Result of Meeting

Telefonica SA
7 February 2000

                  OUTCOME OF TELEFONICA'S GENERAL 
             EXTRAORDINARY GENERAL SHAREHOLDER'S MEETING

The Extraordinary Shareholders' Meeting held on February 4th, at second call,
approved all the proposals that the Board of Directors had agreed to submit to
the deliberation and approval of the aforementioned Meeting.

Included in point 1 of the Agenda, the Meeting approved the naming of the
following, as Company Board members for the five year period set forth in the by
laws:

Luis Martin de Bustamante Vega, Jose Maria Mas Millet and Antonio
Viana-Baptista, who will take up the vacancies resulting from the resignations
presented by Javier Revuelta del Peral, Juan Antonio Sargadoy Bengoechea and
Juan Perea Saenz de Buruaga.

The Extraordinary General Shareholders' Meeting was accordingly constituted, as
previously mentioned, at second call, with the attendance, present or
represented, of the holders of 1,330,330,423 shares, presenting 40.77% of the
Company's share capital.

Finally, all the resolutions were approved by a majority higher than 2/3 of the
shares present or represented at the Meeting.

                                                     Madrid, February 7th, 2000