Verizon Communications Inc. FiOS Briefing Session September 27, 2006 Exhibit 99.2

FiOS Briefing Session FiOS Briefing Session Welcome Welcome Ron Lataille Ron Lataille Senior VP – Senior VP – Investor Relations Investor Relations

3 “Safe Harbor” Statement NOTE: This presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The following important factors could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: materially adverse changes in economic and industry conditions and labor matters, including workforce levels and labor negotiations, and any resulting financial and/or operational impact, in the markets served by us or by companies in which we have substantial investments; material changes in available technology; technology substitution; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations; the final results of federal and state regulatory proceedings concerning our provision of retail and wholesale services and judicial review of those results; the effects of competition in our markets; the timing, scope and financial impacts of our deployment of fiber-to-the-premises broadband technology; the ability of Verizon Wireless to continue to obtain sufficient spectrum resources; changes in our accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; the timing of the closings of the sales of our Latin American and Caribbean properties; and the extent and timing of our ability to obtain revenue enhancements and cost savings following our business combination with MCI, Inc. This presentation includes certain non-GAAP financial measures as defined under SEC rules. As required by those rules we have provided a reconciliation of those measures to the most directly comparable GAAP measure in materials on our website at www.verizon.com/investor.

4 Agenda Doreen Toben EVP & CFO - Verizon Virginia Ruesterholz President - Verizon Telecom Bob Mudge EVP & COO - Verizon Telecom Doreen Toben EVP & CFO - Verizon Overview Executing the Strategy & Revenue Opportunities Transforming the Network & Creating a Unique Service Experience Fiber Economics & Delivering Value

Overview Overview Doreen Toben Doreen Toben EVP & Chief Financial Officer EVP & Chief Financial Officer

6 Overview • Positioned to win • Innovation drives new market opportunities • Focused on operational excellence • Significant cost reduction opportunities Ensuring value creation

Executing the Strategy and Executing the Strategy and Revenue Opportunities Revenue Opportunities Virginia Ruesterholz Virginia Ruesterholz President – President – Verizon Telecom Verizon Telecom

8 Seizing Growth Opportunities • Growing data, evolving video, and mature voice markets • Opportunities to gain share in broadband and video • Verizon opportunity: – 33M households & 3.6M businesses – $50B voice/data/video market Driving growth and increasing wallet share

9 Operating Structure Drive shareholder value through transformation of network, systems, and workforce Regions: • Local marketing & sales tactics • Operational excellence • Outstanding service • Competitive cost structure • Revenue and margin accountability National Organizations: • Speed to market • Innovation • Drive efficiencies through automation 9 Local Operating Regions

10 Fiber Deployment 2Q’06 Deployment Status: • 4.4M premises passed in 16 states • 3.1M premises open for sale 2006 Deployment Objectives: • Pass 6M premises • 5M premises open for sale 2010 Deployment Objectives • Pass 18M premises by 2010 • Over 50% of households FTTP Deployed Regions executing on plans, build on track

11 Strong FiOS Internet Results 1Q'05 2Q'05 3Q'05 4Q'05 1Q'06 2Q'06 2006 Target Subscribers Penetration 375K 12% 725K 15% 70% of subscribers are new to Verizon broadband 2Q’06 Results: • Average penetration in wire centers open for sales – 6 months = 8% – 9 months = 12% – 12 months = 15% • Monthly churn less than 1.5% Verizon FiOS Internet Subscribers and Penetration

12 Broadband Product Line-up Revenue opportunities beyond access Premium support services Support CPE that leverages FiOS Devices Leverage portals to drive revenues Advertising Deliver differentiated content and applications, i.e. gaming, security, etc. Applications Unsurpassed speeds Access Revenue Drivers 2006 2010 Access Applications Broadband Revenues

13 FiOS TV Deployment Serving Office Serving Office Hub Office Super Headend Broadcast Video Voice, Data, IP TV Voice, Data, IP TV Super Headend Serving Office Splitter Fiber Aggressively deploying video 2006 Deployment Objectives: • 2 national super headends • 9 video hub offices • 292 video serving offices • 1.8M homes open for sale

