1st Quarter Results - Part 2

Telefonica SA
16 May 2002

PART 2

  Telefonica Group
  Market Size

  Unaudited figures                                                                                   (Thousands)
                                       January - March         % Chg. 02/01    Weigthed (*)       % Chg. 02/01
                                    2002            2001                      2002      2001

  Lines in service                    45.410,2        43.259,1       5,0     39.632,2  37.553,9   5,5
  In Spain                            21.100,5        20.600,3       2,4     21.100,5  20.600,3   2,4
  In other countries(1)               24.309,7        22.658,8       7,3     18.531,7  16.953,6   9,3

  Cellular customer                   33.271,5        27.163,5      22,5     24.607,1  19.292,6  27,5
  In Spain                            17.315,0        14.246,3      21,5     16.051,0  13.192,1  21,7
  In other countries(2)               15.956,5        12.917,2      23,5      8.556,1   6.100,5  40,3

  Pay TV Services (3)                  1.148,9         1.025,2      12,1        727,0     655,2  11,0
  In Spain                               808,3           674,0      19,9        393,1     327,8  19,9
  In other countries                     340,6           351,2     (3,0)        333,9     327,4   2,0

  Total                               79.830,6        71.447,8      11,7     64.966,3  57.501,7  13,0


  (*) Weighted by the equity interest in each of the companies.
  (1) Lines in service: includes all in service as of March 2002 and 2001 , for Telefonica de Espana,
  Telefonica CTC Chile, Telefonica de Argentina, Telefonica del Peru, Telesp and CanTV.
  (2) Cellular customers: includes all cellular customers of Telefonica Servicios Moviles Espana,
  MediTelecom, Telefonica Movil Chile, TCP Argentina, Telefonica Moviles Peru, CRT Celular,
  TeleSudeste Celular, NewCom Wireless Puerto Rico, Telefonica Moviles Guatemala, Telefonica Moviles
  El Salvador, Telefonica Moviles Mexico, Quam and CanTV Celular.
  (3) Pay TV services: includes all pay TV customers of Via Digital in Spain and Cable Magico in Peru



  Telefonica Group
  Selected Financial Data

  Unaudited figures                                                                           (Euros in millions)
                                                     January-March                    % Chg. 02/01
                                                    2002        2001

  Operating revenues                               7.418,6    7.603,3          (2,43)
  EBITDA                                           3.044,7    3.128,2          (2,67)
  Operating profit                                 1.208,0    1.355,6         (10,88)
  Income before taxes                             (143,02)      523,9       c.s.
  Net income                                         121,1      431,8          (72,0)
  Net incomer per share                               0,03       0,09          (72,8)

  Avg. No of shares, millions (1)                4.765,4    4.621,5             3,1



  (1) Average number of shares of the period. It includes capital increases to fund the acquisition of the
  cellular companies from Motorola, as well as the issuance of new shares with respect to convertible bonds,
  weighted for the number of days listed. Bonus capital increases charged to reserves, which do not involve any
  change in the ownership structure, are considered as of 1st of January The total number of shares at the end of
  the period is 4,765,354,202



  Telefonica Group
  Results by Companies

  Unaudited figures                                                                                     (Euros in
                                                                                                        millions)
                                 REVENUES                  EBITDA                     OPERATING PROFIT
                              January-March            January-March                   January-March
                          2002    2001    % Chg.   2002    2001    % Chg.   2002    2001           % Chg.
  Telefonica de Espana   2.518,7 2.588,7  (2,7)   1.126,9 1.255,7 (10,3)     448,1   579,0 (22,6)
  G.
  Cellular Businesses    2.348,8 2.021,6   16,2     940,8   754,5   24,7     580,2   430,7   34,7
  Telefonica             2.155,1 2.594,7 (16,9)   1.050,0 1.291,5 (18,7)     419,0   634,4 (33,9)
  Latinoamerica G.
  Telefonica Data G.       456,8   406,4   12,4      16,9     7,3  133,3    (37,7)  (32,5)  15,8
  Terra-Lycos G.           159,5   177,2 (10,0)    (46,8)  (82,7) (43,4)    (87,2) (115,2) (24,3)
  Directories Businesses    68,0    51,6   31,7       6,9  (10,9)  c.s.      (0,5)  (16,3) (96,7)
  Admira Media G.          217,8   283,7 (23,2)       6,8    10,5 (35,4)     (9,0)   (6,7)  33,7
  Atento G.                156,4   153,5    1,9      10,4    11,4  (8,5)    (12,9)   (4,8)  169,7
  Others affiliates        294,4   297,3  (1,0)    (49,0)  (55,8) (12,2)    (93,3)  (80,0)   16,7
  Eliminations           (956,9) (971,4)  (1,5)    (18,2)  (53,0) (64,9)       1,4  (33,1)  c.s.

