Re: analyst presentation

Telefonica SA 5 October 2001 'TELEFONICA, S.A.', in accordance with that stated in article 82 of the Spanish Stock Market Law informs that: On October 3rd, 2001, the Company made a presentation to investors and analyst in New York. The full text of this presentation (Communacopia Xth Conference- Goldman Sachs: Telefonica: real earnings, real options) is available on the Telefonica website on the Investor Relations web (www.Telefonica.com). Madrid, October 5th, 2001
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