Re: 2005 Corporate Gov Report

Telefonica SA
17 May 2006


TELEFONICA, S.A hereby reports the following:


With regard to the Report on Corporate Governance of Telefonica S.A, for year
2005 sent on May 12th, 2006 under RNS number 9507C, the following clerical
mistakes should be considered:
     
1.   On page 3 (paragraph A.3.) and on page 9 (paragraph B.1.2) where it states 
     the date of the last appointment for Mr Antonio Viana Baptista as 
     '04-02-2000',  it should read: '31-05-2005'.

2.   On page 14 (paragraph B.1.10.) where it states: 'number of beneficiaries
     = 60',  it should read: 'number of beneficiaries = 12'.



Madrid, May 17th, 2006


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