Operating Revenues Service revenues and other $ 28,217 $ 28,611 (1.4) Wireless equipment revenues 3,954 3, Total Operating Revenues

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1 Condensed Consolidated Statements of Income (dollars in millions, except per share amounts) Operating Revenues Service revenues and other $ 28,217 $ 28,611 (1.4) Wireless equipment revenues 3,954 3, Total Operating Revenues 32,171 31, Operating Expenses Cost of services 7,614 6, Wireless cost of equipment 4,998 5,108 (2.2) Selling, general and administrative expense 7,600 7,939 (4.3) Depreciation and amortization expense 4,017 3, Total Operating Expenses 24,229 24, Operating Income Equity in losses of unconsolidated businesses Other income, net Interest expense Income Before Provision for Income Taxes Provision for income taxes Net Income Net income attributable to noncontrolling interests Net income attributable to Verizon Net Income Basic Earnings per Common Share Net income attributable to Verizon Weighted average number of common shares (in millions) Diluted Earnings per Common Share (1) Net income attributable to Verizon 7,942 7,960 (0.2) (20) (34) (41.2) (57.3) (1,188) (1,332) (10.8) 6,766 6, (2,336) (2,331) 0.2 $ 4,430 $ 4, $ 120 $ ,310 4, $ 4,430 $ 4, $ 1.06 $ ,080 4,116 $ 1.06 $ Weighted average number of common shares-assuming dilution (in millions) 4,085 4,121 (1) Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution. Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

2 Condensed Consolidated Balance Sheets 3/31/16 12/31/15 $ Change Assets Current assets Cash and cash equivalents $ 5,846 $ 4,470 $ 1,376 Short-term investments (350) Accounts receivable, net 12,485 13,457 (972) Inventories 1,142 1,252 (110) Assets held for sale (72) Prepaid expenses and other 3,422 1,959 1,463 Total current assets 23,615 22,280 1,335 Plant, property and equipment 222, ,163 2,506 Less accumulated depreciation 139, ,622 3,036 83,011 83,541 (530) Investments in unconsolidated businesses Wireless licenses 86,830 86, Goodwill 25,364 25, Other intangible assets, net 8,216 8,338 (122) Non-current assets held for sale 10,432 10, Other assets 6,298 7,047 (749) Total Assets $ 244,587 $ 244,175 $ 412 Liabilities and Equity Current liabilities Debt maturing within one year $ 6,265 $ 6,489 $ (224) Accounts payable and accrued liabilities 18,118 19,362 (1,244) Liabilities related to assets held for sale (11) Other 8,477 8,738 (261) Total current liabilities 33,312 35,052 (1,740) Long-term debt 103, , Employee benefit obligations 29,665 29,957 (292) Deferred income taxes 45,568 45, Non-current liabilities related to assets held for sale Other liabilities 11,350 11,641 (291) Equity Common stock Contributed capital 11,191 11,196 (5) Reinvested earnings 13,253 11,246 2,007 Accumulated other comprehensive income (91) Common stock in treasury, at cost (7,279) (7,416) 137 Deferred compensation employee stock ownership plans and other Noncontrolling interests 1,462 1, Total equity 20,103 17,842 2,261 Total Liabilities and Equity $ 244,587 $ 244,175 $ 412 Verizon - Selected Financial and Operating Statistics Total debt (in millions) Net debt (in millions) Net debt / Adjusted EBITDA (1) Common shares outstanding end of period (in millions) Total employees Quarterly cash dividends declared per common share 3/31/16 12/31/15 $ 109,880 $ 109,729 $ 104,034 $ 105, x 2.3x 4,076 4, , ,700 $ $ (1) Adjusted EBITDA excludes the effects of non-operational items. Certain reclassifications have been made, where appropriate, to conform to the current period's presentation.

3 Condensed Consolidated Statements of Cash Flows 3/31/16 3/31/15 $ Change Cash Flows from Operating Activities Net Income $ 4,430 $ 4,338 $ 92 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 4,017 3, Employee retirement benefits Deferred income taxes (656) Provision for uncollectible accounts (30) Equity in losses of unconsolidated businesses, net of dividends received (15) Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses (1,162) (888) (274) Other, net (771) 1,196 (1,967) Net cash provided by operating activities 7,419 10,169 (2,750) Cash Flows from Investing Activities Capital expenditures (including capitalized software) Acquisitions of investments and businesses, net of cash acquired Acquisitions of wireless licenses Other, net Net cash used in investing activities Cash Flows from Financing Activities Proceeds from long-term borrowings Repayments of long-term borrowings and capital lease obligations Increase (decrease) in short-term obligations, excluding current maturities Dividends paid Proceeds from sale of common stock Purchase of common stock for treasury Other, net Net cash used in financing activities Increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period (3,387) (3,665) 278 (161) (2) (159) (131) (9,555) 9, (3,436) (13,176) 9,740-6,497 (6,497) (376) (5,576) 5,200 (40) 482 (522) (2,302) (2,153) (149) (5,000) 5, ,545 (2,437) (2,607) (3,205) 598 1,376 (6,212) 7,588 4,470 10,598 (6,128) $ 5,846 $ 4,386 $ 1,460

