Wave Named Permanent Member of Trusted Computing Group (TCG) Board of Directors

Wave’s Elevated Membership Level and Board Status Provide Additional Voting Rights & Responsibilities in Shaping TCG Actions

Lee, MA — June 2, 2008 — Wave Systems Corp. (NASDAQ: WAVX; www.wave.com ) announced today that it has accepted an invitation from the Trusted Computing Group (TCG) to assume a permanent seat on its Board of Directors, joining permanent members AMD, HP, IBM, Infineon, Intel, Lenovo, Microsoft, Sun and Seagate Technology. Wave has also agreed to elevate its membership status to the highest level of TCG "Promoter." Permanent members of the TCG Board provide guidance to the organization’s work groups in the creation of the specifications to protect PCs and other computing devices from attacks and to help prevent data loss and theft.

Wave’s enhanced membership status allows it to take a more active role in helping to develop, define and promote hardware-enabled trusted computing security technologies, including related hardware building blocks and software interfaces. Wave is now eligible to serve on and chair the TCG Board of Directors, Work Groups and Special Committees; is able to submit revisions and addendum proposals for specifications with design guides; and may review and comment on design guides prior to their adoption.

"On behalf of the Trusted Computing Group, I’m pleased to announce the addition of Wave Systems as a permanent member of the Board and a valued ‘Promoter’ company," said Scott Rotondo, TCG’s president and chairman. "Wave has distinguished itself as an ardent and vocal advocate of trusted computing and has dutifully carried the torch in promoting standards-based security."

Wave has served consecutive one-year terms on the TCG Board since 2005. Since 2004, Wave’s executive vice president of marketing and sales, Brian Berger, has served as chair of the Marketing Work Group. His responsibilities include promoting TCG’s mission and messaging, creating awareness through press and analyst engagements, and coordinating trade shows and events. Thomas Hardjono, Wave’s principal scientist, security architecture, also serves as chair of the Infrastructure Work Group.

"It’s gratifying to see how far trusted computing has advanced in the five years since Wave signed on to be part of the TCG," said Berger. "In that time, well over 100 million PCs have shipped containing the security chips for which the TCG developed and defined specifications. Today, organizations across many vertical markets have deployed trusted computing for authentication, network security and data protection. We’re grateful to assume added responsibility in helping this organization bring forth open standards that impact every aspect of security today."

For more information on the Trusted Computing Group, visit www.trustedcomputinggroup.org.

Wave Logo

About Wave Systems Corp.

Wave is a pioneer in hardware-based PC security that provides software to help solve critical enterprise PC security challenges such as data protection, strong authentication, network access control and the management of these enterprise functions.  Wave is a founding member of the Trusted Computing Group (TCG), a consortium of more than 100 companies that forged open standards for hardware security.  Wave’s EMBASSY® line of client- and server-side software leverages and manages the security functions of the TCG’s industry standard hardware security chip, the Trusted Platform Module (TPM) as well as hard drives that comply with TCG’s “Opal” self-encrypting drive (SED) standard.  Self-encrypting drives are a growing segment of the data protection market, offering increased security and better performance than most existing software-based encryption solutions.  TPMs are standard equipment on many enterprise-class PCs shipping today and have shipped on an estimated 300 million PCs worldwide.  Using TPMs and/or SEDs and Wave software, enterprises can substantially and cost-effectively strengthen their current security solutions.  Visit http://www.wave.com for more information.

Safe Harbor for Forward Looking Statements

Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.

All brands are the property of their respective owners.

For more information please contact:

Wave Systems Corp.
Michael Wheeler
Wave Media Contact:
Schwartz Communications
Michael Schultz / Tiffany Archambault
Wave Investor Relations Contact
David Collins, Ratula Roy
Catalyst Global LLC