Presentation to investors

Telefonica SA
26 July 2002



'Telefonica, S.A.', in accordance with that stated in article 82 of the Spanish
Stock Market Law informs that:



On July 26th, 2002, the Company made a presentation to investors and analyst
regarding the results of Telefonica for Second Quarter 2002. The full text of
this presentation is available on the Telefonica website on the Investor
Relations web (www.telefonica.com)



                                                         Madrid, July 26th, 2002




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