The subsequent offering period ended on March 31, 2009 and the final result was published on April 7, 2009 by the French stock market authority, the AMF (Autorité des marchés financiers). In total, Sierra Wireless France directly holds 14,562,502 ordinary shares (including ordinary shares represented by American Depositary Shares, the "ADSs") i.e. 88.3% of Wavecom share capital and voting rights. In addition, 2,571,037 convertible bonds (the "OCEANEs") were tendered to the offer (of which 2,571,022 were reimbursed on March 12, 2009).

Taking into account the shares held in treasury by Wavecom and the "free shares" held by officers and employees that are subject to put and call arrangements, the shares held by the minority shareholders that were not tendered to the offer represent less than 5% of the share capital and voting rights of Wavecom. The same is true by taking into account the potential dilution resulting from the 666 outstanding OCEANEs. Therefore, Sierra Wireless France intends to implement the squeeze-out of the ordinary shares and OCEANEs and therefore to request the delisting of Wavecom securities from both Euronext and NASDAQ stock markets.

The settlement and cash payment of the ordinary shares and OCEANEs tendered into the French subsequent offering period is scheduled for April 15, 2009. Cash payment for securities tendered into the subsequent U.S. tender offer is scheduled to occur shortly thereafter.

By Robert Hoskins

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