1March 05

This presentation contains forward looking statements reflecting the beliefs and assumptions of management based on currently available information. The Company can make no assurance that there will not be a decrease in the demand for its products or that there will not be a continued or accelerated global economic slowdown that would interfere with such predictions. Investors are therefore cautioned not to place undue reliance on such statements as they are not a guarantee to future performance, and remain subject to a number of uncertainties and other factors that could cause actual results to differ materially from their forecast. For more detailed discussion of risks and uncertainties relating to Airspan Networks you are directed to the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2004.

2March 05

Airspan Investment Highlights

Company Background

Wireless Access Solutions

Marketplace

Next Generation Activity – WiMAX 802.16 Standard

Leadership

Company Financials

Earnings Drivers

3March 05

Company Background

• Formed as a division of DSC Communications in 1992• Pioneering CDMA wireless access (“last mile”) products launched in 1996 • Became an independent private US corporation in February, 1998. Investors

included Sevin Rosen, Oak, InterWest and Deutsche Bank• $231M of revenues since incorporation in 1998, including $94.6M in 2004• IPO in July, 2000. NASDAQ: AIRN. $88M in proceeds for ongoing operations• Raised $29.2 million additional equity in September 2004 – Oak • Acquired Marconi’s WipLL IP-data product line (October 2002); added customer

base of operators in unlicensed frequencies and VoIP applications/skill set.• Acquired Nortel’s Proximity business in December 2003. Customer base

includes Axtel – largest single broadband FWA network globally (+400K subs)• Founding Member of WiMax Forum in 2002 – ASMAX portfolio launches in 2005• December 2004 – announced intention to acquire ArelNet Ltd. Softswitch

capabilities essential part of VoIP offering in WiMAX• More than 300 customers/end users in more than 95 countries at end of 2004

4March 05

We Are The Leading Provider of Broadband Fixed Wireless Access Solutions• Access Solutions – the link between the subscriber and the operator/carrier/ISP

(the “last mile”)• Wireless – no copper, co-axial cable or fiber in the last-mile link to subscriber

premises. Products operate in <6Ghz frequencies• Wide area networks – last-mile links with ranges >20 miles. This is not WiFi

802.11 technology • Broadband – links transmitting voice, data, Internet, and video services at speeds

>512 kbits/sec• DSL-type service – one link/line capable of carrying voice and data traffic

simultaneously, including VoIP• Solutions – networks capable of carrying voice and/or data traffic in traditional

circuit switched and/or Internet Protocol (IP) networks, including voice over IP• Stable products in use globally in major carriers

5March 05

Our Solutions Can Be Deployed……

• In point-to-multipoint (P-M-P) configurations (a base station or cellsite as the “point”, transmitting signals to “multiple points” or end users)

• In point-to-point (P-T-P) configurations. Sometimes referred to as backhaul• in a combination of P-T-P and P-T-P in one network• In “licensed” and “unlicensed” frequencies.

– Licensed frequencies are typically used to offer voice services. Also in backhaul links. In the USA, 700Mhz, 900Mhz and 1.9GHz bands have been licensed by FCC for broadband. Internationally – mostly at 3.5GHz; also 1.5GHz and 2.3GHz.

– Unlicensed typically at 2.4GHz (eg WiFi), 5.8GHz. Open to use, subject to regulations

Creates ability to sell to very wide range of customers, from incumbent fixed and cellular operators to ISPs and corporate users

6March 05

BACKHAUL

P-T-P links

1

DSL or IP LINKS FOR RESIDENTIAL & SoHo

32

4802.16

802.11

802.11

BACKHAUL 802.11

Typical Network Components We Supply

HIGH-CAPACITY LINKS for BUSINESS

BACKHAUL for HOTSPOTS

PSTN interconnect

Internet

BASE STATION/ CELL SITE

Central Office Exchange

Router

>20 miles

7March 05

Four Major Market Drivers

1. Improved product price/performance of existing generation technologies• product costs have fallen >70% in past 3 years• greatly improved business case vs. fixed wire technologies

2. Enormous increase in broadband penetration– total number of broadband lines reached 150M at y/e 2004 (up from 100.8M at

y/e 2003), a 50% increase for 2004. • broadband increases expectations in customer base• the easy-to-reach wireline upgrades have been completed

• leaves “white spots” empty – ideally suited to Airspan’s wireless products. Verizon estimates 20M of its 60M fixed subscribers un-servable with broadband except by wireless

3. Improved regulatory climate• new wireless spectrum allocations in many countries

4. Standardization through 802.16 - WiMAX• involvement of major players like Intel, Tier 1 carriers

What is fueling our market growth?

8March 05

How We Address The Markets Today

• AS4000/4020 and Proximityserve traditional ILECs and CLECs with circuit switched voice and broadband data business models.

• Wi Fi hot spot in AS4020 subscriber terminals allows operators to offer integrated Wi-Fi and wide area voice and data networks.

