Audit and Control Committee

Telefonica SA
30 October 2007

As provided in article 82 of the Spanish Stock Market Act (Ley del Mercado de
Valores), TELEFONICA, S.A. hereby reports the following

                              SIGNIFICANT EVENT

At the Audit and Control Committee's meeting held today, the incorporation of
the Director Mr. Vitalino Manuel Nafria Aznar as new member of this Committee
has taken place.

Madrid, October 30th, 2007.




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