Dividend proposal from the Board of Directors of Telefónica O2 Czech Republic

The Board of Directors of Telefónica O2 Czech Republic, a.s. at its today's meeting approved a proposal to the Annual General Meeting for a dividend distribution of CZK 50 per share, i.e. total amount of CZK 16,104,495 thousand from the part of net profit for 2007 and the part of reserve fund, which can be used at company's discretion.

The proposed relevant dividend record date is September 17, 2008, dividend payment date is proposed on October 8, 2008.

The dividend proposal will be submitted to the Supervisory Board of Telefónica O2 Czech Republic, which will review this proposal at its meeting on April 21, 2008. The proposal including the Supervisory Board's standpoint will be subsequently submitted to the Annual General Meeting that will be held the same day, i.e. on April 21, 2008, at 1:00 p.m. at the Top Hotel Praha.