Verizon Communications Inc. announced the commencement of two related transactions to repurchase 18 series of its outstanding notes. The first transaction consists of 18 separate private offers to exchange (Exchange Offers) any and all of the outstanding series of notes listed below under the heading Exchange Offers (collectively, the Old Notes) in exchange for a combination of newly issued debt securities of Verizon (New Notes) and, for certain specified series, cash, on the terms and subject to the conditions set in the Offering Memorandum dated January 25, 2017. Only holders who have duly completed and returned an Eligibility Letter certifying that they are either (1) qualified institutional buyers (QIBs) as defined in Rule 144A under the Securities Act of 1933, as amended (QIBs) or (2) non- U.S. persons located outside of the United States are authorized to receive the Offering Memorandum and to participate in the Exchange Offers (Exchange Offer Eligible Holder). The Exchange Offers will expire at 5:00 p.m. (Eastern time) on January 31, 2017 (such date and time with respect to an Exchange Offer, as the same may be extended with respect to such Exchange Offer, the Exchange Offer Expiration Date). Old Notes tendered may be validly withdrawn at any time at or prior to 5:00 p.m. (Eastern time) on January 31, 2017, (such date and time with respect to an Exchange Offer, as the same may be extended with respect to such Offer, the Exchange Offer Withdrawal Date), but not thereafter, unless extended by Verizon. The Exchange Offer Settlement Date with respect to an Exchange Offer will be promptly following the Exchange Offer Expiration Date and is expected to be February 3, 2017.