Re: 2005 Corporate Gov Report

18 May 2006 07:00

Telefonica SA17 May 2006 TELEFONICA, S.A hereby reports the following: With regard to the Report on Corporate Governance of Telefonica S.A, for year2005 sent on May 12th, 2006 under RNS number 9507C, the following clericalmistakes 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 This information is provided by RNS The company news service from the London Stock Exchange