Publication of Prospectus

Telefonica SA
10 January 2006

Publication of Supplementary Listing Prospectus

The following supplementary listing prospectus, which supplements the base
prospectus dated 8 July 2005 (also attached), has been approved by the UK
Listing Authority and is available for viewing:

Telefonica Emisiones, S.A.U. supplementary listing prospectus to the base
prospectus dated 8 July 2005.

To view the full document, please paste the following URL into the address bar
of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/7257w_1-2006-1-10.pdf

http://www.rns-pdf.londonstockexchange.com/rns/7257w_2-2006-1-10.pdf
 


For further information, please contact

Investors Relations
Telefonica , S.A.
Gran Via 28
28013 Madrid
Spain
Tel.: [phone]

[e-mail]







DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Prospectus may be addressed to
and/or targeted at persons who are residents of particular countries (specified
in the Prospectus) only and is not intended for use and should not be relied
upon by any person outside these countries and/or to whom the offer contained in
the Prospectus is not addressed. Prior to relying on the information contained
in the Prospectus you must ascertain from the Prospectus whether or not you are
part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above
requirement.




                      This information is provided by RNS
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