BOSTON & LEE, Mass., (BUSINESS WIRE), July 29, 2002–Wave Systems Corp. (Nasdaq:WAVX), an industry leader in trusted computing hardware solutions and services, announced that it has been invited to present its corporate strategy to attendees of the Adams, Harkness & Hill Annual Summer Seminar for institutional investors.

Steven Sprague, president and CEO of Wave Systems, will give a corporate strategy overview on August 8, 2002, at the Marriott Long Wharf Hotel, Boston, MA.

The seminar is one of the industry’s longest-running conferences focused exclusively on emerging growth companies. It offers direct access to companies from technology, healthcare and consumer industries along with midyear updates on corporate strategies and other investment issues. Attendance is by invitation only. More information can be found at http://www.ahh.com/conferences/conf_template.asp?strpamref=ucon.

To accommodate the timing of this institutional investor presentation, Wave will release its Q2 results prior to the market’s opening on August 8th and then conduct its already scheduled webcast/conference call the same day at 4:30 p.m. EDT.

Wave Systems is the developer of the EMBASSY® Trust System, for secure e-commerce and trusted digital exchange, and technologies for identity, privacy and strong authentication. Wave’s EMBASSY 2100 secure coprocessor chips may be embedded in such products as computer keyboards, smart card readers and other computer components.

About Wave Systems Corp:

Wave Systems’ is an industry leader in developing trusted computing platforms and services to enable secure electronic relationships and e-commerce transactions. Trust @ the Edge defines a new architectural model for the Internet, which embeds trust and security in every user device. Wave Systems is developing, deploying and licensing its EMBASSY Trusted Client technology for the mass adoption of this revolutionary model. Wave is integrating industry standard functions from a wide range of partners that enable reliable, secure digital exchange and commerce. Wave Systems and third parties are building the services that will take advantage of this open model. For more information about Wave Systems, visit http://www.wave.com.

CONTACT: Wave Systems Corp. Gerard T. Feeney, 413/243-1600 info@wavesys.com or Jaffoni & Collins David Collins, Richard Land 212/835-8500 wavx@jcir.com