  Group                  7.418,6 7.603,3  (2,4)   3.044,7 3.128,2  (2,7)   1.208,0 1.355,6 (10,9)






  Telefonica S.A.
  Consolidated Income Statement Full Consolidation

  Unaudited figures                                                                                     (Euros in
                                                                                                        millions)
                                                                                    January-March
                                                                       2002         2001          % Chg.

  Operating revenues                                                   7.418,6         7.603,3    (2,4)
  Internal expend cap. In fixed assets (1)                               102,4           110,2    (7,1)
  Operating expenses                                                 (4.344,8)       (4.410,9)    (1,5)
  Supplies                                                           (1.774,9)       (1.651,2)      7,5
  Personnel expenses                                                 (1.273,0)       (1.333,4)    (4,5)
  Subcontracts                                                       (1.174,0)       (1.293,4)    (9,2)
  Taxes                                                                (123,0)         (132,8)    (7,4)
  Other operating income (expense) net                                 (131,4)         (174,4)   (24,6)

  EBITDA                                                               3.044,7         3.128,2    (2,7)

  Depreciation and amortization                                      (1.836,6)       (1.772,7)      3,6

  Operating profit                                                     1.208,0         1.355,6   (10,9)

  Profit from associated companies                                     (126,8)         (141,1)   (10,1)
  Financial income (expense) net                                       (856,1)         (487,7)     75,6
  Amortization of goofwill                                             (170,0)         (232,1)   (26,8)
  Extraordinary income (expense) net                                   (198,2)            29,3   c.s.

  Income before taxes                                                  (143,0)           523,9   c.s.

  Income taxes                                                           179,1         (205,0)   c.s.

  Net income before minority interests                                    36,1           319,0   (88,7)

  Minority interests                                                      84,9           112,8   (24,7)

  Net income                                                             121,1           431,8   (72,0)

  Average shares (millions) (2)                                        4.765,4         4.621,5      3,1
  Net income per share                                                    0,03            0,09   (72,8)


  (1) Including work in process.
  (2) Average number of shares of the period. It includes capital increases to fund the acquisition of
  the cellular companies from Motorola, as well as the issuance of new shares with respect to
  convertible bonds, weighted for the number of days listed. Bonus capital increases charged to
  reserves, which do not involve any change in the ownership structure, are considered as of 1st of
  January The total number of shares at the end of the period is 4,765,354,202



  Telefonica S.A.
  Consolidated Balance Sheet

  Unaudited figures                                                                               (Euros in millions)
                                                                  March                % Chg. 02/01
                                                            2002        2001
  Subscribed shares not pad-in                               350,4       477,3        (26,6)
  Long-term assets                                        62.140,9    67.527,5         (8,0)
  Start up expenses                                          725,8       517,1          40,4
  Intangible net assets                                   17.100,3    19.952,3        (14,3)
  Fixed net assets                                        34.987,7    39.094,9        (10,5)
  Investment                                               9.327,3     7.963,3          17,1

  Goodwill on consolidation                                8.769,2     8.894,2         (1,4)
  Deferred expenses                                          690,4       831,0        (16,9)

  Current assets                                          13.719,2    16.107,1        (14,8)
  Inventories                                                839,5       849,5         (1,2)
  Accounts receivable                                      8.753,4    10.488,1        (16,5)
  Short-term investments                                   2.958,5     3.430,0        (13,7)
  Cash and banks                                             651,7       620,9           5,0
  Others                                                     516,1       718,6        (28,2)

  Assets = Liabilities                                    85.670,1    93.837,2         (8,7)

  Shareholder's equity                                    24.845,9    26.052,9         (4,6)
  Minority interests                                       7.351,9     9.316,2        (21,1)
  Badwill on consolidation                                    10,2        87,5        (88,3)
  Deferred income                                          1.340,9     1.565,3        (14,3)
  Provisions for risks and expenses                        5.720,8     6.695,6        (14,6)
  Long-term debt                                          25.921,5    23.633,6           9,7
  Accrued taxes payable                                    1.412,7     1.696,8        (16,7)
  Short-term debt including current maturities             9.126,0     9.997,9         (8,7)
  Interest payable                                           356,8       437,0        (18,3)
  Others crediters                                         9.583,4    14.354,4        (33,2)

  Financial Data
  Consolidated net debt (1)                               28.684,0    29.580,6         (3,0)
  Consolidated debt ratio (2)                                45,0%       43,4%       1,6p.p.


