May 19, 2006

Sprint Capital Corporation and Embarq Corporation Complete Sale of $4.485 Billion in Embarq Senior Notes

Media Contacts:
Sprint Nextel
James Fisher, 202-487-5101

Keith Mitchell, 913-794-1590

Investor Relations Contacts:
Sprint Nextel
Kurt Fawkes, 800-259-3755

Trevor Erxleben, 913-345-7681

RESTON, Va. — 05/19/2006

Sprint Nextel Corp. (NYSE: S) and Embarq Corp. (NYSE: EQ) today announced that Sprint Capital Corporation, a wholly-owned subsidiary of Sprint Nextel, closed the sale of a total of $4.485 billion in principal amount of senior notes of Embarq. The sale consisted of three tranches of notes: $1,000,000,000 aggregate principal amount of 6.738% Notes due 2013; $2,000,000,000 aggregate principal amount of 7.082% Notes due 2016; and $1,485,000,000 aggregate principal amount of 7.995% Notes due 2036.

Embarq formally separated from Sprint Nextel on May 17 through a tax-free distribution of all of its common stock to Sprint Nextel shareholders. Embarq issued the notes to Sprint Nextel as part of the consideration for the transfer from Sprint Nextel to Embarq of the assets of Embarq's business that were spun-off. Sprint Nextel transferred the notes to Sprint Capital in satisfaction of inter-company indebtedness.

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

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.

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.

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. For more information, visit www.sprint.com.

About Embarq
Embarq provides 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 also provides wireless, entertainment, logistics and other communications-related services and equipment.

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