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Introduction

Dear fellow stockholders:
For Leap, 2008 was a year of strong progress that once again validated our position as a leading value innovator in the wireless industry.

Our focus in three areas allowed us to advance our existing business performance, introduce new product offerings and successfully expand into new markets. We benefited from an increasing flight to value in the economic downturn, as people turned to companies like ours that offer more for less. We believe we have laid the foundation to continue our growth in 2009 and beyond, and believe we are well positioned to seize the opportunity.