Subject: [NEXTEL-1] Nextel: CIBC comments on 800 MHz, valuation

From: "Lindsay C. Blanton" <[email-masked]>
Date: Fri, 30 May 2003 08:26:33 -0500

15.10: Firm believes that several FCC filings, coupled with recent technological advancements, make it increasingly unlikely that the FCC will implement NXTL's 800MHz spectrum realignment proposal as is. CIBC believes that current valuations reflect optimistic timing and resolution. Given firm's view about the eventual outcome, it believes investors may be disappointed with the FCC's decision and stock will be range bound from $12-15.

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