Dividend Distribution

11 Oct 2007 07:27

Telefonica SA11 October 2007 TELEFONICA S.A., as provided in article 82 of the Spanish Stock Market Act(Ley del Mercado de Valores), hereby reports the following RELEVANT FACT TELEFONICA, at its Sixth Investor Conference to be held today inLondon, will announce a proposal to distribute a dividend of (1) euro per sharecorresponding to 2008 fiscal year, for which purpose the adoption of thecorresponding corporate resolutions will be proposed. This dividend will bepayable in two tranches: the first one in the second half of 2008, and thesecond one in the first half of 2009. Therefore, the Company brings forward the commitment announced in May 2006 todouble the dividend per share for 2009. Madrid, October 11th, 2007. This information is provided by RNS The company news service from the London Stock Exchange