General Shareholders' Meeting

Information to shareholders

The General Meeting is called by the Board of Directors of the Company by an announcement published in the Boletín Oficial del Registro Mercantil (Official Companies Registry Gazette) and in one of the highest circulation newspapers in the province of Madrid - the city where Telefónica, S.A. has its registered office, at least one month prior to the date of the Meeting.

The official notice of the Meeting is also published in one or more national newspapers, in other wide circulation newspapers in those foreign countries where Telefónica's shares are listed, and whose regulations so require, and in one business newspaper of general circulation throughout the financial sector such as the Financial Times. Notice of the General Meeting is also published on the Company's website.

From the date of publication of the General Meeting official notice, the Company makes available to its shareholders the documents and information it is obliged to provide them under law or under the Company's Articles of Association regarding the various Agenda items. Those documents and information are also included on the Company's website from that date. In addition to the above, shareholders are entitled to obtain such materials at the Company's registered office immediately and free of charge, and to request their delivery or despatch free of charge in those situations and terms provided under law.

From the time of publication of the Meeting notice to the seventh day prior to the date of the Meeting, shareholders are entitled to request in writing any information or clarification they consider necessary to the Company's Board of Directors, or to submit in writing all questions they consider relevant in relation to the Agenda items published with the official notice, or to any information available to the public that the Company has provided to the Comisión Nacional del Mercado de Valores (National Stock Market Commission) since the last General Meeting.

The Board of Directors, any of its members or any person explicitly authorised by the Board, shall provide the information or clarifications requested by the date of the Meeting.

Additionally, Company shareholders may request at the General Meeting Questions and Answers, any information or clarifications about the Agenda items. The Directors shall provide the information requested at the General Meeting, or in writing within seven days after the Meeting when the former is not feasible

The Directors shall in any event provide the information requested except in those circumstances in which, in the chairman's opinion, the publication of such information may impair the Company's interests. However, such information shall be provided for when the request is supported by shareholders representing at least one quarter of the share capital.

Other Information: Shareholders' Meeting