~~Table~~FORM of6-K ~~Contents~~

~~FORM~~UNITED 6STATES ~~- K~~

~~UNITED~~SECURITIES ~~STATES~~AND EXCHANGE COMMISSION

~~SECURITIES~~Washington, ~~AND~~DC ~~EXCHANGE~~20549 ~~COMMISSION~~

~~Washington,~~Report DCof ~~20549~~Foreign Issuer

~~Report~~Pursuant ofto ~~Foreign~~Rule ~~Issuer~~13a - 16 or 15d - 16 of the

~~Pursuant~~Securities toExchange ~~Rule~~Act ~~13a - 16 or 15d - 16~~ of ~~the~~1934

~~Securities~~For the ~~Exchange~~month ~~Act~~ of ~~1934~~ February 2007

~~For~~NATIONAL ~~the~~TELEPHONE ~~month~~COMPANY ofOF ~~April~~VENEZUELA ~~2006~~(CANTV)

~~NATIONAL~~(Translation ~~TELEPHONE~~of ~~COMPANY~~Registrant’s OFName ~~VENEZUELA (CANTV~~into English)

~~(Translation~~EDIFICIO ofCANTV ~~Registrant’s Name into English)~~

~~EDIFICIO~~AVENIDA ~~CANTV~~LIBERTADOR

~~AVENIDA~~CARACAS, ~~LIBERTADOR~~ VENEZUELA

~~CARACAS,~~(Address ~~VENEZUELA~~of Principal Executive Offices)

~~(Address~~Indicate by check mark whether the registrant files or will file annual reports under cover of ~~Principal~~Form ~~Executive~~20-F ~~Offices)~~or Form 40-F.

~~Indicate by check mark whether the registrant files or will file annual reports under cover of~~ Form 20-F or X Form 40-F.

~~Form~~Indicate ~~20-F X Form~~by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the 40Commission pursuant to Rule 12g3-F 2(b) under the Securities Act of 1934

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Act of 1934 Yes No X

If “Yes ~~No X~~ ” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b):

IfThis ~~“Yes”~~report iscontains ~~marked,~~a ~~indicated~~press ~~below~~release ~~the~~issued ~~file~~by ~~number assigned to~~ the registrant inon ~~connection~~February 15, ~~with~~2007. ~~Rule 12g3-2(b): 82 -~~

~~Table~~This report contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include the impact on Cantv’s business that may result from the Government’s planned nationalization of ~~Contents~~Cantv, economic considerations that could affect demand for telecommunications services and the ability of the Company to make collections, inflation, regulatory factors, exchange controls and occurrences in currency markets, competition, labor relations, legal proceedings and the risk factors set forth in the Company’s various filings with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 20-F. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995

~~Attached~~SIGNATURE to this report is a copy of the first quarter press release and supplemental data, dated April 26, 2006, pertaining to the financial condition and results of operations at and for the quarter ended March 31, 2006, as well as revised forecasts for the registrant’s operations for the fiscal year ending December 31, 2006. The consolidated financial information of the registrant included in the press release and the supplemental data were prepared on the basis of International Financial Reporting Standards, which differ in certain important respects from accounting principles generally accepted in the United States. The financial results for the quarter ended March 31, 2006 are unaudited.

~~The~~Pursuant ~~earning projections for the fiscal year ending December 31, 2006 included in the attachment contain forward-looking statements. The registrant desires~~ to ~~qualify for~~ the ~~“safe~~requirements ~~harbor” provisions~~ of the ~~Private~~ Securities ~~Litigation~~ ~~Reform~~Exchange Act of ~~1995~~1934, ~~and~~the ~~consequently~~registrant ishas ~~hereby~~duly ~~filing~~caused ~~cautionary~~this ~~statements~~report ~~identifying~~to ~~important~~be ~~factors~~signed ~~that~~on ~~could~~its ~~cause~~behalf by the ~~registrant’s~~undersigned, ~~actual~~thereunto ~~results~~duly ~~to differ materially from those set forth in the attachment~~authorized.

~~The~~COMPAÑIA ~~registrant’s~~ANONIMA ~~earning~~NACIONALTELEFONOS ~~projections~~DE are based on a series of projections and estimates regarding the economy and the telecommunications industry in Venezuela in general. The projections and estimates regarding the telecommunications industry may be affected by the state of the economy in Venezuela and abroadVENEZUELA, ~~the~~(CANTV) ~~effects~~By: ~~of competition, the pricing of services, tariff-setting regulations and the success of new products, new services and new businesses. No assurance can be given that the registrant’~~/s/ ~~actual~~Armando ~~results~~Yañes ~~will~~Armando ~~not~~Yañes ~~vary~~Chief ~~significantly~~Financial ~~from the projected earnings.~~ Officer

~~Table~~Date: ofFebruary 16, ~~Contents~~2007

LOGO

From: Compañía Anónima Nacional Teléfonos de Venezuela (Cantv) NYSE: VNT BVC: TDV.d April 26, 2006 For Release: Contact: FOR IMMEDIATE RELEASE Cantv Investor Relations +011 58 212 500-1831 (Main) +011 58 212 500-1828 (Fax) Email: invest@cantv.com.ve The Global Consulting Group César Villavicencio 646 284-9423 (US) Email: cvillavicencio@hfgcg.com


From:			FOR IMMEDIATE RELEASE
	CANTV
	Avenida Libertador	Contact:	Gregorio Tomassi, CFA
	Centro Nacional de Telecomunicaciones Caracas, Venezuela		CANTV Investor Relations
			011-58-212-500-1831
			FAX: 011-58-212-500-1828
			E-Mail: invest@cantv.com.ve

	February 15, 2007		The Global Consulting Group 646-284-9421 (US)
			E-Mail: eferrer@hfgcg.com

CANTV ANNOUNCES ~~FIRST QUARTER 2006 RESULTS~~

~~Revenue~~DIVIDEND ~~and~~PAYMENT ~~free~~PROPOSAL, ~~cash~~GSM ~~flow~~NETWORK ~~increased~~DEPLOYMENT ~~32.3% and 72.1%~~APPROVAL, ~~respectively. Nearly 400 thousand net~~

~~additions~~2007 GUIDANCE ~~increased~~AND ~~our~~OTHER ~~mobile~~MATTERS ~~subscriber base to nearly 5.6 million. 2006 Guidance revised~~

~~increasing~~Caracas, ~~year-end~~Venezuela ~~mobile~~(February ~~subscribers~~15, ~~from~~2007) ~~6.3~~– toCompañía ~~7.8~~Anónima ~~million.~~Nacional Teléfonos de Venezuela (CANTV) (NYSE: VNT) announces after today’s ordinary meeting of its Board of Directors the following:

HIGHLIGHTS


1)	The Board of Directors’ call for the annual shareholders meeting to be held on Friday March 30, 2007 at 8:30am, Caracas time	For detailed announcement see page 3

2)	The Board of Directors’ approval to propose to shareholders the payment of a dividend of Bs. 922.07 per share (US$3.003 per ADS).	For detailed announcement see page 5

3)	The Board of Directors’ approval of the deployment of a GSM network overlay	For detailed announcement see page 7

4)	The 2007 Guidance	For detailed announcement see page 9

5)	The resignation of Gustavo Roosen, Lorenzo Mendoza and Imanol Valdez as members of the Board of Directors of Cantv	For detailed announcement see page 12

6)	The Board of Directors was informed of the content of the Memorandum of Understanding between the Government of the Bolivarian Republic of Venezuela, Verizon Communications Inc. and GTE Venholdings B.V.	For detailed announcement see page 13

n1 ~~Consolidated revenues increased a robust 32.3% over first quarter 2005 due to sustained growth in our mobile and broadband services~~

nThe ~~Our~~Company ~~mobile and broadband customer bases posted 75.1% and 68.5% increases, respectively, over first quarter 2005~~

nCantv, ~~First~~a Venezuelan ~~quarter~~corporation, ~~mobile~~is ~~net~~the ~~additions~~leading ofVenezuelan telecommunications services provider with nearly ~~400~~3.4 million switched fixed access lines in service, nearly 8.0 million mobile subscribers and nearly 467 thousand broadband subscribers as ~~increased~~of ~~our~~December 31, ~~mobile~~2006. ~~customer~~The ~~base~~Company’s toprincipal ~~nearly~~strategic stockholder is a wholly-owned subsidiary of Verizon Communications Inc. with 28.5% of the capital stock. Other major stockholders include the Venezuelan Government with 6.6% ~~million~~of ~~subscribers~~the capital stock (Class B Shares), employees, retirees and employee trusts which own 6.2% (Class C Shares) and the remaining 58.7% of the capital stock is held by public and other stockholders.

nForward ~~Continued~~Looking ~~strong~~Statements ~~ABA (ADSL) sales increased our customer base to almost 327 thousand subscribers, a 75.4% increase over first quarter 2005~~

nThis ~~Sustained~~press ~~growth~~release ~~momentum~~contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in ~~switched~~such ~~access~~forward-looking ~~lines~~statements. ~~generated~~Factors 6which may cause actual results to differ materially from those discussed herein include the impact on Cantv’s business that may result from the Government’s planned nationalization of Cantv, economic considerations that could affect demand for telecommunications services and the ability of the Company to make collections, inflation, regulatory factors, exchange controls and occurrences in currency markets, competition, labor relations, legal proceedings and the risk factors set forth in the Company’s various filings with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 20-F.6% ~~gain~~The ~~over~~Company ~~first~~undertakes ~~quarter~~no ~~2005~~obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

~~n A one time gain of the sale of the Company’s 1.~~2% equity investment in INTELSAT occurred in first quarter 2005 affects EBITDA and net income comparison with first quarter 2006. Net of this effect, first quarter 2006 EBITDA would have been 16.6% higher than a year ago and net income would have been 0.2% lower than a year ago

LOGO

n Strong operating cash flow drove a 72.1% increase in free cash flow over first quarter 2005


From:			FOR IMMEDIATE RELEASE
	CANTV
	Avenida Libertador	Contact:	Gregorio Tomassi, CFA
	Centro Nacional de Telecomunicaciones Caracas, Venezuela		CANTV Investor Relations
			011-58-212-500-1831
			FAX: 011-58-212-500-1828
			E-Mail: invest@cantv.com.ve

