Communications Inside Information and Relevant Information (CNMV)

The Comisión Nacional de Valores de la República Argentina ("CNV"), the Argentine securities regulator, approved yesterday, December 3rd, 2009, the Unilateral Declaration of Will to Acquire all outstanding TELEFÓNICA DE ARGENTINA, S.A. ("TASA") shares owned by TASA's minority shareholders presented by TELEFÓNICA S.A. ("TELEFONICA") on June 23rd, 2009.

TELEFÓNICA has signed today definitive agreements for the acquisition of the German telecommunications operator HANSENET TELEKOMMUNIKATION GmbH, for a firm value of 900 million euros.

Today TELEFÓNICA, S.A. ("TELEFONICA") has signed an agreement with PROMOTORA DE INFORMACIONES ("PRISA") and SOGECABLE, S.A. for the acquisition of a 21% stake in the company that will include the pay- TV services of PRISA Group (DIGITAL +), for a firm value of 2,350 million Euros. The estimated total investment to be made by TELEFÓNICA, after deduction of the net debt will be around 470 million Euros.

Today, TELEFÓNICA, S.A. has launched an issue of Notes guaranteed by TELEFÓNICA, S.A. in the Euro market amounting 650 million sterling pounds. These thirteen (13) year Notes pay an annual coupon of 5.289% and have a reoffer price of 100%. Settlement and closing date is scheduled for execution on December 10th, 2009.

TELECOMUNICAÇÔES DE SÂO PAULO S.A. ("Telesp"), Brazilian subsidiary of Telefónica Group, has been informed today by BM&FBOVESPA that the conditions on the tender offer for the acquisition of the shares of the Brazilian company GVT (Holding) S.A. that related to the minimum number of shares and were set in the Prospectus published on October 8th, have not been met. Thus, the aforementioned tender offer takes no effect.

Telefónica, S.A. will hold a conference call with analysts at 4:00 p.m. (Madrid) tomorrow, November 12th, 2009, to announce its 2009 third quarterly financial information.

Today, November 5th, 2009, Telefónica, S.A. signed an agreement with Telecom Italia for the acquisition of the German telecommunications operator Hansenet Telekommunikation Gmbh, 100% owned by that company, for a firm value of 900 million euros.

Further to the Significant Event registered on October 7th, 2009, the Board of Directors of TELECOMUNICAÇÔES DE SÂO PAULO S.A. ('Telesp'), Brazilian subsidiary of Telefónica Group, has decided to increase the initial price offered in the voluntary Tender Offer for the acquisition of the shares of the Brazilian company GVT (Holding) S.A. that was published on October 8th. The new price for the Offer will be R$ 50.5 per share, to be paid in cash, which entails an increase of 5.2083% according to the initial price of the before mentioned Offer.

Pursuant to the resolution adopted by the Annual General Shareholders' Meeting of TELEFÓNICA, S.A., at its meeting held on June 23rd, 2009, we hereby inform all shareholders that on November 11th, 2009, the Company will pay a dividend to be charged to unrestricted reserves, of a fixed gross amount of 0.50 euro for each Company share issued, in circulation and carrying entitlement to this dividend.

TELEFÓNICA, as part of the shareholders of TELCO S.p.A., gives notice that one of TELCO's shareholders, namely SINTONIA S.A. has exercised its right to apply for the demerger. Furthermore, TELEFÓNICA and the remaining shareholders of TELCO have agreed, among others, to renew the Shareholders' Agreement for 3 years.

TELEFÓNICA, S.A. informs that the shareholders of TELCO S.p.A., shareholder of TELECOM ITALIA, S.p.A., are currently negotiating the possible renewal of the Shareholders' Agreement executed on 28 April 2007.

TELEFÓNICA, S.A., under its Guaranteed Euro Medium Term Note Programme (EMTN Programme) has launched an issue of Notes in the Euro market amounting 1,750 million euros. These ten (10) year Notes pay an annual coupon of 4.693% and have a reoffer price of 100%.

