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Agreement provides a low cost way of building the WaveMeter into next generation PCs

Internet Technology Group plc ("ITG"), through its subsidiaries, Global Internet and GX Networks, is the UK’s largest independent Internet Service Provider ("ISP"). ITG also has a 75% interest in GlobalWave, a joint venture with Wave Systems Corporation, that was set up to establish distribution channels for digital media throughout Europe, the Middle East and Africa. Standard MicroSystems Corporation (Nasdaq: SMSC) is a worldwide supplier of chips for the personal computer industry. SMSC is quoted on Nasdaq and capitalised at US$175 million.

Wave Systems Corp. (OTC BB: WAVX) today announced a licence agreement with leading component manufacturer, Standard MicroSystems Corporation (SMSC), to incorporate Wave Systems’ WaveMeter technology into a variety of SMSC’s components, specifically input/output (I/O) chips, which are a fundamental component of personal computers (PCs). The initial product will be an enhanced I/O chip designed to offer Wave’s technology to all PC manufacturers currently using the conventional SMSC I/O component.

Engineering development related to the agreement has begun and initial prototypes are expected later this year with high volume commercial availability anticipated in early 1999. SMSC is currently working with a number of PC manufacturers that have expressed interest in integrating Wave technology into their products.

Robert Hollingsworth, Vice President of marketing at SMSC, said:

"Our customers have already expressed strong interest in the Wave technology. SMSC’s investment in this technology should extend the life of the I/O and increase the average selling price of our I/O. We are pleased to offer the WaveMeter technology in support of SMSC's commitment to providing competitively priced, leading-edge semiconductor products to the world’s most quality-conscious customers."

SMSC is a leading worldwide supplier of ICs for the PC industry. The PC I/O integrated circuit is a standard component in most PC’s. To date, the company has shipped more than 100 million PC I/O devices, and is one of the leaders in the PC I/O market. SMSC's PC I/O parts reside on the motherboards of almost all the major PC manufacturers.

Laurence Blackall, Chief Executive of Internet Technology Group, Wave’s partner in a European joint venture, GlobalWave, commented:

"This announcement communicates for the first time the scale of the opportunity available to Wave. The promise of a very large installed base of PCs incorporating Wave’s technology is starting to become a reality. This is tremendous news for GlobalWave and its growing list of European media partners."
28 May 1998
Enquiries:

Internet Technology Group plcTel: 0181 957 1180
Laurence Blackall-Email: lb@itg.net.uk
Richard Brocksom-Email: rb@itg.net.uk

College Hill-Tel: 0171 457 2020
Nicola Weiner-Email: nicola@collegehill.co.uk
Archie Berens-Email: archie@collegehill.co.uk
Notes to Editors:

Wave Systems Corp.:
Wave Systems Corp., formed in 1988 by Peter Sprague, former Chairman of National Semiconductor, has developed a unique distributed information metering and transaction processing service, called the Wave System, for use in the sale and distribution of a wide range of electronic content for consumer entertainment and education applications. The Wave System gives content providers security and flexible transaction models and consumers the convenience and control of obtaining content via the Internet through Wave’s Great Stuff Network (http://www.great-stuff.com) and planned CD-ROM and broadband delivery channels. For more information, please visit Wave's corporate web site at http://www.wave.com/company.

GlobalWave, a joint venture between Internet Technology Group plc (75%) and Wave Systems Corporation, (25%) was set up to establish distribution channels for digital media throughout Europe, the Middle East and Africa. GlobalWave, which has exclusive rights, to aggregate WaveEnabled content in these territories, will work with leading media, software and information groups to distribute such content via the Internet, CD-ROM, satellite and other broadband channels.


About SMSC:
Standard MicroSystems Corporation (SMSC) is a worldwide supplier of metal-oxide-semiconductor/very-large-scale-integrated (MOS/VLSI) circuits for the personal computer industry. SMSC has a leading position in input/output (I/O) integrated circuits for PCs with over 90 million units shipped and, additionally, supplies integrated circuits for PC Connectivity, local area networks, and embedded networking. The Company also operates a wafer foundry that specializes in MicroElectroMechanical Systems (MEMS) devices. SMSC is a leading supplier of MEMS, with more than 20 million devices delivered to date. Standard Microsystems is based in Hauppauge, New York and maintains offices worldwide, including locations in North America, Asia, Europe and Japan. SMSC operates engineering and marketing centers in San Jose, CA; Westborough, MA; Hauppauge, NY and Austin, TX. More information about the Company is available on the World Wide Web at www.smsc.com.

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