  (1) Net debt: Long-term debt (excluding debt with minority partners) + Short-term debt including current maturities
  - Short-term investments - Cash and banks.
  (2) Debt ratio: Net debt /(Shareholders' equity + Minority interests + Deferred income + Accrued taxes payable +
  Net debt)




  Telefonica de Espana Group
  Selected Operating Data

  Unaudited figures
                                                                       March                   % Chg. 02/01
                                                              2002              2001

  Lines in service (thousands) (1)                             21.100,5          20.599,1                2,4%
  PSTN lines                                                   15.937,9          16.320,1              (2,3%)
  ISDN basic access                                             830.025           712.830               16,4%
  ISDN primary access                                            15.062            14.551                3,5%
  ADSL connections                                              527.604            87.220              504,9%
  Employees                                                      40.810            41.095              (0,7%)
  Lines/employees (1)                                             517,0             501,3                3,2%
  Traffic (million of minutes)                                   35.160            34.004                3,4%
  % ADSL coverage (2)                                             81,3%             66,2%           15,1 p.p.


  (1) Basic telephony lines (including public telephones, Ibercom, ISDN -basic access-, ADSL connections and
  connections lines with PABX)
  (2) Degree of effective ADSL coverage for Basic Service.




    Telefonica de Espana Group
    Operating Revenues (Individual)

    Unaudited figures                                                                           (Euros in millions)
                                                                                    January-March
                                                                     2002      2001               % Chg.

    Revenue derived from usage                                       1.286,8   1.492,7   (13,8)
    Local                                                              424,3     488,7   (13,2)
    Provincial                                                         122,6     145,5   (15,7)
    Domestic long distance                                             177,1     249,7   (29,1)
    International long distance (outgoing) (1)                          99,2     173,5   (42,8)
    Fixed to mobile                                                    355,1     375,3    (5,4)
    Interconnection International (Incoming)                            74,2      65,1     13,9
    Interconnection National Operators (1)                             109,4     123,2   (11,2)
    Others (2)                                                        (67,9)   (122,7)   (44,7)

    Monthly fee                                                        940,8     816,3     15,3
    Connection fee                                                      59,0      64,2    (8,1)
    Customer equipments                                                 76,6      65,3     17,4
    Others                                                              60,7      55,2     10,0

    Total operating revenues                                         2.424,0   2.493,7    (2,8)


    (1) Net of foreign participation
    (2) Including discounts, special services, IRIS services and others.





   Telefonica de Espana Group
   Consolidated Income Statement

   Unaudited figures                                                                            (Euros in millions)
                                                                                  January-March
                                                                  2002        2001                % Chg.

   Operating revenues                                              2.518,7     2.588,7   (2,7)
   Telefonica de Espana                                            2.424,0     2.493,7   (2,8)
   Others and eliminations                                            94,6        95,0   (0,4)
   Internal expend capitalized in fixed assets (1)                    41,0        42,9     4,3
   Operating expenses                                            (1.408,3)   (1.355,6)     3,9
   Other operating income (expense) net                             (24,5)      (20,3)    20,8

   EBITDA                                                          1.126,9     1.255,7  (10,3)

   Depreciation and amortization                                   (678,8)     (676,7)     0,3

   Operating profit                                                  448,1       579,0  (22,6)

   Profit from associated companies                                  (0,3)         0,0  n.s.
   Financial income (expense) net                                  (101,7)     (104,9)   (3,0)
   Amortization of goodwill                                          (1,2)       (0,1)  n.s.
   Extraordinary income (expense) net                               (66,1)        51,6  c.s.

   Income before taxes                                               278,8       525,7 (47,0)

   Income taxes                                                     (46,3)     (143,1) (67,7)

   Net income before minority interests                              232,5       382,6 (39,2)

   Minority interests                                                  0,0         0,0   0,0

   Net income                                                        232,5       382,6 (39,2)


   (1) Including works in process


  Telefonica Latinoamerica Group
  Companies Financial Data

  Unaudited figures                                                                             (Euros in millions)
                                                                         January - March
                                                 2002       2001                         % Chg
  Telesp (1)

  Operating revenues                           1.138,8    1.101,2                  3,4
  EBITDA                                         581,5      563,0                  3,3
  EBITDA margin                                  51,1%      51,1%           (0,1 p.p.)

