Embarq (EQ)

Differentiated, Integrated Offerings Are Key to Success

OVERLAND PARK, KS. — May 18, 2006 — Embarq Corporation (NYSE: EQ) announced its official separation from Sprint Nextel Corporation and begins its first trading day on the New York Stock Exchange today as an independent, public company. The former local communications business of Sprint Nextel (NYSE: S) begins trading as a member of the S&P 500. For the year ended December 31, 2005, Embarq had approximately $6.3 billion in revenues, which would rank it among the Fortune 500.

“Our goal is to offer practical, innovative solutions to help people communicate,” said Daniel R. Hesse, chief executive officer of the new company. “This is a new chapter in our 100-plus year history. We have the ability to improve and simplify communications services.”

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“Our goal is to make our services easier to use by integrating technologies in ways that enhance our customers’ lives and businesses,” Hesse added.

As an independent company, Hesse said, Embarq will be better positioned to respond to customers’ needs and to tailor products specifically to the local markets served. “At the core of our operation is a dependable and reliable communications infrastructure capable of delivering continuously improving levels of service as we put greater emphasis on service delivery, product innovation and customer interaction.”

The company launches with an experienced leadership team led by Hesse and Chief Operating Officer, Michael B. Fuller, who brings more than 30 years of leadership to Embarq from Sprint Nextel. A strong board of directors has been appointed and is dedicated to the success of the new company. In addition to Hesse, who serves as chairman, the directors are: