TEM dividend payment date

Telefonica SA
14 May 2003

                               SIGNIFICANT EVENT




Telefonica Moviles, S.A., subsidiary of Telefonica. S.A, in compliance with
article 82 of Spanish Securities Market Law 24/1988, and related provisions, and
in order to make it public as the notification of a Significant Event has
informed, as additional information to the resolutions passed by the General
Ordinary Shareholders Meeting of Telefonica Moviles, S.A. held on April, 1st,
2003, regarding the payment of a dividend to each of the Company's outstanding
shares, in an amount of 0.175 euros, with a charge to the 'Issuance Premium',
that the mentioned payment will take place on June 18, 2003.






                                                             Madrid May 14, 2003









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