Wave and Trusted Logic Demonstrate FINREAD Services Development Platform at CeBIT 2003 Trade Show March 12-19.

Business Editors/High-Tech Writers

CeBIT 2003

HANNOVER, Germany--(BUSINESS WIRE)--March 12, 2003

Wave's Embassy a Leading Platform to Deliver Next Generation

Smart Card-Based Services in Europe

Wave Systems Corp. (Nasdaq:WAVX - www.wave.com), a leader in delivering trusted computing web-based applications and services with advanced products, infrastructure and solutions across multiple trusted platforms, and Trusted Logic, a major provider of secure software components for open embedded systems, today announced that they are demonstrating a FINREAD specification software application development kit for attendees of CeBIT 2003 trade show March 12-19 in Hannover.

The demonstrations are taking place at the Radisson SAS Hotel, Asia 1 and 2 Meeting Rooms, Expo Plaza 5, adjoining the CeBIT trade show grounds. For more information on how to schedule a meeting in the Wave suites, please contact Bruno Leconte, Wave vice president, European Operations, at [e-mail].

Wave's EMBASSY(R) hardware platform can run software that is based on FINREAD specifications, as published by the European Commission Information Society Program. Such downloadable software is capable of delivering secure consumer applications for trusted input devices, such as next-generation secure smart card readers.

FINREAD (Financial Transactional IC Card Reader), led by Groupement des Cartes Bancaires (France), along with SIZ (Germany), Banksys (Belgium), Interpay (The Netherlands), Europay, VISA and others, establishes standards and specifications for smart card readers and advanced e-commerce terminals used in home banking, shopping and other services for the deployment of interoperable, secure smart card terminals for European Union countries. At CeBIT, Wave and Trusted Logic are demonstrating an application development environment for the secure execution of finlets, the secure executables that are based on FINREAD specifications.

Wave's hardware-based, open, programmable EMBASSY technology embeds trust and security in user devices, enabling strong authentication, and reliable, secure digital exchange and commerce. EMBASSY technology is ideally suited to applications such as FINREAD where secure tamper resistant execution, tight integration with smart cards, and secure input and output services are required.

"Working with its partner Trusted Logic, Wave is the first vendor to demonstrate an applications development environment for third-party developers on the FINREAD platform that will serve as the foundation for a new generation of financial services for European consumers," said Steven Sprague, president and CEO, Wave Systems.

"The EMBASSY programmable architecture is perfect for such application's as FINREAD-enabled secure home banking, which we are also demonstrating at CeBIT," Sprague said. "The platform can also run a wide range of other services important to consumers."

Trusted Logic and Wave Systems have successfully leveraged their respective key strengths to create a product that meets the stringent requirements of secure Internet payment.

"Parallel to the launch of our Trusted Foundations for Terminals - Trusted Logic's secure software platform for all kinds of open system terminals - we are also providing the necessary development tools, ranging from platform simulators to complete test suites. Today we are proud to demonstrate the FINREAD flavor of our TF4T development bench, developed within the context of our partnership with Wave Systems," said Dominique Bolignano, president and CEO of Trusted Logic.

About Trusted Logic

French start-up created in January 1999, Trusted Logic has enjoyed ever since an undisputed image of competence in the embedded systems industry. Technology enabler by excellence, Trusted Logic is at the leading edge of the Java(TM) embedded technology and has built the Trusted Foundations you need to bring the utmost security in your smart card or terminal business. Central to Trusted Logic strategy, our Trusted Foundations are accompanied by certification tools and security services to offer the most comprehensive and reliable solutions. For more information about Trusted Logic, visit http://www.trusted-logic.com.

About Wave Systems

Consumers and businesses are demanding a computing environment that is more trusted, private, safe and secure. Wave is the leader in delivering trusted computing web-based applications and services with advanced products, infrastructure and solutions across multiple trusted platforms from a variety of vendors. Wave holds a portfolio of significant fundamental patents in security and e-commerce applications and employs some of the world's leading security systems architects and engineers. For more information about Wave, visit http://www.wave.com.

Safe Harbor for Forward-Looking Statements

Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to fund operations, the ability to forge partnerships required for deployment, changes in consumer and corporate buying habits, chip development and production, the rapid pace of change in the technology industry and other factors over which Wave Systems Corp. has little or no control. Wave Systems assumes no obligation to publicly update or revise any forward-looking statements.