Verizon Announces Voluntary Sale and Purchase Program For Small Shareowners

NEW YORK -- Verizon Communications (NYSE: VZ) today announced a program that will provide its small shareowners with a convenient and inexpensive way either to round their Verizon holdings up to 100 shares or to sell all of their shares.

The program will be independently administered by EquiServe, which provides Verizon with a variety of shareowner services. Verizon will not buy or sell any of the shares or otherwise participate in the program.

The program is entirely voluntary. It is intended to help owners of fewer than 100 Verizon shares who may have been deterred from selling their Verizon shares or buying additional shares because of the inconvenience or the cost of commissions.

Shareowners participating in the program will be assessed a processing fee of $1.50 per share purchased or sold, with a maximum fee of $40 per account.

Eligible shareowners will be informed of the program by mail starting today and will have through Feb. 16, 2001 to participate. Participants in the Verizon Communications Direct Invest Plan may not participate in this program, and shares held in the company's employee benefit plans are excluded from this program.

Verizon shareowners may call 1-800-578-5378 for additional information.

Verizon Communications Inc. (NYSE:VZ), formed by the merger of Bell Atlantic and GTE, is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with more than 101 million access line equivalents and more than 27 million wireless customers. A Fortune 10 company with more than 260,000 employees and approximately $60 billion in 1999 revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com