Doc re. AGM Documentation

Telefonica SA
06 April 2004



Telefonica has submitted to the UK Listing Authority two copies of the documents
stated below to be made available to the shareholders of the Company so that
they can exercise their right of information:

  • The Individual Annual Accounts and the proposed application of the results
    of 'Telefonica, S.A.', and the Consolidated Annual Accounts of the corporate
    group whose parent company is 'Telefonica, S.A, all for the 2003 financial
    year.

  • The Management Report of 'Telefonica, S.A.' and the consolidated
    Management Report for the corporate group whose parent company is
    'Telefonica, S.A.', all for the financial year 2003.

  • The audit reports of the account auditor 'Deloitte & Touche Espana, S.L.'
    for the Individual Annual Accounts of 'Telefonica, S.A.' and the Group
    Consolidated Annual Accounts for 2003.

  • The complete text of proposals of resolutions regarding the Agenda
    prepared by the Board of Directors, to be submitted for deliberation and if
    appropriate approval by the General Meeting, particularly the complete text
    of the proposed Regulations of the General Meeting of Shareholders, to be
    submitted for the approval of the General Meeting. These proposals have been
    filed under RNS No. 2891X on April 2nd, 2004.

In addition, attached we submit two copies of the documents stated below to be
made available to shareholders in relation to that General Meeting, and that
have been previously filed under RNS No 2307X and RNS No 3272W, respectively:

  • The Amended Text of the Regulations of the Board of Directors of
    'Telefonica, S.A.' as approved by it on March 31st, 2004.

  • The Annual Report on Corporate Governance approved by the Board of
    Directors of 'Telefonica, S.A.' on February 25th, 2004

These documents 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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