Listing on Lima Stock Exch

Telefonica SA
2 March 2000

                              PUBLIC NOTICE

'TELEFONICA, S.A', pursuant to Section 82 of the Securities Market Law and
Circular 14/1998 of the Spanish National Securities Commission, dated December
28, 1998, hereby notifies the Spanish National Securities Commission, of the
following


                              RELEVANT FACT


As of today, March 1, 2000 - and as one more of the milestones in the process
formally initiated with the resolutions adopted by the Board of Directors on
January 12th and by the Extraordinary General Shareholders' Meeting on February
4th of this year, of which the Spanish National Securities Commission has been
timely informed - the shares of 'Telefonica, S.A.' have been listed on the Lima
(Peru) stock exchange.