Doc re. transition to IFRS

Telefonica SA
31 March 2005




Telefonica has submitted to the UK Listing Authority two copies of the
presentation 'Progress report on the transition to IFRS, preliminary impacts &
2005 guidance', that explains all major financial impacts of the new
International Reporting Standards (IFRS) in its accounts and provides basic
financial guidance for 2005 under the new accounting standards.

This document will shortly be available for inspection at the UK Listing
Authority's Document Viewing Facility, which is situated at:


Financial Services Authority

25 The North Colonnade

Canary Wharf

London

E14 5 HS


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