Cesky tender offer results

Telefonica SA
20 September 2005




Telefonica S.A., as provided in article 82 of the Spanish Stock Market Act (Ley
del Mercado de Valores), hereby reports the following




                              SIGNIFICANT EVENT


The offering period related to the mandatory tender offer that Telefonica S.A.
launched for 48.9% of Cesky Telecom a.s.' capital on July 29th, 2005 expired
yesterday, September 19th, 2005.


Telefonica had the obligation to launch this offer after acquiring 51.1% of the
company on June 16th, 2005.


The total acceptances tendered in the public offer has been 59 million shares
(37.5% of the free float), which at the offer price of CZK 456 per share
represent a total consideration of approximately € 917 mill.


After completion of the tender offer, Telefonica's interest in Cesky Telecom
will have increased from 51.1% to 69.4%.



Madrid, September 20th, 2005









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