Verizon New York Inc. to Redeem Refunding Mortgage 7 3/8% Bonds, Series V

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NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced that on Dec. 31, 2001, its wholly owned subsidiary Verizon New York Inc. (formerly known as New York Telephone Company) will redeem the entire $200 million outstanding principal amount of its Refunding Mortgage 7 3/8% Bonds, Series V, due Dec. 15, 2011.

The redemption price of 101.23 percent of the principal amount, with interest accrued to the redemption date, will be payable on Dec. 31, 2001. On and after Dec. 31, interest on such bonds will cease to accrue.

Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 128.5 million access line equivalents and 28.7 million wireless customers. Verizon is also the largest directory publisher in the world. A Fortune 10 company with 256,000 employees and approximately $65 billion in annual revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.

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