BOCA RATON, FL—NOVEMBER 15, 2004 -- Airspan Networks, Inc. (Nasdaq: AIRN), a leading worldwide provider of broadband wireless access networks, including WiMAX standard systems, announced today that it had received an order from Lanka Bell, a major wireless local loop operator in Sri Lanka, for Proximity equipment.

Lanka Bell will use the equipment to expand its existing Proximity-based fixed wireless access network. It will acquire more than $500,000 of Proximity equipment for deliveries in the fourth quarter of 2004. This is the first significant order placed by Lanka Bell on Airspan for expansion of its network.

The Lanka Bell’s network provides voice and data facilities to more than 40,000 high-end business and domestic subscribers in urban and suburban areas of Sri Lanka. With the deregulation of the telecommunication industry in 1996, Lanka Bell was licensed to build, own, and operate a wireless local loop telecommunication network in Sri Lanka. It deployed that network using Proximity equipment. In the ‘Quality of Service’ benchmark results published regularly by the Telecommunications Regulatory Commission of Sri Lanka, Lanka Bell has always achieved very high ratings.

“From the very beginning, Proximity equipment has proven to be reliable and easy to deploy. So, it’s quite natural that we will continue to use Airspan Proximity equipment when expanding our network,” said Suren Goonawardene, Deputy Managing Director of Lanka Bell.

“Lanka Bell made its first deployment of Proximity equipment in 1997, and since then has continued to operate a network that provides the highest quality voice and data services to the people of Sri Lanka. This recent order allows the company to expand its existing network in both coverage and capacity” said Henrik Smith-Petersen, Regional President of Airspan Asia Pacific. He added: ”Lanka Bell was the pioneer in establishing a sophisticated high-end wireless broadband telecommunication network, the first of its kind in this part of the world. This order for additional Airspan Proximity products will allow Lank Bell to maintain its leadership position in broadband in the country.”

About Lanka Bell
Based in Colombo, Sri Lanka, Lanka Bell is one of the leading WLL operators in the region with over 40,000 customer connections. Backed by several global giants that include Transasia Telecom (Singapore), Miel Investments (holding company of Transmarco Singapore), AIDEC (Japan) and Richlite Investments Ltd., Lanka Bell has invested over US $ 150 Million (Rs. 8 Billion) in a state of the art Digital Network that delivers an unparalleled standard of service. The Company has continued to make strategic investments in technology to ensure it remains abreast of global trends.
More information on Lanka Bell can be found http://www.lankabell.net

About Airspan Networks, Inc.
Airspan Networks provides wireless voice and data systems and solutions, including Voice Over IP (VoIP), 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 has a strong product evolution roadmap that includes offerings compliant with the new 802.16-2004 standard, and with built-in 802.16e capability. Airspan is on the Board and a founder 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 or negative variations thereof 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. Investors and others are therefore cautioned that a variety of factors, including certain risks, may affect our business and cause actual results to differ materially from those set forth in the forward-looking statements. These risk factors include, without limitation, (i) a slowdown of expenditures by communication service providers; (ii) increased competition from alternative communication systems; (iii) the failure of our existing or prospective customers to purchase products as projected; (iv) our inability to successfully implement cost reduction or containment programs; (v) a loss of any of our key customers; (vi) our ability to retain the largest existing customer of Nortel Network’s fixed wireless business; (vii) our ability to continue to sell the existing inventory of Nortel Network’s fixed wireless business on purchase terms and conditions comparable to those currently utilized; and (vii) specific to this press release, Lanka Bell’s ability to take delivery of and pay for the equipment we have sold to it. The Company is also subject to the risks and uncertainties described in its 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