PRESS RELEASE June 9, 2008

Telefónica is one of the world’s largest telecommunications companies by market cap. Its activities are centered mainly on the fixed and mobile telephony businesses, while its broadband business is the key growth driver underpinning both. It operates in 24 countries and its customer base exceeds 233 million globally. Telefónica’s growth strategy is focused on the markets in which it has a strong foothold: Spain, Europe and Latin America. Telefónica is a 100 percent private company. It has more than 1.5 million direct shareholders. Its share capital consists of 4,773,496,485 ordinary shares traded on the continuous market on the Spanish Stock Exchanges (Madrid, Barcelona, Bilbao and Valencia) and on those of London, Tokyo, New York, Lima, Buenos Aires and São Paulo.

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