Introducing LightSquared: Revolutionizing the U.S. Wireless Industry

NEW YORK, July 20, 2010 -

    NEWS HIGHLIGHTS:



    - Nokia Siemens Networks signs an 8-year agreement worth US$7 billion to
      deploy, install, operate, and maintain LightSquared network

    - First-ever wholesale nationwide 4G-LTE wireless broadband network
      integrated with satellite coverage allows partners to offer
      terrestrial-only, satellite-only, or integrated satellite-terrestrial
      services to their end users

    - Telecommunications luminary Sanjiv Ahuja becomes Chairman and CEO,
      joined by a seasoned management team

    - First truly open and net neutral wireless network spurring the
      development of new wireless devices, applications, and services

    - Unique wholesale-only business model avoids conflict of interest with
      customers

    - LightSquared is announcing up to US$1.75 billion in additional debt and
      equity financing

    - LightSquared network build-out anticipated to generate more than
      100,000 direct and indirect private sector jobs within five years

Today marks the launch of LightSquared(TM), a new nationwide 4G-LTE
wireless broadband network integrated with satellite coverage that will
revolutionize communications in the United States. As the nation's first
wholesale-only integrated wireless broadband and satellite network,
LightSquared will provide wireless broadband capacity to a diverse group of
customers, including retailers; wireline and wireless communication service
providers; cable operators; device manufacturers; web players; content
providers; and many others. The LightSquared network will allow these
partners to offer satellite-only, terrestrial-only, or integrated
satellite-terrestrial services to their end users. This wholesale-only
business model ensures LightSquared has no conflict of interest with its
customers. LightSquared seeks to transform the wireless broadband industry to
one that fosters innovation, creativity, and freedom of choice via the first
truly open and net neutral wireless network.

The driving force behind LightSquared is Philip Falcone, founder and
chief executive officer of Harbinger Capital Partners, who foresaw the
explosive demand for wireless broadband connectivity generated by new devices
and the mobile Internet. To meet this demand and make his plan a reality,
Falcone made several investments through the Harbinger funds, including the
acquisition of SkyTerra Communications, Inc., now part of LightSquared.

Falcone said, "The launch of LightSquared marks a significant milestone
in the industry and for Harbinger. With a strong management team and a
world-class partner to build and manage the network, the business is well
positioned to capitalize on key trends; demand for wireless broadband is
growing at a rapid pace and there is an increasing need for additional
network capacity and reach. Importantly, LightSquared will also make a
significant contribution to U.S. job growth and the economy."

Falcone has partnered with telecommunications visionary Sanjiv Ahuja, who
will lead the LightSquared team as chairman and chief executive officer.
Ahuja brings a successful track record to the new company and will lead the
development and nationwide rollout of its network. Ahuja was chief executive
officer of the global telecom giant Orange Group from 2004 through 2007,
during which Orange's customer base grew from 48 million to more than 100
million subscribers globally.

"LightSquared will be a disruptive force in the U.S. wireless landscape
by democratizing wireless broadband services," said Ahuja. "We're not only
delivering exciting opportunities for manufacturers and retailers, but also
real change for consumers, dealers, and service providers. We're providing
everyone, including underserved communities, with a fast, reliable experience
regardless of where they are located in the United States. This network will
return our country to its rightful position as a leader in wireless broadband
technology and solidify its reputation as the center of global innovation."

Partner Selected to Manage Network Deployment

Nokia Siemens Networks, a leading supplier of telecommunications
equipment and services, has signed an 8-year agreement with LightSquared,
subject to final approval by both the Nokia Siemens Networks and the
LightSquared boards. The agreement represents more than US$7 billion over 8
years, and includes network design, equipment manufacturing and installation,
and network operations and maintenance. The nationwide LightSquared network,
consisting of approximately 40,000 cellular base stations, will cover 92
percent of the U.S. population by 2015.

"Nokia Siemens Networks is proud to have been selected for the
largest-ever outsourced deployment of a wireless network in the United
States," said Rajeev Suri, chief executive officer of Nokia Siemens Networks.
"Our organization is prepared and ready to harness our global expertise to
enable LightSquared to meet its aggressive rollout schedule."

Spectrum Assets and Financing

LightSquared controls valuable high quality spectrum assets of 59 Mhz of
nationwide spectrum in an advantageous frequency position.

In addition to the US$2.9 billion of assets already contributed by
Harbinger Capital Partners and affiliates, LightSquared is announcing
additional debt and equity financing of up to US$1.75 billion.

Management Team

Joining Ahuja on the LightSquared management team are several
telecommunications industry veterans.

Frank Boulben joins as LightSquared's chief marketing officer and will
oversee strategy, marketing, and partner development. Boulben was previously
group commercial director at Vodafone and group chief marketing officer at
Orange. He also served on the Board of the GSMA from 2004 to 2006 and was
chairman of the Board Strategy Committee.

