DWI Dragonwave

    FOR:  DRAGONWAVE INC.

AIM, TSX SYMBOL:  DWI

October 11, 2007

Dragonwave Inc: Director's Option Grant, RNS Only

OTTAWA, CANADA--(Marketwire - Oct. 11, 2007) - DragonWave Inc. ("DragonWave") (TSX:DWI)(AIM:DWI) a
leading global supplier of next-generation wireless networks, today announced that options were
granted to the following Directors, Peter Allen and Russell Frederick, who were granted 80,000 and
45,000 options respectively. The Options to subscribe for ordinary shares of DragonWave ("the
Options") were granted on October 5, 2007 at the five day weighted average price of $6.57 per option.

The Options are exercisable for up to five years from the vesting start date, all Options granted
under the Plan shall vest, as to 25% of the Optioned Shares, on the one-year anniversary of the
vesting start date (Date of Grant), 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 years after the Date of Grant. Therefore the first
available date for the exercise for up to 25% of the Options granted will be October 5, 2008.

Following the grant of the above options DragonWave will have 1,557,200 shares under option.

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
rfrederick@dragonwaveinc.com

OR

DragonWave Inc.
Nadine Kittle
Media Relations
613-599-9991 ext. 2262
nkittle@dragonwaveinc.com

OR

Canaccord Adams Limited
Chris Bowman / Andrew Chubb
44 20 7050 6500

OR

Weber Shandwick Financial
John Moriarty
020 7067 0736 or Mob.: 07971 402224
jmoriarty@webershandwick.com

                                                                
DragonWave Inc.



                                                                

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