MetroPCS Completes Partial Recapitalization

10/26/2005

DALLAS, TX - MetroPCS Communications, Inc. (“MetroPCS” or the “Company”) recently completed an equity financing with Madison Dearborn Partners and TA Associates, which included the purchase of shares from existing investors. Primus Capital Fund III, one of the original investors in MetroPCS, sold 20% of its common and preferred stock holdings and realized proceeds of $7.6 million. Primus Capital Fund V also sold 20% of its preferred stock holdings and realized proceeds of $6.0 million.

MetroPCS, located in Dallas, offers its 1.5 million subscribers simple, affordable and unlimited wireless and voice and data services. The Company currently holds licenses through its subsidiaries in the greater Miami, Tampa, Sarasota, Atlanta, San Francisco, Dallas, Detroit and Sacramento metropolitan areas. MetroPCS is among the first wireless operators to deploy an all-digital network based on third generation infrastructure and handsets.

Founded in 1983, Primus is a private equity firm established to invest in growth capital opportunities, recapitalizations and management-led buyouts. Primus typically invests between $10 million and $25 million per transaction targeting companies with proven business models and superior growth prospects. Although experienced in a number of industries, Primus places an increased emphasis on the business services, healthcare, for-profit education and communication sectors. Primus is comfortable in making control and minority investments, as well as using financial leverage in a transaction, where appropriate.