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