On October 21, 2009, TELEFÓNICA, S.A. ("TELEFÓNICA") and CHINA UNICOM (HONG KONG) LIMITED ("CHINA UNICOM") have completed the mutual share exchange agreement through which each party has conditionally agreed to invest the equivalent of US$ 1 billion in ordinary shares of the other party. Accordingly, upon completion, TELEFÓNICA's shareholding interest in CHINA UNICOM's voting share capital has increased from approximately 5.38% to approximately 8.06%, and in turn CHINA UNICOM has a shareholding interest of approximately 0.87% of TELEFÓNICA's voting share capital.

TELEFÓNICA, at its Seventh Investor Conference to be held today in Madrid, will reiterate its commitment to reach 2.10 euros earnings per share in 2010, and will announce a proposal to distribute a dividend of 1.40 euros per share for 2010, showing an annual increase of 21.7%. Additionally, TELEFÓNICA will announce that it has set as a target to increase, up to a minimum of 1.75 euros per share, the dividend for 2012. Finally, the Company will also communicate the expected consolidated performance up to 2012 of the Telefónica Group based on key financial indicators.

Telefónica, S.A., announces that tomorrow, October 9th, 2009, TELEFÓNICA GROUP will host its Seventh Investor Conference in the city of Madrid, enclosing the Conference Agenda.

Today, the Board of Directors of TELECOMUNICAÇÔES DE SÂO PAULO S.A. ("Telesp"), Brazilian subsidiary of Telefónica Group, has approved the launching of a voluntary Tender Offer for the acquisition of up to 100% of the shares of the Brazilian company GVT (Holding) S.A. ("GVT"), for the price of R$ 48,00 per share, to be paid in cash, in accordance with the terms and conditions described in the Offer Notice of Public Tender Offer ("Edital") that has been presented to BM&FBOVESPA for analysis, and that shall be published in the Brazilian local press tomorrow.

On September 6, 2009, TELEFÓNICA, S.A. ("TELEFÓNICA") and the Chinese telecommunications company, CHINA UNICOM (HONG KONG) LIMITED ("CHINA UNICOM") have entered into a wide strategic alliance. In addition, on this same date, TELEFÓNICA and CHINA UNICOM have executed a mutual share exchange agreement through which, upon the terms and conditions set out thereof and, in particular, subject to the satisfaction and/or waiver of the conditions set forth in said agreement, each party has conditionally agreed to invest the equivalent of US$ 1 billion in ordinary shares of the other party.

On August 31, 2009, TELEFÓNICA MÓVILES ESPAÑA, S.A., a 100% subsidiary of TELEFÓNICA, S.A., has signed a binding agreement to sell its 32.18% stake in MEDI TELECOM SA. (MÉDITEL), for a total cash consideration of 400 million euros

Delivery of shares alloted to the beneficiaries for the first cycle (2006-2009) of the Performance Share Plan 2006.

TELEFÓNICA, S.A. will hold a conference call with analysts at 4:00 p.m. (Madrid) tomorrow, July 30th, 2009, to announce its 2009 first half- yearly financial information.

Yesterday, TELEFÓNICA, S.A., through its wholly- owned subsidiary TELEFÓNICA EMISIONES, S.A.U., under its US Debt Registered Program filed with the United States Securities and Exchange Commission (SEC) on May 8th, 2009, has launched an issue of Notes guaranteed by TELEFÓNICA, S.A. in an aggregate principal amount of 2,250 million US dollars.

The Board of Directors of TELEFÓNICA, has agreed to initiate the process for the purchase of the shares in TELEFÓNICA DE ARGENTINA, S.A which it does not already own, directly or indirectly, and which amount to 1.8% of TASA's share capital.

The Annual General Shareholders' Meeting of TELEFÓNICA, S.A. held today, June 23rd, 2009, with the participating of shareholders, present or represented, holding 2,852,676,779 shares representing 60.63% of the share capital of the Company, has approved by an absolute majority of votes (an average of 92.54% 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.

Telefónica, S.A., reports that on June 30th, 2009, and in compliance with the conditions stated in the Prospectus for the Debentures Issue "June 1999" (ISIN code number ES0278430949), the 3,000 debentures of the issue will be totally redeemed through the repayment of the 100% of their nominal value of Euros 100,000 each.

