This document provides unaudited selected financial data for Telefónica Group from January to December 2004. Some key details include: - Revenues increased each quarter from €7.1 billion in Q1 to €8.2 billion in Q4. Full year revenues were €30.3 billion. - Operating income before depreciation and amortization (OIBDA) was highest in Q3 at €3.4 billion. Full year OIBDA was €12.2 billion. - Net income increased each quarter except Q4, ranging from €671 million in Q1 to €925 million in Q3. Full year net income was €3.2 billion.

1. DISCLAIMER
This document contains financial information/data reported under IFRS. These data are preliminary,
as only full compliance with International Financial Reporting Standards issued at 31/12/2005 is
required, unaudited, and thus, being subject to potential future modifications. This financial information
has been prepared based on the principles and regulations known to date, and on the assumption that
IFRS principles presently in force will be the same as those that will be adopted to prepare the 2005
full year consolidated financial statements and, consequently, does not represent a complete and final
information under these regulations. In addition, the IFRS financial information contained herein may
not be comparable to financial information published by Telefónica that was prepared under Spanish
GAAP.

2. TELEFÓNICA GROUP
SELECTED FINANCIAL DATA
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 7,093.4 7,376.5 7,593.1 8,217.9 30,280.9
Operating income before D&A (OIBDA) 2,937.6 2,802.7 3,381.5 3,100.2 12,222.0
Operating income (OI) 1,504.7 1,402.3 2,010.4 1,638.6 6,556.0
Income before taxes 1,153.5 1,112.8 1,550.7 1,049.4 4,866.4
Net income 671.4 792.6 925.2 786.5 3,175.7
Basic earnings per share 0.133 0.158 0.187 0.160 0.637
Weighted average number of ordinary shares
5,066.1 5,019.5 4,954.4 4,912.2 4,987.8
outstanding during the period (millions)
NOTE: CHANGES IN THE CONSOLIDATION PERIMETER ARE EXPLAINED IN THE MAIN DOCUMENT ADDENDA.

3. TELEFÓNICA GROUP
CONSOLIDATED INCOME STATEMENT
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 7,093.4 7,376.5 7,593.1 8,217.9 30,280.9
Internal expenditure capitalized in fixed assets (1) 88.3 115.1 101.7 165.2 470.3
Operating expenses (4,225.4) (4,719.8) (4,267.7) (5,116.9) (18,329.8)
Supplies (1,689.1) (1,806.8) (1,865.3) (2,276.1) (7,637.3)
Personnel expenses (1,271.6) (1,579.0) (1,080.5) (1,164.1) (5,095.2)
Subcontracts (1,138.5) (1,208.9) (1,201.6) (1,523.1) (5,072.0)
Taxes (126.2) (125.1) (120.3) (153.6) (525.3)
Other net operating income (expense) (42.8) 24.1 (20.9) (4.1) (43.6)
Gain (loss) on sale of fixed assets 26.6 9.7 (17.5) 2.7 21.6
Impairment of goodwill and other assets (2.5) (3.0) (7.2) (164.7) (177.3)
Operating income before D&A (OIBDA) 2,937.6 2,802.7 3,381.5 3,100.2 12,222.0
Depreciation and amortization (1,432.9) (1,400.3) (1,371.2) (1,461.6) (5,666.0)
Operating income (OI) 1,504.7 1,402.3 2,010.4 1,638.6 6,556.0
Profit from associated companies (29.5) (12.7) (9.7) 1.5 (50.5)
Net financial income (expense) (321.6) (276.8) (449.9) (590.7) (1,639.1)
Income before taxes 1,153.5 1,112.8 1,550.7 1,049.4 4,866.4
Income taxes (406.6) (234.3) (507.8) (364.0) (1,512.8)
Income from continuing operations 746.9 878.5 1,042.9 685.4 3,353.6
Income (Loss) from discontinued operations (29.9) (11.9) (17.1) 190.8 132.0
Minority interest (45.6) (74.0) (100.6) (89.7) (309.9)
Net income 671.4 792.6 925.2 786.5 3,175.7
Weighted average number of ordinary shares
5,066.1 5,019.5 4,954.4 4,912.2 4,987.8
outstanding during the period (millions)
Basic earnings per share 0.133 0.158 0.186 0.158 0.634
(1) Including work in process.

