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Operational Highlights

• Telefónica Europe delivered like for like revenue growth of 6.4% in the first quarter, with growth of 5.3% in operating income before depreciation and amortization (OIBDA)¹, towards the high end of guidance;
  
• Customer base now at 42.8 million (+8.8% year on year) with almost 3.5 million customers added;
  
• Building on its strong position in the market, O2 UK grew revenue 12.6% and OIBDA 13.1%;
  
• O2 Germany’s performance continued to improve, with positive revenue growth for the first time in 4 quarters (+1.5%) and net mobile customer additions of 536,000, over 3 times the figure for the same period last year;
  
• O2 Germany continued to build strong foundations: as part of its network investment programme, O2 Germany signed an agreement with Huawei to expand both its GSM and UMTS networks, HSDPA coverage and to implement HSUPA (High Speed Uplink Packet Access);
  
• Telefónica O2 Czech Republic maintained its momentum in the Czech mobile market with 5.1% growth in mobile service revenues and reduced fixed line losses year on year (74,000 in Q1 2008 vs. 115,000 in Q1 2007);
  
• The group continues to build on and broaden its product portfolio: customer base of almost 900,000 retail DSL and IPTV customers across Europe; over ¾ of a million wholesale DSL customers; mobile broadband launched in UK, almost 40,000 mobile broadband customers already in Ireland;
  
• Total mobile data revenues amounted to €903 million in the first quarter, with non-SMS data revenue of €205 million, growth of 40.6% year on year (at constant f/x);
  
• 2008 guidance maintained: revenue growth 4% - 7%, OIBDA growth 2% – 6%

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¹ At constant currency and excluding Airwave

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