MCI to Review Latest Qwest Offer

ASHBURN, Va. -- MCI, Inc. (NASDAQ:MCIP) today said it received a revised proposal from Qwest Communications International to acquire the company. The revised offer comprises $13.50 in cash (excluding MCI's March 15 dividend payment of $0.40 per share) and 3.373 Qwest shares (subject to adjustment under a collar which fixes the value of the Qwest shares at $14.00 provided Qwest's share price is between $3.32 and $4.15) per MCI share. MCI's Board of Directors will review the revised proposal and respond accordingly.

Previous Qwest Proposal

Qwest's previous proposal was $10.10 in cash (excluding MCI's March 15 dividend payment of $0.40 per share) and 3.735 Qwest shares (subject to adjustment under a collar which fixes the value of the Qwest shares at $15.50 provided Qwest's share price is between $3.74 and $4.57) per MCI share.

MCI's Current Agreement with Verizon

On March 29, 2005, MCI and Verizon amended their joint merger agreement. Under the agreement, each MCI share would receive cash and stock worth at least $23.10, comprising cash of $8.35 per share (excluding MCI's March 15 dividend payment of $0.40 per share) as well as the greater of 0.4062 Verizon shares for every share of MCI Common Stock or Verizon shares valued at $14.75.

MCI Inc.