	February 15, 2007		The Global Consulting Group 646-284-9421 (US)
			E-Mail: eferrer@hfgcg.com

nCANTV ~~First~~BOARD ~~quarter~~OF ~~2006~~DIRECTORS ~~CAPEX~~CALLS ~~of Bs. 166.8 billion in line with prior 2006 Guidance~~

nFOR ~~2006~~ANNUAL ~~Guidance~~SHAREHOLDERS ~~has~~MEETING been revised to reflect strong performance on our mobile segment. 2006 year-end mobile subscribers estimated range mid-point has been increased from 6.3 million to 7.8 million. Our revised 2006 revenues, EBITDA and net income mid-point estimates are 5.3%, 5.3% and 8.6% higher than previous guidance, respectively. Updated estimates mid-points increased 11.0% for CAPEX and declined 1.5% for free cash flow

CONTENTS
• Key financial and operating Indicators		2
• Revenue analysis:		2
Fixed		3
Mobile		5
• Expense and margin analysis		7
Total operating expenses		7
EBITDA and EBITDA margin		7
Interest income and exchange gain, net and taxes		8
Net income		8
• Cash flow analysis		8
Capital expenditures		8
Total debt		9
• Other developments		9
Dividends		9
Proposed sale of Verizon’s stake in Cantv to Telmex and América Móvil		9
Pension adjustment decision		10
CONATEL – Taxes review		10
• Financial statements data		11
Income statement data		11
Balance sheet data		12
Cash flow data		13
• Reconciliation of non-GAAP financial measures		14
• 2006 Revised Guidance		15
• Company profile		16
• Glossary of key terms		16

Caracas, Venezuela (February 15, 2007) – Compañía Anónima Nacional Teléfonos de Venezuela (CANTV) (NYSE: VNT) announced today that its Board of Directors called for the Annual Shareholders meeting to be held on Friday March 30, 2007.

~~Financial~~The ~~results~~agenda ~~are stated in accordance with International Financial Reporting Standards (IFRS). Translation of financial statements data to US$ has been performed solely~~ for ~~the~~this ~~convenience~~meeting ofincludes the ~~reader,~~following ~~converting~~items: ~~bolivar amounts at the current official exchange rate of Bs. 2,150 per US$1.~~

~~CANTV~~• ~~1Q06~~Approval ~~Earnings~~of ~~Commentary~~the –audited ~~April~~financial ~~26,~~statements ~~2006~~for ~~NYSE:~~the ~~VNT~~fiscal ~~BVC:~~year ~~TDV.d~~ending 1on December 31, 2006

~~Table~~• Payment of ~~Contents~~dividend

~~KEY~~• ~~FINANCIAL~~Election ~~AND~~of ~~OPERATING~~the ~~INDICATORS~~members of the Board of Directors and their respective alternates for the period 2007-2008

~~Figure~~• 1Election -of ~~Key~~External ~~Financial Highlights and Operating Indicators~~ Auditors

~~Billions~~• Appointment of ~~Bs.~~principal Statutory Auditors and %their respective alternates and the determination of their respective compensation

	1Q06		1Q05		Inc./(Dec.)		%
Revenues	1,441.5		1,089.7		351.8		32.3	%
EBITDA	431.6		441.6		(10.0	)	(2.3	)%
EBITDA Margin	30	%	41	%	(1,100	)bps	N.M.
Net Income	183.9		294.9		(111.0	)	(37.6	)%
CAPEX	166.8		120.4		46.4		38.5	%
Free Cash Flow	188.4		109.5		78.9		72.1	%
Debt payments	25.8		25.4		0.4		1.6	%

The Company

	1Q06	1Q05	Inc./(Dec.)		%
Subscribers (thousands)
Fixed	3,457.9	3,126.5	331.4		10.6	%
Switched access lines	3,114.4	2,922.7	191.7		6.6	%
Residential	2,410.0	2,244.7	165.3		7.4	%
Non-residential	597.8	582.7	15.1		2.6	%
Public Telephones	106.6	95.3	11.3		11.8	%
Broadband	343.5	203.8	139.7		68.5	%
ABA (ADSL) lines	326.6	186.1	140.5		75.4	%
Private Circuits	16.9	17.7	(0.8	)	(4.5	)%
Mobile	5,587.5	3,191.1	2,396.4		75.1	%
Postpaid	271.3	223.2	48.1		21.6	%
Prepaid	5,316.2	2,967.9	2,348.3		79.1	%
Traffic (millions of minutes)
Fixed Local	3,131	3,426	(295	)	(8.6	)%
Fixed DLD and ILD	590	634	(44	)	(6.9	)%
Mobile	1,209	653	556		85.1	%

Cantv, a Venezuelan corporation, is the leading Venezuelan telecommunications services provider with nearly 3.4 million switched fixed access lines in service, nearly 8.0 million mobile subscribers and nearly 467 thousand broadband subscribers as of December 31, 2006. The Company’s principal strategic stockholder is a wholly-owned subsidiary of Verizon Communications Inc. with 28.5% of the capital stock. Other major stockholders include the Venezuelan Government with 6.6% of the capital stock (Class B Shares), employees, retirees and employee trusts which own 6.2% (Class C Shares) and the remaining 58.7% of the capital stock is held by public and other stockholders.

~~N.M.=~~Forward ~~Not~~Looking ~~meaningful~~Statements

~~Note:~~This ~~further~~press ~~details~~release contains statements about expected future events and financial results that are forward-looking ~~disclosed~~and insubject ~~additional~~to ~~tables~~risks ~~posted~~and inuncertainties. ~~Cantv’s~~Actual ~~Investor~~results ~~Relations~~could ~~web~~differ ~~page~~materially from those

~~REVENUE~~3 ~~ANALYSIS~~

~~Strong~~ predicted ~~mobile~~in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include the impact on Cantv’s business that may result from the Government’s planned nationalization of Cantv, economic considerations that could affect demand for telecommunications services and the ability of the Company to make collections, inflation, ~~broadband~~regulatory ~~revenues~~factors, ~~continued~~exchange controls and occurrences in currency markets, competition, labor relations, legal proceedings and the risk factors set forth in the Company’s various filings with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 20-F. The Company undertakes no obligation to ~~drive~~revise ~~top~~these ~~line~~forward-looking ~~growth~~statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

~~Operating~~4 ~~revenues totaled Bs. 1,441.5 billion during first quarter 2006, a Bs. 351.8 billion (32.3%) increase over first quarter 2005.~~

LOGO

Quarter-over-quarter revenue growth was driven by 72.5% and 10.8%, increases in mobile and fixed line revenues, respectively. Fixed line revenues reflects a 45.8% growth in its broadband component.


From:			FOR IMMEDIATE RELEASE
	CANTV
	Avenida Libertador	Contact:	Gregorio Tomassi, CFA
	Centro Nacional de Telecomunicaciones Caracas, Venezuela		CANTV Investor Relations
			011-58-212-500-1831
			FAX: 011-58-212-500-1828
			E-Mail: invest@cantv.com.ve

	February 15, 2007		The Global Consulting Group 646-284-9421 (US)
			E-Mail: eferrer@hfgcg.com

AsCANTV aBOARD ~~percentage~~OF ofDIRECTORS ~~total~~PROPOSES ~~revenues, first quarter mobile revenues increased from 34.8% in first quarter 2005 to 45.4% in first quarter 2006 (see Figure 2).~~

~~Figure~~DIVIDEND 2PAYMENT ~~- Revenues~~

~~Cantv’s~~Caracas, ~~business~~Venezuela (February ~~growth~~15, ~~efforts~~2007) ~~were~~– ~~reflected~~Compañía inAnónima ~~our~~Nacional ~~first~~Teléfonos ~~quarter~~de ~~revenues.~~Venezuela ~~Each~~(CANTV) of(NYSE: ~~our~~VNT) ~~two~~announced ~~business~~today ~~segments contributed~~that its Board of Directors will propose to shareholders the ~~overall~~payment 32of a dividend of Bs. 922.07 per share (equivalent to US$3%.003 ~~revenue~~per ~~growth~~ADS at today’s official exchange rate of Bs. 2,150 per US$1). This dividend is subject to shareholders’ approval at the Annual Shareholders Meeting, which is scheduled to be held on March 30, 2007.

~~The~~This ~~10.8%~~dividend ~~revenue~~amount ~~increase~~represents ~~in our fixed line segment was largely a result of~~ the ~~68.5%~~minimum ~~growth~~required ~~in broadband~~to ~~customers.~~be ~~Excluding~~declared ~~broadband,~~and ~~our~~paid ~~fixed line business’ revenues increased 3.0% over the same period last year. The improvement was driven~~ by ~~19.4%~~Cantv ~~higher~~under ~~IXC~~applicable ~~fixed~~Venezuelan ~~to mobile outgoing revenues combined with the sustained fixed wireless subscriber growth~~law. ~~Local services residential tariffs remained frozen.~~

~~Mobile~~Under ~~revenue~~the ~~growth~~Memorandum ~~was~~of ~~driven~~Understanding bysigned between Verizon Communication Inc. and the Bolivarian Republic of Venezuela on February 12, 2007 related to the ~~segment’s~~proposed ~~robust~~nationalization ~~subscriber~~of ~~and~~Cantv, ~~traffic~~the ~~growth~~payment of the dividend will result in a downward adjustment to the proposed offer price if its record date is set prior to the closing date as defined in the agreement.

A portion of the dividend will be subject to withholding tax as the retained earnings from which such portion is sourced has not been subject to income tax. This is the first time that CANTV ~~1Q06~~is ~~Earnings~~required ~~Commentary~~to –withhold ~~April~~on ~~26,~~a ~~2006~~dividend ~~NYSE:~~for ~~VNT~~tax ~~BVC:~~purposes. ~~TDV~~The applicable withholding tax rate depends on the fiscal residence of the recipient of the dividend up to a maximum rate of 34%.d 2The taxable portion of the US$3.003 dividend is US$0.690.

~~Table~~Since dividends are paid in bolivars, under the exchange control regime implemented in January 2003, the repatriation of ~~Contents~~dividends in US dollars for American Depositary Shares (ADS) holders and foreign investors must be requested from CADIVI (the Government’s Commission for Administration of Foreign Exchange). The timing for the request and final approval depend on the fulfillment of formalities and documentation with CADIVI.

