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Federal Communications Commission Approves SoftBank’s Investment in Sprint and Sprint’s Acquisition of Clearwire



  Federal Communications Commission Approves SoftBank’s Investment in Sprint
  and Sprint’s Acquisition of Clearwire

Business Wire

OVERLAND PARK, Kan., BELLEVUE, Wash. & TOKYO -- July 5, 2013

The Federal Communications Commission announced today that it has voted
unanimously to approve the applications filed by SoftBank (TSE: 9984), Sprint
(NYSE: S) and Clearwire (NASDAQ: CLWR) related to their transactions announced
last year.

This decision completes all Federal government reviews of both SoftBank’s
investment in Sprint and Sprint’s acquisition of Clearwire. Sprint’s
shareholders approved the SoftBank transaction with Sprint on June 25^th.
Clearwire’s shareholders are scheduled to vote on the Sprint transaction with
Clearwire, which has been recommended by Clearwire’s Board of Directors, on
July 8^th.

“We would like to thank Acting Chairwoman Clyburn, Commissioners Rosenworcel
and Pai, as well as the staff of the FCC for their thorough review of these
transactions,” said Sprint CEO Dan Hesse. “Just two years ago, the wireless
industry was at the doorstep of duopoly, but with these transformative
transactions, we are one step closer to a stronger Sprint which will better
serve consumers, challenge the market share leaders and drive innovation in
the American economy.”

“We appreciate the forward thinking, consumer focused stance the FCC has taken
by approving the proposed transaction. As the company that built America’s
first nationwide 4G network, Clearwire looks forward to joining Sprint and
deploying an even faster and richer 4G experience for consumers across the
country,” said Clearwire CEO and President Erik Prusch. “This is the right
transaction at the right time to best deploy Clearwire’s spectrum to create a
broadband network that will bring additional services and alternatives to
wireless consumers.”

“The FCC’s thoughtful review and approval of these transactions represents an
important step toward creating a more competitive U.S. wireless marketplace,”
said SoftBank Chairman & CEO Masayoshi Son. “SoftBank’s investment in Sprint
will bring innovation and increased customer focus, which will enable us to
begin creating a true competitor in a market dominated by two companies. We
look forward to leveraging the significant talent and resources of the New
Sprint to bring innovation and better service to U.S. consumers.”

Sprint, Clearwire and SoftBank anticipate that the transactions will close in
early July 2013, subject to the remaining closing conditions.

About Sprint Nextel

Sprint Nextel offers a comprehensive range of wireless and wireline
communications services bringing the freedom of mobility to consumers,
businesses and government users. Sprint Nextel served more than 55 million
customers at the end of the first quarter of 2013 and is widely recognized for
developing, engineering and deploying innovative technologies, including the
first wireless 4G service from a national carrier in the United States;
offering industry-leading mobile data services, leading prepaid brands
including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant
national and international push-to-talk capabilities; and a global Tier 1
Internet backbone. The American Customer Satisfaction Index rated Sprint as
the most improved company in customer satisfaction, across all 47 industries,
during the last five years. Newsweek ranked Sprint No. 3 in both its 2011 and
2012 Green Rankings, listing it as one of the nation’s greenest companies, the
highest of any telecommunications company. You can learn more and visit Sprint
at www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint.

About Clearwire

Clearwire Corporation (NASDAQ: CLWR), through its operating subsidiaries, is a
leading provider of 4G wireless broadband services offering services in areas
of the U.S. where more than 130 million people live. The company holds the
deepest portfolio of wireless spectrum available for data services in the U.S.
Clearwire serves retail customers through its own CLEAR^® brand as well as
through wholesale relationships with some of the leading companies in the
retail, technology and telecommunications industries, including Sprint and
NetZero. The company is constructing a next-generation 4G LTE Advanced-ready
network to address the capacity needs of the market, and is also working
closely with the Global TDD-LTE Initiative to further the TDD-LTE ecosystem.
Clearwire is headquartered in Bellevue, Wash. Additional information is
available at http://www.clearwire.com.

About SoftBank

SoftBank was established in 1981 by its current Chairman & CEO Masayoshi Son
and has based its business growth on the Internet. It is currently engaged in
various businesses in the information industry, including mobile
communications, broadband services, fixed-line telecommunications, and portal
services.

Cautionary Statement Regarding Forward Looking Statements

This document includes “forward-looking statements” within the meaning of the
securities laws. The words “may,” “could,” “should,” “estimate,” “project,”
“forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan,”
“providing guidance” and similar expressions are intended to identify
information that is not historical in nature.

