BOCA RATON, FL—JUNE 29, 2004 -- Airspan Networks, Inc. (Nasdaq: AIRN),a leading worldwide provider of broadband fixed wireless DSL networks, announced today that its common stock has been included this month in the broad-market Russell 3000® Index and Russell 2000® Index of publicly traded companies. The addition of Airspan to the Russell 2000 Index results in the company being included in investment funds comprised of companies in that index, and raises the visibility of Airspan to investors who rely on the Russell indexes as part of their investment strategies. Final additions and deletions to the Index were made public on June 25, 2004 and are posted on the Russell Web site (www.russell.com).

Frank Russell Company, one of the world's leading investment services firms, has a family of 21 U.S. indexes designed to be a comprehensive representation of the investable U.S. equity market. The indexes are value-weighted and include only common stocks belonging to corporations incorporated in the United States and its territories. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The largest 1,000 companies in the ranking comprise the Russell 1000® Index while the remaining 2,000 companies become the Russell 2000® Index. Russell reconstitutes its indexes annually to accurately rank the 3,000 largest companies in the U.S. stock market by market capitalization. This realignment allows the indexes to provide a truer reflection of stock market activity and performance. According to Russell, more than $300 billion is invested in funds that rely on Russell's U.S. indexes as investment models.

About Airspan Networks
Airspan Networks provides wireless voice and data systems and solutions, including Voice Over IP, to both licensed and unlicensed operators around the world in frequency bands between 700 MHz and 6 GHz, including both PCS and 3.5GHz international bands. Airspan continues to evolve its products toward the new 802.16d IEEE standard, and is an active member of the WiMAX Forum. The Company has deployments with more than 200 operators in more than 70 countries. Airspan’s systems are based on radio technology that delivers excellent area coverage, high security and resistance to fading. Airspan’s systems can be deployed rapidly and cost effectively, providing an attractive alternative to traditional wired communications networks. Airspan also offers radio planning, network installation, integration, training and support services to facilitate the deployment and operation of its systems. Airspan is headquartered in Boca Raton, Florida with its main operations center in Uxbridge, United Kingdom.

More information on Airspan can be found at http://www.airspan.com

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, including statements regarding our strategy, future operations, financial position, future revenues, projected costs, prospects, plans and objectives of management, may be deemed to be forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. These important factors include the factors that we identify in our filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2003. You should read those factors as being applicable to all related forward-looking statements wherever they appear in this press release. We do not assume any obligation to update any forward-looking statements.

For Investment and Media Inquiries, contact:
Peter Aronstam
Chief Financial Officer
Airspan Networks, Inc.
Tel: +1 561 893-8682
Fax: +1 561 893-8671
Email: paronstam@airspan.com