~~Fixed~~5

~~Sustained~~The ~~growth~~Company ~~in fixed-switched access lines~~

~~Switched~~Cantv, ~~Access~~a Venezuelan ~~Lines:~~corporation, is the leading Venezuelan telecommunications services provider with nearly 3.4 million switched fixed access lines in service, nearly 8.0 million mobile subscribers and nearly 467 thousand broadband subscribers as of December 31, 2006. The Company’s principal strategic stockholder is a wholly-owned subsidiary of Verizon Communications Inc. with 28.5% of the capital stock. Other major stockholders include the Venezuelan Government with 6.6% of the capital stock (Class B Shares), employees, retirees and employee trusts which own 6.2% (Class C Shares) and the remaining 58.7% of the capital stock is held by public and other stockholders.

~~Lines in~~Forward ~~service~~Looking ~~increased~~Statements ~~6.6% on a year-over-year basis surpassing the 3.1 million mark.~~

~~Nearly~~This ~~17 thousand~~press ~~net~~release ~~additions~~contains ~~were~~statements about ~~generated~~expected ~~during first~~future ~~quarter~~events ~~2006~~and ~~reflecting~~financial ~~sustained~~results ~~subscriber~~that ~~growth~~are forward-looking and subject to risks and uncertainties. ~~These~~Actual ~~net~~results ~~additions~~could ~~were~~differ 57materially from those predicted in such forward-looking statements.0% ~~lower~~Factors ~~than~~which may cause actual results to differ materially from those ~~generated~~discussed ~~during~~herein include the ~~same~~impact ~~period~~on Cantv’s business that may result from the Government’s planned nationalization of Cantv, economic considerations that could affect demand for telecommunications services and the ability of the Company to make collections, inflation, regulatory factors, exchange controls and occurrences in ~~2005~~currency ~~(see~~markets, ~~Figure~~competition, 3)labor relations, legal proceedings and the risk factors set forth in the Company’s various filings with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 20-F. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

~~Figure~~6 ~~3 – Switched Access Lines in Service~~

LOGO

First quarter 2006 growth was driven by a 25,312 increase in residential lines combined with 2,040 new public telephony lines. These increases were partially offset by a 10,625 non-residential lines reduction. Our prepaid product continues to drive our fixed line growth with first quarter net additions of 24,394 lines.


From:			FOR IMMEDIATE RELEASE
	CANTV
	Avenida Libertador	Contact:	Gregorio Tomassi, CFA
	Centro Nacional de Telecomunicaciones Caracas, Venezuela		CANTV Investor Relations
			011-58-212-500-1831
			FAX: 011-58-212-500-1828
			E-Mail: invest@cantv.com.ve

	February 15, 2007		The Global Consulting Group 646-284-9421 (US)
			E-Mail: eferrer@hfgcg.com

~~Local~~CANTV ~~Service~~BOARD ~~Revenues:~~OF DIRECTORS APPROVED

~~Local~~THE ~~service~~DEPLOYMENT ~~revenues~~OF ~~decrease~~A ~~0.6%~~GSM ~~driven~~NETWORK ~~by reduced traffic and freeze tariffs~~

~~First~~Caracas, Venezuela ~~quarter~~(February ~~2006~~15, ~~local~~2007) ~~service~~– ~~revenues~~Compañía ofAnónima ~~Bs.~~Nacional ~~220.1~~Teléfonos ~~billion~~de ~~were~~Venezuela ~~Bs.~~(Cantv) ~~1.3~~(NYSE: ~~billion~~VNT), ~~lower~~announced ~~(0.6%)~~today ~~than~~that ~~revenues~~it ~~during~~approved the ~~same~~deployment ~~period~~of ina ~~2005.~~GSM ~~The~~network, ~~slight~~which ~~decrease~~will coexist with its current ~~primarily~~CDMA/EV-DO ~~reflects~~network. ~~the~~With ~~decrease~~this GSM network, Movilnet, Cantv’s mobile subsidiary will be in ~~local~~a ~~usage~~position ~~traffic.~~to ~~Local~~complement ~~services~~its ~~residential~~products ~~tariffs~~and ~~continue~~service offerings in response to bethe ~~frozen.~~growing demands of the Venezuelan mobile telecommunications service market.

~~Figure~~Given 4the -current ~~Local~~penetration ~~Service~~levels ~~Revenues~~and competitive conditions, the challenges of capturing and retaining subscribers is expected to increase. The use of GSM technology will allow the development of competitive offers targeted to the high value customer segment where GSM will be the technology of choice in 2007.

	(in millions of Bs.)
	1Q06	1Q05	Inc./(Dec.)		%
Monthly recurring charge	126,785	123,978	2,807		2.3	%
Installation & Equipment	10,862	6,763	4,099		60.6	%
Usage	82,431	90,637	(8,206	)	(9.1	)%
Total	220,078	221,378	(1,300	)	(0.6	)%

With this decision, Cantv believes it will be able to strengthen its market share position while seeking to gain revenue share leadership.

~~The~~Movilnet’s ~~60.6%~~customers ~~increase~~served inwith ~~installation~~CDMA technology are expected to continue to benefit from innovative products and ~~equipment~~services, ~~revenues~~and ~~over~~also ~~first~~enjoy ~~quarter~~superior ~~2005~~data ~~was~~service ~~primarily~~offerings. ~~attributable~~During 2007, the Company expects to acontinue investing to ~~61.6%~~expand ~~increase~~capacity inand ~~fixed~~coverage ~~wireless~~of ~~equipment~~its ~~residential~~CDMA ~~sales~~network.

~~Local~~GSM ~~usage~~network ~~revenues~~deployment ~~declined~~is ~~9.1%~~expected ~~due~~to ~~primarily~~begin toas asoon ~~10.5%~~as ~~decrease~~supply incontracts ~~unbundled~~are ~~(billed) minutes~~signed. AsWe ~~shown~~anticipate insuch contracts ~~Figure~~to 5,be ~~the~~signed ~~10.5% decrease~~ in ~~local services traffic was attributable to 9.9%~~March, 72007.4% ~~and~~Revenue ~~28.4% reductions in residential~~estimates, ~~non-residential~~costs and ~~public~~investments ~~telephony~~contained ~~traffic,~~in ~~respectively,~~Guidance ~~partially~~2007 ~~offset~~published bytoday antake ~~increase~~into inaccount the ~~weighted~~ ~~average~~effect ~~price per minute~~ of ~~1.2%. The higher average price was driven by~~ the ~~increase~~proposed ininvestment ~~prepaid minutes as a percentage of total traffic from 5.8%~~ in ~~first~~the ~~quarter~~new ~~2005~~network tofor 92007.7% ~~in first quarter 2006. Prepaid usage is priced at a higher tariff than postpaid traffic.~~

~~Figure~~7 ~~5 - Local Unbundled Minutes~~

	(in millions)
	1Q06	1Q05	Inc./(Dec.)		%
Residential	1,388	1,541	(153	)	(9.9	)%
Non-residential	686	741	(55	)	(7.4	)%
Public telephony	131	183	(52	)	(28.4	)%
Total	2,205	2,465	(260	)	(10.5	)%

Movilnet’s GSM network deployment plan assumes an investment of US$250 million during 2007 and 2008 to achieve coverage equivalence to CDMA. Cantv aims to capture more than 600 thousand GSM subscribers by the end of 2008.

~~The~~Movilnet ~~28.4%~~expects ~~reduction~~to intake ~~public~~advantage ~~telephony traffic was driven by mobile services substitution, and was comprised~~ of a ~~60.6%~~the ~~decrease~~knowledge inacquired ~~traffic~~over ~~generated~~the bylast ~~traditional~~several ~~payphones~~years ~~partially~~deploying ~~offset~~and byoperating adifferent ~~9.5%~~technologies, ~~increase~~as inwell ~~traffic~~as ~~generated~~the ~~through~~versatility ~~telecommunication~~in ~~centers. Our customers have increasingly opted to use telecommunication centers due to~~ the ~~security~~operation and ~~value~~ ~~added~~integration ~~services~~of ~~they~~its ~~offer.~~current ~~The~~systems ~~Company~~and ~~has~~networks ~~encouraged this substitution due~~ to ~~the~~ensure ~~vulnerability~~high ofefficiency ~~traditional~~and ~~payphones~~quality tolevels ~~vandalism~~on managing ~~that~~coexisting ~~threaten this service reliability~~networks.

~~CANTV~~Cantv ~~1Q06~~will ~~Earnings~~continue ~~Commentary~~to –evaluate ~~April~~the ~~26,~~evolution ~~2006~~of ~~NYSE:~~both ~~VNT~~technologies ~~BVC:~~together ~~TDV~~with the Venezuelan market preferences and spectrum availability to assess its expansion plans in the coming years.d 3

~~Table~~The ofCompany ~~Contents~~

~~Domestic~~Cantv, ~~Long~~a ~~Distance~~Venezuelan ~~Revenue:~~corporation, is the leading Venezuelan telecommunications services provider with nearly 3.4 million switched fixed access lines in service, nearly 8.0 million mobile subscribers and nearly 467 thousand broadband subscribers as of December 31, 2006. The Company’s principal strategic stockholder is a wholly-owned subsidiary of Verizon Communications Inc. with 28.5% of the capital stock. Other major stockholders include the Venezuelan Government with 6.6% of the capital stock (Class B Shares), employees, retirees and employee trusts which own 6.2% (Class C Shares) and the remaining 58.7% of the capital stock is held by public and other stockholders.

