<SEC-DOCUMENT>0000814052-23-000047.txt : 20230331
<SEC-HEADER>0000814052-23-000047.hdr.sgml : 20230331
<ACCEPTANCE-DATETIME>20230331102409
ACCESSION NUMBER:		0000814052-23-000047
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230331
DATE AS OF CHANGE:		20230331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEFONICA S A
		CENTRAL INDEX KEY:			0000814052
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09531
		FILM NUMBER:		23784080

	BUSINESS ADDRESS:	
		STREET 1:		GRAN VIA 28
		CITY:			28013 MADRID
		STATE:			U3
		ZIP:			00000
		BUSINESS PHONE:		00 34 91 584 0640

	MAIL ADDRESS:	
		STREET 1:		GRAN VIA 28
		CITY:			28013 MADRID
		STATE:			U3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL TELEPHONE COMPANY OF SPAIN
		DATE OF NAME CHANGE:	19880708
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6ksharecapred23.htm
<DESCRIPTION>6-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2023 Workiva -->
<title>Document</title></head><body><div id="i934d812caff6407ca22c52bd86dcda2a_1"></div><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Washington, D.C. 20549</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Form 6-K</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">For the month of March, 2023</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Commission File Number&#58; 001-09531</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Translation of registrant's name into English)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Distrito Telef&#243;nica, Ronda de la Comunicaci&#243;n s&#47;n,</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">28050 Madrid, Spain</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">+34 91-482 87 00</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Address of principal executive offices)</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F&#58;</font></div><div style="padding-left:106.2pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:54.647%"><tr><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.442%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.978%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Form 20-F</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> </font></div></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">X</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Form 40-F</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> </font></div></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)&#58; </font></div><div style="padding-left:106.2pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:54.647%"><tr><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.442%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.978%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Yes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> </font></div></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">No</font></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">X</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)&#58; </font></div><div style="padding-left:106.2pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:54.647%"><tr><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.442%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.978%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Yes</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline"> </font></div></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">No</font></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">X</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">TABLE OF CONTENTS</font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:8.500%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:76.820%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.380%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Item</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Sequential Page Number</font></td></tr><tr style="height:16pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Telef&#243;nica&#58; 2023 Share capital reduction </font></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2</font></td></tr></table></div><div style="margin-bottom:8pt;text-align:center"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:47px;margin-bottom:5pt;vertical-align:text-bottom;width:177px"></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">TELEF&#211;NICA, S.A., in compliance with the Securities Market legislation, hereby communicates the following</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:136%">OTHER RELEVANT INFORMATION</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">The Board of Directors of TELEF&#211;NICA, S.A. at its meeting held today, has resolved to carry out the implementation of the share capital reduction through the cancellation of own shares approved by the Annual General Shareholders&#8217; Meeting held today under item IV of its Agenda.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">The share capital of TELEF&#211;NICA, S.A. has been reduced in the amount of 24,779,409 euros, through the cancellation of 24,779,409 own shares of the Company currently held as treasury stock, with a nominal value of one euro each. The share capital of the Company resulting from de reduction has been set at 5,750,458,145 euros corresponding to 5,750,458,145 shares with a nominal value of one euro each.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">The reduction does not entail the return of contributions to the shareholders since the Company is the owner of the cancelled shares. The reduction has been carried out with a charge to unrestricted reserves, through the provision of a reserve for cancelled share capital in an amount equal to the nominal value of the cancelled shares (i.e. for an amount of 24,779,409 euros), which may only be used in compliance with the same requirements as those established for the reduction of share capital, by application of the provisions of section 335. c) of the Spanish Companies Act. Accordingly, as laid down in such section, the creditors of the Company do not have the right to oppose the reduction mentioned in section 334 of the Spanish Companies Act in connection with the share capital reduction.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">The announcements of the reduction of share capital will be published in the Official Companies Registry Gazette (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:136%">Bolet&#237;n Oficial del Registro Mercantil</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">) and in the Company&#8217;s corporate website (www.telefonica.com) at the beginning of April 2023.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">Thereafter, the public deed regarding the reduction of share capital and the amendment of the Bylaws will be granted and registered with the Mercantile Registry of Madrid, and the Company will request the exclusion from the accounting register of </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:136%">Sociedad de Gesti&#243;n de los Sistemas de Registro, Compensaci&#243;n y Liquidaci&#243;n de Valores, S.A.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%"> and from official trading on the securities markets.  </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:136%">Madrid, March 31, 2023</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:54pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SIGNATURES</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </font></div><div style="margin-bottom:10pt;text-indent:18pt"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:6.362%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.019%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.407%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:39.798%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:20pt;padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A.</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Date&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">March 31, 2023</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="6" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#47;s&#47; Pablo de Carvajal Gonz&#225;lez</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Name&#58;</font></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Pablo de Carvajal Gonz&#225;lez</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Title&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Secretary to the Board of Directors</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:8pt;text-align:center"><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_0.jpg
<TEXT>
begin 644 image_0.jpg
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J"R%D%R@NA)!=H+@00G:!XD((V87_ D_T&TLDCTR3     $E%3D2N0F""

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
