Verizon Maryland Inc. to Redeem Debentures

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NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced that on March 1, 2002, its wholly owned subsidiary Verizon Maryland Inc. (formerly The Chesapeake and Potomac Telephone Company of Maryland) will redeem the entire outstanding principal amount of three separate series of debentures. Verizon Maryland will redeem $60 million of its 5 7/8% Debentures, due June 1, 2004; $75 million of its 6 5/8% Debentures, due Oct. 1, 2008; and $50 million of its 7 1/4% Debentures, due Feb. 1, 2012.

The redemption price of 100 percent of the principal amount of the 5 7/8% Debentures, 100.32 percent of the principal amount of the 6 5/8% Debentures, and 100.94 percent of the principal amount of the 7 1/4%. Debentures, in each case with interest accrued to the redemption date, will be payable on March 1, 2002. On and after March 1, interest will cease to accrue on the debentures.

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