Leap and Alaska Native Broadband Announce Successful Participation in FCC's Auction #58.

SAN DIEGO & ANCHORAGE, Alaska -- Auction Participation Underscores Leap's Disciplined Strategy for Growth and Highlights Entry of Alaska Native Broadband

Leap Wireless International, Inc. (OTCBB:LEAP), a leading provider of innovative and value-driven wireless communications services, and Alaska Native Broadband 1, LLC ("ANB"), today announced their successful participation in the recent broadband PCS Auction #58 held by the Federal Communications Commission (FCC). The two members of ANB are Alaska Native Broadband, LLC, which is the controlling entity and sole manager of ANB, and Leap's wholly-owned subsidiary, Cricket Communications, Inc.

Leap's subsidiary, Cricket Licensee (Reauction), Inc., was the winning bidder for four licenses covering approximately 11.1 million potential customers (2005 POPs). The licenses include Leap's hometown of San Diego, Calif.; Kansas City, Mo.; and Houston and Temple-Killeen, Texas. The Company's high bids totaled $166.9 million, or $1.50 per MHz POP.

"We are pleased with the outcome of the auction, as the Company was able to secure licenses in markets that we believe hold tremendous promise for the years ahead," said Doug Hutcheson, Leap's president and CFO. "We entered the auction with specific objectives and a strict focus on markets that would best fit our Cricket business model. We believe these markets align with our strategy to more effectively serve our new and existing customers by creating regional market clusters and we look forward to completing their purchase within our existing financial resources."

ANB's subsidiary, Alaska Native Broadband 1 License, LLC ("ANB License"), was the winning bidder on nine licenses in Auction #58. The licenses, covering a total of approximately 10.1 million POPs, include: Cincinnati, Ohio; Lexington and Louisville, Ky.; Colorado Springs, Colo.; Austin, San Antonio, El Paso and Bryan, Texas; and Las Cruces, New Mexico. The high bids for these licenses totaled $68.2 million, or $0.68 per MHz POP. Cricket Communications, Inc. has entered into a management services agreement under which it is to provide management services to ANB License.

"The chance to develop a relationship with a value-leader such as Leap, and to be a successful participant in one of the key growth segments of the burgeoning wireless industry, is very important to our shareholders," said Conrad Bagne, President of ASRC Wireless Services, Inc., which is the sole member of Alaska Native Broadband, LLC. "We look forward to deploying the licenses won by ANB License and working with Leap in developing this business." ASRC Wireless Services is a wholly-owned subsidiary of Arctic Slope Regional Corporation.

The grant of licenses to each of the companies is subject to FCC approval. Cricket Licensee and ANB License expect to file their respective applications for the licenses in the near future. Interested parties can download a map showing Leap's and ANB's spectrum holdings by accessing the "Overview" page of the "Investor Relations" section of the Company's website, www.leapwireless.com.

About Leap

Leap, headquartered in San Diego, Calif., is a customer-focused company providing innovative mobile wireless services that are targeted to meet the needs of customers who are under-served by traditional communications companies. With a commitment to predictability, simplicity and value as the foundation of its business, Leap pioneered Cricket(R) service, a simple and affordable wireless alternative to traditional landline service. Cricket(R) service offers customers unlimited anytime minutes within the Cricket(R) calling area over a high-quality, all-digital CDMA network. Operating in 39 markets in 20 states stretching from New York to California, Cricket(R) service is available to customers in more than 840 different municipalities. For more information, please visit www.leapwireless.com.

About Arctic Slope Regional Corporation

The Arctic Slope Regional Corporation (ASRC) is the Alaska Native Corporation representing the business interests of the Inupiat Eskimos of the North Slope of Alaska. Organized pursuant to the terms of the Alaska Native Claims Settlement Act of 1971, ASRC has over 9,000 shareholders -- the majority of which live in the eight villages on Alaska's North Slope. The company manages a portfolio of investments in the energy, service, construction and telecommunication industries. ASRC is headquartered in Barrow, Alaska. For more information, please visit www.asrc.com.

Except for the historical information contained herein, this news release contains "forward-looking statements" reflecting management's current forecast of certain aspects of Leap's future. Some forward-looking statements can be identified by forward-looking words such as "believe," "think," "may," "could," "will," "estimate," "continue," "anticipate," "intend," "seek," "plan," "expect," "should," "would" and similar expressions. This news release is based on current information, which we have assessed but which by its nature is dynamic and subject to rapid and even abrupt changes. Our actual results could differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with our business. Factors that could cause actual results to differ include, but are not limited to:

--our ability to attract and retain customers in an extremely competitive marketplace;

--our ability to attract, motivate and/or retain an experienced workforce;

--changes in economic conditions that could adversely affect the market for wireless services;

--failure of network systems to perform according to expectations;

--failure of the Federal Communications Commission to approve the transfers to Cricket Licensee (Reauction), Inc. or to ANB License of the respective licenses for which each entity was the winning bidder in Auction #58;

--global political unrest, including the threat or occurrence of war or acts of terrorism; and

--other factors detailed in the section entitled "Risk Factors" included in our Quarterly Report on Form 10-Q for the three months ended September 30, 2004, and in our other SEC filings.

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

Leap and the Leap logo design are trademarks of Leap Wireless International, Inc. Cricket is a registered trademark of Cricket Communications, Inc. Cricket +1, Cricket +2, Cricket Unlimited, Cricket Multi Value Plan, and Cricket Clicks are trademarks of Cricket Communications, Inc.