Redemption of Bonds-Amendment

Telefonica SA
13 March 2001


The issuer has made the following amendment to the Redemption of Bonds
announcement released on the 9th March 2001 at 13:13 under
RNS No 2144A.

The announcement should refer to ISIN code number ES0278430774 and repayment of 
100% and not ISIN code number ES0278430717 and repayment of  360% as originally
shown.

All other details remain unchanged.


TELEFONICA, S.A., in accordance with that stated in article 82 of the Spanish
Stock Market Law hereby announces the following:

On April 17th of this year, and in compliance with the conditions stated in the
Prospectus for the Bond Issue 'April 1991 A' (ISIN code number ES0278430774),
registered with the Spanish National Securities Commission on February 5th,
1991, the 100,000 bonds of the issue will be totally redeemed through the
repayment of the 100% of their nominal value of Ptas 100,000 each.


Madrid March 8th 2001