• Sold in licensed bands, at 3.5 GHz; 1.9 GHz (in USA)

• Line of sight or near line of sight

• WipLL provides a data/ VoIP product suite that fits LECs, ISPs, Campus/ Corporate networks.

• Unlicensed (incl. 900MHz, 2.4 GHz, and 5.7 GHz)

• Licensed operators incl. 3.5 GHz; and in 700MHz in USA

• Non-line of sight and self-install at 700MHz and 900MHz

• Will evolve as part of our initial WiMAX solutions

• Can be integrated with ArelNet softswitch to complete turnkey VoIP offering

• AS4030 and AS3030serve higher end corporate market requiring higher data capacity/speeds

• Our first OFDM 802.16aofferings

• AS4030 in P-M-P configurations

• AS3030 for P-T-P backhaul

• Licensed and unlicensed• Selling in Australia,

China, Russia, Latin America

DSL Voice and Data IP Data & VoIP Hi-Cap/Speed DataBackhaul

Airspan Meets Market Need with Substantial Product Breadth

9March 05

How Do Our Products Compete?• IP

• Voice

• Leased Line, n * E1, X21/V35

• VSAT Extension

• Pt to Pt

• Frequencies

• Capacity and CIR/MIR is industry leading• WipLL has both router and bridge capability• WiFi connection point • Recognized industry leader in TDM voice and VoIP today – strong

roadmap• Competitive platforms, very WLL-centric,• Extendable to Low Cost WiFi Voice• IP plus VoIP plus fE1/V35 in a network mix where Airspan product CPE

price is < 50% of competition• Other systems use too much frequency for business case to be very

effective• Most products do not scale down (base station > $50K), we do• Others cannot support voice or VoIP due to latency• Our Community Aggregation Offering using VoIP very attractive• Selling Price approx. $2,500 per link providing 4 Mbit/sec IP –

significant cost advantage

• Support largest number of licensed and unlicensed frequencies

10March 05

WiMAX Will Remove Final Impediments to Wireless Growth

• Wireless access equipment cost still high. But prices have fallen >70% in past 3 years, and further reductions expected, particularly with WiMAX

• Each broadband supplier has proprietary technologies. No interoperability. Major operators will not risk large-scale investments. WiMAX will resolve through standardization.

• Line of sight (LOS) limitations– Non line of sight (NLOS) permits fewer base stations = reduced CAPEX– Cost of “truck rolls” still high– OFDM technology in WiMAX standard will create better range for NLOS

applications

• Truly self-installable CPE. Will be resolved partly by NLOS, resulting in lower CAPEX and marketing costs

•Solutions Through WiMAX•Interoperability testing to commence July 2005

11March 05

WiMAX - Next Generation Activity

• WiMAX Forum:– Airspan a founding member with Intel. Airspan on the Board. 250+ members– Creates interoperability through a standards-based wide area architecture for P-M-P

fixed and mobile wireless using the WiMAX specification– Expected to be the major catalyst to growth for wide area wireless networks 2005+

• Forum will set standards for all of 802.16 (above and below 11 GHz) – Main focus is 2-11 GHz bands. – 802.16a and 802.16-2004 (fixed) now set. 802.16e (mobility) TBD; probably in 2006

• Initial WiMAX products will initially be licensed 3.5 GHz and unlicensed 5.8 GHz bands. USA frequencies under review by FCC.

• WiMAX will provide tools to equipment manufacturers– Can be used during the OEM’s development process to ensure system

interoperability “out of the chute”• First Airspan interoperable subscriber terminals will appear by mid 2005. Base

stations in 2nd half 2005• OFDM 256 Based, non-line of sight capability

12March 05

IP CoreNetwork

PSTN / Voice Network

V5.2 or GR.303

IP

Voice AccessConcentrator and Arelnet Softswitch

IP or E1

PrimeST

IP Backhaul

IP and E1/T1 BackhaulHiperMAX

MicroMAXPrimeMAX

EasySTD

irect

Hig

h S

peed

IP a

nd E

1s

ProST

Laptops

SIP orH.323

WiMAX – New ASMAX Product Portfolio

ProSTHiperMAX

EasySTMicroMAX

PrimeSTPrimeMAX

CPEsBase Stations

Commercial Availability – 2nd Half 2005

} {

13March 05

WiMAX System View

Providers will have full Class, Service, Protocol and Application based differentiation

IP Quality of service

Will meet operator requirements for voice, video and data applications

Low latency

Systems offer between 1.5 and 20 Mhz channel plans matching worldwide regulations

Large channel bandwidth

Offers >3.8bps/Hz in 64QAM modeHigh spectral efficiency

Systems will deliver >150 dB for outdoor; 165 dB for indoor

Enhanced link budgets

Offers strong multipath protectionNLOS operations

Delivers >1Mbps per userTrue broadband speeds

WiMAX Addresses By:Operator Requirements

Airspan adds capability to interconnect Wi Fi and Dual Mode VoIP Phones to the core network

14March 05

WiMAX – Airspan Relationships with Intel, picoChip and Sequans

• November 4, 2003 - Airspan announced agreement with Intel to produce WiMAX-Certified™ equipment built upon Intel silicon. Limited number of similar agreements signed by Intel to date.

