Sprint, SoftBank Complete Merger

Sprint Nextel Corporation

(“Sprint”) and SoftBank Corp.

today announced the completion of their merger whereby SoftBank has invested approximately $21.6 billion in Sprint, consisting of approximately $16.6 billion to be distributed to Sprint stockholders and an aggregate $5 billion of new capital ($1.9 billion at closing) to strengthen Sprint's balance sheet. Sprint stockholders voted to approve the transaction at a special meeting of stockholders held on June 25, 2013. Through this transaction, approximately 72 percent of current Sprint shares are being acquired by SoftBank for $7.65 per share in cash, and the remaining shares are being converted into shares of a new publicly traded entity named Sprint