Telefonica Announces Extension of the Tender Offer to Acquire 100% of the Shares of Compania de Telecomunicaciones de Chile S.A.


MADRID, Spain, October 28 /PRNewswire/ --

-- The Expiration Date of the U.S. Offer has been extended until 12:00
midnight, New York City time, on October 31, 2008.

Telefonica S.A. ("Telefonica") announced today that the U.S. Offer would
be extended to 12:00 midnight, New York City time, on October 31, 2008.

The Chilean Offer will expire at 11:00 p.m., New York City
time, on October 30, 2008.

A Schedule TO/13E-3 and a Schedule 14D-9, each as amended, have been
filed with the Securities and Exchange Commission (the "SEC") and are
publicly available on the SEC website (www.sec.gov). A Supplement dated
October 27, 2008 to the Offer to Purchase is included in these filings.
Shareholders are encouraged to read these documents for important and more
detailed information regarding the U.S. Offer.

© PR Newswire Association LLC.

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