14 Cities eager to bring competition to market Franchise Status 0.9 3.3 6.1 Statewide legislation passed or local franchises granted Number of Franchises 44 161 300 Households with Franchises (M) 4Q’05 Current 2006 Projected 4Q’05 Current 2006 Projected

15 Strong FiOS TV Results 4Q'05 1Q'06 2Q'06 YE Target Verizon FiOS TV Subscribers • Monthly Churn less than 1.5% • 99.4% subscribe to Premier Tier • 60% have HD and/or DVR • 37% subscribe to movie or sports package • 12% of gross sales have included Home Media DVR FiOS TV Subscribers 175K About two-third of subscribers are cable defectors

16 Enhancing the customer experience FiOS TV Differentiators Today’s Service Today’s Service • Picture Quality • Overall Value Proposition • Category Leadership – Video On Demand – High Definition – Multicultural • Enhanced Features – Widgets – Multi-room DVR 2007 Enhancements 2007 Enhancements FiOS TV Portal FiOS TV Portal Enhanced TV Enhanced TV Gaming Gaming On-Demand On-Demand Multimedia Multimedia Personalization Personalization Click to Enter Sweepstakes

17 FiOS TV Customer Base Strong Demand for Bundles • 99% of FiOS base has 2nd product • Bundled line churn is 50% lower than voice-only lines • 56% of FiOS TV sales include FiOS Internet Increasing customer wallet share 9% 11% Triple Play 79% FiOS TV+ Voice FiOS TV + Data FiOS TV Only

18 The FiOS Advantage FTTP NETWORK Reliability, performance, & cost Converged video, data, voice services VOICE SERVICES Best-in-class Voice Service Highly reliable High quality TODAY: ENHANCED PERSONALIZATION & CONTROL Home Media DVR, Media Manager, Widgets FUTURE: INTERACTIVITY AND CONVERGENCE Verizon One, Intelligent media search, Interactive Advertising, Personal Broadcasting, HD on demand, Wireless VIDEO SERVICES 350+ all-digital channels Most HD channels/International Large VOD library DATA SERVICES Unsurpassed speeds up to 100/10 Mbps

FiOS Demo

20 Summary • New market opportunities • Innovative technology and products • Locally focused structure • Executing on FiOS build • Improving operational efficiencies • Strong momentum in the marketplace Delivering results

Q & A

Transforming the Network & Transforming the Network & Creating a Unique Service Creating a Unique Service Experience Experience Bob Mudge Bob Mudge EVP & COO – EVP & COO – Verizon Telecom Verizon Telecom

23 Key Operational Priorities • Build a network with robust capacity that creates value • Improve operational efficiencies • Deliver an excellent customer experience

24 Transforming the Access Network $1,021 $850 $873 YE 05 YTD Aug 06 YE 06 Target Cost Per Premises Passed • Lower material cost • New & improved technology • Innovations • Training & productivity Terminal Distribution Legend: GPON -- Gigabit Passive Optical Network OLT -- Optical Line terminal

25 Transforming the Home Today 2007 and Beyond New wiring Existing wiring Cost Per Premises Connected • Simplified in-home network - no new wires • Enhanced customer experience & customer interaction • Simplified installation process • Evolution toward remote service activation and maintenance New wiring Existing wiring $1,220 $880 $933 Jan 06 Aug 06 Dec 06 Target

26 Transforming the Maintenance Process 1.01 0.20 Voice & DSL FiOS Network Report Rate Outside Plant 80% Total field maintenance dispatches and OSP-related dispatches are already showing solid declines

27 Transforming our People & Processes • Designed our service processes to provide personalized service • Rigorous employee selection process • Targeted training experience • Team FiOS • Sell One More • Teamwork/collaboration on key issues for a unique customer service experience WOW our Customers with expert, personalized service

28 Delivering Excellent Service 84% 69% 76% DSL Voice FiOS FiOS installation experience is leading the industry Excellent churn rate of less than 1.5% Percent of customers who rate installation process better than satisfactory YTD 2006

