One of the TEF O2 CR’s competitor Czech On Line, known as Volny launches its IPTV. Its basic offer will include 10 stations and will be accessible at the beginning partly in Prague and Brno and afterwards also in other regional cities. The price for the basic package is CZK 297/month (cEUR 10). In comparison to its competition TEF O2 CR and UPC, Volny will provide as a first player HBO’s video library. Our view: The price of the package is approximately half of TEF O2 CR’s offer and roughly 50% more than UPC’s. TEF O2 CR’s IPTV users exceeded 40,000 and there is general satisfaction with the project. Although the competition for TEF O2 CR is getting tougher, the availability of its IPTV is larger and it provides more programs, what we see crucial. We believe this news to have neutral trading impact.