MCI shareholders who voted today approve the merger by an overwhelming margin; MCI declares a dividend

October 6, 2005

2 Min Read

NEW YORK, and ASHBURN, Va. -- MCI, Inc. (NASDAQ:MCIP) and Verizon Communications Inc. (NYSE:VZ) announced that MCI shareholders who voted today approved the combination of the two companies by an overwhelming margin.

This action represents significant progress in completing the merger. The companies are in the process of obtaining the remaining federal, state and international approvals. Today's vote adds to the momentum for final closure of the transaction in late 2005 or early 2006.

"Today's vote brings us an important step closer to completing the MCI transaction," said Verizon Chairman and CEO Ivan Seidenberg. "We look forward to creating a company that is better able to compete in today's large-business and government marketplace, invest in critical infrastructure and offer the nation's most advanced broadband platform with next-generation multimedia services."

"This vote of support by our shareholders represents a key milestone in the merger approval process," said Michael D. Capellas, MCI president and chief executive officer. "The combined company will have the strength and assets necessary to be a competitive force in today's transforming communications marketplace."

The combination, part of the continuing evolution of the industry driven by customers and technology, will capitalize on the complementary strengths of each company and create one of the world's leading providers of communications services.

The merger will enable Verizon to better compete for and serve large- business and government customers with a full range of services, including wireless and sophisticated Internet Protocol-based services.

It will benefit consumers and businesses by creating a supplier with the financial strength to maintain and improve MCI's extensive Internet backbone network.

In a separate release:

ASHBURN, Va. -- MCI, Inc. (NASDAQ:MCIP) today announced the certified results of its shareholder vote that approved its merger with Verizon. The company said that the results show 64.6 percent of outstanding shares and 88.2 percent of votes cast were in favor of the merger.

Also today MCI's Board of Directors declared a special dividend of $5.60 per share in accordance with the merger agreement. The special dividend will be paid on October 27, 2005 to shareholders of record at the close of business on October 17, 2005.

MCI Inc.

Verizon Communications Inc.

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