Result of Board Meeting

Telefonica SA
05 May 2003




                            ANTONIO J. ALONSO UREBA

                          Director, General Secretary

                    and Secretary to the Board of Directors

                              TELEFONICA, S.A.








TELEFONICA, S.A., as provided in article 82 of the Spanish Stock Market Act
(Ley del Mercado de Valores), hereby reports the following


                               SIGNIFICANT EVENT



The Board of Directors of the Company, at its meeting held on April 30th, 2003
agreed to appoint Mr. Jose Antonio Fernandez Rivero as Vice-Chairman of the
Board of Directors. Likewise, at this same Board meeting the appointment of Mr.
Jesus Maria Cadenato Matia to the Standing Committee was resolved.





                                                           Madrid, May 5th, 2003


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