Bell Atlantic Corp - Further re Merger

RNS Number:5780L
Bell Atlantic Corp
GTE Corporation
1 June 2000

                                                          Contacts:
                                                          John Killian
                                                          212-395-1152
                                                          George Lieb
                                                          972-507-2462

            Bell Atlantic and GTE Declare Pro Rata Dividends
                     In Preparation for Their Merger

The boards of directors of Bell Atlantic Corp. (NYSE:BEL) and GTE Corp.
(NYSE:GTE) acted today in accordance with their merger agreement to ensure that
the timing of the Bell Atlantic-GTE merger will not adversely affect dividend
payments to their shareowners.

The boards' actions coordinate their companies' dividend schedules, including
record dates and payment dates, and align them with the anticipated schedule of
the post-merger company. At the same time, the boards' actions ensure that their
companies' respective shareowners will receive a dividend at an appropriate rate
until the merger takes effect.

The boards' actions also anticipate that once the merger is effective, the board
of Verizon Communications, as the post-merger company will be known, will take
appropriate action as well.

The Bell Atlantic and GTE boards acted as follows:

Bell Atlantic Dividend

Bell Atlantic's next dividend period customarily runs from April 11 to a
record date of July 10, with an Aug. 1 payable date. However, the companies
target completion of the merger before July 10.

If that occurs, Bell Atlantic shareowners can anticipate receiving two separate
pro rata dividends covering the customary dividend period that will provide them
with the equivalent of $.385 per share, the current Bell Atlantic quarterly
dividend:


     - The first, declared today by the Bell Atlantic board, will be
       paid at the rate of $.00423077 per share per day, for the period
       from April 11 through the day before the effective date of the
       merger. (This per-day rate, applied to a full 91-day dividend
       period, equals $.385 per share.) The pro rata dividend will be
       payable to shareowners of record on the business day before the
       effective date of the merger, and will be payable within 30 days
       after the effective date of the merger.

     - The second, it is anticipated, will be declared at $.00423077 per
       share per day by the Verizon Communication board for the period
       starting on the effective date of the merger through July 10 to
       Verizon shareowners of record on July 10.

If the merger is not completed on or before July 10, Bell Atlantic will        
pay the dividend of $.385 per share on Aug. 1 to its shareowners of record at
the close of business on July 10.

Bell Atlantic has approximately 1.6 million shareowners and 1.55 billion shares
of common stock outstanding.

GTE Dividend

GTE's most recent declared dividend of $.47 per share will be payable on July 1
to shareowners of record on May 22. GTE's next dividend period runs from May 23
through Aug. 21.

If the merger is completed on or before July 10, GTE shareowners also can
anticipate receiving two separate pro rata dividends:

     - The first, declared today by the GTE board, will be paid at the
       rate of $.00516484 per share per day, for the period from May 23
       through the day before the effective date of the merger. (This
       per-day rate, applied to a full 91-day dividend period, equals
       GTE's current quarterly dividend of $.47 per share). This pro rata
       dividend will be payable to shareowners of record on the business
       day before the effective date of the merger, and will be payable
       within 30 days after the effective date of the merger.

     - The second is the dividend that, it is anticipated, will be
       declared by the Verizon Communications board. As described above,
       this pro rata dividend of $.00423077 per share per day will be
       declared for the period starting on the effective date of the
       merger through July 10, for Verizon shareowners of record on July
       10.

       GTE shareowners will be Verizon shareowners when the merger is
       effective. They will receive 1.22 Verizon shares for every GTE
       share. When the second per-day rate of $.00423077 per share is
       multiplied by this exchange ratio, over a full 91-day dividend
       period it equals $.47 per share, the current GTE dividend.

If the merger is not completed on or before July 10, then GTE will continue to
accrue a dividend at the rate of $.00516484 per share per day until the merger
is completed.
                   
The GTE board of directors also declared today that if completion of the merger
should extend past GTE's next dividend record date of Aug. 21, the dividend of
$.47 per share will be payable Oct.1 to shareowners of record on Aug. 21.

GTE has approximately 1.1 million shareowners and 967 million shares of common
stock outstanding.

                            
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