Sprint to Recombine Stocks

OVERLAND PARK, Kan. -- Sprint (NYSE:FON) (NYSE:PCS) announced today that its board of directors has decided to recombine the company's "tracking stocks" and return to a single common stock. As a result, the PCS common stock will be eliminated and each share of PCS common stock will convert automatically into .50 shares of FON common stock on April 23, 2004.

In the board's view, the recombination will:

The Sprint board, working with financial and legal advisors, followed a rigorous process and conducted a thorough analysis of financial, operational, structural and strategic factors before reaching the decision to recombine the stocks. The board and its capital stock committee, comprised of independent directors, also conducted extensive analyses to determine a conversion ratio fair to the holders of the PCS common stock and the FON common stock, each taken as a separate class.

The Sprint board expects to declare the regular dividend of 12.5 cents per share on all outstanding shares of FON common stock, including those issued in the recombination, at its meeting in April 2004, payable to shareholders of record on a date in June 2004. As in the past, the Sprint board will continue to make its dividend decisions on a quarter-by-quarter basis.

Sprint Corp.