New Consultative Committee

17 Dec 2008 17:26



As provided in article 82 of the Spanish Stock Market Act (Ley del Mercado de Valores),

TELEFÓNICA S.A. hereby reports the following

NOTICE

The Board of Directors of Telefónica, S.A. at its meeting held today, has resolved, in accordance with that set forth in Article 19.b) of the Rules of the Board and preceded by the relevant favourable report from the Nominating, Compensation and Corporate Governance Committee, to establish a

new Consultative Committee, called " Strategy Committee".

This Committee will be formed by the following Board Members:

- Mr. Peter Erskine (Chairman)

- Mr. Fernando Almansa Moreno-Barreda

- Mrs. Eva Castillo Sanz

- Mr. Gonzalo Hinojosa Fernández de Angulo

Madrid, December 17th, 2008