TEF 4th Investor Conference

Telefonica SA
25 April 2005



                            RAMIRO SANCHEZ DE LERIN
                             General Vice Secretary
                  and Vice Secretary to the Board of Directors
                              TELEFONICA, S.A.

                                     NOTICE


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


On April 25th and 26th, 2005, Telefonica Group will host its Fourth Investor
Conference in the city of Barcelona. Over these two days the Company will
discuss outlook, strategy and major business segments.


AGENDA & PRESENTATIONS


Monday, April 25th, 2005

 
11:00 a.m.    CESAR ALIERTA
 
              EXECUTIVE CHAIRMAN AND CEO OF TELEFONICA GROUP
 
12:00 p.m.    JULIO LINARES
 
              EXECUTIVE CHAIRMAN OF TELEFONICA DE ESPANA
 
1:15 p.m.     LUNCH
 
3:15 p.m.     JOSE MARIA ALVAREZ-PALLETE
 
              EXECUTIVE CHAIRMAN OF TELEFONICA LATINOAMERICA
 
4:30 p.m.     END OF SESSION. OPPORTUNITY TO VISIT THE DEMONSTRATION AREA.
 
              OFFICIAL DINNER
 
Tuesday, April 26th, 2005
 
9:00 a.m.     ANTONIO VIANA- BAPTISTA
          
              EXECUTIVE CHAIRMAN OF TELEFONICA MOVILES
 
10:30 a.m.    COFFEE BREAK
 
11:00 a.m.    SANTIAGO FERNANDEZ VALBUENA
 
              CFO AND GENERAL MANAGER OF SHARED RESOURCES OF TELEFONICA GROUP
 
12:00 p.m.    CESAR ALIERTA
          
              EXECUTIVE CHAIRMAN AND CEO OF TELEFONICA GROUP
 
12:15 p.m.    JOINT Q&A SESSION
 
1,00 p.m.     END OF CONFERENCE AND COCKTAIL



All the presentations will be available to investors and shareholders at the
Company's website: http://www.telefonica.es/barcelona2005/eng.




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