~~DLD~~Forward ~~revenues~~Looking ~~and~~Statements ~~traffic decreased 5.4% and 11.5%, respectively~~

~~Domestic~~This ~~long~~press ~~distance~~release contains ~~(DLD)~~statements ~~revenues~~about ~~decreased~~expected ~~Bs.~~future 3events and financial results that are forward-looking and subject to risks and uncertainties.9 ~~billion~~Actual (5results could differ materially from those predicted in such forward-looking statements.~~4%) compared~~ Factors which may cause actual results to ~~first~~differ ~~quarter~~materially ~~2005~~from those discussed herein include the impact on Cantv’s business that may result from the Government’s planned nationalization of Cantv, ~~while~~economic ~~traffic~~considerations ~~decreased~~that 11could affect demand for telecommunications services and the ability of the Company to make collections, inflation, regulatory factors, exchange controls and occurrences in currency markets, competition, labor relations, legal proceedings and the risk factors set forth in the Company’s various filings with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 20-F.5% ~~(see~~The ~~Figure~~Company 6)undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

~~Figure~~8 ~~6 - DLD Revenues and Traffic~~

LOGO

	Revenues (in millions of Bs.)							Minutes (in millions)
From:	Compañía Anónima Nacional Teléfonos de Venezuela (Cantv) NYSE: VNT		For Release:		FOR IMMEDIATE RELEASE
	1Q06	1Q05	Inc./(Dec.)			%		1Q06	1Q05	Inc./(Dec.)		%
			Contact:		Cantv Investor Relations +011 58 212 500-1831 (Main) +011 58 212 500-1828 (Fax) Email: invest@cantv.com.ve
Residential	18,435	18,114	321			1.8	%	131	130	1		0.8	%
	February 15, 2007				The Global Consulting Group 646-284-9421 (US) E-Mail: eferrer@hfgcg.com
Non-residential	27,984	29,951	(1,967	)		(6.6	)%	143	158	(15	)	(9.5	)%
Public telephony	8,767	10,697	(1,930	)		(18.0	)%	66	76	(10	)	(13.2	)%
Total Unbundled	55,186	58,762	(3,576	)		(6.1	)%	340	364	(24	)	(6.6	)%
Bundled plans	14,814	15,229	(415	)		(2.7	)%	158	199	(41	)	(20.6	)%
Total	70,000	73,991	(3,991	)		(5.4	)%	498	563	(65	)	(11.5	)%

~~Compared~~CANTV toANNOUNCES ~~the~~2007 ~~same~~GUIDANCE period in 2005, first quarter 2006 residential unbundled DLD revenues increased 1.8% to Bs. 18.4 billion mainly due to a 0.8% increase in residential DLD unbundled traffic combined with a 1% increase in weighted average tariff.

~~The~~INITIAL ~~traffic decrease,~~NOTES mainly attributable to mobile service substitution, was most pronounced in our bundled DLD plans (20.6%) than in our unbundled DLD service (6.6%). Due to restrictions imposed by CONATEL, mobile services providers may not bill domestic long distance usage.

~~Bundled~~• ~~plans~~Cantv ~~helped~~2007 ~~curb~~Guidance ~~DLD~~is ~~revenue~~based ~~decline.~~on ~~Unbundled~~the ~~DLD~~Company’s ~~revenues~~current ~~decreased~~business 6plan.1% ~~over~~Potential ~~same~~change ~~period~~of ~~last~~control ~~year~~may ~~and~~result ~~was~~ in ~~line~~changes ~~with the~~to ~~6.6%~~Company’s ~~decrease~~business inplan ~~unbundled~~with ~~traffic. Bundled DLD revenues, however, only decreased 2.7% despite~~ a ~~20.6%~~direct ~~overall~~impact ~~decline~~to inthis ~~bundled traffic.~~ Guidance

~~International~~• ~~Long~~Macroeconomic ~~Distance~~indicators ~~Revenues~~presented here are based on a compilation of market consensus and ~~Net~~constitute ~~Settlements:~~the Company’s working scenario assumed to define the Guidance for operating and financial indicators

~~ILD~~MACROECONOMIC ~~revenues~~INDICATORS ~~increased 5.1% driven by 2.9 billion increase in revenues on outgoing minutes charged to customers~~

First quarter 2006 international long distance (ILD) revenues of Bs. 29.7 billion (2.4% of total revenues) reflects a 5.1% increase over first quarter 2005 results, mainly due to a Bs. 2.9 billion (10.3%) increase in outgoing revenues partially offset by Bs. 1.4 billion decrease in net settlements revenues (see Figure 7).


	Range
	From			To
Economic growth
Total GDP Growth		6.5	%		7.3	%
Oil GDP Growth		8.2	%		10.3	%
Average oil price (US$ per barrel) *	$	44.00		$	50.00
Non-Oil GDP Growth		1.0	%		1.4	%
Communication GDP		15.0	%		15.4	%
Exchange rate (Bs./US$)
Average		2,150			2,300
Year-end		2,150			2,450
Devaluation (Year-to-Year)		0			14.0	%
Inflation (CPI)
CPI		18	%		24	%
WPI		22	%		26	%

~~Figure~~* 7Venezuelan ~~- ILD Revenues and Traffic~~ basket

	Revenues (in millions of Bs.)							Minutes (in millions)
	1Q06		1Q05	Inc./(Dec.)		%		1Q06	1Q05	Inc./(Dec.)	%
Incoming minutes	15,446		16,129	(682	)	(4.2	)%	138	85	53	62.4	%
Outgoing minutes	16,627		15,875	751		4.7	%	92	71	21	29.6	%
Net Settlements	(1,180	)	253	(1,434	)	N.M.		46	14	32	228.6	%
Incoming/Outgoing ratio	0.93		1.02	(0.09	)	(8.6	)%	1.50	1.20	0.30	25.3	%
Outgoing minutes charged to customers	30,909		28,022	2,887		10.3	%	74	65	9	13.8	%
Total	29,729		28,275	1,453		5.1	%	120	79	9	51.9	%

~~The~~KEY ~~increase~~OPERATING inINDICATORS ~~revenues from outgoing minutes charged to customers results from the 13.8% increase in outgoing traffic partially offset by a 2.8% reduction in weighted average tariffs.~~

~~The~~(In ~~decline~~thousands) in net settlements revenues results from a reduction in tariffs partially offset by an increase in traffic with improved incoming/outgoing ratio. Lower incoming tariffs are primarily attributable to the Company’s efforts to maximize market share in response to competitive pressures. Most of incoming traffic goes through our IP platform allowing us to offer competitive prices. The results of this strategy is evidenced in the improved incoming/outgoing traffic ratio achieved by the Company through negotiations with key operators involving higher commitments for inbound traffic combined with improved quality of service.

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 4


	Range		Growth range
	From	To	From		To
Fixed
Fixed access lines *	4,090	4,145	19.0	%	20.0	%
ADSL lines	850	923	88.0	%	104.0	%
Mobile subscribers	9,150	9,306	16.0	%	18.0	%

Regulated Tariffs Effective Increase			0.0	%	0.0	%

~~Table~~* ofExcludes ~~Contents~~ADSL and private circuits

~~Interconnection~~KEY ~~Revenues~~FINANCIAL ~~(Outgoing Fixed to Mobile and Incoming):~~ INDICATORS

~~Increase~~(In inbillions ~~IXC~~of ~~revenues driven mainly by 19~~Bs.4%) ~~increase in outgoing fixed to mobile revenues~~

First quarter 2006 15.5% quarter-over-quarter increase in total interconnection revenues was attributable to a 19.4% increase in outgoing revenues partially offset by a 10.6% decrease in total incoming revenues (see Figure 8).


	Range				Growth range
	From		To		From		To
Revenue	8,449		8,914		24	%	30	%
Cash operating expenses	6,316		6,631		24	%	31	%
EBITDA	2,133		2,283		21	%	30	%
EBITDA Margin (bp and percentages)	25	%	26	%	(100	)	0
Net Income (loss)	1,170		1,347		4	%	19	%
CAPEX	1,838		1,613		53	%	34	%
Free Cash Flow	521		673		(24	)%	(2	)%

~~Figure~~COMPANY 8PROFILE ~~- Interconnection Revenues and Traffic~~

	Revenues (in millions of Bs.)						Minutes (in millions)
	1Q06	1Q05	Inc./(Dec.)		%		1Q06	1Q05	Inc./(Dec.)		%
Local F-M Outgoing	135,854	118,830	17,024		14.3	%	418	375	43		11.5	%
DLD F-M Outgoing	68,605	52,395	16,210		30.9	%	220	177	43		24.3	%
Total Outgoing	204,459	171,225	33,234		19.4	%	638	552	86		15.6	%
Incoming	23,096	25,827	(2,731	)	(10.6	)%	420	518	(98	)	(18.9	)%

~~The~~SAFE ~~increase~~HARBOR inFOR ~~outgoing~~FORWARD ~~traffic~~LOOKING ~~and~~STATEMENTS: ~~the reduction in incoming revenues reflect the significant growth in the mobile market and its impact on traffic as other operators completed their installation of interconnection points.~~

~~The~~This ~~14.3%~~press release contains statements about expected future events and 30financial results that are forward-looking and subject to risks and uncertainties.9% ~~increases~~Actual results could differ materially from those predicted in ~~local~~such forward-looking statements. Factors which may ~~and~~cause ~~DLD~~actual ~~fixed~~results to ~~mobile~~differ ~~(F-M)~~materially ~~outgoing~~from ~~revenues~~those ~~were~~discussed ~~driven~~herein byinclude ~~11.5%~~the impact on Cantv’s business that may result from the Government’s planned nationalization of Cantv, economic considerations that could affect demand for telecommunications services and ~~24.3%~~the ~~respective~~ability ~~traffic~~of ~~increases~~the ~~over~~Company to make collections, inflation, regulatory factors, exchange controls and occurrences in currency markets, competition, labor relations, legal proceedings and the ~~same~~risk ~~period~~factors ~~last~~set ~~year~~forth ~~combined~~in the Company’s various filings with ~~2.6%~~the Securities and 5Exchange Commission, including its most recently filed Annual Report on Form 20-F.3% ~~weighted~~The ~~average~~Company ~~rate~~undertakes ~~increases~~no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

~~Broadband:~~10

~~Broadband~~GLOSSARY ~~revenues increased~~OF ~~45.8%~~KEY TERMS

~~Broadband~~ADSL: ~~revenues~~Asymmetrical ~~increased~~Digital ~~Bs.~~Subscriber 59Lines.2 ~~billion~~Capital expenditures (~~45.8%~~CAPEX) on: aNet ~~quarter-over-quarter~~cash ~~basis~~used toin ~~Bs.~~investing ~~188.4 billion~~activities, ~~increasing~~including ~~its share~~acquisition of ~~Company’s~~property, ~~total~~plant ~~revenues~~and ~~from~~equipment 11and information systems.9% inEBITDA: ~~2005~~Earnings before interest, taxes, depreciation and amortization, equivalent to ~~13.1%~~operating inincome ~~2006.~~plus ~~The~~depreciation ~~increase~~and ~~was~~amortization. ~~due~~EBITDA tomargin: EBITDA as a ~~Bs.~~percent ~~40.1~~of ~~billion~~total ~~(75~~operating revenue.~~7%) increase~~ inFree ~~ABA~~cash flow (~~ADSL~~FCF): ~~revenues~~Cash ~~combined~~flow ~~with~~from aoperating ~~Bs.~~activities ~~19.0~~minus ~~billion~~cash ~~(25.0%) increase~~used in ~~private~~investing ~~circuits~~activities. ~~revenues (see~~Switched ~~Figure~~access ~~9).~~lines: Fixed access lines including residential, non residential and public telephony.

