Wave Systems Corp. (fka WAVXQ)

[Whitewash]

CS, Some points:

- Turning on the TPM = Choosing the highest level of security available in the world. A niche market as we speak.

- The sales cycle for prospective and TPM educated customers is well over three months.

- You heard the last CC with respect to Wave's sales pipeline. With the exception of one Govt. customer (+100K seats) with a long upgrade cycle (year(s))..... The other five or so customers were small potatoes.

- I would assume the next CC will reveal more pipeline and give us a better idea of potential revenue over the next several quarters.

- The above points are strictly relating to TPM upgrade growth. FDE.2 is another story.

Jeff