Communications Inside Information and Relevant Information (CNMV)

The Board of Directors of Telefónica, S.A. has resolved to establish a new Consultative Committee of the Board of Directors called "Strategy Committee".

Telefónica, S.A. will hold a conference call with analysts at 4:00 p.m. (Madrid) tomorrow, November 14th, 2008, to announce its results for the period January - September 2008.

Upon completion of the acceptance period of the Tender Offer launched on September 11th through its wholly-owned subsidiary INVERSIONES TELEFÓNICA INTERNACIONAL HOLDING, LTDA. to acquire all of the outstanding shares of COMPAÑÍA DE TELECOMUNICACIONES DE CHILE, S.A. ("CTC"), TELEFÓNICA announces that a total of 458,071,586 Serie A shares and 38,270,113 Serie B shares issued by CTC have been tendered. After settlement of the transaction, TELEFÓNICA?s indirect ownership in CTC?s share capital will increase from 44.9% to 96.75%

Telefónica, S.A. hereby informs all shareholders that on November 12th, 2008, the Company will pay an interim dividend from 2008 net income of a fixed gross amount of 0.50 euros for each Company share issued.

Telefónica has filed today a Significant Event stating that, at the Special Meeting of Shareholders of CTC held today, 85.9% of the share capital voted in favour of the by-law Amendment, which consisted on the removal of the 45% limit on the maximum stake that may be held by a single CTC shareholder. Consequently, the by-law Amendment was approved. Accordingly, the aforementioned Tender Offer will proceed in accordance with the established schedule.

In the current environment of high uncertainty and volatility in the stock markets and restrictions in the credit markets, Telefónica: Reiterates all its financial objectives for 2008. Maintains its sound balance sheet and financial flexibility, with a (net debt+commitments)/OIBDA ratio at the end of the third quarter of 2008 at the bottom of the target range (2x-2.5x). Confirms its 2010 financial targets, which imply to reach a EPS of 2.304? and a FCFS of 2.87?, with double digit CAGRs in both metrics from 2006 reported figures. Announces the extension of its 2008 share buyback program by 50%, implying the acquisition of 50 million own shares until year end, in addition to the 100 million shares already bought since the beginning of the year. The new tranche of the program will be executed immediately: In conclusion, in the current environment Telefónica confirms its differential profile in a sector that continues offering a significant growth potential.

Telefónica, S.A. has filed a Significant Event with the Spanish National Securities Market Commission (CNMV) reporting that certain shareholders of CTC holding more than 10% of Compañía de Telecomunicaciones de Chile, S.A.?s ("CTC") Shares have requested that the Board of Directors of CTC call an extraordinary shareholders meeting in order to approve the By-law Amendments. The approval of the By-law Amendments would be subject to extending the offering period for fourteen additional days and increasing the offered price to 1,100 Chilean pesos per Series A Share and 990 Chilean pesos per Series B Share. In accordance with the above, Telefónica has decided to increase the offered price and request an extension of the offering period, which therefore finalize on October 30, 2008.

Telefónica, S.A. has reported that the six members of its Executive Committee have further increased their respective holdings in the Company?s share capital by acquiring, today, TELEFÓNICA shares for a total amount of approximately 1 million euros each one of them, representing a total acquisition of approximately 400,000 shares.

A Extraordinary Shareholders' Meeting of CTC was held to vote on the amendment of the By-Laws provision related to the removal of a 45% limit on the maximum stake that may be held by a single CTC shareholder. Shareholders holding 55% of the total outstanding shares of CTC voted in favor of the By-law amendment, while shareholders holding 29% ot the total outstanding shares of CTC voted against. The adoption of the resolution required the affirmative vote of at least 75% of CTC shareholders. Accordingly, the resolution was not adopted.

The Board of Directors of TELEFÓNICA, S.A., has approved to distribute an interim dividend from 2008 net income, of a fixed gross amount of 0.50 euros for each share on November 12th, 2008.

TELEFÓNICA, S.A. has furnished the securities market supervisory authorities of Chile and the United States with the prospectuses relating to the tender offer to acquire all of the outstanding shares which it does not currently hold in COMPAÑÍA DE TELECOMUNICACIONES DE CHILE, S.A., which amount to 55.1% of the share capital of that company.

Telefónica has filed at the Spanish CNMV (Securities Markets Commission) a Relevant Fact announcing its intention to launch a Tender Offer in the next 5 business days, through its wholly-owned subsidiary Inversiones Telefónica Internacional Holding Ltda., to acquire all of the outstanding shares of Companía de Telecomunicaciones de Chile S.A ("CTC") that TELEFÓNICA does not currently control direct or indirectly, which amounts to 55.1% of CTC?s share capital.

TELEFÓNICA, S.A., through its subsidiary TELEFÓNICA INTERNACIONAL, S.A.U. ("Telefónica"), has reached today an agreement with AllianceBernstein L.P. to acquire an additional stake of up to approximately 5.74% of the share capital of the Chinese telecommunications company CHINA NETCOM GROUP CORPORATION (HONG KONG) LIMITED ("CNC").

The Board of Directors of Telefónica, at its meeting held on July 30th, 2008 resolved, preceded by the relevant favourable report from the Nominating, Compensation and Corporate Governance Committe, to allocate the sahres corresponding to the third cycle of the "Performance Share Plan 2006" authorised by the Annual General Shareholders' Meeting held on June 21st, 2006.

Telefónica, S.A. will hold a conference call with analysts at 4 pm tomorrow, July 31st, 2008, to announce its results for the period January - June 2008.

