Tentative schedule for 2005

Telefonica SA
23 February 2005





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




                               SIGNIFICANT EVENT


The Board of Directors of Telefonica, S.A., at its meeting held on February
23rd, 2005, has decided to tentatively schedule the 2005 Annual General
Shareholders' Meeting for May 24th, at first call, or on the day after, that is,
May 25th, 2005, at second call.


In this respect, it is hereby stated that, as in previous occasions, the Annual
General Shareholders' Meeting is expected to be held on second call.







Madrid, February 23rd, 2005





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