For the Second Time in Three Years Verizon Ranked No. 1 on DiversityInc Magazine's List of Top 50 Companies for Diversity

NEW YORK - A continued commitment to diversity has earned Verizon Communications the No.1 spot on DiversityInc magazine's 2008 list of Top 50 Companies for Diversity for the second time in three years.

Verizon has consistently been among the magazine's top-ranked companies for diversity. Women and people of color make up more than 60 percent of Verizon's workforce, which serves customers in some of the country's most diverse markets.

The DiversityInc Top 50 Companies for Diversity list is determined by a statistical analysis of responses to the publication's 200-question survey. For a complete list of this year's top 50 companies, visit www.DiversityInc.com/top50.

"A commitment to diversity is as much about good business as it is about doing the right thing," said Magda Yrizarry, vice president workplace culture, diversity and compliance for Verizon. "As a company, we serve some of the most diverse markets; so from our leadership to our frontline employees, we understand and value diversity.  It's an honor to once again be ranked among some of America's most diverse and successful companies."

The annual DiversityInc Top 50 Companies for Diversity competition is now in its eighth year.  Top 50 companies demonstrate consistent strength in four areas: CEO commitment, human capital, corporate and organizational communications, and supplier diversity.

In 2007, Verizon spent more than $3 billion with companies owned and managed by minorities, women, people with disabilities, and Vietnam-era and service-disabled veterans (MWDVBE).

Earlier this week, BusinessWeek ranked Verizon fourth in the publication's 12th annual ranking of the best-performing companies in the Standard & Poor's 500-stock index. In 2007, Verizon was recognized as a leader in workplace practices by numerous publications including BusinessWeek, Working Mother, DiversityBusiness.com and LatinaStyle.

Diversity is part of Verizon's culture and an integral part of its business strategy, which cuts across all business groups and functions -- from human resources and supplier relations, to marketing and philanthropy.  Through its philanthropic arm, the Verizon Foundation, Verizon contributed more than $34 million in 2007 to charitable causes and organizations that serve minority communities across the country. The Verizon Center for Customers with Disabilities is in its 15th year and handled over 800,000 calls last year. Verizon's multilingual centers were created to answer customer demand for multilingual, multicultural services and provide services in six languages - Spanish, Korean, Mandarin, Cantonese, Russian and Vietnamese.

Whether it's a wireless service, the latest in broadband technology, or the best in entertainment, Verizon depends on the unique talents, perspectives and experiences of all employees to maintain its premier network and better serve its customers.

Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers.  Verizon Wireless operates America's most reliable wireless network, serving nearly 66 million customers nationwide.  Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network.  A Dow 30 company, Verizon employs a diverse workforce of nearly 235,000 and last year generated consolidated operating revenues of $93.5 billion.  For more information, visit www.verizon.com.