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Consolidated Statements of Changes in Shareowners’ Investment (dollars in millions, except per share amounts) Years Ended December 31,   2006   2005   2004   Shares Amount Shares Amount Shares Amount Common Stock Balance at beginning of year   2,774,865   $ 277     2,774,865     277     2,774,314     277   Shares issued Employee plans   –     –     –     –     2,501     –   Shareowner plans   –     –     –     –     50     –   Shares issued MCI/Price acquisitions 192,787 20 – – – – Balance at end of year 2,967,652 297 2,774,865 277 2,774,865 277 Contributed Capital Balance at beginning of year       25,369         25,404         25,363   Shares issued-employee and shareowner plans       –         (24 )       2   Shares issued-MCI/Price acquisitions       6,009         –         –   Net tax benefit from employee stock compensation       (2 )       –         41   Idearc Inc. spin-off         8,695         –         –   Other 53 (11 ) (2 ) Balance at end of year 40,124 25,369 25,404 Reinvested Earnings Balance at beginning of year       15,905         12,984         9,409   Net income       6,197         7,397         7,831   Dividends declared ($1.62, $1.62 and $1.54 per share)       (4,781 )       (4,479 )       (4,265 ) Other 3 3 9 Balance at end of year 17,324 15,905 12,984 Accumulated Other Comprehensive Loss Balance at beginning of year (1,783 ) (1,053 ) (1,250 ) Foreign currency translation adjustment       1,196         (755 )       548   Unrealized gains on net investment hedges       –         2         –   Unrealized gains (losses) on marketable securities       54         (21 )       7   Unrealized gains on cash flow hedges       14         10         17   Minimum pension liability adjustment       788         51         (332 ) Adoption of SFAS No. 158       (7,671 )       –         –   Other (128 ) (17 ) (43 ) Other comprehensive income (loss) (5,747 ) (730 ) 197 Balance at end of year (7,530 ) (1,783 ) (1,053 ) Treasury Stock Balance at beginning of year   (11,456 )   (353 )   (5,213 )   (142 )   (4,554 )   (115 ) Shares purchased   (50,066 )   (1,700 )   (7,859 )   (271 )   (9,540 )   (370 ) Shares distributed Employee plans   5,355     181     1,594     59     8,881     343   Shareowner plans 20 1 22 1 – Balance at end of year (56,147 ) (1,871 ) (11,456 ) (353 ) (5,213 ) (142 ) Deferred Compensation–ESOPs and Other Balance at beginning of year       265         90         (218 ) Amortization       (74 )       174         301   Other – 1 7 Balance at end of year 191 265 90 Total Shareowners’ Investment $ 48,535 $ 39,680 $ 37,560 Comprehensive Income Net income     $ 6,197       $ 7,397       $ 7,831   Other comprehensive income (loss) per above (5,747 ) (730 ) 197 Total Comprehensive Income (Loss) $ 450 $ 6,667 $ 8,028 See Notes to Consolidated Financial Statements.

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* This is an interactive electronic version of Verizon’s 2006 Annual Report to Shareholders, and it is intended to be complete and accurate. The contents of this version are qualified in their entirety by reference to the printed version. A reproduction of the printed version is available in PDF format on this website.