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Verizon Extends Tender Offer for all Outstanding Shares of Terremark Worldwide, Inc.

NEW YORK Feb. 28, 2011 $19.00

Jan. 27, 2011 midnight Eastern time March 21, 2011

Delaware Florida March 21, 2011 $40 million

Verizon and the other defendants specifically deny all the allegations made in the lawsuits and the memorandum of understanding entered into, and the settlement contains no admission of wrongdoing.  The settlement is conditioned upon, among other things, negotiation of a final stipulation of settlement and receipt of final required court approvals.

9 a.m. Eastern time

Feb. 25, 2011

Today, Verizon will file with the SEC an amendment to its tender offer statement on Schedule TO, setting forth the terms of the amended merger agreement and the settlement. Terremark will shortly file with the SEC an amended solicitation/recommendation statement on Schedule 14D-9, setting forth additional information, among other things; changes to the section on the "The Solicitation and Recommendation"; and confirming the unanimous recommendation by those directors present and voting of Terremark’s board of directors that Terremark’s stockholders accept the tender offer and tender their Terremark shares pursuant to the tender offer.

New York $106.6 billion

Additional Information and Where to Find It

Participants in Solicitation

March 22, 2010 June 17, 2010

Cautionary Statement Regarding Forward-Looking Statements

December 31, 2010 March 31, 2010

New York, New York

SOURCE Verizon Communications Inc.

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