Verizon Wireless Files Updated Registration Statement With SEC

BEDMINSTER, NJ — Verizon Wireless Inc. today filed with the Securities and Exchange Commission an updated registration statement relating to its potential initial public offering (IPO) of common stock.

The company originally filed a registration statement with the SEC in August 2000. The company has decided to proceed with a public offering, which it hopes to complete by mid-2002.

Upon completion of the IPO, Verizon Wireless Inc. will be a holding company whose sole asset will be partnership interests in the Verizon Wireless partnership and whose sole business will be to act as the managing general partner of the partnership. The Verizon Wireless partnership includes the US wireless operations of Verizon Communications (NYSE: VZ) and Vodafone Group Plc. (NYSE and LSE: VOD).

Shares will be issued and sold by Verizon Wireless Inc., which will invest the proceeds in the Verizon Wireless partnership.

Lead underwriters will be Goldman, Sachs & Co. and Merrill Lynch & Co. Copies of a preliminary prospectus, when available, can be obtained from the underwriters.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.