Doc re. BellSouth Agreement

Telefonica SA
09 March 2004



Further to the significant events filed under RNS Number 1475W and 2582W
respectively, Telefonica has submitted to the UK Listing Authority two copies of
the presentation 'Consolidation of leadership in Latin America' on the agreement
reached with the United States company BellSouth.

This document 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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