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Filed by Bell Atlantic Corporation
(d/b/a Verizon Communications)
pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant Rule 14a-12 of the
Securities Exchange Act of 1934
Commission File No: 1-8606
Subject Company: Bell Atlantic Corporation
On August 8, 2000, Bell Atlantic Corporation (d/b/a Verizon Communications) and
NorthPoint Communications Group, Inc. disseminated the following slides.
[VERIZON LOGO]
INVESTMENT COMMUNITY
MEETING
AUGUST 8, 2000
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[VERIZON LOGO]
LARRY BABBIO
VICE CHAIRMAN AND PRESIDENT - TELECOM
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STRATEGIC BENEFITS [VERIZON LOGO] [NORTHPOINT LOGO]
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o SPEED TO MARKET
o SCALE AND SCOPE EFFICIENCIES
o NATIONAL BROADBAND
o PUBLIC EQUITY HIGHLIGHTS VALUE
o MANAGEMENT TEAM
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TRANSACTION SUMMARY [VERIZON LOGO] [NORTHPOINT LOGO]
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o VERIZON BRINGS
- DSL OPERATION AND ASSETS
- $800M IN CASH
o INCLUDES $350M TO NORTHPOINT SHAREHOLDERS
o OWNERSHIP
- VERIZON - 55%
- NORTHPOINT SHAREHOLDERS - 45%
o NORTHPOINT WILL CONTINUE TO BE PUBLICLY TRADED
o GOVERNANCE
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NEW COMPANY PROFILE [VERIZON LOGO] [NORTHPOINT LOGO]
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As of 6/30/00 VERIZON NORTHPOINT TOTAL
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DSL Subscribers 221,000 62,000 283,000
Central Offices Deployed 1,760 1,505 3,265*
*Unique central offices deployed is approx. 2,600
PRESENCE IN 141 MSAS;
APPROX. 55M HOMES AND BUSINESSES PASSED
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FINANCIAL IMPLICATIONS [VERIZON LOGO] [NORTHPOINT LOGO]
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o PURCHASE ACCOUNTING FOR TRANSACTION
o VERIZON WILL CONSOLIDATE RESULTS
o IMPACT ON VERIZON FINANCIALS
- APPROX. $.14 - $.18 DILUTION IN 2001
- APPROX. $.10 - $.12 DILUTION IN 2002
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[NORTHPOINT LOGO]
NORTHPOINT (R)
LIZ FETTER
PRESIDENT AND CEO
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A GROUNDBREAKING DEAL [VERIZON LOGO] [NORTHPOINT LOGO]
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A TRANSFORMATIONAL COMBINATION
OF ENTREPRENEURSHIP, SCALE AND FUNDING
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THE NORTHPOINT DSL VISION [VERIZON LOGO] [NORTHPOINT LOGO]
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TO BE THE PREMIER, GLOBAL BROADBAND
SERVICES PROVIDER
o Build and grow a robust, best-of-breed
broadband business
o Revolutionize the role of the Internet
on people's lives around the globe
o Aggressively build long-term value
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NORTHPOINT PROFILE [VERIZON LOGO] [NORTHPOINT LOGO]
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LEADING BROADBAND SERVICES PROVIDER
o Founded in May 1997
o Industry Leading Network
- Fastest Deployment
o Winning Business Strategy
o Industry leader on the path to profitability
- 4 EBITDA positive markets
- All ahead of schedule
o World Class Management Team
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NORTHPOINT [VERIZON LOGO] [NORTHPOINT LOGO]
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THE INDUSTRY LEADER.....
FIRST TO
o Nationwide backbone
o End to end OSS system
o International leadership
o Profitability
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STRATEGY [VERIZON LOGO] [NORTHPOINT LOGO]
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o Build a national network
o Scale the business
o Maintain customer focus and execution
o Ensure access to capital
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BENEFITS TO [VERIZON LOGO] [NORTHPOINT LOGO]
NORTHPOINT SHAREHOLDERS
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o Double our footprint
o More than quadruple our LEADING
customer base = BROADBAND
PROVIDER
o Double our employee size
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[VERIZON LOGO]
LARRY BABBIO
VICE CHAIRMAN AND PRESIDENT - TELECOM
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NEXT STEPS [VERIZON LOGO] [NORTHPOINT LOGO]
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o Regulatory approvals
o Shareholder vote
o Integration
CLOSING ANTICIPATED BY MID-2001
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[VERIZON LOGO] [NORTHPOINT LOGO]
Q & A
SESSION
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"SAFE HARBOR" STATEMENT [VERIZON LOGO]
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The presentations contain 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 conditions in the markets served by us or by companies
in which we have substantial investments; material changes in available
technology; the final outcome of federal, state, and local regulatory
initiatives and proceedings, including arbitration proceedings, and
judicial review of those initiatives and proceedings, pertaining to, among
other matters, the terms of interconnection, access charges, universal
service, and unbundled network element and resale rates; the extent,
timing, success, and overall effects of competition from others in the
local telephone and toll service markets; the timing and profitability of
our entry into the in-region long distance market; our ability to combine
former Bell Atlantic and GTE operations, satisfy regulatory conditions and
obtain revenue enhancements and cost savings following the merger; the
profitability of our entry into the nationwide broadband access market,
including the impact of our transaction with NorthPoint; the ability of
Verizon Wireless to combine operations and obtain revenue enhancements and
cost savings; and our ability to convert our ownership interest in Genuity
Inc. into a controlling interest consistent with regulatory conditions, and
Genuity's ensuing profitability.
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