Additional Listing

Telefonica SA
12 December 2000


Telefonica S.A. (Symbol: TEF) has made an application to the U.K. Listing
Authority ('UKLA') and the London Stock Exchange for 3,695,120 additional
ordinary shares of Telefonica S.A. each to be admitted to the Official List
of the UKLA and to be admitted to trading on the London Stock Exchange.

The new ordinary shares, which are listed on the Madrid Stock Exchange, were
issued to address the exchange of 36,136 exchangeable bonds of Telefonica
Europe B.V. for shares in Telefonica, S.A.

Admission to the Official List is expected to take effect, and dealings are
expected to commence on 13th November, 2000.