Sprint Nextel and Embarq Corporation Announce Offering of $4.485 Billion of Embarq Senior Notes by Sprint Capital Corporation

Business Wire, May 4, 2006

RESTON, Va. -- Sprint Nextel Corporation (NYSE:S) and Embarq Corporation (NYSE: EQ WI) today announced that, subject to market and other conditions, Sprint Capital Corporation, a wholly owned subsidiary of Sprint Nextel, intends to offer $4.485 billion aggregate principal amount of Embarq's 7-year, 10-year, and 30-year senior notes.

The senior notes that are the subject of the offering by Sprint Capital will be issued in connection with Embarq's spin-off from Sprint Nextel. Embarq expects to transfer the senior notes to Sprint Nextel on the spin-off distribution date, currently scheduled for May 17, 2006. Sprint Nextel will transfer the senior notes to Sprint Capital in satisfaction of indebtedness owed by Sprint Nextel to Sprint Capital.

Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and Lehman Brothers Inc. are acting as joint lead and joint book-running managers for the senior notes offering.

Important Information

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

You may obtain a copy of the prospectus from Bear, Stearns & Co. Inc., Attn: Prospectus Dept., 383 Madison Ave., New York, NY 10179, (866) 803-9204; Goldman, Sachs & Co., Attn: Prospectus Dept., 85 Broad St., New York, NY 10004, Fax: (212) 902-9316 or email at prospectus-ny@ny.email.gs.com; and Lehman Brothers Inc., 745 7th Avenue, New York, NY 10019, Attn: High Grade Fixed Income Syndicate, 1-888-603-5847.

About Sprint Nextel

Sprint Nextel offers a comprehensive range of communications services bringing mobility to consumer, business and government customers. Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two robust wireless networks offering industry leading mobile data services; instant national and international walkie-talkie capabilities; and an award-winning and global Tier 1 Internet backbone.

About Embarq

Following the completion of the spin-off from Sprint Nextel, Embarq will provide a suite of communications services, consisting of local and long distance voice and data services, including high-speed Internet access to consumer, business and wholesale customers. Embarq will also provide wireless, entertainment, logistics and other communications-related services and equipment.