Final dividend

Telefonica SA
30 April 2008







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





SIGNIFICANT EVENT





Pursuant to the resolution adopted by the shareholders of TELEFONICA, S.A. at
their Annual General Meeting held on April 22nd, 2008, we hereby inform all
shareholders that on May 13th, 2008, the Company will pay a final dividend from
2007 net income of a fixed gross amount of 0.40 euros for each Company share
issued, in circulation and carrying entitlement to this dividend. (Record Date:
Monday 12th, 2008). This payment will be made as follows, in all events subject
to the provisions of the applicable tax legislation:






        Gross dividend          Withholding tax rate (18%) (Euros per Net dividend
                                               share)
       (Euros per share)                                                    (Euros per share)
             0.40                               0.072                            0.328









The payment of this dividend shall be executed from May 13th, 2008, by Banco
Bilbao Vizcaya Argentaria, S.A., through the participating entities in Iberclear
(Sociedad de Gestion de los Sistemas de Registro, Compensacion y Liquidacion de
Valores, S.A.), the Spanish securities registrar, clearing and settlement
company.









Madrid, April 30th, 2008












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