Subject: [NEXTEL-1] Nextel Bows To The Pressure-Nextel Enhances Commitment to The "Scam Plan"

From: [email-masked]
Date: Mon, 03 Nov 2003 17:44:03 -0500

Nextel Bows To The Pressure-Nextel Enhances Commitment to The "Scam
Plan"
Monday November 3, 4:25 pm ET

Company to Secure Its $850 Million Commitment for
Relocation Expenses of Incumbent 800 MHz Licensees by
Placing Funds in Escrow and Providing Irrevocable Letters of
Credit

RESTON, Va.--(BUSINESS WIRE)--Nov. 3, 2003-- Nextel Communications Inc.
(NASDAQ:NXTL - News) today filed comments with the Federal
Communications Commission (FCC) reinforcing its commitment and outlining
specific steps to assure the FCC, and public safety and private wireless
800 MHz incumbent licensees, that it will provide up to $850 million in
relocation funding described in the Consensus Plan for 800 MHz
Realignment.

The Company notified the FCC that it will deposit $100 million in cash
in an escrow account to be available to pay 800 MHz retuning costs
pursuant to the terms of the Consensus Plan, and will secure the
remaining $750 million commitment through one or more irrevocable
stand-by letters of credit issued by internationally recognized
commercial lending institutions. The letters of credit will provide
payments to the Relocation Fund should Nextel not meet its obligation to
fund the relocation costs during the retuning process contemplated by
the Consensus Plan. No upfront or other retuning costs will be required
of any public safety or private wireless relocatee.

The additional steps taken by Nextel today are designed to provide the
FCC and 800 MHz incumbent licensees with absolute assurance that the
relocation funding described in the Consensus Plan will be available,
regardless of future changes in Nextel's financial position. The Company
believes that these enhancements should resolve any concerns about
Nextel's ability to meet its financial commitment under the Consensus
Plan.

Commenting on today's filing with the FCC, Paul Saleh, Chief Financial
Officer of Nextel Communications, Inc., said, "Nextel's decision to
place $100 million in an escrow fund and arrange for $750 million of
irrevocable letters of credit for the benefit of 800 MHz incumbent
licensees demonstrates our commitment to ensuring that funding of the
relocation expenses under the Consensus Plan is secured. Nextel remains
committed to eliminating the causes of public safety interference
through 800 MHz realignment and eliminating that threat to the safety of
our nation's first responders." He added, "The public safety community
deserves high quality wireless communications and the Consensus Plan is
the most comprehensive and only fully-funded plan which will achieve the
FCC's objectives of eliminating interference and creating more spectrum
opportunities for public safety agencies."

The Consensus Plan provides for the creation of a "Relocation Fund" to
pay for 800 MHz incumbent licensee retuning costs. An independent Fund
Administrator would manage the Relocation Fund, and would disburse funds
directly to incumbent public safety and private wireless licensees, or
their designees, as covered relocation expenses are incurred. These
funding mechanisms will allow public safety agencies or private wireless
operators to access directly the Relocation Fund as expenses are
incurred.

About Nextel

Nextel Communications, a Fortune 300 company based in Reston, Va., is a
leading provider of fully integrated wireless communications services
and has built the largest guaranteed all-digital wireless network in the
country covering thousands of communities across the United States.
Nextel and Nextel Partners, Inc., currently serve 293 of the top 300
U.S. markets. Through recent market launches, Nextel and Nextel Partners
service is available today in areas of the U.S. where approximately 248
million people live or work.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995. A number of the matters and subject areas discussed in this
press release that are not historical or current facts deal with
potential future circumstances and developments, including our belief as
to whether the FCC will approve the Consensus Plan, which is qualified
by the inherent risks and uncertainties surrounding any such future
expectations described from time to time in Nextel reports filed with
the SEC, including Nextel's annual report on Form 10-K for the year
ended December 31, 2002 and in its quarterly reports on Form 10-Q for
the quarterly periods ended March 31, 2003 and June 30, 2003. This press
release speaks only as of its date, and Nextel disclaims any duty to
update the information herein.
Contact:
Nextel Communications Inc., Reston
Media:
Christopher Doherty, 703-433-4656
or
Investors:
Paul Blalock, 703-433-4300

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