Crest Financial Urges Clearwire Stockholders to Vote Against Sprint-Clearwire Merger

Crest Financial Urges Clearwire Stockholders to Vote Against Sprint-Clearwire

New Letter Highlights Scheme by Sprint to Capture Clearwire Value

PR Newswire

HOUSTON, May 16, 2013

HOUSTON, May 16, 2013 /PRNewswire/ --Crest Financial Limited, the largest of
the independent minority stockholders of Clearwire Corporation (NASDAQ: CLWR),
yesterday sent a letter to Clearwire stockholders detailing why it is asking
Clearwire stockholders to reject the proposed merger with Sprint Nextel

The letter reiterates Crest's belief that Clearwire and its trove of spectrum
is "the ultimate prize in the intensifying battle for Sprint." The Sprint
effort to merge with Clearwire is really "an attempt to take value from the
Clearwire stockholders without offering them fair value," the letter states.

The letter also states:

"We believe allowing Sprint to consummate the Sprint-Clearwire Merger will
leave enormous value on the table for Clearwire stockholders—value that will
assuredly be captured by Sprint and its ultimate acquirer. We believe that one
way in which Sprint and its ultimate acquirer could capture this value is by
using its controlling position in Clearwire to cause it to sell its excess
spectrum and, instead of using these proceeds to build-out Clearwire's
network, Sprint could use these proceeds to pay down some portion of the debt
that was incurred to purchase Sprint in the first place. It is no secret that
both SoftBank and DISH intend to incur a significant amount of debt to
purchase Sprint. Each of SoftBank and DISH also claim that it will be able to
reduce this debt burden over a relatively short period of time. We believe
that a sale of excess Clearwire spectrum is one way in which this
de-leveraging could occur. However, we believe that Sprint and its ultimate
acquirer would be able to use the excess Clearwire spectrum for this purpose
ONLY IF Sprint controls 100% of Clearwire. Our view is based on the
following: First, unless Sprint owns 100% of Clearwire's stock, Clearwire
could not distribute the proceeds from such a sale of spectrum to just
Sprint. Second, we believe that if Sprint, through its controlling position
in Clearwire, were to cause Clearwire to sell excess spectrum while litigation
is pending over the conduct of Sprint, Clearwire, and the Clearwire Board,
such a sale could adversely affect the position of these parties in such a
proceeding if such a sale were made at the values we believe should be
attributed to Clearwire's spectrum. Thus, a successful vote "AGAINST" the
Sprint-Clearwire Merger would prevent Sprint from benefiting from the
Clearwire spectrum assets in this way at the expense of the Clearwire

"SoftBank's CEO Son recently said that Clearwire stockholders like Crest that
have urged Clearwire to seek a better deal "can stay as shareholders for
however long they want. We are happy with just 65 percent [of Clearwire
stock]." For all of the reasons stated above, we do not believe this
statement. We firmly believe that, if Sprint does not control 100% of
Clearwire, the value that Sprint's suitors have attached to Sprint dissipates,
while, at the same time, Clearwire's minority stockholders will still have the
opportunity to realize that value for themselves.

"In short, Clearwire is the ultimate prize in the intensifying battle for
Sprint. It is time to lift the veil off of these back-to-back merger
transactions so Clearwire stockholders can see them for what they are—an
attempt to take value from the Clearwire stockholders without offering them
fair value. We do not believe that this or any other offer from Sprint can
reflect the true value of Clearwire. Only when SoftBank, DISH, or another
suitor for the Clearwire spectrum makes a direct offer for the Clearwire stock
or Clearwire's assets will this true value be discovered."

D.F. King & Co, Inc. has been retained by Crest to assist it in the
solicitation of proxies in opposition to the merger. If stockholder have any
questions or need assistance in voting the GOLD proxy card, please call D.F.
King & Co. at (800) 949-2583. The full letter can be found at

About Crest Financial Limited
Crest Financial Limited ("Crest") is a limited partnership under the laws of
the State of Texas. Its principal business is investing in securities.

Important Legal Information
In connection with the proposed merger of Clearwire Corporation ("Clearwire")
with Sprint Nextel Corporation (the "Proposed Sprint Merger"), Crest and other
persons (the "Participants") have filed a definitive proxy statement with the
U.S. Securities and Exchange Commission ("SEC"). The definitive proxy
statement was mailed to the stockholders of Clearwire on or about May 6, 2013.
CLEARWIRE AND THE PROPOSED SPRINT MERGER. The definitive proxy statement and
all other proxy materials filed with the SEC are available at no charge on the
SEC's website at In addition, the definitive proxy
statement is also available at no charge on the website of the Participants'
proxy solicitor at

Forward-looking Statements
Certain statements contained herein are forward-looking statements including,
but not limited to, statements that are predications of or indicate future
events, trends, plans or objectives.Undue reliance should not be placed on
such statements because, by their nature, they are subject to known and
unknown risks and uncertainties.Forward-looking statements are not guarantees
of future activities and are subject to many risks and uncertainties.Due to
such risks and uncertainties, actual events may differ materially from those
reflected or contemplated in such forward-looking statements.Forward-looking
statements can be identified by the use of the future tense or other
forward-looking words such as "believe," "expect," "anticipate," "intend,"
"plan," "should," "may," "will," believes," "continue," "strategy," "position"
or the negative of those terms or other variations of them or by comparable

SOURCE Crest Financial Limited

Contact: Jeffrey Birnbaum, (202) 661-6367,
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