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CFO Letter

Dear fellow stockholders:
When I became CFO in June 2008, I joined a team committed to building value. Every day Leap strives to innovate value – for both our customers and our stockholders. Our 2008 financial results speak to our ability to execute and perform, even in this challenged economy.

Today, Leap remains one of the fastest-growing carriers in the wireless industry. Our formula continues to work. We target underserved customer segments, build our brand, strengthen our distribution and continue to develop and evolve products and services. At the same time, we remain especially focused on maintaining our industry-leading, low-cost structure to enhance cash flow and margin growth. Our networks are designed to provide wireless service at significantly lower costs than many of our competitors. We maintain low customer acquisition costs through focused distribution strategies.