The Board of Directors of Telefónica, S.A. at its meeting held today, has resolved, preceded by the relevant favourable report from the Nominating, Compensation and Corporate Governance Committee, to establish, a new Consultative Committee, called: "Innovation Committee", in accordance with that set forth in Article 22.b) of the Rules of the Board.

The Board of Directors has resolved to execute the capital reduction by the cancellation of own shares. The public deed of this share capital reduction has been registered in the Madrid Mercantile Registry (Registro Mercantil) on July 18th, 2008. Therefore, 68,500,000 of the own shares of TELEFÓNICA, S.A. have been cancelled, reducing the company?s share capital, which now stands at 4,704,996,485 euros, made up of an equal number of ordinary shares.

Siguiendo las indicaciones de la Comisión Nacional del Mercado de Valores, se acompaña el Informe Anual de Gobierno Corporativo de Telefónica, S.A. correspondiente al ejercicio 2007 -que la sociedad ya remitió como Hecho Relevante (en formato ".doc") el pasado día 25 de junio de 2008-, para su registro a través del sistema CIFRADOC/CNMV bajo el nuevo formato electrónico ".xml" requerido por esa Comisión.

TELEFÓNICA, S.A. has executed 67.6% of the total share buyback programme (for a total amount of 100 million shares) in force during 2008.

TELEFÓNICA, S.A., has approved a new version of the Annual Report on Corporate Governance of the company corresponding to financial year 2007, which affects recommendations 12 and 15 of the Unified Code on Good Governance.

With regard to its current share buy-back programme for a total amount of 100 million shares (communicated as a significant event on February 27, 2008), the Company announces that it has brought forward the end of the term of effectiveness of such programme by six months, so that it will conclude on December 31, 2008.

TELEFÓNICA, S.A. comunica que mañana miércoles, 14 de mayo de 2008, tendrá lugar la presentación de resultados de TELEFÓNICA, S.A. correspondientes al Primer Trimestre de 2008, celebrándose a estos efectos una multiconferencia con analistas a las 16:00 p.m.

Regarding the tender public offering launched by PROMOTORA DE INFORMACIONES, S.A. ('PRISA') over the share capital of SOGECABLE, S.A., the Company will notify during the course of this morning of its decision as regards its participation in said offer.

Regarding the public tender offer launched by PROMOTORA DE INFORMACIONES, S.A. ('PRISA') over the share capital of SOGECABLE, S.A., the Company has agreed, after studying the conditions, to participate in said offer with all the shares it owns, which represent 16.79% of the share capital of said company.

On May 13th, 2008, the Company will pay a final dividend from 2007 net income of a fixed gross amount of 0.40 euros.

The Annual General Shareholders? Meeting of TELEFÓNICA, S.A. held today, April 22nd, 2008, with the participating of 96,856 shareholders, present or represented, holding 2,726,217,639 shares representing 57.11% of the share capital of the Company, has approved by an absolute majority of votes (an average of 95.52% of the shares at the Meeting placed votes in favor) all the draft resolutions submitted by the Board of Directors for deliberation and vote by the General Shareholders? Meeting.

In accordance with the terms of a sale and purchase agreement entered into on 2 August 2007, the corresponding administrative authorisations having been obtained, yesterday, 3 April 2008, VIVO PARTICIPAÇÕES, S.A. ("VIVO"), a Brazilian company controlled by BRASILCEL NV - jointly controlled by TELEFÓNICA, S.A. and PORTUGAL TELECOM SGPS - completed acquisition of 53.90% of the voting stock (ON) and 4.27% of the preferred stock (PN) of TELEMIG CELULAR PARTICIPAÇÕES S.A.

Disclosures required under Article 116.bis of the Spanish Securities Market Law.

Further to the notice sent on February 27th, 2008 and because of the official calling of the Annual General Shareholders? Meeting of the Company to be held on April 21st and 22nd, 2008, at first and second call respectively, the full text of the official announcement of the calling of the Annual General Shareholders? Meeting, together with the proposals to be submitted for approval at the Meeting, are enclosed to this report.

CNMV filing of the Annual Report on Corporate Governance corresponding to 2007 fiscal year.

Telefónica announces the launching of a new share buy-back programme for a total amount of 100 million shares. The programme will be effective during 2008 and the first half of 2009.

The Board of Directors of TELEFÓNICA, S.A. has unanimously resolved to call the Annual General Shareholders' Meeting to be held in Madrid, at the Recinto Ferial de la Casa de Campo, Pabellón de Cristal, Avenida de Portugal s/n, at 12:00 pm on April 22nd, on second call. Likewise, the Board has resolved to make changes in certain Board Commissions.

On March 3rd, 2008, and in compliance with the conditions stated in the Prospectus for the Debentures Issue "March 1998" (ISIN code number ES0278430923), registered with the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores) on February 3rd, 1998, the 7,000,000 debentures of the issue will be totally redeemed through the repayment of the 100% of their nominal value of Euros 60.10 each.

The Board of Directors of the Company, at the meeting held today, has been informed of and acknowledged the resignations tendered by Board members Mr. Manuel Pizarro Moreno and Mr. Antonio Viana-Baptista from their directorships. In view thereof, the Board of Directors has resolved the interim appointment of Mrs. Eva Castillo Sanz and Mr. Luiz Fernando Furlán as new members of the Board of Directors, both as independent Directors.

TELEFÓNICA, S.A., through its subsidiary TELEFÓNICA INTERNACIONAL, S.A.U., has reached today an agreement to acquire an additional stake equal to approximately 2.22% of the share capital of the Chinese telecommunications company CHINA NETCOM GROUP CORPORATION (HONG KONG) LIMITED ("CNC"). After the acquisition, the TELEFÓNICA group's stake in CNC would stand at approximately 7.22%.