4. TELEFÓNICA GROUP
CONSOLIDATED BALANCE SHEET
Unaudited figures (Euros in millions)
2004
March June September December
Non-current assets 46,999.4 46,257.9 45,642.4 48,932.3
Intangible assets 4,848.7 4,568.5 4,564.2 5,674.1
Goodwill 4,131.3 4,064.4 4,369.1 5,949.4
Property, plant and equipment and Investment property 24,016.6 23,065.9 23,111.8 23,221.7
Long-term financial assets and other non-current assets 4,729.8 5,498.5 4,917.9 5,112.6
Deferred tax assets 9,272.9 9,060.6 8,679.3 8,974.3
Current assets 10,978.1 10,910.3 11,979.2 11,146.6
Inventories 437.0 576.8 634.1 655.5
Trade and other receivables 5,555.4 5,677.2 5,652.1 5,919.8
Current tax receivable 861.6 1,015.2 1,226.8 1,075.3
Short-term financial investments 3,550.0 2,895.1 3,722.3 2,573.0
Cash and cash equivalents 571.2 744.7 722.8 914.3
Non-current assets classified as held for sale 2.8 1.2 21.1 8.7
Total Assets = Total Equity and Liabilities 57,977.5 57,168.2 57,621.5 60,078.9
Equity 14,275.8 11,841.2 12,086.8 11,960.0
Equity attributable to equity holders of the parent 12,089.6 9,882.8 10,434.3 10,439.8
Minority interest 2,186.2 1,958.3 1,652.4 1,520.3
Non-current liabilities 30,381.2 29,951.7 27,796.8 28,125.0
Long-term financial debt 19,781.9 19,339.3 17,211.3 17,492.2
Deferred tax liabilities 1,429.7 1,235.8 1,414.8 1,642.6
Long-term provisions 7,836.5 8,063.1 7,932.4 7,790.1
Other long-term liabilities 1,333.1 1,313.4 1,238.3 1,200.1
Current liabilities 13,320.4 15,375.4 17,737.9 19,993.8
Short-term financial debt 5,450.6 6,361.5 8,275.6 10,210.4
Trade and other payables 4,909.2 4,614.8 4,596.5 5,632.3
Current tax payable 1,250.2 1,352.9 1,618.8 1,824.9
Short-term provisions and other liabilities 1,710.5 3,046.2 3,243.5 2,323.5
Liabilities associated with non-current assets classified as held for sale 0.0 0.0 3.6 2.7
Financial Data
Net Financial Debt (1) 0.0 0.0 0.0 0.0
(1) Net Financial Debt = Long term financial debt + Other long term liabilities + Short term financial debt - Short term financial investments - Cash and cash
equivalents - Long term financial assets and other non-current assets.

5. TELEFÓNICA GROUP
FREE CASH FLOW AND CHANGE IN DEBT
Unaudited figures (Euros in millions)
2004
Jan - Mar Jan - Jun Jan - Sep Jan - Dec
I Cash flows from operations 2,557.8 5,276.6 8,287.3
II Net interest payment (1) (382.8) (488.2) (952.7)
III Payment for income tax (32.5) (66.8) (151.0)
A=I+II+III Net cash provided by operating activities 2,142.5 4,721.6 7,183.6
B Payment for investment in fixed and intangible assets (826.8) (1,707.3) (2,526.2)
C=A+B Net free cash flow after CAPEX 1,315.7 3,014.3 4,657.4
D Net Cash received from sale of Real Estate 143.2 204.1 210.8
E Net payment for financial investment (64.5) (478.9) (156.2)
F Net payment for dividends and treasury stock (2) (304.5) (2,192.4) (3,341.4)
G=C+D+E+F Free cash flow after dividends 1,089.9 547.1 1,370.6
H Effects of exchange rate changes on net financial debt
I Effects on net financial debt of changes in consolid. and others
J Net financial debt at beginning of period
K=J-G+H+I Net financial debt at end of period
(1) Including cash received from dividends paid by subsidiaries that are not under full consolidation method.
(2) Dividends paid by Telefónica S.A. and dividend payments to minoritaries from subsidiaries that are under full consolidation method and treasury stock.

