DragonWave Inc: Granting of Options

    NEWS RELEASE TRANSMITTED BY MARKETWIRE

FOR:  DRAGONWAVE INC.

AIM, TSX SYMBOL:  DWI

May 12, 2008

DragonWave Inc: Granting of Options

RNS only

OTTAWA, CANADA--(Marketwire - May 12, 2008) - DragonWave Inc. ("DragonWave") (TSX:DWI)(AIM:DWI) a
leading global supplier of next-generation wireless networks, today announced that a total of 37,968
options ("the Options") were granted on May 12, 2008 at the five day weighted average price of $5.73
per option to the following Directors of DragonWave Inc.

/T/

Ake Persson        9,492
Carl Eibl         14,238
Claude Haw        14,238
------------------------

Total             37,968
------------------------

/T/

The right granted to subscribe for ordinary shares is exercisable for up to 5 years from the vesting
start date, all Options granted under the Plan shall vest, as to twenty-five percent (25%) of the
Optioned Shares, on the one-year anniversary of the vesting start date, and thereafter, 1/36th of the
remaining Optioned Shares shall vest at the end of each month, such that all Optioned Shares subject
to issuance pursuant to the Option shall be vested on that date which is four (4) years after the Date
of Grant. Therefore the first available date for the exercise for up to 25% of the Options granted
will be May 12, 2009.

Following the grant of the above Options the company will have 1,667,918 shares under option grant.

About DragonWave

DragonWave(TM) is a leading provider of high-capacity wireless Ethernet equipment used in emerging IP
networks. DragonWave designs, develops, and markets carrier-grade microwave radio frequency networking
equipment that wirelessly transmit broadband voice, video and other data.  DragonWave's wireless
Ethernet products, which are based on a native Ethernet platform, function as a wireless extension to
an existing fibre-optic core telecommunications network. The principal application for DragonWave's
products is the backhaul function in a wireless communications network. Additional applications for
DragonWave's products include point-to-point transport in private networks, including municipal and
enterprise networks. DragonWave's corporate headquarters is located in Ottawa, Ontario, with sales
locations in Europe and North America. The company's Web site is http://www.dragonwaveinc.com


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FOR FURTHER INFORMATION PLEASE CONTACT:

DragonWave Inc.
Russell Frederick
Chief Financial Officer
613-599-9991 ext. 2253
[e-mail]

OR

DragonWave Inc.
Bruce Chick
Director, Investor Relations
613-599-9991 ext. 2517
[e-mail]

OR

Canaccord Adams Limited
Andrew Chubb
44 20 7050 6500

SUBJECT:   STK

								
DragonWave Inc.