Weekly Financial Report - March 26, 2002

Yipes Files Chapter 11 [Main Story]

ALLTEL to Purchase CenturyTel's Wireless Properties for $1.65 billion [Main Story]

GT Group Telecom (TSE: GTG.A, GTG.B, NASDAQ: GTTLB) announced the formation of a special committee and the engagement of Morgan Stanley & Co. Incorporated to assist the company in the consideration and possible pursuit of capital structure enhancements. The special committee will be composed of independent directors. Morgan Stanley will report to the special committee and will work with Group Telecom's senior management and legal counsel, Torys LLP, in this process.

The board of directors of SBC Communications Inc. (NYSE:SBC) approved a 5.4 percent increase in its dividend, and declared a regular quarterly dividend of 27 cents a share. The first-quarter dividend is payable May 1, 2002, to shareowners of record as of the close of business on April 10, 2002. SBC has approximately 3.3 billion common shares outstanding.

Covad Communications Group, Inc. (OTCBB:COVD) will conduct a conference call to discuss its fourth quarter and 2001 financial results on Wednesday, March 27, 2002 at 1:00 p.m. Pacific Standard Time (PST). The conference call will be conducted by Charles Hoffman, Covad's president and CEO, and Mark Richman, Covad's CFO. The conference call will be webcast over the Internet. To listen to the call visit the Covad website at www.covad.com/companyinfo. Investors and press may also listen by telephone to the call by dialing 212/896-6155 and are advised to call in ten minutes prior to the start time. The conference call will be recorded and available to listen to until 5:00 p.m. PST on Friday, April 5, 2002, by dialing 800/633-8284 or 858/812-6440, passcode 20472387, or by visiting the Covad website.

BellSouth (NYSE: BLS) announced that it sold its entire position, 234.7 million shares, in Dutch telecommunications provider Royal KPN. As a result, the company will record an after-tax gain of approximately $850 million during the first quarter of 2002, as previously disclosed. On January 30, 2002, BellSouth and KPN restructured their relationship allowing BellSouth to exchange its 22.51 percent stake in German mobile phone operator E-Plus for 234.7 million shares of KPN, representing a 9.42 percent of KPN's outstanding shares.