Leap Reports Granting of Inducement Awards

Leap Wireless International, Inc.

reported today that it has issued inducement awards to two new non-executive employees. The awards were made on March 15, 2012 under Leap's 2009 Employment Inducement Equity Incentive Plan, which provides for the granting of equity awards to new employees of Cricket Communications, Inc. as an inducement to join the company. The inducement awards consist of 10,275 shares of restricted stock and options to purchase up to 17,125 shares of Leap common stock. The options have a ten year term and an exercise price equal to the fair market value of Leap common stock on the date of grant. The awards vest in four years, with the shares of restricted stock vesting in 25 percent equal increments on the second and third anniversaries of the date of grant and 50 percent on the fourth anniversary of the date of grant, and the options vesting in equal 25 percent annual increments.