January 10, 1996

NYNEX CONTACT: Media Relations, (212) 395-0500

FLAG Announces New Chairman And CEO

HAMILTON, Bermuda -- The board of directors of FLAG Limited today announced the election of Joseph C. Timpanaro as Chairman and Chief Executive Officer.

Timpanaro, previously senior vice president of NYNEX NetworkSystems, had served as chairman of the board of directors of FLAG since April 1994. As chairman and CEO, he will be responsible for the construction, management and marketing of FLAG, the world's longest fiber optic submarine cable.

"In his role as chairman of the board, Mr. Timpanaro has led us through many critical, first-ever arrangements, such as the project's financing," said FLAG shareholder and board member Abdul Latif Ghurab, assistant president of the Dallah Al Baraka Group. "He is the ideal choice to take us forward."

When completed in September 1997, FLAG will be 17,000 miles long. Construction began last year and ships began the installation of the cable last week off the coast of Italy. Along its route, which will connect the United Kingdom and Japan via the Mediterranean Sea and Indian Ocean regions, FLAG will land in 12 countries, linking three continents.

It will be the first intercontinental cable to land in China. Other landing points include Spain, Italy, Thailand, Korea, India, Malaysia, Egypt, Hong Kong and the United Arab Emirates.

Timpanaro brings to his new position a solid background in building companies, having been president and managing director of NYNEX CableComms Ltd. from 1990 to 1992, when the company first began acquiring and operating franchises to provide cable television in the UK. Timpanaro developed the company into a successful operating business unit, which has grown into the UK's second largest cable communications company.

In October, 1992, Timpanaro was named senior vice president - Finance & Strategic Planning for NYNEX Network Systems, where his responsibilities included the development of strategic and business plans for NYNEX's international business activities and managing NYNEX's interest in its international investments. As chairman and chief executive officer of FLAG, Timpanaro also heads the FLAG board, which in addition to NYNEX, includes Dallah Al-Baraka Group of Saudi Arabia, Telecom Holding Co., Ltd. of Thailand, Marubeni Corporation of Japan, Asian Infrastructure Fund of Hong Kong, and General Electric Capital Corporation. FLAG Limited is headquartered in Hamilton, Bermuda.

"FLAG is a truly global system," said Timpanaro. "More than 50 international carriers have purchased circuits on the cable. We are proud to say that not only will FLAG be the world's longest cable, it will also be the most advanced in technology and structure. It will serve as a role model for future cables."

NYNEX is a global communications and media company that provides a full range of services in the northeastern United States and high-growth markets around the world, including the United Kingdom, Thailand, Gibraltar, Greece, Indonesia, the Philippines, Poland, Slovakia and the Czech Republic.

The Corporation is a leader in the telecommunications, wireless communications, cable television, directory publishing and entertainment and information services.

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