CANTV Responds To AES Tender Offer.

Business Editors

CARACAS, Venezuela & NEW YORK--(BUSINESS WIRE)--September 25, 2001

Compania Anonima Nacional Telefonos de Venezuela (Caracas:TDV; NYSE:VNT) confirmed today that AES Comunicaciones de Venezuela, C.A., an affiliate of The AES Corporation (NYSE: AES), launched an unsolicited offer to purchase 28,566,944 of its outstanding American Depository Shares (ADSs), each representing seven of its Class D common shares, for $24.00 per ADS in cash in a U.S. offer and an additional 199,968,608 of its common shares for $3.4285714 per share in cash in a simultaneous Venezuelan offer. In the aggregate, AES is offering to purchase approximately 43.2% of CANTV's outstanding shares. AES has conditioned the offer on, among other things, gaining a majority of the outstanding CANTV shares.

The Board of Directors of CANTV will review the offer and make a recommendation to CANTV shareholders promptly, as required by U.S. and Venezuelan regulations. CANTV urges its shareholders not to take any action with respect to the offer until the Board makes its recommendation.

About CANTV

CANTV is a full service telecommunications provider in Venezuela with 2.6 million access lines in service, 1.9 million cellular subscribers and 303,000 Internet users as of June 30, 2001. CANTV was privatized in December 1991 when VenWorld Telecom, C.A., a consortium led by GTE Corporation (currently Verizon Communications Inc.), originally acquired 40% of CANTV's equity share capital, as well as operating control, from the Venezuelan Government.

IMPORTANT INFORMATION

YOU SHOULD READ CANTV'S SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WHEN IT IS FILED WITH THE SEC BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. YOU WILL BE ABLE TO OBTAIN A FREE COPY OF THE SOLICITATION/RECOMMENDATION STATEMENT, AND ANY OTHER FILINGS WITH THE SEC CONTAINING INFORMATION ABOUT CANTV, WITHOUT CHARGE, AT THE SEC'S INTERNET SITE (HTTP://WWW.SEC.GOV). COPIES OF ANY FILINGS CONTAINING INFORMATION ABOUT CANTV CAN ALSO BE OBTAINED, WITHOUT CHARGE, BY DIRECTING A REQUEST TO COMPANIA ANONIMA NACIONAL TELEFONOS DE VENEZUELA, AVENIDA LIBERTADOR, CENTRO NACIONAL DE TELECOMINICACIONES, NUEVO EDIFICIO ADMINISTRATIVO, PISO.1, APARTADO POSTAL 1226, CARACAS, VENEZUELA 1010, ATTENTION: INVESTOR RELATIONS.