~~Figure~~11 ~~9 - Broadband Revenues and Subscribers~~

LOGO

	Revenues (in millions of Bs.)					Subscribers (thousands)
From:				FOR IMMEDIATE RELEASE
	1Q06	1Q05	Inc./(Dec.)	%		1Q06	1Q05	Inc./(Dec.)		%
	CANTV
Private circuits	95,246	76,202	19,044	25.0	%	16,887	17,677	(790	)	(4.5	)%
	Avenida Libertador		Contact:	Gregorio Tomassi, CFA
ABA (ADSL)	93,180	53,040	40,140	75.7	%	326,557	186,146	140,411		75.4	%
	Centro Nacional de Telecomunicaciones Caracas, Venezuela			CANTV Investor Relations
Total	188,426	129,242	59,184	45.8	%	343,444	203,823	139,621		68.5	%
				011-58-212-500-1831
				FAX: 011-58-212-500-1828
				E-Mail: invest@cantv.com.ve
	February 15, 2007			The Global Consulting Group 646-284-9421 (US)
				E-Mail: eferrer@hfgcg.com

~~ABA~~CANTV ~~(ADSL)~~ANNOUNCES ~~subscribers~~THE ~~increased~~RESIGNATION ~~to 57.7% of total Internet subscribers~~

~~ABA~~OF ~~(ADSL)~~THREE ~~lines~~MEMBERS ~~continued~~OF ~~its~~ITS ~~strong~~BOARD ~~increase~~OF ~~trend,~~DIRECTORS with 75.4% quarter-over-quarter growth measured at the end of the first quarter. As of March 2006, our ABA (ADSL) customer base totaled nearly 327 thousand lines. Our continued investment and commercial efforts to improve and promote our broadband offerings have fuelled the strong ABA (ADSL) sales momentum and taken advantage of the low market penetration rate in this sector.

~~Internet~~Caracas, ~~subscribers~~Venezuela ~~grew~~(February ~~44.2%~~15, on2007) a– ~~year-over-year~~Compañía ~~basis~~Anónima ~~from~~Nacional ~~392 thousand~~Teléfonos tode ~~565~~Venezuela ~~thousand.~~(CANTV) ~~ABA~~ (~~ADSL~~NYSE: VNT) ~~subscribers increased~~announced astoday athat ~~percentage~~Messrs. ofGustavo ~~total~~Roosen, ~~Internet~~Lorenzo ~~subscribers~~Mendoza ~~from~~and ~~47.5%~~Imanol atValdez, ~~the~~resigned as ~~end~~members of ~~first~~the ~~quarter~~Board ~~2005~~of toDirectors ~~57.7%~~of atCantv, ~~the~~effective ~~end~~before oftoday’s ~~first~~Board ~~quarter 2006~~meeting.

The Board of Directors of CANTV is expected to nominate ~~Mobile~~candidates in respect to these vacancies, together with other nominees to the Board who will stand for election at the Annual Shareholders Meeting scheduled for March 30, 2007.

~~Mobile~~The ~~revenues~~Company ~~increased by 72.5% in 1Q06~~

~~First~~Cantv, ~~quarter~~a ~~mobile~~Venezuelan ~~revenues~~corporation, ~~increased~~is ~~72.5%~~the onleading aVenezuelan ~~quarter-over-quarter~~telecommunications ~~basis~~services toprovider ~~Bs.~~with nearly ~~654.~~3.4 million ~~billion~~switched fixed access lines in service, ~~increasing~~nearly ~~its~~8.0 million ~~share~~mobile subscribers and nearly 467 thousand broadband subscribers as of ~~the~~December 31, 2006. The Company’s ~~total~~principal ~~revenues~~strategic ~~from~~stockholder 34is a wholly-owned subsidiary of Verizon Communications Inc.8 with 28.5% of the capital stock. Other major stockholders include the Venezuelan Government with 6.6% of the capital stock (Class B Shares), employees, retirees and employee trusts which own to6.2% 45(Class C Shares) and the remaining 58.47% of the capital stock is held by public and other stockholders.

~~The~~Forward ~~quarter-over-quarter~~Looking ~~growth~~Statements ~~in mobile revenues resulted from an 81.3% gain in traffic, largely driven by the 75.1% increase in our customer base and 101.0% increase in equipment sales.~~

~~CANTV~~This ~~1Q06~~press ~~Earnings~~release ~~Commentary~~contains –statements ~~April~~about 26expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include the impact on Cantv’s business that may result from the Government’s planned nationalization of Cantv, ~~2006~~economic ~~NYSE:~~considerations ~~VNT~~that ~~BVC:~~could ~~TDV~~affect demand for telecommunications services and the ability of the Company to make collections, inflation, regulatory factors, exchange controls and occurrences in currency markets, competition, labor relations, legal proceedings and the risk factors set forth in the Company’s various filings with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 20-F.d 5The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

~~Table~~12 ~~of Contents~~

LOGO

Subscribers:


From:			FOR IMMEDIATE RELEASE
	CANTV
	Avenida Libertador	Contact:	Gregorio Tomassi, CFA
	Centro Nacional de Telecomunicaciones Caracas, Venezuela		CANTV Investor Relations
			011-58-212-500-1831
			FAX: 011-58-212-500-1828
			E-Mail: invest@cantv.com.ve

	February 15, 2007		The Global Consulting Group 646-284-9421 (US)
			E-Mail: eferrer@hfgcg.com

~~Nearly~~CANTV ~~400 thousand~~BOARD ~~net~~OF ~~additions~~DIRECTORS inWAS ~~1Q06,~~INFORMED ~~371.5%~~TODAY ~~higher~~ABOUT ~~than~~THE inCONTENT ~~1Q05~~OF ~~drove~~THE ~~the mobile subscriber base to nearly 5.6 million~~

ByMEMORANDUM ~~the~~OF ~~end~~UNDERSTANDING ofSIGNED ~~first~~BETWEEN ~~quarter~~THE ~~2006,~~GOVERNMENT ~~the~~OF mobile customer base reached nearly 5.6 million subscribers, a 75.1% increase on a year-over-year basis. Our postpaid and prepaid subscriber bases individually posted increases of 21.6% and 79.1%, respectively.

~~Additions~~VENEZUELA, ofVERIZON ~~nearly~~COMMUNICATIONS, ~~400 thousand net subscribers drove a 7~~INC.7% ~~sequential~~AND ~~increase~~GTE ~~over~~VENHOLDINGS ~~our fourth quarter 2005 customer base~~B. ~~Compared to the same period a year ago, first quarter 2006 net additions were 371~~V.5% ~~higher.~~

~~Figure~~Caracas, 10Venezuela (February 15, 2007) – ~~Mobile~~Compañía ~~subscribers~~Anónima Nacional Teléfonos de Venezuela (CANTV) (NYSE: VNT) announced today that its Board of Directors was informed today of the content of the Memorandum of Understanding between the Government of the Bolivarian Republic of Venezuela, Verizon Communications Inc. and GTE Venholdings B.V.

~~Our~~On ~~competitive~~January 8, ~~success~~2007, inthe ~~first~~President ~~quarter~~of ~~2006~~the ~~reflects~~Bolivarian Republic of Venezuela announced the ~~continuation~~nationalization of ~~2005~~CANTV, ~~business~~since ~~strategies~~it ~~that~~is ~~focused~~considered ona ~~improved demand~~national ~~forecasts~~strategic ~~optimized~~enterprise. ~~provisioning~~On ofFebruary 12, ~~terminal equipment~~2007, ~~particularly~~the Government of ~~low~~the ~~cost~~Bolivarian ~~handsets,~~Republic ~~and~~of aVenezuela ~~superior~~entered ~~network.~~into Asa ~~evidenced~~memorandum byof ~~recent~~understanding ~~market~~with Verizon ~~opinion~~to ~~surveys,~~acquire ~~Cantv~~Verizon’s ~~mobile~~equity ~~network~~interest ~~receives~~in ~~top~~CANTV, ~~marks~~for an aggregate purchase price of US$572.2 million in ~~both~~cash. ~~quality~~The ~~and~~purchase ~~coverage~~price represents US$2. 55 per ordinary CANTV share or US$17.85 per CANTV ADS.

~~Usage~~The terms of the memorandum of understanding also include a commitment by the Government to launch, within 45 days following the date of the agreement, concurrent tender offers in the Bolivarian Republic of Venezuela and ~~ARPUs:~~the United States of America, to acquire any and all shares (and ADS) of capital stock of CANTV at a price per share of the bolivar equivalent of not less than US$2.55 (calculated at the official exchange rate at closing date) and a price per ADS of not less than US$17.85, subject to certain conditions, including the completion of a due diligence investigation and the receipt of certain regulatory approvals. The acquisition price would be adjusted downward to give effect to any dividend required to be declared and declared and paid by CANTV with a record date after February 12, 2007 and prior to the closing date, as defined in the agreement.

~~Total usage~~The ~~grew~~Company ~~81.3% compared with 1Q05~~

1Cantv,~~383~~ a Venezuelan corporation, is the leading Venezuelan telecommunications services provider with nearly 3.4 million ~~minutes~~switched offixed ~~use~~access ~~(outgoing~~lines in service, nearly 8.0 million mobile subscribers and ~~incoming)~~nearly ~~were~~467 thousand ~~generated~~broadband ~~during~~subscribers ~~first~~as ~~quarter~~of ~~2006~~December 31, 2006. The Company’s principal strategic stockholder is a 81wholly-owned subsidiary of Verizon Communications Inc.3 with 28.5% of the capital stock. Other major stockholders include the Venezuelan Government with 6.6% of the capital stock (Class B Shares), ~~increase~~employees, ~~compared~~retirees toand ~~first~~employee ~~quarter~~trusts ~~2005~~which own 6.2% (~~see~~Class ~~Figure~~C 11Shares) and the remaining 58.7% of the capital stock is held by public and other stockholders..

