AGM documentation

Telefonica SA
14 March 2008

Further to the Official Calling of the Annual General Shareholders' Meeting of
Telefonica, S.A., two copies of the documents stated below have been submitted
to the UK Listing Authority, to be made available to the shareholders of the
Company so that they can exercise their right to receive information:

-                Information on Point I of the Agenda:

Individual Annual Accounts, Consolidated Financial Statements (Consolidated
Annual Accounts) and Management Report of Telefonica, S.A. and its Consolidated
Group of Companies, the corresponding audit reports and the proposed allocation
of profits/ losses of Telefonica, S.A.

-                Information on Point IV of the Agenda: proposed reduction in
share capital

Mandatory report of the Board of Directors of Telefonica, S.A. on this proposal.

Furthermore, the following documents are also made available to the
shareholders:

-                The text of the proposed resolutions relating to all items of
the Agenda, and that have been filed under RNS No.1078Q.

-                Brief description of the professional profile for each of the
Directors included in the proposed resolution under Item II on the Agenda.

-                Full text of the Regulations of the Board of Directors.

-                Report referred to Section 116. bis of the Spanish Securities
Market Act.

-                Report on the Director's Remuneration Policy for the Fiscal
Year 2007.

-                Annual Report on Corporate Governance for the Fiscal Year 2007.
This report has been filed under RNS No. 1230Q



These documents will shortly be available for inspection at the UK Listing
Authority's Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5 HS


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