Corporate Action

Telefonica SA 21 March 2002 CAPITAL INCREASE(BONUS ISSUE OF NEW SHARES) SECURITY TITLE *EUR1 MNEMONIC CODE *TDE SEDOL CODE *5-732-524 TERMS *For every 50 shares held - 1 New Share PROVISIONAL EX DATE *22-03-02 RECORD DATE *21-03-02 NOTES * This information is provided by RNS The company news service from the London Stock Exchange COREALDEAELAEFE
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