5. Investor Conference-Agenda

Telefonica SA
25 May 2006



Telefonica, S.A., hereby reports the following:


On May 25th and 26th, 2006, Telefonica Group will host its Fifth Investor
Conference in the city of Valencia. Please find below the Conference Agenda.


Thursday, May 25th, 2006



09:00           CESAR ALIERTA
                EXECUTIVE CHAIRMAN AND CEO OF TELEFONICA GROUP
 
09:45           ANTONIO VIANA- BAPTISTA 
                EXECUTIVE CHAIRMAN OF TELEFONICA MOVILES 
 
11:30           PETER ERSKINE
                EXECUTIVE CHAIRMAN OF O2
 
12:15           JAIME SMITH
                EXECUTIVE CHAIRMAN OF CESKY TELECOM 
 
15:00           LUIS LADA
                EXECUTIVE CHAIRMAN OF TELEFONICA DE ESPANA 
 
16:00           JOSE MARIA ALVAREZ-PALLETE
                EXECUTIVE CHAIRMAN OF TELEFONICA LATINOAMERICA 






Friday, May 26th, 2006



9:30           JULIO LINARES
               GENERAL MANAGER FOR COORDINATION, BUSINESS DEVELOPMENT AND
               SYNERGIES

11:00          SANTIAGO FERNANDEZ VALBUENA
               CHIEF FINANCIAL OFFICER OF TELEFONICA

12:00          CESAR ALIERTA
               EXECUTIVE CHAIRMAN AND CEO OF TELEFONICA GROUP 


12:15          JOINT Q&A SESSION





Live broadcasting of presentations is available to any interested party at:
http://www.telefonica.es/accionistaseinversores/ .



Likewise, all the presentations will be sent to the Spanish National Securities
Market Commission and the different securities markets where the Company's
securities are traded. All the aforesaid presentations will also be available to
the shareholders and investors on the Company's website: http://
www.telefonica.es/valencia2006/eng.



 Madrid, May 24th, 2006




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