Nextel Purchases Own Stock From Motorola

[Barry]

Nextel announced it has purchased shares of Nextel and Nextel Partners stock from Motorola. Nextel purchased from Motorola 6 million shares of Nextel's Class B Common Stock at a purchase price of $23.50 per share, or an aggregate purchase price of $141 million and 5,576,376 shares of Nextel Partners Class A Common Stock at a purchase price of $13.89 per share, or an aggregate purchase price of $77,455,862.

Nextel now holds 84,632,604 shares of Nextel Partners Class B Common Stock. Pursuant to the terms of Nextel Partners' certificate of incorporation, each Class A Common share purchased from Motorola converted into a Class B Common share automatically. Motorola continues to hold 47,530,768 shares of Nextel's Class A Common Stock, 29,660,000 shares of its Class B Common Stock, and 500,000 shares of Nextel Partners Class A Common Stock.

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