06.23.1998|Corporate

Reflecting Stock Split, Bell Atlantic Declares Quarterly Dividend of $.385 Per Share

Reflecting Stock Split, Bell Atlantic Declares Quarterly Dividend of $.385 Per Share

June 23, 1998

Jim Crosson, 212-395-2285

NEW YORK -- The board of directors of Bell Atlantic Corp. (NYSE:BEL) today declared a quarterly dividend of $.385 per outstanding common share, payable on August 3, 1998, to shareowners of record as of the close of business on July 10, 1998. The dividend rate reflects a previously announced 2-for-1 stock split of Bell Atlantic common shares, payable on June 29, 1998, to shareowners of record as of the close of business on June 1, 1998.

On a pre-split basis, the dividend is unchanged from the previous quarterly dividend, which was $.77 per outstanding common share on a pre-split basis.

The stock split is Bell Atlantic's third in 12 years.

Bell Atlantic has approximately 1.2 million registered shareowners and approximately 776.4 million shares of common stock outstanding as of May 31, 1998. After the stock split, there will be approximately 1.55 billion shares of common stock outstanding.

Bell Atlantic -- formed through the merger of Bell Atlantic and NYNEX -- is at the forefront of the new communications and information industry. With more than 41 million telephone access lines and 6.7 million wireless customers worldwide, Bell Atlantic companies are premier providers of advanced wireline voice and data services, market leaders in wireless services and the world's largest publishers of directory information. Bell Atlantic companies are also among the world's largest investors in high- growth global communications markets, with operations and investments in 23 countries.

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