Verizon To Complete Sale of Kentucky Phone Exchanges To Alltel on July 31

LEXINGTON, Ky. -- Verizon expects to complete the sale of approximately 600,000 telephone access lines serving 101 exchanges in Kentucky to ALLTEL on July 31. The companies originally announced the sales agreement on Oct. 31, 2001.

Under the terms of the agreement, ALLTEL will assume ownership of all of the former Verizon local telephone exchanges in Kentucky. On Aug. 1, Verizon's local telephone employees in Kentucky will become employees of ALLTEL. However, the employees working in Verizon's operator services center in Lexington will remain with Verizon.

The sale will have no impact on customers' local telephone service and rates. All local telephone customer accounts will automatically transfer to ALLTEL, and customers will receive bills from ALLTEL in August.

Verizon will continue to offer long-distance, wireless, dial-up Internet and directory publishing services to Kentucky customers.

The following exchanges in Kentucky will be acquired by ALLTEL: Albany, Arlington, Ashland, Augusta, Barbourville, Bardwell, Bee Spring, Berea, Bradfordsville, Brodhead, Brooksville, Brownsville, Bryantsville, Burkesville, Burnside, Calvert City, Campbellsville, Caneyville, Catlettsburg, Cecilia, Clarkson, Columbia, Columbus, Cumberland, Dover, East Bernstadt, Elizabethtown, Eubank, Evarts, Ewing, Faubush, Fernleaf, Flat Lick, Flemingsburg, Garrison, Germantown, Glasgow, Grayson, Greensburg, Greenup, Hazard, Hillsboro, Hodgenville, Hustonville, Irvine, Jenkins, Johnsville, Lancaster, Leatherwood, Lebanon, Leitchfield, Lewisburg, Lexington (8), Liberty, Livingston, London, Loretto, Mammoth Cave, Manchester, Mayslick, Meads, Midway, Milburn, Monticello, Morehead, Mount Olivet, Mount Vernon, Nancy, Nicholasville, Olive Hill, Oneida, Owingsville, Paint Lick, Park City, Russell, Salt Lick, Science Hill, Scottsville, Sharpsburg, Shopville, Smithland, Smiths Grove, Somerset, South Hardin, South Shore, Tollesboro, Tompkinsville, Uniontown, Vanceburg, Versailles, Vicco, Washington, White Lily, Wilmore.

Customers in Kentucky can continue to call Verizon for repair, billing, residential and business services, and the calls will be transferred to ALLTEL customer service representatives.

Verizon Communications (NYSE:VZ) 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 133.8 million access line equivalents and approximately 29.6 million wireless customers. Verizon is also the largest directory publisher in the world. With more than $67 billion in annual revenues and nearly 248,000 employees, Verizon's global presence extends to more than 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.

ALLTEL (NYSE:AT), with more than 10 million communications customers and more than $7.5 billion in revenues, is a leader in the communications and information services industries. ALLTEL has communications customers in 24 states and provides information services to telecommunications, financial and mortgage clients in 55 countries and territories. For more information about ALLTEL, visit www.alltel.com.

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