  Telefonica de Argentina
  Operating revenues                             342,9      712,5               (51,9)
  EBITDA                                         179,0      370,0               (51,6)
  EBITDA margin                                  52,2%      51,9%             0,3 p.p.

  Telefonica CTC Chile
  Operating revenues                             335,6      353,6                (5,1)
  EBITDA                                         140,4      140,9                (0,4)
  EBITDA margin                                  41,8%      39,8%             2,0 p.p.

  Telefonica del Peru
  Operating revenues                             342,6      324,3                  5,6
  EBITDA                                         159,3      166,6                (4,4)
  EBITDA margin                                  46,5%      51,4%           (4,9 p.p.)


  Note: EBITDA before management fees
  Note: Data for Telefonica de Argentina include the ISP business of Advance, while those of Telefonica CTC Chile
  and Telefonica del Peru include Sonda and CableMagico, respectively.
  (1) EBITDA before management fee includes Sistel adjustment for both '01 and '02, plus 4.6 million euros in 2002,
  taken from inventory reserves.



  Telefonica Latinoamerica Group
  Selected Operating Data

  Unaudited figures
                                                                                     January-March
                                                                        2002           2001             % Chg.

  Lines in service (thousands)                                           21.614         20.024                7,9%
  Telesp                                                                 12.577         11.195               12,3%
  Telefonica de Argentina                                                 4.546          4.392                3,5%
  Telefonica CTC Chile                                                    2.746          2.726                0,8%
  Telefonica del Peru                                                     1.745          1.712                1,9%

  ADSL connections                                                      273.432         66.751
  Telesp                                                                215.671         61.203              252,4%
  Telefonica de Argentina                                                28.613          2.180         n.s.
  Telefonica CTC Chile                                                   19.642          1.701         n.s.
  Telefonica del Peru (1)                                                 9.506          1.667              470,2%

  % ADSL coverage
  Telesp                                                                    70%            61%            8,9 p.p.
  Telefonica de Argentina                                                   56%            48%            8,4 p.p.
  Telefonica CTC Chile                                                      60%            31%           29,0 p.p.
  Telefonica del Peru                                                       56%            44%           11,7 p.p.

  Total traffic (million of minutes) (2)                                 27.960         26.297                6,3%
  Telesp                                                                 17.285         14.759               17,1%
  Telefonica de Argentina                                                 5.174          5.484              (5,6%)
  Telefonica CTC Chile                                                    3.756          3.953              (5,0%)
  Telefonica del Peru                                                     1.745          2.101             (16,9%)

  Employees (3)                                                          30.369         34.818             (12,8%)
  Telesp                                                                 10.557         13.472             (21,6%)
  Telefonica de Argentina                                                 8.665          8.940              (3,1%)
  Telefonica CTC Chile                                                    6.163          7.444             (17,2%)
  Telefonica del Peru                                                     4.984          4.962                0,4%

  Lines/Employees (4)                                                       712            575               23,7%
  Telesp                                                                  1.191            831               43,4%
  Telefonica de Argentina                                                   525            491                6,8%
  Telefonica CTC Chile                                                      812            599               35,7%
  Telefonica del Peru                                                       480            345               39,0%


  Note: The data for Telefonica CTC Chile are for Fixed Telephony (FTO) and Sonda. TdP data include FTO and
  Cablemagico.
  TASA modified its fiscal year. Therefore, the data are for the January-March '01 and January-March '02 periods
  (1) For TdP, includes CABLENET lines in service.
  (2) Includes total local traffic billed and incoming and outgoing LDN and LDI.
  (3) Telesp includes effective endowment made by Telesp, Assist and long distance in both March 2002 and March 2001.
  TASA includes effective endowment made by the company, including Interactiva, a criterion adopted retroactively. In
  CTC, the number of employees as of March 2001 includes employees assigned to CSC for the current fiscal year.
  (4) Calculated ratio with effective endowment made by Fixed Telephony Operator (FTO). In CTC is not included Istel
  employees or repairers and installers.



   Telefonica Latinoamerica Group
   Consolidated Income Statement

   Unaudited figures                                                                            (Euros in millions)
                                                                                  January-March
                                                                  2002        2001                % Chg.

