EMTN Notes

21 Jan 2009 15:33



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

SIGNIFICANT EVENT

Yesterday, TELEFÓNICA, S.A., through its wholly- owned subsidiary TELEFÓNICA EMISIONES, S.A.U., under its Guaranteed Euro Medium Term Note Programme (EMTN Programme) filed with the Financial Services Authority (FSA) in London on July 3rd, 2008, issued Notes guaranteed by TELEFÓNICA, S.A. in the Euro market amounting 2,000 million euro.

This five (5) year Notes pays an annual coupon of 5.431% and has a reoffer price of 100%.

The Joint Lead Bookrunners and Managers for this Issue were Barclays, BBVA, BNP Paribas, Calyon, HSBC and The Royal Bank of Scotland.

Madrid, January 21st , 2009.