SNET logo NEWS RELEASE - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - visit us at www.snet.com 227 Church Street New Haven Connecticut 06510 June 25, 1997 For further information, please contact: Kevin Moore (203) 771-2136 Analysts contact: Mike Bromley (203) 771-4143 SNET RESPONDS TO DPUC DECISION ON COMPANY RESTRUCTURE The following statement can be attributed to Daniel J. Miglio, SNET Chairman and CEO, in response to today's DPUC decision on SNET's proposal to restructure the company: "Although we have obviously not had time to examine it in detail, our initial reading of the decision suggests mixed effects for SNET. We will be allowed to set up our wholesale and retail operations as separate businesses, enabling us to focus aggressively on both wholesale and retail customers. Our retail subsidiary, newly certified as a local exchange carrier, will have the pricing and marketing flexibility to compete on an equal footing with other CLECs (Certified Local Exchange Carriers) in Connecticut. "However, balloting and the allocation of customers for local service will cause further customer confusion and may have a significant effect on our 1998 earnings. This restructure will be a first anywhere, and no one can possibly know exactly what the impact will be. Certainly, we will see speculation on the meaning of this decision, but it will be just that--speculation. -more- -2- "It's important to emphasize that SNET already has an excellent competitive track record. With the advent of in- state toll choice in Connecticut, SNET has learned how to compete and win. We have proven ourselves to be an innovative and effective retailer, attracting and retaining customers by offering the best products, packages and service in the market. "Our next steps will be to analyze the decision in detail and, as we always do, assess our options." - ## -