Debentures redemption

Telefonica SA
28 November 2005



TELEFONICA, S.A., in accordance with that stated in article 82 of the Spanish
Stock Market Act (Ley del Mercado de Valores) hereby announces the following:


On December 28th, 2005 and in compliance with the conditions stated in the
Prospectus for the Debentures Issue 'December 1990' (ISIN code number
ES0278430717), registered with the Spanish National Securities Market Commission
(Comision Nacional del Mercado de Valores) on May 31st, 1990, the 400,000
debentures of the issue will be totally redeemed through the repayment of the
675% of their nominal value of Euros 300.51 each.


Madrid, November 28th, 2005


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