Conversations with PT

Telefonica SA
26 April 2007




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

NOTICE

With respect to the news published this past 24 April in the 'Broadcast da
Agencia Estado' information dissemination system of Brazil on possible changes
in the shareholder base of VIVO PARTICIPACOES S.A., TELEFONICA, S.A. states
that it has been carrying on conversations with PORTUGAL TELECOM, SGPS, S.A.
with certain frequency in relation to the future shareholder structure of
BRASILCEL, N.V. (parent company of VIVO PARTICIPACOES, S.A), without any
agreement having been signed.


Madrid, 25 April 2007


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