Serving as LightSquared's general counsel is Curtis Lu, former senior
vice president, deputy general counsel, and chief ethics and compliance
officer for Time Warner.

Drew Caplan, formerly SkyTerra's chief network officer, will continue to
serve in this capacity for LightSquared. A 25-year veteran of the
telecommunications industry, Caplan founded and led Nextel Communications'
national engineering organization, where he was responsible for development,
engineering, planning, and deployment of new technologies, products, and
services.

Jeff Carlisle will serve as LightSquared's executive vice president for
Regulatory Affairs and Public Policy. Carlisle, who previously served as vice
president of Regulatory Affairs for SkyTerra, is responsible for all domestic
and international regulatory and policy matters including those at the
Federal Communications Commission (FCC), Congress, the Executive Branch, the
ITU, and in foreign markets.

With official appointment set to commence in fall of 2010, LightSquared's
executive management team will also include Martin Harriman as executive vice
president of Ecosystem Development and Satellite Business. Harriman will
oversee satellite engineering, devices, chipset development, service
applications, and partner solutions. Harriman has previously served in senior
management positions with Ericsson and was the chief marketing officer of
Marconi. Since the first quarter of 2010, Harriman has been acting as an
advisor to Harbinger Global Wireless.

Steve Olive will serve as the chief administrative officer and will be
responsible for LightSquared's human resources, procurement, facility
management, and internal communications functions. Olive previously served in
senior executive positions with France Telecom and for Orange. Since the
first quarter of 2010, Olive has been acting as an advisor to Harbinger
Global Wireless. Olive's appointment is also slated to begin in fall of 2010.

Doug Smith will serve as senior vice president, Engineering and
Operations for LightSquared and will be responsible for the company's network
design, deployment, and operations. Before joining LightSquared, Smith was
senior vice president, Engineering and Operations for Clearwire and has also
held senior technical and operations positions at Sprint Nextel and Nextel.

Jeff Snyder will serve as LightSquared's senior vice president, Satellite
Engineering and Operations. Snyder, who previously served as group vice
president, Satellite Engineering and Operations for SkyTerra Communications,
will be responsible for the management of the procurement, construction,
launch, testing, and operation of LightSquared's next generation satellite
network and spacecraft. He previously served as senior vice president for
Space and Ground Systems at XM Satellite Radio and prior to that as vice
president of Space Systems for Worldspace Corporation.

Dion Oglesby will serve as interim chief financial officer for
LightSquared. Oglesby has more than 15 years of experience in restructuring,
investment banking, and lending, including as vice president in the High
Yield Capital Markets Group of Credit Suisse First Boston.

Impact on Economy and Society

The LightSquared network build-out is anticipated to generate more than
100,000 direct and indirect private sector jobs over the next five years
through the build-out, administration, and utilization of the network. As
stated in the FCC's National Broadband Plan, "Broadband can and must serve as
a foundation for long-term economic growth, ongoing investment, and enduring
job creation." The LightSquared network will demonstrate the reality of that
policy goal.

Building on SkyTerra's record of public safety services support,
LightSquared will continue developing reliable and affordable solutions using
its integrated 4G-LTE satellite network.

"LightSquared will help solve some of the communications and public
safety issues we've seen during recent national disasters, as well as provide
connectivity in rural markets where there is currently no reliable wireless
communication," said Ahuja. "By using satellite coverage, we can ensure
constant connectivity, even if the terrestrial network is not available."

About LightSquared

LightSquared's mission is to revolutionize the U.S. wireless industry.
Through the creation of the first-ever wholesale-only nationwide 4G-LTE
network complemented by satellite coverage, LightSquared offers people the
speed, value, and reliability of universal broadband connectivity, wherever
they are in the United States. Through its wholesale-only business model,
those without their own wireless network or who have limited geographic
coverage or spectrum can develop and sell their own devices, applications,
and services using LightSquared's open 4G network-at a competitive cost and
without retail competition from LightSquared.

For further information about LightSquared, please go to
www.LightSquared.com.

Forward Looking Statement:

This release contains forward-looking statements and information
regarding LightSquared and its business. Such statements are based on the
current expectations and certain assumptions of LightSquared's management and
are, therefore, subject to certain risks and uncertainties. The
forward-looking statements expressed herein relate only to information as of
the date of this release. LightSquared has no obligation to update these
forward-looking statements to reflect events or circumstances after the date
of this release, nor is there any assurance that the plans or strategies
discussed in this release will not change.

Amy Rosenberg, Burson-Marsteller, +1-212-614-4558; Tom Surface, LightSquared, +1-703-390-1579