Verizon Business Achieves Strong Black Economic Empowerment Rating

Verizon South Africa (previously UUNET SA), has received a strong (level three), broad-based Black Economic Empowerment (BEE) rating of over 80 percent. This rating, provided by EMEX, an independent rating institute that monitors and quantifies goals and progress on economic empowerment, has been confirmed as one of the highest among Internet communications technology (ICT) related companies in South Africa.

"This rating is an exceptional achievement for us," said Angela Gahagan, country leader for Verizon Business' African operations. It allows us to address the issue of empowerment and transformation that is a growing requirement for our customers and partners, and places Verizon Business in a stronger position to offer globally competitive solutions to large African companies and government agencies. Through leveraging our unparalleled network-solutions capabilities, solid BEE status and our international expertise, we are set to drive the next generation of communications solutions into Africa."

In 2006 Verizon concluded an equity deal with black empowerment company the J&J Group. The 30 percent stake in Verizon South Africa forms a pivotal component to the company's empowerment ranking and status, with the remaining rating being allocated in the areas of employment equity, supplier and partner procurement, enterprise development and social investment.

Jayendra Naidoo, CEO of the J&J Group, said, "The J&J Group's investment in Verizon Business SA creates a broad-based, empowered African communications company that has both a global reach and a high quality infrastructure in South Africa and many countries in the region. Given the rapid convergence of technologies and the policy reform process being driven by our government, we see major opportunities emerging. Verizon Business is in an excellent position to serve these markets, and we look forward to contributing to grow the business and to helping close the digital divide by ensuring that the most modern technologies are accessible and affordable on our continent."

Gahagan agreed on the positive outlook in the region. "The new Verizon Business leadership team has a strong commitment to the company's international business," she said. "That, along with this rating, confirms our position in Africa. We understand that while black economic empowerment is a long-term process, we are off to a good start."

About Verizon Business
Verizon Business, a unit of Verizon Communications (NYSE: VZ), is a leading provider of advanced communications and computing solutions to large business and government customers worldwide. Combining unsurpassed global network reach with advanced technology and professional service capabilities, Verizon Business delivers innovative and seamless business solutions to customers around the world.

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