Investors´ Calendar

November 21^st-23^rd, 2007

9^th Foro Latibex - Latibex, Bolsa de Madrid and Bolsas y Mercados Españoles

The following managers of Telefónica participate in the 9º Foro Latibex, hosted by Latibex, Bolsa de Madrid and Bolsas y Mercados Españoles on November 21^st-23^rd, in Madrid (Spain):

César Alierta - Presidente Ejecutivo de Telefónica

Ernesto López Mozo - CFO Telefónica Latinoamérica

9º Foro Latibex

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November 12^th, 2007

January-September 2007 Results

Telefónica, S.A. publishes its 2007 Third Quarter Results next November 12^th, 2007, before market opens.

The conference call, during which Management comments on the most significant aspects of the published results, takes place the same day, at 4:00 pm (Madrid), 3:00 pm (GMT), 10:00 am (EDT). You may access by dialling: +44 (0)207 162 0025 (from Europe and other countries outside the United States) and +1 334 323 6201 (from the United States), with the password: Telefónica. This event is broadcasted live via Internet.

The file with the presentation in PDF format for the conference call will be available for downloading at least one hour before its starts.

Results January-September 2007

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November 14^th, 2007

Distribution of a Cash Dividend of 0.35 Euros per share

Telefónica S.A. distributes a cash dividend of 0.35 euros per share on November 14^th, 2007, corresponding to 2007 results.

November 14^th-16^th, 2007

VII European TMT Conference - Morgan Stanley

Santiago Fernández-Valbuena, CFO of Telefónica S.A., and Peter Erskine, General Manager of Telefónica O2 Europe, participate in the VI European TMT Conference, hosted by Morgan Stanley on November 14^th-16^th, 2007 in Barcelona (Spain).

VII European TMT Conference, MS

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