29 Six Month Rating Customers Are Passionate About Our Service “I was blazing along at the ordered 20/5 speed tier. Finally, something that works as promised.” Fabian21 broadbandreports.com, 9/1/06 Pre Sales Information: Install Coordination: Connection Reliability: Tech Support: Value for Money: “If you can get FiOS, you’d be crazy not to go for it.” John Brandon “Find the Fastest ISP” PC Magazine 8/2/06 “The quality of the video with Verizon is amazing…There is a reason Verizon uses the slogan "Grab the light", it is night and day in the quality.” WC813 broadbandreports.com, 9/2/06 “Glorious, spectacular, almost breathtaking speed, brought to me courtesy of Verizon FiOS.” Lance Ulanoff “Long Live Fiber” PC Magazine 6/7/06 "Every aspect of FIOS has been really good, from the order taking to installation to customer service to the exceptional internet connectivity.“ stray broadbandreports.com 9/12/06

30 Summary • Transform the network • Transform cost • Transform the customer’s experience Transform Our People

Q & A

Fiber Economics and Fiber Economics and Delivering Value Delivering Value Doreen Toben Doreen Toben EVP & Chief Financial Officer EVP & Chief Financial Officer

33 The FiOS Financial Plan Revenue • Take-rates • Churn • Retention • Pricing Capital • Infrastructure costs • Success based costs • Avg cost per premise Operating Expense • OpEx savings • Maintenance expense • Customer related expense • Project Economics • Single market example • Total project outlook

34 Gaining market share in a growing broadband market 2006 Target 2010 Target 2006 Target 2010 Target Penetration – FiOS Data Open for Sale 17M 725K 5M Subscribers/ Penetration % 15% 35-40% 6M – 7M • 55% market share by 2010

35 Early success indicates customer preference for choice 2006 Target 2010 Target 2006 Target 2010 Target Penetration – FiOS Video Open for Sale 15M 175K 1.8M Subscribers/ Penetration % 3M – 4M 10% 20-25% • 26% market share by 2010

36 FiOS Churn • Current results better than expected • 79% of video customers are triple play subscribers • Retain 40-50% of lines otherwise lost to competition <1.5% FiOS Churn FiOS increases customer loyalty and retention

37 Differentiated product at competitive prices FiOS Pricing Premium Add-ons Movies: 45 channels $11.95 Sports: 15 channels $5.95 HBO, Cinemax, Others: 27 channels $14.95 + International: 20+ channels Prices Vary Standard Def Set Top Box $3.95 High Def Set Top Box $9.95 Digital Video Recorder $12.95 FiOS TV Premier • 200 all-digital channels • 24+ HDTV channels • 3000 VOD titles $39.95 FiOS TV Local • 30 channels • All digital option w/ VOD $12.95 Core Package Choices $39.95 MTM $34.95 Contract 10M/2M $49.95 MTM $44.95 Contract 20M/5M 50M/5M $159.95 MTM $179.95 Contract Video Pricing Data Pricing Multi- Room DVR $19.95

38 CapEx Components Cost to Pass • Fiber cable • Distribution hubs/terminal • GPON • OLT Cost to Connect • Drop/Buried service • ONT equipment • Placement and activation of ONT Network & Support • Video network – Video head-ends – Video serving offices • Data backbone – Routers • Switching • IT systems/software • Trucks, training, etc. Set-top box Infrastructure and success based costs

39 CapEx – Passed and Connected $1,400 $850 $700 $1,021 2004 2005 2006 Target 2010 Target Gross Capital Cost per Home Passed $1,200 $880 $1,163 $650 2004 2005 2006 Target 2010 Target Gross Capital Cost per Home Connected Declining cost trends to pass and connect homes

40 CapEx Requirements Cost to Pass $ 14.7B $ 817 $ 10.3B $ 572 $1,451 Video/Network & Support $ 3.1B $ 172 $ 2.6B $ 144 $ 366 Cost to Connect $ 5.1B $ 718 $ 5.1B $ 718 $ 718 $22.9B $1,707 $18.0B $1,434 $2,535 Gross CapEx Net CapEx Per Home Total Total Per Home Net CapEx Per Home Connected