   Operating revenues                                              2.155,1     2.594,7  (16,9)
   Internal expend capitalized in fixed assets (1)                    26,4        44,7  (40,8)
   Operating expenses                                            (1.042,5)   (1.278,2)  (18,4)
   Other operating income (expense) net                             (89,1)      (69,8)    27,6

   EBITDA                                                          1.050,0     1.291,5  (18,7)

   Depreciation and amortization                                   (631,0)     (657,1)   (4,0)

   Operating profit                                                  419,0       634,4  (33,9)

   Profit from associated companies                                    0,9       (2,0)  c.s.
   Financial income (expense) net                                  (574,8)     (197,9)   190,4
   Amortization of goodwill                                         (22,1)      (20,6)     7,2
   Extraordinary income (expense) net                               (12,7)      (76,3) (83,3)

   Income before taxes                                             (189,8)       337,6  c.s.

   Income taxes                                                      132,6     (121,4)  c.s.

   Net income before minority interests                             (57,2)       216,2  c.s.

   Minority interests                                               (15,4)      (41,7)  (63,1)

   Net income                                                       (72,6)       174,5  c.s.


   (1) Including works in process




          Telefonica Moviles Group
          Selected Operating Data

          Unaudited figures                                                                       (Thousands)
                                                                     CELLULAR CUSTOMERS
                                                    March - 2002         % Chg. 02/01    Weighted % Partic(1)

          T Moviles Espana                              17.315                21,5%       16.051
          Celular CRT                                    1.867                21,0%          699
          TeleSudeste Celular                            3.123                20,0%        2.408
          TeleLeste Celular                                851                19,1%          219
          TCP Argentina                                  1.696               (8,4%)        1.540
          T Moviles Peru                                 1.131                22,8%        1.027
          TEM El Salvador                                  221               (7,1%)          125
          TEM Guatemala                                    142               (7,3%)           89
          NewCom Wireless Puerto Rico (2)                  186                 9,8%         -
          Telefonica Moviles Mexico                      1.250                21,1%        1.158
          Medi Telecom                                   1.235               113,6%          349
          Telefonica Movil Chile (3)                     1.651                27,5%          721
          Quam                                              91              -                 48

          Total Managed                                 30.760                21,4%       24.434


          (1) Number of lines weighted for the Telefonica Group's stake in each company.
          (2) Managed by TEM
          (3) Managed by TEM and part-owned by the Telefonica Group.





    Telefonica Moviles Espana
    Selected Operating Data

    Unaudited figures                                                                                  (Thousands)
                                                                                   January-March
                                                                        2002           2001           % Chg.

    Cellular subscribers                                                 17.315        14.246    21,5%
    Contract                                                              5.465         4.922    11,0%
    Prepaid                                                              11.849         9.324    27,1%

    Subscribers net adds in year to date (a)
    Contract                                                                166           155     7,1%
    Prepaid                                                                 355           422   -15,8%

    TME Penetration (b)                                                   41,5%         34,2%    21,5%
    Total airtime minutes, in millions (a)                                7.102         6.080    16,8%
    SMS                                                                   1.744         1.277    36,6%
    Employees                                                             4.388         4.091     7,3%


    (a) January-March accumulated data.
    (b) Telefonica Moviles Espana cellular lines / 100 inhabitants



   Telefonica Moviles Group: Participated Companies
   Selected Operating Data

   Unaudited figures                                                                                     (Thousands)
                                                                                    January-March
                                                                        2002            2001            % Chg.

   Europe and Mediterranean area customers                               18.641         14.824    25,7%
   Contract                                                               5.568          4.954    12,4%
   Prepaid                                                               13.073          9.870    32,5%

   Latin America customers (1)                                           10.282          8.022    28,2%
   Contract                                                               3.194          3.022     5,7%
   Prepaid                                                                7.088          5.001    41,7%

   Total minutes (2)                                                      9.884          8.488    16,4%


   (1) Includes only Telefonica Moviles participations
   (2) January-March accumulated minutes of the TEM consolidated companies


  Telefonica Moviles Group
  Selected Financial Data

  Unaudited figures                                                               (Euros in millions)
                                                              January - March
                                             2002           2001                   % Chg
  Telefonica Moviles Espana
  Operating Revenues                        1.574,0        1.299,9          21,1%
  EBITDA                                      784,1          583,3          34,4%
  EBITDA Margin                               49,8%          44,9%       4,9 p.p.

  Brazilian Companies (1)
  Operating Revenues                          364,3          329,4          10,6%
  EBITDA                                      143,1          150,5          -4,9%
  EBITDA Margin                               39,3%          45,7%     (6,4 p.p.)

