Tentative schedule for AGM

Telefonica SA
25 February 2004


                            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 Telefonica, S.A., at its meeting held on February
25th, 2004, has decided to tentatively schedule the 2004 Annual General
Shareholders' Meeting for April 29th, at first call, or on the day after, that
is, April 30th, 2004, at second call.

The formal call of the Annual General Shareholders' Meeting of the Company is
expected to be submitted for the approval of the Board of Directors at the
meeting scheduled for March 31st, 2004.


Madrid, February 25th, 2004


                      This information is provided by RNS
            The company news service from the London Stock Exchange