May 13, 2009

Verizon to Divest Wireline

Businesses in 14 States

Verizon to Divest Wireline

Businesses in 14 States

Ivan Seidenberg, Chairman & CEO   

John

Killian,

EVP

&

CFO  

Exhibit 99.2

2

“Safe Harbor”

Statement

“Safe Harbor”

Statement

Throughout this presentation, results shown are adjusted for special items. Results reflect the

reclassifications of revenues, expenses and operating income in the Wireline segment following the

completion, on March 31, 2008, of the spin-off of our local exchange and related business assets in

Maine,

New

Hampshire

and

Vermont.

Reconciliations

to

generally

accepted

accounting

principles

(GAAP)

for

non-GAAP

financial

measures

included

in

this

presentation

can

be

found

on

our

website

at

www.verizon.com/investor.

NOTE: This presentation contains statements about expected future events and financial results that are forward-

looking and subject to risks and uncertainties.  For those statements, we claim the protection of the safe harbor for

forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The following important

factors could affect future results and could cause those results to differ materially from those expressed in the

forward-looking statements:  the effects of adverse conditions in the U.S. and international economies; the effects of

competition in our markets; materially adverse changes in labor matters, including workforce levels and labor

negotiations, and any resulting financial and/or operational impact, in the markets served by us or by companies in

which we have substantial investments; the effect of material changes in available technology; any disruption of our

suppliers' provisioning of critical products or services; significant increases in benefit plan costs or lower investment

returns on plan assets; the impact of natural or man-made disasters or existing or future litigation and any resulting

financial impact not covered by insurance; technology substitution; an adverse change in the ratings afforded our

debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets impacting

the cost, including interest rates, and/or availability of financing; any changes in the regulatory environments in which

we

operate,

including

any

loss

of

or

inability

to

renew

wireless

licenses,

and

the

final

results

of

federal

and

state

regulatory proceedings and judicial review of those results; the

timing, scope and financial impact of our deployment

of fiber-to-the-premises broadband technology; changes in our accounting assumptions that regulatory agencies,

including the SEC, may require or that result from changes in the accounting rules or their application, which could

result in an impact on earnings; our ability to successfully integrate Alltel Corporation into Verizon Wireless’s

business and achieve anticipated benefits of the acquisition; and the inability to implement our business strategies.

3

Focus

on

growth

areas

Strategic Transformation

Over the last several years,

Verizon has…

Divested

8M access lines

International

Directories

Acquired

14M wireless subscribers

Spectrum

Global IP network & services

Wireless

62%

Mass

Markets

15%

Global

Enterprise

14%

Global

Wholesale

8%

Other

1%

Post-transaction

Verizon Revenues*

* Based on analyst estimates for 2011E adjusted for transaction

4

Creating value for shareholders

Strategic Benefits

* 2008 revenue is pro forma for Alltel

Revenue ($B)*

Cash Flow From

Continuing Operations ($B)

$23

$27

19.4%

17.8%

2006

2008

Capex/

Revenue

$106

$87

55%

44%

2006

2008

Wireless

as % of

Revenue

Special distribution

through transaction

Improving growth profile

Focus on wireless, FiOS

and global IP

Driving cash flow growth

5

Transaction Overview

~$8.6B total value in Divested Operations

to Verizon & shareholders

Approximately 68% ownership by Verizon

shareholders in Frontier

Tax-free distribution

~$3.3B debt reduction for Verizon

Collar around $7.75 +/-

$0.75

Exact distribution to be determined prior to closing

Transaction benefits customers, employees and

shareholders

6

Divested Operations Overview

69K

110K

900K

4.8M

FiOS TV

FiOS Internet

High Speed Internet

Access lines

37%

Wire centers

4%

FiOS customers

43%

11K

Square miles

Employees

Operational

$0.6B

Capex

$1.8B

EBITDA

$4.4B

Revenue

Financial

Based on 2008 results

Predominantly rural wireline operations in 14 states

7

Summary

Enhancing growth profile and focus

Significant opportunities for cost reduction

Strong Free Cash Flow outlook

Maintaining dividend policy

Clear strategic, operational and financial benefits