23 Jun 2010 18:08

Telefónica, S.A., as provided in article 82 of the Spanish Securities Market Act (Ley del Mercado de Valores) hereby reports the following
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SIGNIFICANT EVENT
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Telefónica, S.A. has confirmed to the Portuguese Comissà o do Mercado de Valores Mobiliários that it has reduced its stake in Portugal Telecom, S.G.P.S. S.A. ("PT") to 18,122,661 shares, representing 2.02% of PT´s share capital, and that such information will be complemented with the legal information requirements in the established deadlines.
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Madrid, June 23rd , 2010
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