  Telefonica Moviles Mexico
  Operating Revenues                          126,6         -
  EBITDA                                       14,2         -
  EBITDA Margin                               11,2%         -

  TCP Argentina
  Operating Revenues                           73,9          196,3         -62,3%
  EBITDA                                       17,9           20,6         -13,1%
  EBITDA Margin                               24,2%          10,5%        14 p.p.

  Telefonica Moviles Peru
  Operating Revenues                           76,9           68,1          12,9%
  EBITDA                                       25,0           19,1          31,0%
  EBITDA Margin                               32,6%          28,1%       4,5 p.p.

  T. Moviles Guatemala and El Salvador
  Operating Revenues                           47,2           44,8           5,4%
  EBITDA                                       14,2          (5,7)       c.s.
  EBITDA Margin                               30,0%        (12,7%)       c.s.


  (1) TeleSudeste Celular, Teleleste and CRT Celular




   Mobile Business of Telefonica Group
   Consolidated Income Statement

   Unaudited figures                                                                            (Euros in millions)
                                                                                  January-March
                                                                  2002        2001                % Chg.

   Operating revenues                                              2.348,8     2.021,6    16,2
   Internal expend capitalized in fixed assets (1)                    22,8        16,1    41,6
   Operating expenses                                            (1.411,4)   (1.221,7)    15,5
   Other operating income (expense) net                             (19,3)      (61,6)  (68,7)

   EBITDA                                                            940,8       754,5    24,7

   Depreciation and amortization                                   (360,7)     (323,8)    11,4

   Operating profit                                                  580,2       430,7    34,7

   Profit from associated companies                                 (33,6)      (30,5)    10,2
   Financial income (expense) net                                   (92,5)     (103,3)  (10,4)
   Amortization of goodwill                                         (24,6)      (12,2)   101,7
   Extraordinary income (expense) net                                (5,5)      (48,9) (88,8)

   Income before taxes                                               424,0       235,9    79,7

   Income taxes                                                    (167,3)     (127,0)    31,7

   Net income before minority interests                              256,6       108,9   135,8

   Minority interests                                                 24,1        29,8 (19,2)

   Net income                                                        280,7       138,6   102,5


   (1) Including works in process



   Telefonica Moviles Group
   Consolidated Income Statement

   Unaudited figures                                                                            (Euros in millions)
                                                                                  January-March
                                                                  2002        2001                % Chg.

   Operating revenues                                              2.261,6     1.939,3    16,6
   Internal expend capitalized in fixed assets (1)                    22,8        16,1    41,6
   Operating expenses                                            (1.349,9)   (1.150,0)    17,4
   Other operating income (expense) net                             (17,8)      (54,2)  (67,2)

   EBITDA                                                            916,6       751,2    22,0

   Depreciation and amortization                                   (340,8)     (304,9)    11,8

   Operating profit                                                  575,8       446,2    29,0

   Profit from associated companies                                 (33,6)      (30,4)    10,2
   Financial income (expense) net                                   (77,8)      (84,9)   (8,4)
   Amortization of goodwill                                         (20,6)       (7,3)   183,3
   Extraordinary income (expense) net                                (4,7)      (47,7) (90,2)

   Income before taxes                                               439,1       275,9    59,2

   Income taxes                                                    (168,8)     (130,9)    29,0

   Net income before minority interests                              270,3       145,0    86,4

   Minority interests                                                 16,4         9,4  74,6

   Net income                                                        286,7       154,4    85,6


   (1) Including works in process




    Telefonica Data Group
    Consolidated Income Statement

    Unaudited figures                                                                           (Euros in millions)
                                                                                      January-March
                                                                        2002     2001             % Chg.

    Operating revenues                                                   456,8    406,4    12,4
    Internal expend capitalized in fixed assets (1)                        3,5      9,1  (61,2)
    Operating expenses                                                 (436,9)  (408,8)     6,9
    Other operating income (expense) net                                 (6,5)      0,6  c.s.

    EBITDA                                                                16,9      7,3  133,3

    Depreciation and amortization                                       (54,6)   (39,8)    37,2

    Operating profit                                                    (37,7)   (32,5)    15,8

    Profit from associated companies                                     (5,2)    (0,2)  n.s.
    Financial income (expense) net                                      (24,5)    (6,9)  254,8
    Amortization of goodwill                                            (20,2)   (20,4)  (1,2)
    Extraordinary income (expense) net                                   (5,1)    (3,5)  46,3

    Income before taxes                                                 (92,7)   (63,5)    46,0

    Income taxes                                                          33,5    (8,4)  c.s.