~~Figure~~13 ~~11 - Mobile Minutes~~

	(in millions)
	1Q06	1Q05	Inc./(Dec.)	%
Outgoing	1,209	653	556	85.1	%
Incoming	174	110	64	58.2	%
Total	1,383	763	620	81.3	%
Incoming from related parties	275	209	66	31.6	%

Forward Looking Statements

~~Our~~This ~~bundled~~press ~~offers~~release ~~continue~~contains tostatements ~~channel~~about ~~most~~expected offuture ~~the~~events ~~outgoing~~and ~~traffic~~financial ~~growth.~~results ~~The~~that ~~overall~~are 85forward-looking and subject to risks and uncertainties.1% ~~increase~~Actual results could differ materially from those predicted in ~~first~~such forward-looking ~~quarter~~statements. ~~2006~~Factors ~~outgoing~~which ~~minutes~~may ~~resulted~~cause actual results to differ materially from athose ~~152.6%~~discussed ~~increase~~herein include the impact on Cantv’s business that may result from the Government’s planned nationalization of Cantv, economic considerations that could affect demand for telecommunications services and the ability of the Company to make collections, inflation, regulatory factors, exchange controls and occurrences in ~~bundled~~currency ~~traffic~~markets, ~~combined~~competition, labor relations, legal proceedings and the risk factors set forth in the Company’s various filings with athe 38Securities and Exchange Commission, including its most recently filed Annual Report on Form 20-F.8% ~~growth~~The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in ~~unbundled~~the ~~minutes~~Private Securities Litigation Reform Act of 1995.

~~During~~14 first quarter 2006, blended ARPU declined 5.4% to Bs. 43,085 driven by new customers subscribing to our prepaid bundled plans (“Pégate durísimo” and “Rumbear”). These plans targets lower income segments of the market. Postpaid ARPU grew 9.1% to Bs. 174,307 (see Figure 12).

Figure 12 - Mobile ARPU

	(in Bs.)
	1Q06	1Q05	Inc./(Dec.)		%
Prepaid	36,395	36,988	(593	)	(1.6	)%
Postpaid	174,307	159,708	14,599		9.1	%
Blended	43,085	45,561	(2,476	)	(5.4	)%

SMS revenues increased 118.2%

SMS continued to deliver strong revenue growth. First quarter 2006 SMS revenues totaled Bs. 158.5 billion, a 118.2% increase over first quarter 2005. Approximately 2.4 billion messages, a 108.6% increase over the same 2005 period, were sent by our customers during the quarter. SMS represented 19.7% of the Company’s total first quarter mobile revenues.

Handset sales represented 14.3% of mobile revenue

Handset sales during first quarter 2006 increased 101.0% on a quarter-over-quarter basis and accounted for 14.3% of mobile revenues. The Company sold 650 thousand handsets for Bs. 93.8 billion during first quarter 2006. Improved purchasing power of lower income segments combined with the Company’s efforts to source lower cost handsets have contributed to the significant growth in subscribers.

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 6

EXPENSE AND MARGIN ANALYSIS

Total Operating Expenses

Total operating expenses increase of 41.5% driven by higher handset sales and labor and pension expense

First quarter 2006 total operating expenses increased Bs. 356.0 billion or 41.5%, to Bs. 1,213.8 billion compared to first quarter 2005. The increase reflects Bs. 361.7 billion, or 55.8% increase in operating expenses excluding depreciation and amortization, partially offset by Bs. 5.7 billion, or 2.7% decrease in depreciation and amortization expense.

Operations, maintenance, repairs and administrative expenses increased Bs. 235.7 billion or 44.9% primarily from Bs. 97.8 billion or 126.2% increase in cost cellular handsets sales, combined with: (i) Bs. 81.9 billion labor and benefit related expenses driven by the higher pension expense resulting from the 2005 Supreme Court Ruling and salary increases; ii) Bs. 25.8 billion increase in contractor expenses supporting customer service; and (iii) Bs. 47.6 billion increase mainly related to fixed and mobile network maintenance, cost of mobile services, and legal contingencies.

Interconnection cost increased Bs. 26.6 billion or 22.9% due to 5.1% increase in traffic volumes over first quarter of 2005.

Concession and other taxes increased 61.8% as a result of the higher revenue base and additional municipal taxes effective January 1, 2006. The Municipal Public Power Law, enacted on June 8, 2005, imposed up to a 1% tax on gross revenues for telecommunications activities.

Provision for uncollectible decreased Bs. 9.6 billion or 42.9%, relative to first quarter 2006 due to changes in our fixed telephony uncollectible policy. The provision was previously based on a percentage of gross revenues. The provision is now based on an aging analysis of accounts receivable which yields a result more accurately aligned to current collections experience.

Other expenses, net of Bs. 0.4 billion were recorded in first quarter 2006 compared to other income, net, in first quarter 2005 of Bs. 72.9 billion. This variance reflects the first quarter 2005 Bs. 71.3 billion gain recognized on the sale of our 1.2% investment in International Satellite Telecommunications Organization (INTELSAT).

The Bs. 5.7 billion decrease in depreciation and amortization expenses relative to first quarter 2006 was attributable to certain mobile network assets reaching the end of their useful lives.

EBITDA and EBITDA Margin

EBITDA of Bs. 431.6 billion, 16.6% higher than a year ago when adjusted for one time gain

First quarter EBITDA decreased 2.3% to Bs. 431.6 billion from Bs. 441.6 billion in first quarter 2005. As a percentage of revenues, this reflected a 1,100 basis points decrease in our margin. The decrease resulted from an increase of 32.3% in revenues offset by a 55.8% increase in operating expenses excluding depreciation and amortization. The increase in operating expenses excluding depreciation and amortization was primarily due to the 2005 Bs. 71.3 billion INTELSAT sale as well as the higher cost of sales driven by the sharp increase in cellular handset sales.

Figure 13 – EBITDA

Excluding the Bs. 71.3 billion one time effect of the 2005 INTELSAT gain, first quarter 2005 EBITDA would have been Bs. 370.3 billion, therefore 2006 EBITDA would have been 16.6% higher than first quarter 2005 EBITDA.

Please refer to Reconciliation of Non-GAAP financial measures section on page 14 for a reconciliation of EBITDA to GAAP financial measures.

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 7

Interest Income and Exchange Gain, net and Taxes

Lower interest income and exchange gain, net and higher taxes

Interest income and exchange gain, net decreased Bs. 26.5 billion or 56.6% to Bs. 20.3 billion compared to first quarter 2005. Interest income decreased Bs. 4.6 billion or 17.0% due to lower average interest rates partially offset by Bs. 1.1 billion of interest income related to the net present value of long term accounts receivable from government entities collected during the period. First quarter interest expense decreased Bs. 4.2 billion or 68.4% due to lower debt. Exchange gain decreased by 99.9% or Bs. 26.2 billion in first quarter of 2006 compared to the same period in 2005 mainly due to the Bs. 39.4 billion exchange gain recognized from the sale of the investment in INTELSAT in first quarter 2005.

Income tax expense increased Bs. 80.2 billion in first quarter 2006 to Bs. 64.1 billion, compared to the Bs. 16.1 billion benefit recorded during the same period in the previous year. The current tax provision increased by Bs. 61.1 billion mainly due to a higher taxable income. The deferred tax benefit totaled Bs. 19.1 billion in first quarter 2006, compared to Bs. 38.3 billion recorded in first quarter 2005. The decline was attributable to lower increase in book and tax basis differentials as well as timing differences related to uncollectible.

Net Income

Net income of Bs. 183.9 billion represents a 0.2% reduction when adjusted for one time gain

First quarter net income totaled Bs. 183.9 billion, compared to Bs. 294.9 billion in first quarter of 2005.

The Bs. 111.0 billion reduction in net income was driven by the Bs. 10.0 billion decline in EBITDA, Bs. 80.2 billion increase in income tax expense, combined with the Bs. 39.4 billion one time exchange gain contribution that the sale of INTELSAT represented in first quarter 2005.

When first quarter 2005 is adjusted for the one time effect of the sale of INTELSAT, first quarter 2006 net income would have would have been Bs. 184.2 billion, 0.2% lower than a year ago.

CASH FLOW ANALYSIS

Stronger cash generation allowing for a 38.5% increase in CAPEX and 72.1% increase in free cash flow

Free cash flow (FCF) for first quarter 2006 totaled Bs. 188.4 billion, 72.1% higher than Bs. 109.5 billion reported in first quarter 2005. The Bs. 78.9 billion year-over-year FCF increase was driven by a Bs. 125.3 billion increase in net cash provided by operating activities partially offset by a Bs. 46.4 billion increase in CAPEX (see Reconciliation of Non-GAAP financial measures on page 14). The increase in cash from operations was largely composed of a Bs. 63.0 billion reduction in uses of working capital and Bs. 58.4 billion in cash earnings (net income adjusted for non-cash items).

Cash used in financing activities totaled Bs. 32.5 billion, primarily reflecting debt repayment of Bs. 25.8 billion.

The Company’s net cash position totaled Bs. 1,175.9 billion as of March 31, 2006, compared to Bs. 994.3 billion as of December 31, 2005 (see Reconciliation of Non-GAAP financial measures on page 14).

Capital Expenditures

CAPEX continues to focus on CDMA-1X, ADSL and information systems

Capital expenditures for first quarter 2006 totaled Bs. 166.8 billion, a Bs. 46.4 billion (38.5%) increase over the same 2005 period. 2006 Capital expenditures continue to be focused on: i) expansion of our CDMA-1X network footprint to support projected mobile and fixed wireless demand; ii) deployment of backbone and data networks to sustain growth in our ABA (ADSL) and other data product lines; iii) deployment of Evolution Data Optimized (EvDO) technology for wireless broadband services; iv) the substitution of analog switches with multi-service access nodes to support service enhancements and increase operating efficiency; and v) integration and transformation of the Company’s information systems.

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 8

Total Debt

During first quarter 2006, Cantv’s debt payments totaled Bs. 25.8 billion, including Bs. 4.7 billion (US$2.2 million) for International Finance Corporation (IFC) loans, Bs. 9.9 billion (¥541.0 million) to Japan’s Eximbank, and repayments of Bs. 11.2 billion of commercial paper. During the first quarter 2005, payments of Bs. 25.4 billion included Bs. 15.5 billion (US$7.2 million) for the IFC loans and Bs. 9.9 billion (¥541.0 million) to Japans’ Eximbank.

As of March 31, 2006, the Company’s debt totaled Bs. 78.6 billion, a Bs. 222.1 billion decrease compared to debt balances as of March 31, 2005.