• Gave Airspan early access to Intel's WiMAX-capable technology. Accelerated Airspan’s development and deployment of its 802.16 compliant product lines.

• Airspan’s arrangement with Intel complements Airspan’s 2003 introduction of the OFDM-based AS4030 and AS3030 product lines, which deliver high-end IP and E1/T1 services to business and corporate users.

• First Intel “Rosedale” chipsets for CPE delivered to Airspan Q3-04. Forecasting commercial release of interoperable CPE by June 2005

• 2004 picoChip relationship has created the industry’s first WiMAX-based base stationarchitecture.

– will be used in all Airspan base stations– seamless upgrade path via software to mobility standard – 802.16e– other manufacturers able to license design from Airspan/pico

• January 2005 – SEQUANS Communications made available its FPGA platform in a strategic partnership with Airspan, to deliver integrated WiMAX System-on-Chip, which will be the industry’s first end-to-end solution, addressing both base station and subscriber station with a comprehensive PHY and MAC offering.

15March 05

WiMAX Forum Forecast of Demand

16March 05

Airspan Revenue Momentum Pre-WiMAXAxtel Mexico – largest FWA broadband network globally, continuing to grow with Proximity

USA - 700 MHz WipLL Networks sold >30 operators. VoIP capabilities make the sale. Eircom Ireland: Nationwide Rollout of CPE in 2004 on Airspan backbone

Telecom Serbia – 100,000 subscriber DSL network grows – split with AlvarionRussia – Sovintel, Golden: Product ideally suited to market; Russia remains biggest

market after Mexico in 2004Suntel - Sri Lanka: Expansion of AS40x0 and WipLL

Tulip - India: Deployment of all-data network with WipLLUSA Distribution: 3 new distributors signed in 2004

Dedicado Uruguay: Continues to grow AS4020 and WipLL networks; announces intent to acquire WiMAX

Mobitel – Nigeria: Large Expansion Project w/ Shell Oil

Many Others…

Plus… >100 New WipLL Customers since October 2002, including Utilities and Enterprise Applications

17March 05

Airspan Leadership Team 80+ Years Telecom Experience

Eric StonestromPresident & CEO

Peter AronstamSVP and CFO

200 Experienced Full Time Staff

Jonathan PagetEVP and COO

Matt DeschChairman

GeographicalPlacement

Research and Development 43%

Customer Support 12%

Manufacturing and Logistics 13%

Sales andMarketing 18%

Management andAdministrative 14%

OrganizationalStructure

UK 47%

US 9%

Asia 14%

Europe, MEA

7%

Israel23%

CALA 2%

18March 05

Quarterly Revenue Profile

$6.3

3Q03

($ Millions)

4Q03

$9.0$12.4

1Q04

2005 Guidance – 50% growth in 1st half 2005 vs. 1st half 2004

$18.3

2Q04 3Q04

$26.4

4Q04

$37.5

19March 05

Earnings Drivers

Main drivers for Q4 2004 Profitability were:substantially increased revenues. PROXIMITY exceeded $60 million in 2004stable operating expensesstable product margins

Major Proximity and AS40X0 contracts, rapidly expanding WipLL customer base worldwide, create good visibility for first half 2005

Proximity– committed customer base/long-term Axtel contractAS4020 – leading DSL voice/data product; recent major contracts run into 2005WipLL – VoIP capability; US market leadership in 700MHz product. Improving distribution capabilitiesWiMAX product availability in 2nd half 2005 increases addressable market

ArelNet expected to be accretive in 2005Continue to maintain OPEX at targeted quarterly run rate of $10.5 - $11 millionExpect gross margin improvement in 2005 as WipLL, ArelNet and WiMAX increase as % of total revenues

20March 05

Balance Sheet – year end 2004

Cash and Cash Equivalents: $67.9 million at year end 2004raised additional $33.6 million equity in 2nd half 2004operational cash burn in 2004 was $1.1 million

No Long Term DebtDSOs at 49 days at end 4th quarter 2004. Down from 117 days at end 2003Inventory turns improved to 8.4 times in 4th quarter 2004, up from 1.4 times at end 2003

Strong focus on working capital management paid off with substantial improvements in operating metrics

21March 05

Airspan Summary

Broad product set available to address growing licensed and unlicensed wireless access broadband markets, including emerging VoIP

Founding WiMAX membership and relationships with Intel and other WiMAX chip manufacturers will result in earliest market entry of WiMAX products in 2005

Superior technology and patents create high barriers to entry

Substantial upside through large potential network expansions

Strong management team and track record

22March 05

Thank You!

For more information, pleasevisit www.airspan.com