Tentative schedule for AGM

Telefonica SA
29 March 2006



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 March 29th,
2006, has decided to tentatively schedule the Annual General Shareholders'
Meeting for June 20th , at first call, or on the day after, that is, June 21st ,
2006, 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, March 29th, 2006







                      This information is provided by RNS
            The company news service from the London Stock Exchange