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This communication is deemed an advertisement for the purposes of the U.K. prospectus rules and is not a prospectus or a prospectus equivalent document. Any decision to subscribe for, purchase, otherwise acquire, sell or otherwise dispose of any Verizon Communications Inc. shares must be made only on the basis of the information contained in and incorporated by reference into the prospectus expected to be published by Verizon in connection with the proposed transaction with Vodafone Group Plc. Copies of the prospectus will be available from Verizon’s registered offices and on Verizon’s website at www.verizon.com/investor.

From Q&A period following Lowell McAdam’s speech at Cornell University, September 19, 2013

Question: Thank you for coming and talking. Speaking of the Verizon/Vodafone deal, what kind of, can you give some insight into the strategic reasons and what kind of competitive edge the deal will give you?

Lowell McAdam Answer: That’s a much better question. Usually the media when they talk to me they want to know, what did you have for dinner when you were talking about this deal with Vittorio? They really want the behind the scenes stuff. You know, we looked at merging the two companies together. I was actually a Vodafone employee for a while when they bought AirTouch. I helped do the startups in Spain and Italy and Portugal and the Netherlands. So Vittorio and I have worked together for years; we’re good personal friends. We really tried to figure out a scheme to put the businesses together, because we thought the extra scale would be a great thing. But when you look at the path the U.S. market is on and you look at the path that the European market is on, with their regulation, etc, we’re at very different places in the journey. I think eventually, you know, it’ll ebb and flow a little bit, but we’re at very different places in the journey. We couldn’t make a case for our shareholders to put the businesses together that both sets of shareholders would win. We could put together a case that if we cashed him out on the Verizon Wireless venture we would be able to better address these converged services that I talked about, using video on mobile and using cloud and using security, things that you think of as more wireline. We thought we had growth in front of us. He thought that if he had those dollars he could go out and buy cable companies, like he has with Kabel Deutschland now, or at least made an offer on it. And he could grow his business and we still preserved some of the linkages between the companies that we’ve built over the last 15 years together. So, we really tried to have a win-win and I think we’ve achieved a win-win. I really like the position we’re in at Verizon, because I think we have the assets to make a huge difference for people — not only in the US, but outside — so that feels like a good reason to get out of bed every morning.

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