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Verizon and Covad Reach Interim Wholesale Agreement

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NEW YORK - Verizon announced today that it has concluded an interim line-sharing agreement with Covad that will remain in effect through Jan. 31, 2005, while both companies work toward a longer-term commercial agreement.

In line-sharing arrangements, Verizon leases the high-frequency portion of its copper loop to a data services provider, such as Covad, which may then use the leased spectrum to provide DSL services to its end-users. Under an order issued by the Federal Communications Commission last fall, Verizon had planned to stop accepting new orders for line-sharing after Oct. 1, 2004. Under the interim agreement, Verizon will continue accepting orders for new line-sharing arrangements from Covad on an interim basis at a negotiated rate while the parties work toward a longer-term agreement.

Verizon continues to work with competing local exchange carriers to establish commercial agreements providing certainty and stability in place of continuing regulatory uncertainty.

A Dow 30 company, Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services, with approximately $68 billion in annual revenues. Verizon companies are the largest providers of wireline and wireless communications in the United States. Verizon is also the largest directory publisher in the world, as measured by directory titles and circulation. Verizon's international presence includes wireline and wireless communications operations and investments, primarily in the Americas and Europe. For more information, visit