Annual Report

Telefonica SA
14 March 2008


The headline for the Telefonica S.A. announcement released today at 11:18
under RNS No 1230Q should read Annual Report. 

The announcement text is unchanged and is reproduced in full below.

                    
Telefonica S.A. has just published today the 'ANNUAL REPORT ON CORPORATE 
GOVERNANCE : YEAR 2007'

To view the full document, please paste the following URL into the address bar 
of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/1230q_-2008-3-14.pdf


                      This information is provided by RNS
            The company news service from the London Stock Exchange