    Net income before minority interests                                (59,2)   (71,9)  (17,6)

    Minority interests                                                    15,7     11,4  37,7

    Net income                                                          (43,5)   (60,5)  (28,1)


    (1) Including works in process




    Admira Media Group
    Consolidated Income Statement

    Unaudited figures                                                                           (Euros in millions)
                                                                                      January-March
                                                                        2002     2001             % Chg.

    Operating revenues                                                   217,8    283,7  (23,2)
    Internal expend capitalized in fixed assets (1)                        0,2      0,1   396,0
    Operating expenses                                                 (213,2)  (273,4) (22,0)
    Other operating income (expense) net                                   1,9      0,2  n.s.

    EBITDA                                                                 6,8     10,5 (35,4)

    Depreciation and amortization                                       (15,8)   (17,2)   (8,4)

    Operating profit                                                     (9,0)    (6,7)    33,7

    Profit from associated companies                                    (65,2)   (30,4)   114,4
    Antena 3 TV                                                          (0,1)      8,4  c.s.
    Via Digital                                                         (31,4)   (33,2)  (5,4)
    Others                                                              (33,7)    (5,6)  502,4
    Financial income (expense) net                                      (37,1)   (21,2)    74,8
    Amortization of goodwill                                            (22,1)   (30,0)  (26,3)
    Extraordinary income (expense) net                                  (43,4)    (2,6)  n.s.

    Income before taxes                                                (176,8)   (90,9)    94,4

    Income taxes                                                          44,3     21,7   104,5

    Net income before minority interests                               (132,5)   (69,3)    91,3

    Minority interests                                                   (1,9)      6,1  c.s.

    Net income                                                         (134,3)   (63,2)   112,5


    (1) Including works in process
    Note: In March 2002, Onda Cero was consolidated within Antena 3.


   Terra-Lycos Group
   Selected Operating Data

   Unaudited figures
                                                                                   March 2002 March 2001    % Change
   Total Subscribers (million)                                                          4,9
   Access Subscribers (million)                                                         4,4       4,5          (2,5)
   % Pay                                                                                30%       24%       6,0 p.p.
   % Free                                                                               70%       76%     (6,0 p.p.)
   ADSL (thousand)                                                                      272        60          353,3
   Spain                                                                                122        36          238,9
   Latam                                                                                150        24          525,0
   Comm. Services+Portal Subscribers (million)                                         0,52    n.s.           -
   Total Pay Subscribers (million)                                                      1,8    n.s.           -
   Access                                                                               72%    n.s.           -
   Communication Services+Portal                                                        28%    n.s.           -
   Average daily page views (million)                                                   450       431            4,4
   Unique users (million)                                                               115        99           16,2



    Terra-Lycos Group
    Consolidated Income Statement

    Unaudited figures                                                                           (Euros in millions)
                                                                                      January-March
                                                                        2002     2001             % Chg.

    Operating revenues                                                   159,5    177,2  (10,0)
    Internal expend capitalized in fixed assets (1)                        0,3      0,1  198,2
    Operating expenses                                                 (200,9)  (252,7)  (20,5)
    Other operating income (expense) net                                 (5,5)    (7,3)  (25,2)

    EBITDA                                                              (46,8)   (82,7)  (43,4)

    Depreciation and amortization                                       (40,4)   (32,5)    24,4

    Operating profit                                                    (87,2)  (115,2)  (24,3)

    Profit from associated companies                                    (21,0)  (112,5)  (81,3)
    Financial income (expense) net                                        14,4     30,0  (51,9)
    Amortization of goodwill                                            (65,7)  (127,6)  (48,6)
    Extraordinary income (expense) net                                   (1,4)     65,5  c.s.

    Income before taxes                                                (160,8)  (259,8)  (38,1)

    Income taxes                                                          30,0     85,5  (64,9)

    Net income before minority interests                               (130,8)  (174,3)  (25,0)

    Minority interests                                                     0,6    (0,2)  c.s.

    Net income                                                         (130,2)  (174,5)  (25,4)


    (1) Including works in process


   TPI Group - Yellow Pages
   Operating figures in Spain

   Non audited data
                                                                                          March
                                                                                       2002  2001    % Var
   Books Published
   Yellow Pages                                                                          6     6       0,0
   White Pages                                                                           5     0    n.s.

