FLAG Ltd. Names Daniel C. Petri Acting Chairman

June 23, 1997

CONTACT:
David Frail (David_Frail@SMTP.)

NYNEX Corporation, (212) 395-0500

FLAG Ltd. Names Daniel C. Petri Acting Chairman

HAMILTON, Bermuda--FLAG Limited, builder of FLAG (Fiberoptic Link Around the
Globe), announced today that Daniel C. Petri, president of NYNEX Global Systems Company,
has been named acting chairman, following the resignation of Chairman and Chief Executive
Officer Joseph C. Timpanaro to pursue other business interests.

NYNEX Global Systems is responsible for the construction, sales and marketing
of FLAG under contracts between NYNEX and FLAG Ltd.

Petri said, "Now that our cable system is nearing completion, it is time
for FLAG to move in a more market-focused, customer-oriented direction. Joe Timpanaro
has been pivotal to the construction of this leading-edge cable, and we wish him
great success in his future endeavors."

Petri said a permanent chairman, and a chief executive officer, will be named
at a later date.

Petri joined NYNEX in 1971 and held leadership positions in network operations,
engineering, regulatory and customer services before being appointed managing director
- Worldwide Operations in 1994. He was elected president of NYNEX Global Systems
in 1995.

Editors Note:

The 28,000-kilometer (17,000-mile) FLAG -- the world's longest undersea fiber
optic cable -- will serve the explosive growth in demand for worldwide voice, Internet
and other data traffic by connecting Japan to the United Kingdom through landing
points in Korea, China, Hong Kong, Malaysia, Thailand, India, the United Arab Emirates,
Egypt, Italy and Spain. FLAG recently completed the undersea portions of the cable
and is currently testing and commissioning sections. FLAG is on schedule to launch
operations later this year. NYNEX, the managing sponsor of

FLAG, is a global communications and media corporation that provides a full
range of services in the northeastern United States and high-growth markets around
the world. Other sponsors and shareholders of the privately financed project are:
the Dallah Al-Baraka Group of Jeddah, Saudi Arabia, a large multinational investment
company; Marubeni Corporation, one of Japan's leading general trading companies;
Gulf Associates Inc., a New York-based corporation that focuses on trade and project
development; Telecom Holding Co., Ltd., a wholly owned subsidiary of TelecomAsia,
the largest market-capitalized company on the stock exchange of Thailand; The Asian
Infrastructure Fund (AIF) of Hong Kong, a $1 billion fund that invests in entities
engaged in developing and operating infrastructure projects in Asia; and GE Capital
Services, a diversified financial services company wholly owned by General Electric
Company and headquartered in Stamford, CT.