Telefonica CTC Chile to Host Investor Event at the NYSE

SANTIAGO, Chile, Aug. 16 /PRNewswire-FirstCall/ -- On August 26, 2005, Telefonica CTC Chile will host a luncheon at the New York Stock Exchange to commemorate its 15 years on the New York Stock Exchange and its 125-year anniversary.

The event will be hosted by Mr. Bruno Philippi, Chairman, and Mr. Julio Covarrubias, Chief Financial Officer, and will be attended by other key members of the Board of Directors and management team.

The Company, joined by guests of honor Nicolas Massu and Fernando Gonzalez, the 2004 Olympic Gold medalists for tennis, will ring the closing bell that afternoon.

The event will take place from 12pm to 2pm and is by invitation only. Space is limited. Those interested in attending the event must contact Melanie Carpenter of i-advize Corporate Communications at (212) 406-3692 or via email at ctc@i-advize.com .

Presentations will be available on the Internet at http://www.telefonicactcchile.cl/ following the event.

COMPANY DESCRIPTION

Compania de Telecomunicaciones de Chile S.A., the first South American company to list shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile, providing local service, as well as domestic and international long distance services throughout the country. Additionally, the Company provides equipment marketing, data transmission, value-added services and information systems services.

This news release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1996, including but not limited to Compania de Telecomunicaciones de Chile S.A.'s expectations for its performance for the year. Forward-looking statements may also be identified by words such as "believes," "expects," "anticipates," "projects," "intends," "should," "seeks," "estimates," "future," or similar expressions. The forward-looking statements included in this news release are based on current expectations, but actual results may differ materially from anticipated future results due to various factors many of which are beyond the control of Compania de Telecomunicaciones de Chile S.A. and its subsidiaries. Certain factors which could cause the actual results of Compania de Telecomunicaciones de Chile S.A. and its subsidiaries to differ materially from the expected results include, among others, changes in Chile's regulatory framework, impact of increased competition and other factors beyond Compania de Telecomunicaciones de Chile S.A.'s control.

For further information, please visit http://www.telefonicactcchile.cl/ or contact:

Telefonica CTC Chile Sofia Chellew schelle@ctc.cl Veronica Gaete vgaete@ctc.cl M. Jose Rodriguez mjrodri@ctc.cl Florencia Acosta macosta@ctc.cl Tel: 562-691-3867 -or- i-advize Corporate Communications, Inc. Melanie Carpenter / Peter Majeski Tel: (212) 406-3690, e-mail: ctc@i-advize.com