   (Euro million)
   Revenue Breakdown
   Advertising                                                                         20,0  13,7     45,7
                              Publishing                                               14,2  10,3     38,7
                                                                     Yellow Pages      11,2  10,3      8,6
                                                                     White Pages        3,1   0,0   n.s.
                                                                     Other              0,0   0,0   n.s.
                              Internet                                                  4,9   2,8     73,9
                              Operator Assisted Yellow Pages                            0,9   0,6     34,4
   Operator                                                                             0,6   0,0   n.s.
   Other                                                                                0,7   1,0  (27,4)





  TPI-Paginas Amarillas Group
  Consolidated Income Statement

  Unaudited figures                                                                     (Euros in millions)
                                                                             January-March
                                                              2002     2001              % Chg.

  Operating revenues                                            62,9     24,6    156,1
  Operating expenses                                          (55,4)   (33,6)     64,7

  EBITDA                                                         7,5    (9,1)   c.s.

  Depreciation and amortization                                (7,0)    (3,8)     82,4

  Operating profit                                               0,6   (12,9)   c.s.

  Profit from associated companies                             (0,3)    (0,2)  (77,1)
  Financial income (expense) net                               (2,4)    (1,9)     23,0
  Amortization of goodwill                                     (0,8)    (0,5)   41,5
  Consolidation adjustments                                      0,3      0,0    ns
  Extraordinary income (expense) net                             0,1      0,1  (54,1)

  Income before taxes                                          (2,5)   (15,4)   (83,7)

  Income taxes                                                   1,7      5,4   (69,1)

  Net income before minority interests                         (0,9)   (10,0)   (91,5)

  Minority interests                                             3,3      2,3   44,1

  Net income                                                     2,5    (7,7)   c.s.





    Directories of Telefonica Group
    Consolidated Income Statement

    Unaudited figures                                                                         (Euros in millions)
                                                                                     January-March
                                                                       2002    2001             % Chg.
    Operating revenues                                                   68,0    51,6    31,7
    Internal expend capitalized in fixed assets (1)                       0,0   (0,8)  c.s.
    Operating expenses                                                 (56,2)  (56,9)   (1,2)
    Other operating income (expense) net                                (4,9)   (4,8)     0,9

    EBITDA                                                                6,9  (10,9)  c.s.

    Depreciation and amortization                                       (7,4)   (5,4)  38,8

    Operating profit                                                    (0,5)  (16,3)  (96,7)

    Profit from associated companies                                    (0,3)   (0,2)    76,8
    Financial income (expense) net                                      (6,4)   (5,8)     9,9
    Amortization of goodwill                                            (0,5)   (0,5) (13,1)
    Extraordinary income (expense) net                                  (0,0)     0,0  n.s.

    Income before taxes                                                 (7,7)  (22,8)  (66,2)

    Income taxes                                                          1,7     4,8  (65,7)

    Net income before minority interests                                (6,1)  (18,0) (66,3)

    Minority interests                                                    3,3     2,7    23,0

    Net income                                                          (2,7)  (15,3)  (82,1)


    (1) Including works in process
    Note: Includes all directory businesses of Grupo Telefonica from January 1, 2001







    Atento Group
    Consolidated Income Statement

    Unaudited figures                                                                           (Euros in millions)
                                                                                      January-March
                                                                        2002     2001             % Chg.
    Operating revenues                                                   156,4    153,5     1,9
    Internal expend capitalized in fixed assets (1)                        0,0      0,0  n.s.
    Operating expenses                                                 (145,9)  (142,1)     2,7
    Other operating income (expense) net                                 (0,1)    (0,1)   (8,0)

    EBITDA                                                                10,4     11,4  (8,5)

    Depreciation and amortization                                       (23,4)   (16,2)    44,3

    Operating profit                                                    (12,9)    (4,8)   169,7

    Profit from associated companies                                       0,0      0,0  n.s.
    Financial income (expense) net                                      (17,3)   (14,4)    20,0
    Amortization of goodwill                                             (2,2)    (2,1)     5,2
    Extraordinary income (expense) net                                   (1,1)    (2,1)  (47,2)

    Income before taxes                                                 (33,5)   (23,4)    43,4

    Income taxes                                                           6,0      3,8    57,7

    Net income before minority interests                                (27,6)   (19,6)    40,6

    Minority interests                                                     0,4      0,4   (3,3)

    Net income                                                          (27,2)   (19,2)    41,6


    (1) Including works in process







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