Telefonica treasury stock

Telefonica SA
30 April 2004


                            ANTONIO J. ALONSO UREBA

                          Director, General Secretary

                    and Secretary to the Board of Directors

                              TELEFONICA, S.A.


Telefonica S.A., as provided in article 82 of the Spanish Stock Market Act (Ley
del Mercado de Valores), hereby


                                    NOTIFIES


That, on April 29th , 2004 Telefonica, S.A. held 75.9 million own shares as
treasury stock representing 1.532% of the company stock.


Madrid, April 30th , 2004


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