Verizon Shareholders Elect Directors, Ratify Auditor and Consider Other Proposals at Annual Meeting

NEW YORK -Verizon Communications announced the results of its annual meeting of shareholders held today in Memphis, Tenn. This was the company's first shareholder meeting since the merger of Bell Atlantic and GTE June 30, 2000 to form Verizon.

Verizon shareholders re-elected the 16 members of the company's board of directors, ratified the appointment of Ernst & Young LLP as Verizon's independent auditor, approved both a long-term and short-term incentive plan, and defeated four shareholder proposals.

The 16 members of Verizon's board of directors, who were elected upon the merger of Bell Atlantic and GTE, were re-elected for additional one-year terms. They are:

• James. R. Barker, chairman of Interlake Steamship Co. and vice chairman of Mormac Marine Group, Inc. and Moran Towing Corporation.

• Edward H. Budd, retired chairman, The Travelers Corporation

• Richard L. Carrion, chairman, president and CEO, Popular, Inc. and Banco Popular de Puerto Rico.

• Robert F. Daniell, retired chairman, United Technologies Corporation

• Helene L. Kaplan, of Counsel to the law firm of Skadden, Arps, Slate, Meagher & Flom LLP

• Charles R. Lee, chairman and co-CEO, Verizon Communications

• Sandra O. Moose, senior vice president and director of The Boston Consulting Group, Inc.

• Joseph Neubauer, chairman and CEO, ARAMARK Corporation.

• Thomas H. O'Brien, chairman, The PNC Financial Services Group, Inc.

• Russell E. Palmer, chairman and CEO, The Palmer Group

• Hugh B. Price, president and CEO, National Urban League

• Ivan G. Seidenberg, president and co-CEO, Verizon Communications

• Walter V. Shipley, retired chairman and CEO, The Chase Manhattan Corporation.

• John W. Snow, chairman, president and CEO, CSX Corporation

• John R. Stafford, chairman and CEO, American Home Products Corporation

• Robert D. Storey, partner, law firm of Thompson, Hine & Flory LLP.

Verizon Communications

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 112 million access line equivalents and 27 million wireless customers. Verizon is also the largest directory publisher in the world. A Fortune 10 company with approximately 260,000 employees and more than $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.