2009 Annual Accounts

Telefónica, S.A. hereby submits the Annual Accounts of Telefónica, S.A. and the Consolidated Annual Accounts of Telefónica S.A. and subsidiaries composing the Telefónica Group, both for the year ended December 31, 2009 and including the Annual Report on Corporate Governance for 2009.

These documents that have been filed with the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores - CNMV) today, will be submitted for approval of the next Annual General Shareholders' Meeting of the Company, the dates of which will be announced due course.

To view the full documents, please paste the following URLs into the address bar of your browser:

http://www.rns-pdf.londonstockexchange.com/rns/0629J_1-2010-3-23.pdf 

http://www.rns-pdf.londonstockexchange.com/rns/0629J_2-2010-3-23.pdf 

Madrid, March 23rd, 2010