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OPERATIONAL HIGHLIGHTS

• Telefónica Europe delivered like for like revenue growth of 6.1% in the second quarter, with growth of 2.8% in operating income before depreciation and amortization (OIBDA)1. For the first half  revenue growth on  like for like basis was 6.2% with 4.0% growth in OIBDA¹, in line with guidance.
  
• Total customer base now at 43.8 million (+9.8% year on year) with 1 million customers added in the quarter (1.7 million in the first half).
  
• Building on its strong position in the market, Telefónica O2 UK grew revenue 11.1% and OIBDA 10.6% on a like for like basis² in the second quarter;
  
• Telefónica O2 Germany’s performance continued to improve, with revenue growth of 3.8% in the second quarter and net mobile customer additions of 568 thousand, over 50% higher than the same period last year; OIBDA grew quarter on quarter by 9.6%
  
• The mobile business in the Czech Republic recorded 5.4% service revenue growth in the first half and reduced fixed line losses year on year (58 thousand in Q2 2008 vs. 80 thousand in Q2 2007);
  
• Telefónica O2 Ireland showed an improved performance on customer growth and announced TheO2 Dublin, launching December 2008. Following on from the success of Simplicity in the UK, Ireland launched O2 Clear SIM,  the best value post pay price plan on a 30-day rolling contract.
  
• Non-SMS data revenue of €420 million in the first half, +39.8% year on year (at constant f/x);
  
• 2008 guidance maintained: revenue growth 4% - 7%, OIBDA growth 2% – 6%

¹ Assuming constant exchange rates and excluding the consolidation of Airwave in the first quarter of 2007. Capital gain from the sale of Airwave is also excluded, as well as gains related to the real estate sale in the Czech Republic, restructuring and similar charges and the result of the application of provisions made in respect of potential contingencies deriving from the past disposal of shareholdings, once these risks had dissipated or had not materialized.

² Excluding restructuring charges

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