Total debt represented 2.4% as a percentage of Equity as of March 31, 2006 compared to 8.0% as of March 31, 2005.

OTHER DEVELOPMENTS

Dividends

During the March 31, 2006 annual Shareholders’ Meeting, an ordinary dividend of Bs. 700 per share (US$2.28 per ADS) was approved to be paid on April 27, 2006 to shareholders of record on April 18, 2006.

Since dividends are paid in bolivars, under the exchange control regime implemented in January 2003 the repatriation of dividends for American Depositary Shares (ADS) holders and foreign investors must be requested from CADIVI (the Government’s Commission for Administration of Foreign Exchange). The timing for request and approval depend on the fulfillment of extensive formalities and documentation. The portion related to ADS holders and foreign investors is deposited in Venezuelan banks until CADIVI issues approval for the conversion of bolivars to US dollars and then sent to the corresponding foreign banks.

The last dividend that the Company paid received approval for conversion to US dollars by CADIVI for ADS holders and other foreign investors 82 and 140 days, respectively, after payment in bolivars (April 27, 2005).

Proposed sale of Verizon’s stake in Cantv to Telmex and América Móvil

On April 3, 2006, Cantv was notified that Verizon Communications Inc. (Verizon) had entered into a definitive agreement to sell its indirect 28.5% interest in Cantv to an entity jointly owned by Teléfonos de México, S.A. de C.V. (Telmex) and América Móvil, S.A. de C.V. (América Móvil). According to announcements published by the parties, the joint venture Telmex-América Móvil would acquire Verizon’s indirect equity stake in Cantv through the purchase of a Verizon subsidiary holding company that holds all of Cantv’s ordinary shares and ADS owned by Verizon. According to these announcements, the aggregate purchase price for Verizon’s stake would be US$676.6 million in cash, representing approximately US$3.01 per ordinary share (US$21.10 per ADS) held by Verizon. The transaction is subject to regulatory approvals and other conditions.

According to the announcements issued by the parties, the joint venture Telmex-América Móvil has also agreed, subject to regulatory approvals, that following closing of the purchase of Verizon’s equity interest in Cantv, the joint venture Telmex-América Móvil will make a tender offer for any and all of the remaining shares of Cantv at the same price paid to Verizon for each share, and the purchase price in bolivars would be at the bolivar equivalent of such price based on the official exchange rate.

Pursuant to the requirements of Venezuelan law, the Board of Directors of Cantv will make its recommendation with respect to the tender offer following publication of the offering documents.

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 9

Pension adjustment decision

As of the date of this release, the case regarding the adjustment of pensions payable to Cantv’s retirees remains in execution stage and is being administered by a lower Court: “Juzgado Quinto de Primera Instancia de Sustanciación, Mediación y Ejecución del Área Metropolitana de Caracas”. This Court appointed the Venezuelan Central Bank (Banco Central de Venezuela) to perform the necessary calculations to determine the actual amounts of retroactive payments due to the beneficiaries from Cantv. The Venezuelan Central Bank requested additional information from the Company which has been duly submitted.

In compliance with the July 26, 2005 Social Chamber of the Venezuelan Supreme Court’s decision, Cantv pensioners and retirees signed into the decision have been receiving pension payments since February 1, 2006 at least equal to the Venezuelan minimum wage.

CONATEL – Taxes review

In December 2004, CONATEL provided the initial results of their review of Cantv’s 2000 as well as Movilnet and Cantv.Net’s 2000 to 2003 telecommunications tax payments. The Telecommunications Law bases the tax on revenues and CONATEL objected to the Company’s deduction of uncollectible write-offs and customer discounts from its tax base. In addition, CONATEL objected to Movilnet’s exclusion of net interconnection revenues from their tax base for the Special Telecommunications Tax of Wireless Services. In January 2006, the Company received CONATEL’s final Administrative Summary indicating total additional taxes, penalties and interest of Bs. 8.1 billion for Cantv, Bs. 92.9 billion for Movilnet and Bs. 0.7 billion for Cantv.Net. Based on the opinion of external legal advisors, the Company considers these tax assessments to be groundless.

In February 2006, the Company introduced the applicable administrative resources and is currently expecting for a response from CONATEL.

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 10

FINANCIAL STATEMENTS DATA

Income statement data

For the quarters ended March 31, 2006 and 2005

(Expressed in millions of bolivars and millions of US dollars, except per share amounts)

	Bs. 2006		% of totaloperatingrevenues		Bs. 2005		% of totaloperatingrevenues		US$2006		US$2005		% Increase(Decrease)
Operating Revenues
Fixed revenues
Local services	220,078		15.3	%	221,378		20.3	%	102		103		(0.6	)%
Domestic long distance	70,000		4.9	%	73,991		6.8	%	33		34		(5.4	)%
International long distance	30,909		2.1	%	28,022		2.6	%	14		13		10.3	%
Net settlements	(1,180	)	(0.1	)%	253		0.0	%	(1	)	—		N.M.
Total international long distance	29,729		2.1	%	28,275		2.6	%	13		13		5.1	%
Fixed to mobile - Outgoing	204,459		14.2	%	171,225		15.7	%	95		80		19.4	%
Interconnection incoming	23,096		1.6	%	25,827		2.4	%	11		12		(10.6	)%
Total interconnection	227,555		15.8	%	197,052		18.1	%	106		92		15.5	%
Other wireline-related services	33,752		2.3	%	29,603		2.7	%	16		14		14.0	%
Internet dial-up	17,301		1.2	%	14,486		1.3	%	8		7		19.4	%
Other telecommunications-related services	311		0.0	%	16,305		1.5	%	—		8		(98.1	)%
Total Internet dial-up and other	51,364		3.6	%	60,394		5.5	%	24		29		(15.0	)%
Private circuits	95,246		6.6	%	76,202		7.0	%	45		35		25.0	%
ABA (ADSL)	93,180		6.5	%	53,040		4.9	%	43		25		75.7	%
Total broadband	188,426		13.1	%	129,242		11.9	%	88		60		45.8	%
Total fixed revenues	787,152		54.6	%	710,332		65.2	%	366		331		10.8	%
Mobile revenues	654,307		45.4	%	379,394		34.8	%	304		176		72.5	%
Total operating revenues	1,441,459		100.0	%	1,089,726		100.0	%	670		507		32.3	%
Operating Expenses
Provision for uncollectibles	12,746		0.9	%	22,312		2.0	%	6		10		(42.9	)%
Operations, maintenance, repairs and administrative	760,513		52.8	%	524,785		48.2	%	353		244		44.9	%
Interconnection cost	142,996		9.9	%	116,369		10.7	%	67		54		22.9	%
Concession and other taxes	93,232		6.5	%	57,614		5.3	%	43		27		61.8	%
Other expenses (income), net	408		0.0	%	(72,918	)	(6.7	)%	—		(34	)	N.M.
	1,009,895		70.1	%	648,162		59.5	%	469		301		55.8	%
EBITDA	431,564		29.9	%	441,564		40.5	%	201		206		(2.3	)%
EBITDA Margin	30	%	0.0	%	41	%	0.0	%	30	%	41	%	(1,100	)bps
Depreciation and amortization	203,922		14.1	%	209,599		19.2	%	95		98		(2.7	)%
Total operating expenses	1,213,817		84.2	%	857,761		78.7	%	564		399		41.5	%
Operating Income	227,642		15.8	%	231,965		21.3	%	106		108		(1.9	)%
Interest Income and Exchange Gain, net
Interest income	22,215		1.5	%	26,775		2.5	%	10		13		(17.0	)%
Interest expense	(1,941	)	(0.1	)%	(6,144	)	(0.6	)%	(1	)	(3	)	(68.4	)%
Interest income and exchange gain, net	34		0.0	%	26,185		2.4	%	—		12		(99.9	)%
Interest income and exchange gain, net	20,308		1.4	%	46,816		4.3	%	9		22		(56.6	)%
Income before Income Taxes	247,950		17.2	%	278,781		25.6	%	115		130		(11.1	)%
Income Tax
Current	(83,188	)	(5.8	)%	(22,135	)	(2.0	)%	(38	)	(11	)	275.8	%
Deferred	19,120		1.3	%	38,261		3.5	%	9		18		(50.0	)%
Total income tax	(64,068	)	(4.4	)%	16,126		1.5	%	(29	)	7		N.M.
Net Income	183,882		12.8	%	294,907		27.1	%	86		137		(37.6	)%
Net Income Attributable to:
Equity holders of the Company	184,195		12.8	%	293,606		26.9	%	86		136		(37.3	)%
Minority interest	(313	)	(0.0	)%	1,301		0.1	%	—		1		N.M.
Net Income	183,882		12.8	%	294,907		27.1	%	86		137		(37.6	)%
Earnings per Share	237				380				0.11		0.18		(37.6	)%
Earnings per ADS (based on 7 shares per ADS)	1,659				2,660				0.78		1.24		(37.6	)%
Average Shares Outstanding (in millions)	776				776				776		776

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 11

Balance sheet data

As of March 31, 2006 and December 31, 2005

(Expressed in millions of bolivars and millions of US dollars)

	March 31,2006	December 31,2005	US$2006	US$2005
Assets
Non-Current Assets:
Property, plant and equipment, net of accumulated depreciation of Bs. 14,106,903 and Bs. 13,942,782, respectively	3,444,875	3,483,063	1,602	1,620
Cellular concession, net	148,668	150,088	69	70
Long-term accounts receivable from Venezuelan Government entities	24,093	64,377	11	30
Deferred tax asset	849,351	830,231	395	386
Information systems (software), net	344,845	342,349	160	159
Other assets	86,581	71,433	41	33
Total non-current assets	4,898,413	4,941,541	2,278	2,298
Current Assets:
Other current assets	85,508	62,552	41	30
Inventories, spare parts and supplies, net	338,510	312,255	157	145
Accounts receivable from Venezuelan Government entities	219,611	188,095	102	87
Accounts receivable, net of provision for uncollectibles of Bs. 67,385 and Bs. 71,286, respectively	692,907	687,039	322	320
Cash and temporary investments	1,254,522	1,098,629	583	511
Total current assets	2,591,058	2,348,570	1,205	1,093
Total assets	7,489,471	7,290,111	3,483	3,391
Stockholders’ Equity and Liabilities
Stockholders’ Equity	3,303,103	3,669,069	1,536	1,707
Non-Current Liabilities:
Long-term debt	48,769	63,338	23	29
Deferred income tax liability	—	—	—	—
Provision for legal and tax contingencies	132,927	134,513	62	63
Pension and other post-retirement benefit obligations	1,276,788	1,230,166	593	572
Total non-current liabilities	1,458,484	1,428,017	678	664
Current Liabilities:
Current portion of the long-term debt	29,811	40,992	14	19
Accounts payable	1,106,401	1,161,580	515	540
Accrued employee benefits	116,039	92,608	54	43
Current portion of pension and other post-retirement benefit obligations	358,504	348,532	167	162
Income tax payable	88,554	77,352	41	36
Dividends payable	543,278	—	253	—
Deferred revenue	185,991	184,518	87	86
Concession tax	63,915	75,412	30	35
Subscriber rights	71,294	69,462	33	32
Other current liabilities	164,097	142,569	75	67
Total current liabilities	2,727,884	2,193,025	1,269	1,020
Total liabilities	4,186,368	3,621,042	1,947	1,684
Total stockholders’ equity and liabilities	7,489,471	7,290,111	3,483	3,391

