Leap and Denali Announce Successful Participation in FCC's Auction #66; Disciplined Bidding Strategy to Increase Consolidated Spectrum Holdings to 182 Million POPs.

SAN DIEGO & FAIRBANKS, Alaska -- Leap Wireless International, Inc. (NASDAQ:LEAP), a leading provider of innovative and value-driven wireless communications services, and Denali Spectrum, LLC (Denali) today announced their successful participation in the Federal Communications Commission's just-concluded auction of Advanced Wireless Services licenses (AWS-1 Auction No. 66). Leap and Denali were the high bidders on 100 licenses at an aggregate cost of $984 million, or $0.45 per MHz POP, the lowest per MHz POP cost among the six largest bidders.

"We have completed this auction in a thoughtful and disciplined manner and we are pleased with the results," said Doug Hutcheson, Chief Executive Officer and President for Leap. "We believe the results from this auction will allow Leap to continue to grow and will allow us to develop a more robust competitive position in our existing markets. In addition to horizontal growth, the new licenses increase our licensed spectrum in our existing markets which we expect will allow us to expand and enhance our services, including our data services. We also believe our actions in the auction demonstrate our commitment to creating value for our business and our shareholders."

"We are excited about this industry segment and our relationship with Leap, and we are pleased that we were able to acquire the rights to serve such high quality markets," said Toby Osborn, Chief Financial Officer for Doyon Ltd, the managing member of Denali Spectrum Manager. "We look forward to building and operating systems to serve these markets and developing this important business for the benefit of our shareholders and our future customers."

Leap's wholly-owned subsidiary, Cricket Licensee (Reauction), Inc., was the winning bidder for 99 wireless spectrum licenses at a total cost of approximately $710 million and a per MHz POP cost of $0.41. The licenses includes the cities of Philadelphia; Baltimore; Washington, D.C.; Norfolk, and Richmond, Va.; St. Louis; Seattle; Las Vegas; New Orleans and Oklahoma City.

Denali's wholly-owned subsidiary, Denali Spectrum License, LLC, was the winning bidder of one large license at a net cost of approximately $274 million and a per MHz POP cost of $0.46. Denali's license includes the cities of Chicago, Minneapolis and Milwaukee. Denali Spectrum, LLC participated in Auction No. 66 as a "very small business" under the FCC's designated entity regulations. Leap owns an indirect 82.5% non-controlling membership interest in Denali. The remaining membership interest is owned by Denali Spectrum Manager, LLC. Upon the transfer of the licenses to Leap and Denali, and the completion of all currently outstanding license acquisition and disposition agreements, Leap and the joint ventures in which it has invested will have wireless licenses covering approximately 182 million net licensed POPs.

"We're very pleased that our aggregate per-megahertz POP bid is the lowest among the largest players in the auction as Leap and Denali acquired spectrum in many of the top markets in the United States. Upon the grant of the auction licenses to Leap and Denali, Leap and the joint ventures in which it has invested will hold licenses in 36 of the top 50 markets in the United States," continued Hutcheson. "This confirms the cost effectiveness of our carefully executed auction strategy and positions us to take the next steps to expand our company's footprint across the country. We are grateful to FCC Chairman Kevin Martin and his staff for orchestrating a successful auction."

The winning bids include two large 10 MHz Regional Economic Area Groupings (REAGs). Denali was the successful bidder for the Great Lakes REAG and Leap garnered the Central REAG. In addition, Leap and Denali were the winning bidders on additional 10 MHz licenses in many of the markets within the REAGs and on additional licenses in markets where Cricket service is already offered. The grant of licenses to each of the companies is subject to FCC approval. Cricket and Denali expect to file their respective license grant applications in the near future.

About Leap

Leap, headquartered in San Diego, Calif., is a customer-focused company providing innovative mobile wireless services targeted to meet the needs of customers underserved by traditional communications companies. With the value of unlimited wireless services as the foundation of its business, Leap pioneered both the Cricket(R) and Jump(TM) Mobile services. Through its affordable, flat-rate service plans, Cricket offers customers a choice of unlimited local voice minutes, unlimited domestic long distance voice minutes, unlimited text, instant and picture messaging and additional value-added services over a high-quality, all-digital CDMA network. Designed for the mobile-dependent, urban youth market, Jump Mobile is a unique prepaid wireless service that offers customers unlimited incoming calls from anywhere with outgoing calls at an affordable 10 cents per minute and unlimited incoming and outgoing text messaging. Both Cricket and Jump Mobile services are offered without long-term commitments or credit checks. For more information, please visit www.leapwireless.com.

About Doyon

Doyon, Limited is one of the thirteen Native regional corporations established by Congress under the terms of the Alaska Native Claims Settlement Act (ANCSA). Doyon is owned by more than 14,000 Alaskan Native shareholders and is headquartered in Fairbanks, Alaska. Doyon's mission is to continually enhance and promote the economic and social well being of its shareholders and future shareholders, to strengthen its Native way of life and to protect and enhance its land and resources. For more information, please visit www.doyon.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;

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

--the impact of competitors' initiatives;

--our ability to successfully implement product offerings and execute market expansion plans;

--failure of the FCC to approve the transfer to each of Leap and Denali of the licenses it won in Auction 66, and failure of the FCC to approve the transfer of licenses subject to existing acquisition and disposition agreements between a Leap subsidiary and third parties;

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

--our ability to comply with the covenants in our senior secured credit facilities, in our bridge loan facility, and any future credit agreement, indenture or similar instrument;

--failure of network or information technology systems to perform according to expectations; and

--other factors detailed in the section entitled "Risk Factors" included in our Quarterly Report on Form 10-Q for the three months ended June 30, 2006, 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. Unlimited Access, Unlimited Plus, Unlimited Classic, Jump, Travel Time, Cricket Clicks and the Cricket "K" are trademarks or service marks of Cricket Communications, Inc.