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Early Warning Report Re DragonWave Inc.

TORONTO, Jan. 17, 2013 /CNW/ - This news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Mr. Timothy J. McDonald, of 39 Coolidge Point, Manchester, MA, USA (" Mr. McDonald") announced today that he has acquired beneficial ownership of 14.3% of the common shares in the capital stock of DragonWave Inc. (" DWI") as follows.

As of June 21, 2012 Mr. McDonald had ownership of 2,031,110 DWI common shares (5.35% of the DWI issued and outstanding common shares). Between  June 27, 2012 and December 5, 2012, Mr. McDonald acquired an additional 1,773,371 common shares, becoming the owner of 3,804,481 DWI common shares (10% of the DWI issued and outstanding). By December 31, 2012 Mr. McDonald had purchased an additional 1,160,019 DWI common shares, becoming the owner of 4,964,500 common shares (representing approximately 13.06% of the DWI issued and outstanding). Between January 3 and 11, 2013,  Mr. McDonald purchased an aggregate 468,826 common shares, becoming the beneficial owner of 5,433,326 DWI common shares (representing approximately 14.3% of the issued and outstanding).

All the purchases were made through the facilities of NASDAQ. The average price for the common shares acquired between June 27, 2012 and December 5, 2012 was US$2.54 per share (Cdn$2.54). The average price for the common shares acquired between December 5 and December 31, 2012 was US$3.14 per share (Cdn$3.14). The average price for the common shares acquired between January 3 and 11, 2013 was US$3.0605 per share (Cdn$3.06).

The securities were acquired as a private investment of Mr. McDonald who is not acting with any joint actor and does not have a control position in DWI. Mr. McDonald has no intention of acquiring ownership of, or control over, additional DWI securities.

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