RAMIRO SÁNCHEZ DE LERÍN GARCÍA-OVIES
Secretary General and
Secretary of the Board of Directors
TELEFÓNICA, S.A.
TELEFÓNICA, S.A., as provided in article 82 of the Spanish Stock Market Act (Ley del Mercado de
Valores), hereby reports the following
NOTICE
A Special Meeting of Shareholders (the Extraordinary Shareholders Meeting) of COMPAÑÍA DE
TELECOMUNICACIONES DE CHILE, S.A. (CTC) was held on October 7, 2008 to vote on the amendment of
certain provisions of CTCs By-laws (the By-law Amendments), including, among others, the removal
of a 45% limit on the maximum stake that may be held by a single CTC shareholder. The adoption of
the Bylaw Amendments required the affirmative vote of at least 75% of CTC shareholders and
represented a condition to the tender offer commenced on September 17, 2008 by INVERSIONES
TELEFÓNICA INTERNACIONAL HOLDING, LTDA., a subsidiary of TELEFÓNICA, S.A., for the purchase of all
outstanding shares of CTC (the Tender Offer).
At the Extraordinary Shareholders Meeting, shareholders holding 55% of the total outstanding
shares of CTC voted in favor of the By-law Amendment, while shareholders holding 29% of the total
outstanding shares of CTC voted against. Accordingly, the resolution to amend CTCs By-laws was not
adopted at the Extraordinary Shareholders Meeting.
Madrid, October 8th, 2008.
Gran Vía, 28 9a Planta 28013 Madrid