Verizon Communications (VZ)

Details of 4Q Adjustments

Adjusted earnings in the fourth quarter 2009 excluded 77 cents per share in special items: 66 cents for severance, pension and benefit charges in connection with workforce reductions in the fourth quarter and continuing into 2010; 2 cents for merger integration and acquisition costs

Verizon News Release, page 4

primarily in connection with the Alltel transaction; and 9 cents for other charges, including costs related to the pending spinoff of non-strategic wireline access lines.

Adjusted earnings in the fourth quarter 2008 excluded 15 cents per share for severance, pension and benefit related charges; 1 cent per share for merger integration costs; and 1 cent per share for an other-than-temporary decline in investment values.

Verizon announced today that, in future quarterly earnings reports, the company will no longer adjust reported results for non-operational or special items. However, the company will continue to provide information to help investors understand reported results on a comparable basis with historical periods.

Details of 4Q Adjustments

Adjusted earnings in the fourth quarter 2008 excluded the following after-tax amounts: $424 million, or 15 cents per share, for severance, pension and benefit charges related to pension settlements from previously announced workforce reductions and severance charges associated with workforce reductions that began in the fourth quarter and will continue in 2009; $35 million, or 1 cent per share, for merger integration costs; and $31 million, or 1 cent per share, for an other-than-temporary decline in the fair value of investments in certain marketable securities.

Adjusted earnings in the fourth quarter 2007 excluded the following after-tax amounts: 16 cents per share for severance and other related expenses; 5 cents per share for taxes and expenses associated with an increase in the distributable earnings from the company’s Vodafone Omnitel N.V. investment; 2 cents per share for merger integration costs; and 1 cent per share for costs related to the spinoff of non-strategic local exchange and related Wireline business assets.

Details of 3Q Adjustments

Adjusted earnings in the third quarter 2008 excluded $164 million after-tax, or 6 cents per share, for severance, pension and benefit charges recognized primarily as a result of workforce reductions; and $32 million after-tax, or 1 cent per share, for merger integration costs. Adjusted earnings in the third quarter 2007 excluded charges of 19 cents per share in special items: 16 cents per share for international taxes, 2 cents per share for costs related to the spinoff of non-strategic Wireline assets and 1 cent per share for merger integration costs.