4 Wireless - Selected Financial Results Operating Revenues Service $ 16,809 $ 17,914 (6.2) Equipment 3,954 3, Other 1,241 1, Total Operating Revenues 22,004 22,328 (1.5) Operating Expenses Cost of services 1,942 1, Cost of equipment 4,998 5,108 (2.2) Selling, general and administrative expense 4,891 5,369 (8.9) Depreciation and amortization expense 2,293 2, Total Operating Expenses 14,124 14,518 (2.7) Operating Income Operating Income Margin Segment EBITDA Segment EBITDA Margin $ 7,880 $ 7, % 35.0% $ 10,173 $ 10, % 44.8% The segment financial results and metrics above are adjusted to exclude the effects of non-operational items, as the Company's chief operating decision maker excludes these items in assessing business unit performance. Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

5 Wireless - Selected Operating Statistics Connections ('000) Retail postpaid 107, , Retail prepaid 5,402 5,945 (9.1) Retail 112, , Net Add Detail ('000) (1) Retail postpaid Retail prepaid (177) (188) (5.9) Retail Account Statistics Retail Postpaid Accounts ('000) (2) 35,720 35, Retail postpaid connections per account (2) Churn Detail Retail postpaid 0.96% 1.03% Retail 1.23% 1.33% Retail Postpaid Connection Statistics Total Smartphone postpaid % of phones activated 92.5% 91.4% Total Smartphone postpaid phone base (2) 84.7% 79.9% Total Internet postpaid base (2) 17.3% 14.8% 4G LTE devices as % of retail postpaid connections 81.1% 69.9% Other Operating Statistics Capital expenditures (in millions) $ 2,190 $ 2,419 (9.5) (1) Connection net additions exclude acquisitions and adjustments. (2) Statistics presented as of end of period. The segment financial results and metrics above are adjusted to exclude the effects of non-operational items, as the Company's chief operating decision maker excludes these items in assessing business unit performance.

6 Wireline - Selected Financial Results Operating Revenues Consumer retail $ 4,022 $ 3, Small business (5.3) Mass Markets 4,590 4,592 - Global Enterprise 3,161 3,263 (3.1) Global Wholesale 1,463 1,524 (4.0) Other (15.6) Total Operating Revenues 9,290 9,469 (1.9) Operating Expenses Cost of services 5,163 5,287 (2.3) Selling, general and administrative expense 1,950 2,031 (4.0) Depreciation and amortization expense 1,588 1,746 (9.0) Total Operating Expenses 8,701 9,064 (4.0) Operating Income Operating Income Margin Segment EBITDA Segment EBITDA Margin $ 589 $ % 4.3% $ 2,177 $ 2, % 22.7% The segment financial results and metrics above are adjusted to exclude the effects of non-operational items, as the Company's chief operating decision maker excludes these items in assessing business unit performance. Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

7 Wireline - Selected Operating Statistics Connections ('000) Fios Video Subscribers 5,863 5, Fios Internet Subscribers 7,132 6, Fios Digital voice residence connections 4,800 4, Fios Digital connections 17,795 17, HSI 2,086 2,497 (16.5) Total Broadband connections 9,218 9,246 (0.3) Primary residence switched access connections 4,573 5,397 (15.3) Primary residence connections 9,373 10,058 (6.8) Total retail residence voice connections Total voice connections 9,702 10,457 (7.2) 18,037 19,475 (7.4) Net Add Detail ('000) Fios Video Subscribers (60.0) Fios Internet Subscribers (26.3) Fios Digital voice residence connections (22.0) Fios Digital connections (36.2) HSI (108) (92) 17.4 Total Broadband connections (10) 41 * Primary residence switched access connections (211) (199) 6.0 Primary residence connections (165) (140) 17.9 Total retail residence voice connections (183) (158) 15.8 Total voice connections (350) (320) 9.4 Revenue Statistics Fios revenues (in millions) $ 3,521 $ 3, Other Operating Statistics Capital expenditures (in millions) $ 1,006 $ 1,077 (6.6) Wireline employees ('000) Fios Video Open for Sale ('000) 16,677 15,931 Fios Video penetration 35.2% 36.0% Fios Internet Open for Sale ('000) 17,018 16,264 Fios Internet penetration 41.9% 41.5% The segment financial results and metrics above are adjusted to exclude the effects of non-operational items, as the Company's chief operating decision maker excludes these items in assessing business unit performance. * Not meaningful