Cesky- mandatory tender offer

Telefonica SA
01 July 2005

PRESS RELEASE




30/06/2005



TELEFONICA SUBMITS FOR APPROVAL  A MANDATORY TENDER OFFER OVER CESKY
TELECOM'S FREE FLOAT AT CZK 456.000 PER SHARE



Madrid, 30th June, 20005.- In accordance with Czech law on mandatory offers,
Telefonica has submitted today to the Czech Securities Commission for its
approval a mandatory tender offer on 48.9% of the shares of Cesky Telecom.
Telefonica has the obligation to launch such a tender offer following the
acquisition of a 51.1% stake in the company on June 16th.



The price proposed by Telefonica, as set forth in the draft bid document,
amounts to CZK 456.000 for each share in Cesky Telecom, to be paid in cash.



The proposed tender offer is subject to approval from the Czech Securities
Commission and shall be published after such approval has been granted.









For further information
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28013 Madrid
Tfno. + 34 91 584 09 20
Fax: + 34 91 532 71 18
e-mail: [e-mail]
http://www.telefonica.es/saladeprensa






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