Relevant event clarification

Telefonica SA
30 April 2003


                           JOAQUIN DE FUENTES BARDAJI

                             General Vice Secretary

                  and Vice Secretary of the Board of Directors

                              TELEFONICA, S.A.


                CLARIFICATION OF THE REPORT OF SIGNIFICANT EVENT


TELEFONICA S.A., as provided in article 82 of the Spanish Stock Market Act
(Ley del Mercado de Valores), has reported under RNS No. 5912K the Significant
Event represented by GRUPO PLANETA's acquisition of a 25.1% equity interest in
ANTENA 3 de TELEVISION, S.A. owned by TELEFONICA, S.A.

For the sake of avoiding any doubts in the interpretation of that Significant
Event, the Company hereby communicates that:

'The aforesaid sale-purchase is subject to a subsequent condition in the event
that the shares of ANTENA 3 de TELEVISION S.A. were not listed for trading in
the Spanish stock market'.


                                                     In Madrid, April 30th, 2003


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