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Leap, Savary Island And T-Mobile USA Close Spectrum Exchanges

SAN DIEGO, Oct. 1, 2012 /PRNewswire/ -- Leap Wireless International, Inc. (NASDAQ: LEAP), a leading provider of innovative and value-driven wireless communications services, announced today that it has completed the previously announced transactions to exchange spectrum in various markets with T-Mobile USA (T-Mobile), Cook Inlet/VS GSM VII PCS LLC, a joint venture between T-Mobile and Cook Inlet in which T-Mobile has a non-controlling majority interest (Cook Inlet), and Leap's non-controlled, majority-owned venture Savary Island Wireless, LLC ( Savary Island).

(Logo: http://photos.prnewswire.com/prnh/20101220/MM20546LOGO-a)

Under the agreements, Leap acquired 10 MHz of additional AWS spectrum in Phoenix, AZ and Houston, Galveston and Bryan-College Station, TX to supplement the spectrum Leap currently operates in those markets, among others. Leap and Savary Island also assigned T-Mobile and Cook Inlet spectrum in various markets in Alabama, Illinois, Missouri, Minnesota and Wisconsin.  The transactions also included intra-market exchanges between Leap and T-Mobile in Philadelphia, Wilmington, Atlantic City and various markets in New Mexico and Texas, and between Leap and Cook Inlet in certain markets in Texas.

"The closing of these agreements will allow us to enhance the delivery of our wireless services in key markets through the realignment of spectrum," said Doug Hutcheson, Leap's president and chief executive officer. "In addition, we now have added depth to our spectrum in select markets providing us with longer term flexibility to offer a larger LTE channel."

Financial details were not disclosed.

Leap also announced today that its wholly owned subsidiary, Cricket Communications, Inc. ("Cricket"), completed the acquisition of the remaining 15 percent controlling membership interest that it did not own in Savary Island for approximately $5.3 million in cash.  As a result of the acquisition, Savary Island and its subsidiaries became wholly owned subsidiaries of Cricket.

About Leap

Leap provides innovative, high-value wireless services to a young and ethnically diverse customer base. With the value of unlimited wireless services as the foundation of its business, Leap pioneered its Cricket service. Cricket products and services are available nationwide through company-owned stores, dealers, national retailers and at MyCricket.com.  Through its affordable, flat-rate service plans, Cricket offers customers a choice of unlimited voice, text, data and mobile Web services. Headquartered in San Diego, Calif., Leap is traded on the NASDAQ Global Select Market under the ticker symbol "LEAP." For more information, please visit www.leapwireless.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current expectations based on currently available operating, financial and competitive information, but are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in or implied by the forward-looking statements. Our forward-looking statements, which include discussions regarding future plans to offer LTE services, are generally identified with words such as "believe," "expect," "intend," "plan," "could," "may" and similar expressions. Risks, uncertainties and assumptions that could affect our forward-looking statements can be found in the section entitled "Risk Factors" included in our periodic reports filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 filed with the SEC on August 8, 2012.

All forward-looking statements included in this news release should be considered in the context of these risks. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors and prospective investors are cautioned not to place undue reliance on our forward-looking statements.

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