Listing Particulars

Telefonica SA
12 March 2003


PUBLICATION DATE:      March 12th, 2003

Application has been made to the UK Listing Authority for the following
securities to be admitted to the Official List.

DETAILS OF ISSUE:           97,213,225 shares (nominal value 1.00 Euro each)
issued to holders of record of Telefonica, S.A. shares in the proportion of one
new share for every fifty shares issued and outstanding on the record date and
be charged to freely disposable reserves.

ISSUER:                    Telefonica , S.A.

A copy of the above document has been submitted to the UK Listing Authority, and
will shortly be available for inspection at the UK Listing Authority's Viewing
Facitility, which is situated at:

        Financial Services Authority
        25 The North Colonnade
        Canary Wharf
        London
        E14 5HS


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