Terra buy-out presentation

Telefonica SA
28 May 2003

TERRA LYCOS MINORITIES BUY-OUT PRESENTATION

Further to the significant event submitted under RNS Number 6137L, a copy of the
above document regarding the Public Tender Offer for Terra Lycos has been
submitted to the UK Listing Authority, and will shortly be available for
inspection at the UK Listing Authority's Viewing Facitility, which is situated
at:

        Financial Services Authority

        25 The North Colonnade

        Canary Wharf

        London

        E14 5HS



                      This information is provided by RNS
            The company news service from the London Stock Exchange