TDE.L Regulatory News (TDE)

Further to the Official Calling of the Annual General Shareholders' Meeting of Telefónica, S.A.,(reported under RNS number 9835E, a copy of the documents stated below have been submitted to the National Storage Mechanism and will shortly be available for inspection at: "www.Hemscott.com/nsm.do"

- 2010 Individual Annual Accounts, management report and audit report

- 2010 Consolidated Annual Accounts, management report and audit report (Annual Financial Report)

- Report of the Board of Directors relating to the proposal for amendment of the By-Laws of Telefónica, S.A. referred to in item III of the Agenda, which includes the complete text of the proposed amendments.

- Report of the Board of Directors relating to the proposal for amendment of the Regulations for the General Shareholders' Meeting of Telefónica, S.A. referred to in item IV of the Agenda, which includes the complete text of the proposed amendments.

- Report of the Board of Directors relating to the proposal for granting authorization to that body to increase the share capital and to exclude pre-emptive rights referred to in item VI of the Agenda.

In addition, the following documents are also made available to shareholders:

- Complete text of the proposed resolutions set forth in items on the Agenda that are submitted by the Board of Directors.

- Summary of the professional profile of each of the Directors and of the persons included in the proposed resolutions relating to item V of the Agenda.

- Current text of the Regulations of the Board of Directors.

- The explanatory report relating to matters contemplated in the former Section 116.bis of the Securities Market Act (included in the Company's Management Report).

- The Report on Directors' Compensation Policy.

- The Annual Corporate Governance Report for fiscal year 2010.

Likewise, all the presentations are also available to the shareholders and investors on the Company's website (http://www.telefonica.com)