THE REPORT IN BRIEF

The Corporate Social Responsibility report explains how Telefónica interacts with its customers, employees, shareholders, suppliers, the community and the environment.

The report is designed as part of the Company's CSR strategy and includes information on 20 countries, GRI indicators, numerous specific case studies and other points that shed light on Telefónica's achievements and future challenges in the field of CSR.

For a summarised version see the Executive Summary and Environmental and Climate Change Supplement below. We also present the Chairman's letter, milestones for 2008, targets for 2009, key figures and the Global Compact Progress Report. Lastly, we include, for the first time, details of the initiatives taken by Telefónica in the countries where it operates to help achieve the Millennium Goals.