Clearwire Issues Update on Transaction, Elected to Take $80M April Draw, Hasn't Decided Whether to Take Any Future Draws, Special Committee Intends to Continue Dish Talks

Clearwire CLWR today announced that it has elected to take the $80 million April draw under the terms of its agreements with Sprint Nextel Corporation ("Sprint") that provide additional financing to Clearwire in the form of exchangeable notes, which will be exchangeable under certain conditions for Clearwire common stock at $1.50 per share, subject to adjustment under certain conditions (the "Sprint Financing Agreements").  The Special Committee has not made any determination as to whether to take any future draws under the Sprint Financing Agreements and has not made any determination to change its recommendation of the current Sprint transaction. As previously disclosed on January 8, 2013, Clearwire received an unsolicited, non-binding proposal from DISH Network Corporation ("DISH"), which was a preliminary indication of interest and subject to numerous, material uncertainties and conditions. Consistent with its fiduciary duties to Clearwire's non-Sprint class A stockholders, the Special Committee of Clearwire's board of directors has engaged in discussions with DISH concerning its proposal and with Sprint over the course of the last three months, and the Special Committee intends to continue such discussions.  The Special Committee will pursue the course of action that it believes is in the best interests of Clearwire's non-Sprint Class A stockholders.