Wavecom Lisbon Meeting April 19th 2007

Agenda

• PassTime Introduction

• Elite Introduction

• Why We Chose Wavecom?

• Partnership Milestones (so far)

• What’s Next?

• Questions & Answers

PassTime™ History

• Founded in 1992

• Headquartered in Littleton, Colorado

• Over 500,000 units have been sold to over 3000 lenders

• 75 employees and contractors

• Over 65K units shipped in 2005

• Over 78K units shipped in 2006

• Over 120K units forecast in 2007

Technology History

• Original products used key-fob technology

• Code based products released in 2001, and then upgraded in 2004

• GPS and Analog wireless products released in 2004 to widen functional choices to lenders

• GSM product due for release in 2007

Market Statistics

Market Research conducted by Chris Leedom & AssociatesData based on information provided by NIADA dealers on 50,000 vehicles

From Widgets to Solutions

Payment Solutions Company

PassTime Elite Platform

PassTime Elite Product

• Manages payment cycles• Provides audible reminder sounds• Ability to remotely disable vehicle• Locates and tracks vehicle position• Reports back via GPRS (GSM network)

11

• Ability to send customer warnings, disable/reactivate commands, location requests.

• Warnings and disable commands encourage payments

• Location functionality simplifies repossession process

Why we chose Wavecom?

• Wavecom Platform Advantages• Unique features including DOTA

• Module’s Ability to Manage • Using the module to run and prioritize multiple local applications

•Modules use of OpenAT• More efficient than Java based applications

• Path to WMP module • Path to reduced module cost and size

• Compatible with eRide GPS• Market leading sensitivity of -162db

Elite V1 Product

Wavecom Q26

GSM GPRSModule

eRide GPS

Module

Payment Assurance

Module

BluetoothLocal

Communication

Hardware

CAN Vehicle

Interface

Key ConceptsThe Wavecom GSM module (currently Q26 platform), is the central “brain” of the PassTime device. The Wavecom module has two primary responsibilities. The first is to send and receive signals via GSM/GPRS network (a CDMA module is also available). Secondly the Wavecom module is responsible for hosting some of the other module’s functionality. The second feature has multiple advantages; (i) by utilizing the Wavecom module’s hardware, other modules/chipsets need less functionality creating cost and operating efficiencies, (ii) the Wavecom module canoptimize and prioritize the functions operating.For speed of development the eRide and Payment components are modules whichDo not take full advantage of the Q26 management abilities. The CAN and Bluetooth elements were part of the board design, but were not Populated in v1 to accelerate market delivery.

Key ConceptsUtilizes the PassTime Elite v1 product platform, i.e. Wavecom module is the key wireless communication enabler, and the central microprocessor for the other functions populated on the board. The Insurance board removes thePassTime payment module and Bluetooth communication chipset, replacingThese components with an accelerometer, backup battery, additional memoryand a plug & play power interface.

Insurance Product

Wavecom Q26

GSM GPRSModule

eRide GPS

Chipset

Additional Memory

Acceler-ometer

CAN Module

Back-UpBattery

Plug & PlayPower Source

Elite V2 Product

Wavecom WMP

GSM GPRSModule

eRide GPS

Chipset

Payment Assurance Hardware

BluetoothHardware

CAN Module

AdditionalFunctions/Memory

Key ConceptsThe Elite v2 Product will utilize the full functionality and management of the Wavecom module concept. The v2 product adopts the WMP module fromWavecom to gain a smaller board design and realize a lower productioncost. The Bluetooth and CAN areas are used for the first time. The eRide GPS module is switched out for a cheaper eRide GPS chipset. The WMPassumes more responsibility for managing payment cycles. More flash Memory is added.

Partnership Milestones

• June First sales meeting• August Order for 100K modules placed• September First Q26 Issue Reported by

PassTime• September First Wavecom Support Commitment

First Executive Meeting in RTP• October Q2686 Alpha Stage Support• November First Executive Meeting in Paris• January Q2686 Beta Stage Support• March Q2687 Related Support• April Manufacturing Support• May Product Launch Support• June First Executive Meeting in Denver

Development Synergies

• Bluetooth Integration

• CAN Development

• Accelerometer

• Wi-SIM

• Expanding Memory

• Application Management

• Module Performance Optimization

What’s Next?

Automotive Applications – (per year, every year!).

Finance MarketsMkt. Size (’06) PT Rev. Opp (’07)* PT Penetration (’07)

US – Sub-Prime Market 5.5 M Vehicles $1.1 Billion 1.80%

US – Used Car Market 15.1 M Vehicles $3.0 Billion 0.66%

US – New Car Market 27.5 M Vehicles $5.4 Billion 0.36%

Global Car Market 69 M Vehicles $13.8 Billion 0.15%

Related MarketsMkt. Size (’06) PT Rev. Opp (’07)* PT Penetration (’07)

US – Insurance Market 267M Vehicles $53.4 Billion 0.00%(Source III.org ’05)

US – Rental/Fleet Market 2.8M Vehicles $560 Million 0.00%(Automotive Fleet ’04)

US – Consumer Application 2M Vehicles $400 Million 0.00%(web research ’06)

* Assumes average unit price of $200 USD

More Opportunities

110v Markets

Mkt. Size (’06) PT Rev. Opp. (’07)* PT Penetration (’07)

Laundry 1.4M $280 M 0.00%Vending 1.2M $240 M 0.00%Office 3.5M $700 M 0.00%

Other Markets

Market Size (’06) PT Rev. Opp. (’07)* PT Penetration (’07)

Boats 750K $150 M 0.00%Construction 1M $200 M 0.00%Motor Cycles 500K $100 M 0.00%

* Assumes average unit price of $200 USD

Growing Market Interest

Questions & Answers

Wavecom Lisbon Meeting April 19th 2007