Result of Meeting

Telefonica SA
31 May 2001


'TELEFONICA, S.A.', in accordance with that set forth in article 82 of Stock
Market Law, hereby presents this document in order to announce the following:


                              SIGNIFICANT EVENT

The Board of Directors of 'Telefonica, S.A.', at its meeting held today,
approved the appointing of the Director Alfonso Ferrari Herrero as a member of
the Appointments and Compensation Committee that pertains to the Board.

Madrid, May 30th 2001

SPANISH NATIONAL SECURITIES MARKET COMMISSION
- MADRID -