Result of Meeting

Telefonica SA
2 October 2000


TELEFONICA MOVILES, S.A. (the 'Company'), a subsidiary of Telefonica S.A. has
informed the Spanish National Securities Market Commission, of the following:


I.   The Board of Directors of Telefonica S.A. ('Telefonica'), currently the
     sole shareholder of TELEFONICA MOVILES, at its meeting held on August      
    30th, 2000, resolved to authorise the Public Offering ('IPO') of 
     TELEFONICA MOVILES shares, in an amount yet to be determined, and the
     corresponding increase of the Company's share capital through the issuance
     of new shares, with the waiver of pre-emptive rights, in the amount        
    necessary to effect the IPO.

II.  The principal characteristics of the IPO shares are as follows:

     1.  The Issuer

         The issuer of shares will be TELEFONICA MOVILES, S.A.


     2.  The nature and characteristics of the shares and the corresponding
         amount

         The shares in connection with this capital increase will be ordinary
         shares of TELEFONICA MOVILES that will be represented by book entry.
         The amount of the capital increase in connection with the IPO will
         represent a percentage of the Company's share capital that has yet to
         be determined. The necessary corporate resolutions must still be 
         adopted by TELEFONICA MOVILES.


     3.  The placement of the IPO

         The shares will be offered to the public in the national and           
        international markets in accordance with the laws of the jurisdictions  
       in which the public offering is to be carried out.



This communication shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such jurisdiction.