Verizon New York Inc. to Redeem Debentures

NEW YORK - Verizon Communications Inc. (NYSE:VZ) today announced that on June 30, 2003, its indirect, wholly owned subsidiary Verizon New York Inc. (formerly New York Telephone Co.) will redeem the entire outstanding principal amount of its $100 million 7 5/8% Debentures, due Feb. 1, 2023.

The redemption price of 102.879 percent of the principal amount of the 7 5/8% Debentures, with interest accrued to the redemption date, will be payable on June 30. On and after that date, interest will cease to accrue on the debentures. The redemption agent is Wachovia Bank, National Association.