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Verizon Communications Declares Quarterly Dividend

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NEW YORK - The board of directors of Verizon Communications Inc. (NYSE:VZ)has declared a quarterly dividend of $.385 per outstanding share, unchanged from the previous quarter.

The dividend is payable on Nov. 1, 2002, to Verizon Communications shareowners of record at the close of business Oct. 10, 2002. Verizon Communications has approximately 2.8 million individual shareowners and approximately 2.7 billion shares of common stock outstanding.