DRAGONWAVE INC ? HOLDING(S) IN COMPANY

    FOR:  DRAGONWAVE INC.

AIM, TSX SYMBOL:  DWI

October 26, 2007

DragonWave Inc-Holding(s) in Company

RNS only

OTTAWA, ONTARIO--(Marketwire - Oct. 26, 2007) - DragonWave Inc. ("DragonWave") (TSX:DWI)(AIM:DWI) a
leading global supplier of next-generation wireless networks, today announced that it has been
notified of the following sales of common shares in the Company by Significant Shareholders at a price
of $6.25 (C$):

/T/

                             Shares Sold     Remaining
                                              Holdings      %
Enterprise Partners V, L.P.      163,368     2,654,242    9.3
Enterprise Partners VI, L.P.     163,368     2,654,242    9.3
Wesley Clover Corporation         87,848       590,763    2.1

/T/

As of October 26, 2007, the company had 28,439,264 ordinary shares in issue.

Note:

Wesley Clover Corporation and Wesley Clover International Corporation are related parties of a company
Director.


-30-

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
Mob: 07971 402224
jmoriarty@webershandwick.com

                                                                
DragonWave Inc.

Dragonwave (LSE:DWI)
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