Tentative Schedule for AGM

Telefonica SA
28 February 2007

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 today, has
decided to tentatively schedule the Annual General Shareholders' Meeting of the
Company for May 9th, 2007, at first call, or May 10th, 2007, at second call.


Madrid, February 28th, 2007




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