Welcome to the major leagues of debt. Collateralized debt obligations, almost always referred to as a CDOs, are horrendously complicated deals that often leave anyone without a MBA wondering what was put into these CDOs.

The first thing to understand about bonds, (aka debt) is that bonds are often backed by something else. Think about your home mortgage. If you don't pay your mortgage, the bank can take the house. You end up homeless, and the bank sells the house to pay off the rest of that mortgage. There is something "backing" that mortgage; something lender can fall back on, if you don't pay your bills like a good human being. That's called collateral.

CDOs are one flavor of an entire sector of investing called structured finance, and they are also backed. CDOs, in the simplest concept, are just bonds backed by something else. In most cases, a CDO is backed by a collection of various types of debt. CDOs can be home mortgages, or other types of debt like credit cards, auto loans, and personal loans. Most of these types of debt are usually considered a bit more risky and they don't have the backing that a home loan does. So, if you think it through, you can imagine that CDOs are usually considered a risky investment.

To take a step further, understand that CDOs have multiple flavors within each CDO. These flavors are called tranches. If you've taken French, you might recognize the word, it means "slice" or "portion." Each slice of that CDO you invest in is a little different and carries different amounts of risk.

You could invest in the lowest risk tranche of the CDO, which would provide you lower risk. But, you don't get a good return on that investment. Or, you can be the heroic adventurer of bonds and invest in the lowest-grade tranche of the CDO. You'll make an amazing return, but if the economy even looks at you wrong, you might lose the entire investment.

CDOs aren¿t easy, and are almost always invested in by mutual funds, insurance companies and hedge funds. As an individual investor, you will probably not come across a CDO you can participate in.

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Monday, July 21, 2008

Alvarion(R) Chosen by GO Mobile for Nationwide Mobile WiMAX(TM) Deployment in Malta

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MOUNTAIN VIEW, Calif., Jul 21, 2008 (BUSINESS WIRE) ----Alvarion Ltd. (NASDAQ:ALVR), the world's leading provider of WiMAX(TM) and wireless broadband solutions, announced today that it has recently been chosen by GO Mobile, Malta's mobile operator, for a nationwide Mobile WiMAX(TM) network deployment. Using Alvarion's 4Motion solution with BreezeMAX(R) as its RAN (radio access network), GO Mobile plans to provide voice and data services at the 3.5 GHz frequency band to the residents of the island of Malta.

Rollout of the commercial network is expected to begin in the next few weeks. The new network will offer an enhanced portfolio of high quality wireless broadband services over Alvarion's Mobile WiMAX solution, opening opportunities for high speed Internet, as well as video, TV and gaming. Alvarion's partner for this deployment project is SIAE MICROLETTRONICA, the Italian based manufacturer, well known as one of the most technology focused microwave companies.

"With the challenge of expanding network service throughout the entire island, we specifically looked for a robust and feature rich solution with secure future advantages," said Norbert Prihoda, Chief Mobile Operations Officer of GO. "We chose Alvarion because it was the one vendor to answer to all our demands, enabling us to guarantee nationwide coverage for optimized broadband experience. This technology will augment our already nationwide 3G-3.5G/HSDPA wireless coverage. This underpins our multi-access nationwide data strategy with the utilization of different technologies to provide the best value proposition for our customers. Furthermore, Alvarion's commitment to OPEN(TM) WiMAX solutions will allow us to provide advanced and high quality service with competitive package deals, for the benefit of our customers," Mr. Prihoda added.

"We are pleased to be selected by GO Mobile, a most innovative and leading mobile operator in Malta," said Tzvika Friedman, president and CEO of Alvarion. "Increasing network capacity with our OPEN WiMAX solution can promote lower operational costs and enable GO Mobile to offer wireless broadband at affordable rates and ensure the same quality of service and innovation for forthcoming expansions."

As an awarded licensee of the 3.5 GHz frequency band in Malta, GO Mobile is required by MCA (Malta Communication Authority) to complete network rollout and provide 99% nationwide coverage by October 2009. MCA supports open networks and believes that OPEN WiMAX encourages beneficial competition and promotes a state-of-the-art broadband market.

About GO Mobile

GO Mobile is the mobile arm of GO, Malta's leading telecommunications provider offering mobile, fixed voice, Internet services, digital television, data and IT business services. GO Mobile started its operations in 2000 and within a few years gained almost half of Malta's market share. For more information, visit www.go.com.mt or call (+356)-21-246-200.

About SIAE MICROELETTRONICA

SIAE MICROELETTRONICA is a global microwave equipment manufacturer based in Milan, Italy and is one of the best ranked microwave companies in the world, that provides turnkey solutions including network planning and system integration services (www.siaemic.com).

About Alvarion

Alvarion is the largest WiMAX pure player, ensuring customers' long term success with fixed and mobile solutions for the full range of frequency bands. Based on its OPEN(TM) WiMAX strategy, the company offers superior wireless broadband infrastructure and an all-IP best-of-breed ecosystem in cooperation with its strategic partners. Alvarion boasts over 200 commercial WiMAX deployments worldwide (www.alvarion.com).

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Alvarion's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the failure of the market for WIMAX products to develop as anticipated; Alvarion's inability to capture market share in the expected growth of the WIMAX market as anticipated, due to, among other things, competitive reasons or failure to execute in our sales, marketing or manufacturing objectives; inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; as well as the inability to establish and maintain relationships with commerce, advertising, marketing, and technology providers and other risks detailed from time to time in the Company's 20-F Annual Report Risk Factors section as well as in other filings with the Securities and Exchange Commission.

Information set forth in this press release pertaining to third parties has not been independently verified by Alvarion and is based solely on publicly available information or on information provided to Alvarion by such third parties for inclusion in this press release. The web sites appearing in this press release are not and will not be included or incorporated by reference in any filing made by Alvarion with the Securities and Exchange Commission, which this press release will be a part of.

You may request Alvarion's future press releases or a complete Investor Kit by contacting Kika Stayerman, kika.stayerman@alvarion.com or +972.3.767.4159.

"WiMAX Forum" is a registered trademark of the WiMAX Forum. "WiMAX," the WiMAX Forum logo, "WiMAX Forum Certified" and the WiMAX Forum Certified logo are trademarks of the WiMAX Forum.

"Alvarion", "4Motion" and "BreezeMAX" are the registered trademarks of Alvarion Ltd.

"OPEN" is the trademark of Alvarion Ltd.

All other companies' names, products, services may be the properties of their respective owners.

SOURCE: Alvarion Ltd.

Alvarion
   Ltd. Investors: Efrat Makov, CFO +972.3.645.6252 +1-650-314-2652 efrat.makov@alvarion.com or Claudia Gatlin, +1-212-830-9080
   claudia.gatlin@alvarion.com or Press: In the U.S.: Heather Mills, +1-972-341-2512 hmills@golinharris.com or In the U.K.: Bridget
   Fishleigh, 44.1273.305.936 bridget@nomadcomms.com

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