Publication of Prospectus

Telefonica SA 14 March 2008 Telefonica S.A. has just published today the 'ANNUAL REPORT ON CORPORATE GOVERNANCE : YEAR 2007' To view the full document, please paste the following URL into the address bar of your browser. http://www.rns-pdf.londonstockexchange.com/rns/1230q_-2008-3-14.pdf This information is provided by RNS The company news service from the London Stock Exchange
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