Verizon Reports 4Q and Full-Year 2008

Verizon Reports Sustained Revenue Growth and Continued Strong Cash Flows for 4Q and Full-Year 2008

Review Q4 2008 Financials

Earnings Webcast

Presentation (PDF 187 KB) Quarterly Bulletin (PDF 774 KB) Supplemental Schedule (Excel, 80 KB) Non-GAAP Reconciliation (Excel 79 KB) 2006-4Q 2008 Financials Effective January 27, 2009 (Excel, 615 KB).

4Q Results Fueled by Record Growth in FiOS Internet and TV Customers, Continued Strong Sales of Verizon Wireless and Strategic Business Services

4Q 2008 HIGHLIGHTS

Consolidated Results

• 43 cents in diluted EPS and 61 cents in adjusted EPS (non-GAAP), compared with 4Q 2007 diluted EPS of 37 cents reported and 62 cents adjusted. * .6 billion in 4Q revenues, up 3.4 percent, or adjusted growth (non-GAAP) of 4.6 percent.

Wireless

• 1.4 million organic (non-acquisition-related) net customer additions, almost all retail; 1.2 million total net customer additions, including a net customer loss under a previously announced exchange agreement related to the 3Q 2008 acquisition of Rural Cellular. * 72.1 million total customers; 70.0 million retail customers, up

9.9 percent, not including customers added with the Jan. 9, 2009, acquisition of Alltel. * 12.3 percent increase in total revenues; data revenues up 41.4 percent; ARPU growth for 11th consecutive quarter; strong 47.2 percent EBITDA margin on service revenues (non-GAAP).

Wireline

• 303,000 net new FiOS TV customers and 282,000 net new FiOS Internet customers, the highest ever for the company. * 14.3 percent increase in consumer ARPU in legacy telecom markets. * 8.4 percent increase in revenues from strategic business services.

YEAR-END 2008 HIGHLIGHTS

• .26 in 2008 diluted EPS from continuing operations and .54 in adjusted EPS, compared with 2007 earnings of .90 per share and .36 per share, respectively. * .4 billion in 2008 revenues, up 4.2 percent, or adjusted growth of 5.1 percent. * .6 billion in cash flows from operating activities; .2 billion in capital expenditures.