80% of revenue from fast-growing wireless business; Entrenched base of high-average revenue per unit (ARPU), low-churn business users that rely on Nextel's push to talk functionality; The Sprint wireless unit's relatively high ARPU and industry-leading data penetration; Healthy wireless spectrum position; Sprint's successful wholesale wireless operations help broaden market reach; and Strong discretionary cash flow potential after company integration is complete. Intense wireless industry competition, despite consolidation; Potential company integration or technology migration issues; Eventual slowing of wireless penetration growth; and High capital expenditure requirements characteristic of the wireless industry. Sprint Nextel Corp. is the result of the Aug. 12, 2005, stock merger between Sprint Corp. and Nextel Communications Inc. The ratings on Sprint Nextel incorporate our expectations that: Within
