Nextel and NASCAR Announce Largest NASCAR NEXTEL Cup Series Points Fund in Sport's History; Second Through 11th Place Drivers Each Guaranteed at Least $1 Million

RESTON, Va.--Nov. 1, 20046, 2004--Nextel Communications Inc. and NASCAR today unveiled a record NASCAR NEXTEL Cup Series(TM) points fund of more than $24 million to be distributed among the top 25 drivers at the end of the 2004 season. The payout, a component of the sponsorship agreement Nextel entered into last year with NASCAR, guarantees each of the top 11 drivers at least $1 million for the first time in the sport's history.

"The NEXTEL Cup Series is America's most widely attended spectator sport, and the structure of this year's points fund reflects NASCAR's popularity and Nextel's commitment to this sport," said Tim Donahue, Nextel's president and chief executive officer. "NASCAR NEXTEL Cup Series teams compete on the highest level for 10 months out of the year, and we are proud to honor the drivers and teams for their hard work and achievement."

The previous record points fund payout was $21,031,000 in 2003. This year's record payout significantly ups the ante for drivers. The 10 drivers in the Chase for the NASCAR NEXTEL Cup are competing for the lion's share of the purse - $5.2 million - as well as the title of NASCAR NEXTEL Cup Series champion. The points fund provides incentive for teams not contending for the NEXTEL Cup trophy, as the 11th place driver will win a minimum of $1 million.

"We have enjoyed an outstanding inaugural season with our new title sponsor, and the enhanced points fund for the 2004 season is another example of Nextel's ongoing commitment to the sport, its drivers and teams," said NASCAR President Mike Helton. "It will represent a record points fund and that provides quite a financial incentive for our competitors to pursue."

R.J. Reynolds' Winston brand began the points fund in 1971 to award end-of-season bonus money to teams. The 1971 purse totaled $100,000, including a $40,000 bonus for the series champion Richard Petty.

This year's $5.2 million champion's prize sets a new benchmark. The winner's share reached $1 million for the first time in 1989 when Rusty Wallace won the series championship. It reached $2 million in 1999, $3 million in 2000 and climbed above $4 million last year.

About Nextel

Nextel Communications, a FORTUNE 200 company based in Reston, Va., is a leading provider of fully integrated wireless communications services and has built the largest guaranteed all-digital wireless network in the country covering thousands of communities across the United States. Today 95 percent of FORTUNE 500(R) companies are Nextel customers. Nextel and Nextel Partners, Inc. currently serve 297 of the top 300 U.S. markets where approximately 259 million people live or work.