players in the Chinese handset market."

Jean-Charles Andreani, Managing Director of Wavecom Asia Pacific Limited, said: "Our objective is to provide the technology our customers need to stay on top of the competition. The fact that TCL has more telephone models in the market than any other major player is a beautiful demonstration of the concept's force."

Wavecom has delivered more than 10 million WISMO modules to customers all over the world since production began. In addition to its cutting-edge technology, the WISMO offering includes extensive support through the whole development cycle, from the design phase through field tests, type approval processes and to mass production.

About TCL Mobile Communication
TCL Mobile Communication Co., Ltd. is a member of TCL Communication industrial group which belongs to one of the largest producers of electronic devices in China – TCL Holdings Co., Ltd. TCL Mobile is a hi-tech joint venture committed to R&D, manufacturing and sales of mobile terminal products, and, along with other Chinese mobile phone manufacturers, is greatly supported by the State Development Planning Commission and the Ministry of Information Industry (MII). In 2001, TCL Mobile reported cell phone sales of 1.5 million units, with $36 million in revenue. More information on TCL Mobile is located on the World Wide Web at www.tclmobile.com.cn.

About Wavecom
A world pioneer in innovative wireless solutions, Wavecom was the first company to commercialize GSM technology in the form of a standard module, the WISMO, making wireless technology available to everyone. WISMO modules are compact devices that include all of the hardware, software and other technology needed to enable wireless communications over the GSM/GPRS, CDMA and future 3G networks.

WISMO modules enable any equipment or system to communicate without a fixed line connection. Applications include mobile telephones, personal digital assistants with wireless communications functions, automotive navigation and information systems, and devices enabling machine-to-machine communications.

Founded in 1993 and headquartered near Paris in Issy-les-Moulineaux, Wavecom has subsidiaries in Hong Kong (PRC), Seoul (South Korea) and San Diego (USA). Company revenues totaled € 322.7 million in 2001 and € 415.7 million in the nine months ended September 30, 2002. Wavecom is publicly traded on Euronext Paris (Nouveau Marché) in France and on the NASDAQ National Market exchange in the U.S.

This press release may contain forward-looking statements that relate to the Company's plans, objectives, estimates and goals. Words such as "expects," "anticipates," "intends," "plans," "believes" and "estimates," and variations of such words and similar expressions identify such forward-looking statements. The Company's business is subject to numerous risks and uncertainties, including probable variability in the Company's quarterly operating results, manufacturing capacity constraints, dependence on a limited number of customers, variability in production yields, dependence on third parties, currency rate changes and risks associated with managing growth. These and other risks and uncertainties, which are described in more detail in the Company's most recent filings with the Securities and Exchange Commission, could cause the Company's actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.