Stmnt re Infonet Services

Telefonica SA
26 March 2001


                     Infonet Services Corporation
                     ----------------------------

Regarding the information published yesterday by the North American company
Infonet Services Corporation in relation with the intention expressed by some of
its shareholders to cash in their participations in the aforementioned company,
Telefonica, S.A., by way of this announcement informs the Spanish National
Securities Commission that, at the present moment, it has no intention of
selling its stake in Infonet.  Telefonica holds an economic participation in
Infonet of 14.3%, which has proven to be a profitable company with high growth
potential, offering global value added solutions to address the global
communication needs of multinationals.


Madrid, March 23rd 2001.