Verizon Virginia Inc. to Redeem Debentures

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NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced that on March 11, 2002, its wholly owned subsidiary Verizon Virginia Inc. (formerly The Chesapeake and Potomac Telephone Company of Virginia) will redeem the entire outstanding principal amount of three separate series of debentures. Verizon Virginia will redeem $50 million of its 5 1/4% Debentures, due May 1, 2005; $70 million of its 6 3/4% Debentures, due May 1, 2008; and $50 million of its 7 1/4% Debentures, due June 1, 2012.

The redemption price of 100 percent of the principal amount of the 5 1/4% Debentures, 100.32 percent of the principal amount of the 6 3/4% Debentures, and 101.05 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 11, 2002. On and after March 11, interest will cease to accrue on the debentures.

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