Share buy-back programme

17 Jul 2008 13:09

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

NOTICE

According to the notification filed today with the Spanish National Securities Market Commission, (Comisión Nacional del Mercado de Valores), TELEFÓNICA, S.A. holds a total of 132,069,212 treasury shares, representing 2.767% of the share capital of the Company. From the start of the year, the Company has executed 67.6% of the total share buyback programme (for a total amount of 100 million shares) in force during 2008.

Madrid, July 17th, 2008.