Audit and Control Committee

Telefonica SA
18 December 2006

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





The Audit and Control Committee of TELEFONICA, S.A., at its meeting held
today, has resolved, preceded by the relevant favourable report from the
Nominating, Compensation and Corporate Governance Committee, to appoint Maximino
Carpio Garcia as Chairman of the Audit and Control Committee, replacing Antonio
Massanell Lavilla, who has held that office for the maximum period established
under the regulations in force.



Antonio Massanell Lavilla shall remain a member of the Audit and Control
Committee.





Madrid, December 18th, 2006.






















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