Because of the official calling of the Annual General Shareholders' Meeting of the Company, the following documents are hereby enclosed to this report: i) Full text of the official calling ii) Full text of the proposals to be submitted for approval of the Annual General Shareholders' Meeting; and iii) Disclosures required under article 116 bis of the Spanish Securities Market Law.

Today, TELEFÓNICA, S.A., has increased the initial tranche of 1 billion euro of the Notes guaranteed by TELEFÓNICA, S.A. in the Euro market due April 1st, 2016 - which was filed as significant event on March 17th, 2009- by a further 500 million euro. This new 500 million euro Notes tranche pays an annual coupon of 5.496% and has a reoffer price of 103.214%. Settlement and closing date are scheduled for execution on June 3rd, 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 1:00 pm on June 23rd , 2009, on second call.

Telefónica, S.A. will publish its 2009 first quarterly financial information tomorrow, May 13th, 2009. A conference call will be held with analysts at 4:00 p.m. (Madrid).

On April 30, Telefónica, S.A. filed with the U.S. Securities and Exchange Commission (SEC), its annual report on form 20-F for the year ended December 31, 2008.

Telefónica has filed a Significant Event announcing that the The Board of Directors of TELEFÓNICA, S.A., has approved to distribute an interim dividend from 2009 net income, of a gross amount of 0.50 euros. The payment of this dividend shall be executed on May 12th, 2009. Additionally, the Company reiterates its commitment to increase the dividend for 2009 fiscal year to a total amount of 1.15 euros per share, payable in two tranches.

The Board of Directors of TELEFÓNICA, S.A., at its meeting held today, has approved, upon the prior favourable report from the Nominating, Compensation and Corporate Governance Committee, the appointment as Chairman of the Audit and Control Committee of its independent Director Mr. Gonzalo Hinojosa Fernández de Angulo, as well as the appointment as Chairman of the Service Quality and Customer Service Committee of its proprietary Director Mr. Antonio Massanell Lavilla.

As of March 31st, 2009, TELEFÓNICA has completed the second tranche of the 50 million share buyback programme announced on October, 13th, 2008 as an extension of the share buyback programme then in place. Therefore, the share buyback programme initiated by the Company on February 2008 for a total amount of 150 million shares is concluded.

Telefónica and Vodafone announce milestone pan European collaboration. Both Companies agree to share network infrastructure in Germany, Spain, Ireland and the UK with detailed discussions ongoing in the Czech Republic.

Annual Report on Corporate Governance 2008.

Today, TELEFÓNICA, S.A. has launched an issue of Notes guaranteed by TELEFÓNICA, S.A. in the Euro market amounting 1,000 million euros. This seven (7) year Notes pays an annual coupon of 5.496% and has a reoffer price of 100%. Settlement and closing date is scheduled for execution on April 1st, 2009.

On April 14th, 2009, and in compliance with the conditions stated in the Prospectus for the Debentures Issue "March 1999" (ISIN code number ES0278430931), filed with the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores) on March 16th, 1999, the 50,000 debentures of the Issue will be totally redeemed through the repayment of the 100% of their nominal value of Euros 10,000 each.

Telefónica, S.A. will hold a conference call with analysts at 4:00 p.m. (Madrid) tomorrow, February 26th, 2009, to announce its second half-yearly financial information.

Telefónica has filed with the Spanish National Securities Market Commision (Comisión Nacional del Mercado de Valores- CNMV) a significant event reporting that the Board of Directors of Telefónica, S.A. has analyzed and approved a proposal to increase the dividend corresponding to 2009 fiscal year to a total amount of Euro 1.15 per share.

Yesterday, TELEFÓNICA, S.A. issued Notes in the Euro market amounting 2,000 million euro. This five (5) year Notes pays an annual coupon of 5.431% and has a reoffer price of 100%.

TELEFÓNICA, S.A., reports that upon completion of the acceptance period of the second Offer, TELEFÓNICA's indirect ownership in CTC's share capital has increased from 96.75% of the total outstanding shares of CTC, reached as a result of the initial Tender Offer, to 97.89%.