Virgin Mobile USA Announces Filing of Registration Statement for Proposed Initial Public Offering

Virgin Mobile USA Announces Filing of Registration Statement for Proposed Initial Public Offering

Virgin Mobile USA, a national provider of wireless communications services targeted at the youth market that launched in July 2002, announced today it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock.

The shares will be offered by the Company and certain selling stockholders. The Company intends to apply to list its common stock on the New York Stock Exchange under the symbol ‘VM’.

The proposed initial public

offering is being led by Lehman Brothers, with Merrill Lynch & Co. and Banc of America Securities acting as joint book- running managers.

The number of shares to be offered and the price range for the offering have not yet been determined. The offering will be made by means of a prospectus, copies of which, when available, may be obtained from Lehman Brothers, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY, 11717.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but is not yet effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.