Telefonica's CFO presentation

Telefonica SA
14 December 2004







Telefonica has submitted to the UK Listing Authority two copies of the
presentation  of Santiago Fernandez Valbuena, CFO of Telefonica Group, for the
Morgan Stanley Forum held in Barcelona (Spain) on November 18th, 2004.This
presentation has been filed with the Spanish National Securities Market
Commission.

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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