Subsequent Offering Period from March 11 to 31, 2009

Subject to the publication of a calendar of the subsequent offering period in France by the AMF, a subsequent offering period in France and in the United States will start on March 11, 2009, and will be open for a period of 15 trading days. Sierra Wireless France has irrevocably undertaken to accept all ordinary shares, American Depositary Shares (“ADSs”) and OCEANEs tendered in the subsequent offering period. The offer price for the ordinary shares is €8.50 per share, and the offer price for the OCEANEs is €31.93 plus unpaid accrued interest (calculated pro rata to the number of days from the last interest payment date to the day of settlement for the OCEANEs) per OCEANE. The offer price for the ADSs is the US dollar equivalent of €8.50 per ADS.

Shortly after the closing of the subsequent offering period, provided applicable legal requirements are satisfied, Sierra Wireless France intends to implement a squeeze-out of the shares and OCEANEs that have not been tendered to the offers and to request the delisting of Wavecom shares and OCEANEs from Euronext and ADSs from NASDAQ.

About Sierra Wireless

Global Leader in Wireless Solutions for Mobile Computing and M2M
Sierra Wireless (NASDAQ: SWIR – TSX: SW) modems and software connect people and systems to mobile broadband networks around the world. Sierra Wireless offers a diverse product portfolio addressing enterprise, consumer, original equipment manufacturer, specialized vertical industry, and machine-to-machine markets, and provides professional services to customers requiring expertise in wireless design, integration, and carrier certification. For more information about Sierra Wireless, visit www.sierrawireless.com