LightSquared Announces Significant Financing

RESTON, Virginia, October 3, 2010 - NEWS HIGHLIGHTS:

    - LightSquared Announces Closing of US$850 million UBS AG Credit Facility
    - LightSquared Intends to Accelerate the Implementation of the
      Cooperation Agreement with Inmarsat
    - LightSquared Signs First Wholesale Agreements with Customers

LightSquared(TM), the nation's first wholesale-only integrated wireless
broadband and satellite network, announced today it has closed on US$850
million of debt, which represents the initial round of a syndicated secured
credit facility arranged and led by UBS AG. The term of the credit facility
will be four years, non-callable in the first year. LightSquared will use the
proceeds of the financing for general corporate purposes which include
constructing its world-class, 4G-LTE-wholesale network. With this additional
US$850 million, LightSquared has obtained an aggregate of more than US$2
billion in equity and debt proceeds and in commitments.

Sanjiv Ahuja, chairman and chief executive officer of LightSquared,
stated: "We are extremely pleased that we have secured this significant
amount of financing and believe it endorses our overall business model, while
providing LightSquared with a solid step forward to execute our strategy and
begin building out our 4G-LTE-wholesale network."

LightSquared also announced it has signed its first wholesale agreements
and is in advanced negotiations with numerous potential customers. Given this
strong early indication of demand for capacity on its 4G-LTE-wholesale
network, LightSquared further announced that it intends to accelerate the
implementation of Phase 2 of the Inmarsat Cooperation Agreement to the fourth
quarter of this year. By doing so, LightSquared will obtain increased access
to spectrum controlled by Inmarsat.

Upon providing notice to Inmarsat of its intent to accelerate
implementation, LightSquared will owe Inmarsat annual spectrum lease
payments. The first lease payment will be due upon delivery of notice by
LightSquared to Inmarsat.

Ahuja noted, "By accelerating Phase 2 of the Inmarsat Cooperation
Agreement, we will be able to utilize and deploy additional spectrum earlier
than anticipated, further enhancing the capacity of LightSquared's
4G-LTE-wholesale network."

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.

In the U.S.: Amy Rosenberg, Burson-Marsteller, +1-212-614-4558, In the UK: Andrew Honnor, Tulchan Communications, +44 (0)20 7353 4200