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 12

Cash flow data

For the quarters ended March 31, 2006 and 2005

(Expressed in millions of bolivars and millions of US dollars)

	Bs. 2006		Bs. 2005		US$2006		US$2005
Operating Activities:
Net income	183,882		294,907		86		137
Adjustments to reconcile net income to net cash provided by operating activities:
Exchange gain, net	(34	)	(26,185	)	—		(12	)
Minority interest	313		(1,301	)	—		(1	)
Depreciation and amortization	203,922		209,599		95		98
Current income tax	83,188		22,135		38		11
Deferred income tax (benefit)	(19,120	)	(38,261	)	(9	)	(18	)
Provision for inventories obsolescence	2,491		(3,654	)	1		(2	)
Provision for legal and tax contingencies	5,678		6,403		3		3
Provision for uncollectibles	12,746		22,312		6		10
Gain in sale of investment	—		(71,260	)	—		(33	)
Changes in current assets and liabilities	(182,452	)	(245,448	)	(85	)	(114	)
Changes in non-current assets and liabilities	64,569		60,637		30		28
Net cash provided by operating activities	355,183		229,884		165		107
Investing Activities:
Acquisition of information systems (software), net of disposals	(20,352	)	(23,417	)	(9	)	(11	)
Acquisition of property, plant and equipment, net of disposals	(146,458	)	(96,964	)	(68	)	(45	)
Net cash used in investing activities	(166,810	)	(120,381	)	(77	)	(56	)
Free Cash Flow	188,373		109,503		88		51
Financing Activities:
Proceeds from borrowings	—		45,851		—		21
Payments of debt	(25,835	)	(25,398	)	(13	)	(12	)
Purchase of shares for the workers benefit fund	(6,645	)	(2,633	)	(3	)	(1	)
Net cash (used in) provided by financing activities	(32,480	)	17,820		(16	)	8
Increase in cash and temporary investments before effect of exchange rate changes on cash and temporary investments	155,893		127,323		72		59
Effect of exchange rate changes on cash and temporary investments	—		30,596		—		14
Increase in cash and temporary investments	155,893		157,919		72		73
Cash and temporary investments:
Beginning of the period	1,098,629		967,543		511		450
End of the period	1,254,522		1,125,462		583		523

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 13

Reconciliation of Non-GAAP financial measures

(Expressed in millions of bolivars and millions of US dollars)

For the quarters ended March 31, 2006 and 2005		Bs. 2006		Bs. 2005		US$ 2006		US$ 2005
EBITDA
Net Income		183,882		294,907		86		137
Plus / (minus):
Total income tax		64,068		(16,126	)	29		(7	)
Interest income and exchange gain, net		(20,308	)	(46,816	)	(9	)	(22	)
Depreciation and amortization		203,922		209,599		95		98
EBITDA		431,564		441,564		201		206
EBITDA Margin
EBITDA	=	431,564		441,564		201		206
Total operating revenues		1,441,459		1,089,726		670		507
EBITDA Margin		30	%	41	%	30	%	41	%
Cash Earnings
Net income		183,882		294,907		86		137
Plus / (minus):
Exchange gain, net		(34	)	(26,185	)	—		(12	)
Minority interest		313		(1,301	)	—		(1	)
Depreciation and amortization		203,922		209,599		95		98
Current income tax		83,188		22,135		38		11
Deferred income tax (benefit)		(19,120	)	(38,261	)	(9	)	(18	)
Provision for inventories obsolescence		2,491		(3,654	)	1		(2	)
Provision for legal and tax contingencies		5,678		6,403		3		3
Provision for uncollectibles		12,746		22,312		6		10
Gain in sale of investment		—		(71,260	)	—		(33	)
Cash Earnings		473,066		414,695		220		193
Free Cash Flow
Net cash provided by operating activities		355,183		229,884		165		107
Minus:
Net cash used in investing activities		(166,810	)	(120,381	)	(77	)	(56	)
Free cash flow		188,373		109,503		88		51
As of March 31, 2006 and December 31, 2005		March 31,2006		December 31,2005		US$2006		US$2005
Net Cash Position
Cash and temporary investments		1,254,522		1,098,629		583		511
Minus:
Long-term debt		(48,769	)	(63,338	)	(23	)	(29	)
Short-term debt		(29,811	)	(40,992	)	(14	)	(19	)
Net cash position		1,175,942		994,299		546		463

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 14

2006 REVISED GUIDANCE

MACROECONOMIC INDICATORS

	Original range				Revised range
	From		To		From		To
Economic growth
Total GDP Growth	6	%	8	%	6	%	8	%
Oil GDP Growth	0	%	2	%	0	%	2	%
Average oil price (US$ per barrel) *	51.0		57.0		51.0		57.0
Non-Oil GDP Growth	7	%	9	%	7	%	9	%
Communication GDP	13	%	15	%	13	%	15	%
Exchange rate (Bs./US$)
Average	2,150		2,150		2,150		2,150
Year-end	2,150		2,150		2,150		2,150
Devaluation (Year-to-Year)	0	%	0	%	0	%	0	%
Inflation (CPI)
CPI	13	%	15	%	10	%	13	%
WPI	14	%	16	%	11	%	14	%

* Venezuelan basket

KEY OPERATING INDICATORS

in thousands

					Revised Range
	Original growth range				Growth range				EOY Number
	From		To		From		To		From	To
Fixed
Switched access lines *	3	%	5	%	3	%	5	%	3,206	3,238
ABA (ADSL)**	38	%	48	%	38	%	48	%	400	430
Mobile subscribers	21	%	23	%	45	%	54	%	7,500	8,000
Regulated Tariffs Effective Increase	0.0	%	7.0	%	0.0	%	5.0	%

* Excludes ABA (ADSL) and private circuits

** While EOY numbers in original guidance were correctly stated, growth range from original guidance was stated by mistake at 45%-49%. Correct range of 38%-48% is included herein.

KEY FINANCIAL INDICATORS

in billions of Bs.

					Revised range
	Original growth range*				Growth range*				EOY Number
	From		To		From		To		From		To
Revenue	30	%	32	%	35	%	40	%	6,890		7,120
Cash operating expenses	29	%	26	%	34	%	34	%	4,910		4,890
EBITDA	33	%	46	%	38	%	55	%	1,980		2,230
EBITDA Margin (bp and percentages)	59		314		59		314		29	%	31	%
Net Income (loss)	33	%	46	%	41	%	60	%	952		1,080
CAPEX	7	%	17	%	16	%	33	%	1,116		1,271
Free Cash Flow	24	%	39	%	23	%	36	%	854		940

* For illustrative purposes, estimated as percentages of adjusted year 2005 figures excluding the effect of the July 26, 2005 Supreme Court's decision on pension litigation

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 15

COMPANY PROFILE

Cantv, a Venezuelan corporation, is the leading Venezuelan telecommunications services provider with over 3.1 million switched fixed access lines in service, almost 5.6 million mobile subscribers and over 343 thousand broadband subscribers as of March 31, 2006. The Company’s principal strategic stockholder is a wholly-owned subsidiary of Verizon Communications Inc. with 28.5% of the capital stock. Other major stockholders include the Venezuelan Government with 6.6% of the capital stock (Class B Shares), employees, retirees and employee trusts which own 6.7% (Class C Shares) and the remaining 58.2% of the capital stock is held by public and other stockholders.

SAFE HARBOR FOR FORWARD LOOKING STATEMENTS:

This press release contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include economic considerations that could affect demand for telecommunications services and the ability of the Company to make collections, inflation, regulatory factors, exchange controls and occurrences in currency markets, competition, labor relations, legal proceedings and the risk factors set forth in the Company’s various filings with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 20-F. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

GLOSSARY OF KEY TERMS

ADSL: Asymmetrical Digital Subscriber Lines. ARPU: Average monthly revenue per user excluding terminal equipment sales, taxes and late-payment charges. Bundled minutes: Actual minutes used by the customer within the minutes allowed under variously priced monthly customer tariff plans that include a maximum number of allowed minutes within the monthly tariff. Capital expenditures (CAPEX): Net cash used in investing activities, including acquisition of property, plant and equipment and information systems. Cash earnings: Net income adjusted for non cash items or adjustments to reconcile net income to net cash provided by operating activities. EBITDA: Earnings before interest, taxes, depreciation and amortization, equivalent to operating income plus depreciation and amortization. EBITDA margin: EBITDA as a percent of total operating revenues. EPADS: Earnings per ADS. Free cash flow (FCF): Cash flow from operating activities minus cash used in investing activities. IXC: Interconnection. Net cash position: Cash and temporary investments minus short-term and long-term debt. SMS: Short text mobile messaging service. Switched access lines: Fixed access lines including Residential, non Residential and Public Telephony. Total debt: Short-term plus long-term debt. Unbundled minutes: Minutes in excess of the limits set forth in a specific monthly customer tariff plan that are billed to the customer on a per minute basis in addition to the basic monthly tariff plan that the customer has selected.

CANTV 1Q06 Earnings Commentary – April 26, 2006 NYSE: VNT BVC: TDV.d 16

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COMPAÑIA ANONIMA NACIONAL TELEFONOS DE VENEZUELA, (CANTV) By: /s/ Armando Yañes Armando Yañes Chief Financial Officer

Date: April 28, 2006

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Filing Compare · NATIONAL TELEPHONE CO OF VENEZUELA