41 Return on Investment $28 $35 $39 $42 $32 $0 $10 $20 $30 $40 $50 $60 $70 8% 9% 10% 11% 12% Return on Investment Successfully achieving profitable growth • Data and video • New services • Convergence opportunities Incremental EBITDA per Month • Voice retention • OpEx savings

Return on Investment The determination of incremental EBITDA per month required to generate returns ranging from 8% to 12% as used in the previous slide was calculated as follows: Successfully achieving profitable growth $ 42 $ 39 $ 35 $ 32 $ 28 Monthly Return Requirement (Incremental EBITDA per Month) $ 507 $ 465 $ 423 $ 380 $ 338 Annual Return Requirement, pre- tax $ 304 $ 279 $ 254 $ 228 $ 203 Annual Return Requirement, after- tax 12% 11% 10% 9% 8% Assumed Return, after-tax (ROI) 40% Assumed Tax Rate $ 2,535 Incremental Cap Ex per Home 41a

42 OpEx - Savings • 50%-60% of network expense addressed by FTTP build by 2010 • Opportunities for annual net savings of $110 per line Installation & Maintenance 80% Annual Network Expense $6B 20% Other $1B of annual OpEx savings opportunity

43 OpEx – Customer Related • Programming expense – No upfront cost to obtain contract – Per subscriber model – 3-5 year contracts • Franchise Fees – 5% of gross video revenues – PEG channels provided – Consistent with typical cable franchise requirements • Subscriber acquisition costs – Includes marketing, sales channel, installation and CPE – Excludes video set-top box (capital) In-line with industry norms

44 Financial Plan Summary • Achievable customer take-rates • Reasonable pricing levels • Conservative retention and churn benefit • Declining cost trends to pass and connect homes • Significant operating expense savings • Excludes revenue opportunities from advertising, personal broadcasting, etc. Sound assumptions and realistic goals

45 Single Market Model Overview • 25K line central office • 50/50 mix of aerial and buried plant • Average market characteristics (HH’s, income, competition, etc.) • Exclude one-time start-up costs • No proactive migration of voice-only customers Assumes build starts at current cost

46 Single Market Model – CapEx Year 1 2 3 4 5 Video/Network & Support Success Based CapEx Cost to Pass Annual Gross CapEx ($M) $15.8 $11.8 $10.8 $3.8 $3.2 Average Gross CapEx per Home Cost to pass $812 Cost to connect 733 Total $1,525 $45M of Gross CapEx

47 Single Market Model – Customer Metrics Year 1 2 3 4 5 Data Subscribers 37% Penetration Year 1 2 3 4 5 Video Subscribers 24% Penetration More than 70% of subscribers acquired within three years 700 9,200 8,250 7,000 3,400 5,900 5,350 4,800 3,200 575

48 Single Market Model – Summary • EBITDA positive by year 3 • Operating income positive by year 4 $14.9 $0.2 $2.7 $9.1 $12.9 Year 1 2 3 4 5 Financial Forecast ($M) EBITDA Revenue Operating Income Positive economic returns

49 Total FiOS Model Summary 2006 2007 2008 2009 2010 • EBITDA positive in 2008 • Operating income positive in 2009 Revenue EBITDA Operating Income FiOS generates financial benefits for Verizon

50 Positioned to Win • Platform for the future • Local focus • Value pricing • Brand advantage Significant market opportunity • Interactive capabilities • Innovative CPE • Enhanced personalization • Convergence opportunities

51 Driving Operational Excellence • Transforming the home and customer experience • Transforming our people • Significantly reducing the cost to maintain the network • Declining cost trends in both homes passed and connected • Increasing customer loyalty • Outstanding customer service ratings Cost reduction opportunities

52 Summary • Confident in our ability to achieve plan of record • Achievable targets and reasonable assumptions • Positive economic returns from new investments • Strong track record of reducing costs Significant value creation

Q & A