Debenture Redemption

4 Feb 2008 17:52

Telefonica SA04 February 2008 TELEFONICA, S.A., as provided in article 82 of the Spanish Stock Market Act(Ley del Mercado de Valores), hereby announces the following: On March 3rd, 2008, and in compliance with the conditions stated in theProspectus for the Debentures Issue "Marzo 1998" (ISIN code numberES0278430923), registered with the Spanish National Securities Market Commission(Comision Nacional del Mercado de Valores) on February 3rd, 1998, the 7,000,000debentures of the issue will be totally redeemed through the repayment of the100% of their nominal value of Euros 60.10 each. Madrid, February 4th, 2008 This information is provided by RNS The company news service from the London Stock Exchange