This document contains forward-looking statements relating to the proposed
transactions between Sprint Nextel Corporation (“Sprint”) and SoftBank Corp.
(“SoftBank”) and its group companies, including Starburst II, Inc. (“Starburst
II”), and the proposed acquisition by Sprint of Clearwire Corporation
(“Clearwire”). All statements, other than historical facts, including, but not
limited to: statements regarding the expected timing of the closing of the
transactions; the ability of the parties to complete the transactions
considering the various closing conditions; the expected benefits of the
transactions such as improved operations, enhanced revenues and cash flow,
growth potential, market profile and financial strength; the competitive
ability and position of SoftBank or Sprint; and any assumptions underlying any
of the foregoing, are forward-looking statements. Such statements are based
upon current plans, estimates and expectations that are subject to risks,
uncertainties and assumptions. The inclusion of such statements should not be
regarded as a representation that such plans, estimates or expectations will
be achieved. You should not place undue reliance on such statements. Important
factors that could cause actual results to differ materially from such plans,
estimates or expectations include, among others, that (1) there may be a
material adverse change of SoftBank; (2) the proposed financing may involve
unexpected costs, liabilities or delays or may not be completed on terms
acceptable to SoftBank, if at all; and (3) other factors as detailed from time
to time in Sprint’s, Starburst II’s and Clearwire’s filings with the
Securities and Exchange Commission (“SEC”), including Sprint’s and Clearwire’s
Annual Reports on Form 10-K for the year ended December 31, 2012, and
Quarterly Reports on Form 10-Q for the quarter ended March 31, 2013, and other
factors that are set forth in the proxy statement/prospectus contained in
Starburst II’s Registration Statement on Form S-4, which was declared
effective by the SEC on May 1, 2013, and in other materials that will be filed
by Sprint, Starburst II and Clearwire in connection with the transactions,
which will be available on the SEC’s web site (www.sec.gov). There can be no
assurance that the transactions will be completed, or if completed, that such
transactions will close within the anticipated time period or that the
expected benefits of such transactions will be realized.

All forward-looking statements contained in this document and the documents
referenced herein are made only as of the date of the document in which they
are contained, and none of Sprint, SoftBank, Starburst II, Clearwire or Collie
Acquisition Corp. undertakes any obligation to update any forward-looking
statement to reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated events except
as required by law. Readers are cautioned not to place undue reliance on any
of these forward-looking statements.

Additional Information and Where to Find It

In connection with the transaction, Sprint and Clearwire have filed a Rule
13e-3 Transaction Statement and Clearwire has filed a definitive proxy
statement with the SEC. The definitive proxy statement has been mailed to the
Clearwire's stockholders. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ
THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS BECAUSE THEY
CONTAIN IMPORTANT INFORMATION ABOUT CLEARWIRE AND THE TRANSACTION. Investors
and security holders may obtain free copies of these documents and other
documents filed with the SEC at the SEC’s web site at www.sec.gov. In
addition, the documents filed by Clearwire with the SEC may be obtained free
of charge by contacting Clearwire at Clearwire, Attn: Investor Relations,
(425) 505-6494. Clearwire’s filings with the SEC are also available on its
website at www.clearwire.com.

Participants in the Solicitation

Clearwire and its officers and directors and Sprint and its officers and
directors may be deemed to be participants in the solicitation of proxies from
Clearwire stockholders with respect to the transaction. Information about
Clearwire officers and directors and their ownership of Clearwire common
shares is set forth in the definitive proxy statement for Clearwire's Special
Meeting of Stockholders, which was filed with the SEC on April 23, 2013.
Information about Sprint’s officers and directors is set forth in Sprint’s
Annual Report on Form 10-K for the year ended December 31, 2012, which was
filed with the SEC on February 28, 2013. Investors and security holders may
obtain more detailed information regarding the direct and indirect interests
of the participants in the solicitation of proxies in connection with the
transaction by reading the definitive proxy statements regarding the
transaction, which was filed by Clearwire with the SEC.

Contact:

Media Contacts:
Sprint
John Taylor, 703-592-8530
john.b.taylor@sprint.com
or
Clearwire
Susan Johnston, 425-505-6178
susan.johnston@clearwire.com
or
SoftBank
Jim Barron, 212-687-8080
jbarron@sardverb.com
or
Investor Contacts:
Sprint
Brad Hampton, 800-259-3755
investor.relations@sprint.com
or
Clearwire
Alice Ryder, 425-505-6494
alice.ryder@clearwire.com
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