6. TELEFÓNICA GROUP
RECONCILIATIONS OF CASH FLOW AND OIBDA MINUS CAPEX
Unaudited figures (Euros in millions)
2004
Jan - Mar Jan - Jun Jan - Sep Jan - Dec
OIBDA 2,937.6 5,740.3 9,121.9
- CAPEX accrued during the period (EoP exchange rate) (619.5) (1,348.4) (2,407.9)
- Payments related to commitments (233.4) (459.3) (679.1)
- Net interest payment (382.8) (488.2) (952.7)
- Payment for income tax (32.5) (66.8) (151.0)
- Results from the sale of fixed assets (26.6) (36.3) (18.9)
- Investment in working cap. and other deferred income and expenses (327.1) (327.0) (254.9)
= Net Free Cash Flow after Capex 1,315.7 3,014.3 4,657.4
+ Net Cash received from sale of Real Estate 143.2 204.1 210.8
- Net payment for financial investment (64.5) (478.9) (156.2)
- Net payment for dividends and treasury stock (304.5) (2,192.4) (3,341.4)
= Free Cash Flow after dividends 1,089.9 547.1 1,370.6

7. TELEFÓNICA GROUP
EXCHANGE RATES APPLIED TO P&L
2004
Jan - Mar Jan - Jun Jan - Sep Jan - Dec
USA (US Dollar/Euro) 1.249 1.226 1.225 1.242
Argentina (Argentinean Peso/Euro) 3.631 3.562 3.592 3.651
Brazil (Brasilian Real/Euro) 3.619 3.641 3.639 3.632
Chile (Chilean Peso/Euro) 735.294 746.269 751.880 757.576
Colombia (Colombian Peso/Euro) 3,386.202 3,311.258 3,267.974 3,257.329
El Salvador (Colon/Euro) 10.933 10.731 10.717 10.868
Guatemala (Quetzal/Euro) 10.137 9.883 9.810 9.887
Mexico (Mexican Peso/Euro) 13.717 13.710 13.805 14.017
Nicaragua (Cordoba/Euro) 19.553 19.309 19.402 19.794
Peru (Peruvian Nuevo Sol/Euro) 4.338 4.262 4.225 4.240
Uruguay (Uruguayan Peso/Euro) 36.905 36.298 35.894 35.587
Venezuela (Bolivar/Euro) 2,398.844 2,352.941 2,352.941 2,386.635
Note: These exchange rates are used to convert the P&L accounts of the Group foreign subsidiaries from local currency to
euros.
EXCHANGE RATES APPLIED TO BALANCE SHEET AND CAPEX
2004
March June September December
USA (US Dollar/Euro) 1.222 1.215 1.241 1.362
Argentina (Argentinean Peso/Euro) 3.496 3.595 3.699 4.058
Brazil (Brasilian Real/Euro) 3.555 3.777 3.547 3.616
Chile (Chilean Peso/Euro) 751.880 775.194 757.576 757.576
Colombia (Colombian Peso/Euro) 3,273.783 3,278.689 3,215.434 3,257.329
El Salvador (Colon/Euro) 10.696 10.636 10.858 11.919
Guatemala (Quetzal/Euro) 9.912 9.637 9.823 10.570
Mexico (Mexican Peso/Euro) 13.635 13.872 14.160 15.344
Nicaragua (Cordoba/Euro) n.d. 19.369 20.016 22.242
Peru (Peruvian Nuevo Sol/Euro) 4.231 4.220 4.147 4.470
Uruguay (Uruguayan Peso/Euro) 36.305 36.101 34.002 35.958
Venezuela (Bolivar/Euro) 2,347.008 2,336.449 2,380.952 2,617.801
Note: Exchange rates as of end of period.

8. TELEFÓNICA DE ESPAÑA PARENT COMPANY
OPERATING REVENUES
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Traditional Access (1) 680.1 709.4 722.9 710.7 2,823.2
Traditional Voice Services 1,261.0 1,324.2 1,290.9 1,323.4 5,199.4
Domestic Traffic (2) 370.1 373.1 346.2 378.3 1,467.6
Fixed to Mobile Traffic 283.9 310.4 309.4 303.7 1,207.4
International Traffic 87.8 97.7 108.8 115.8 410.1
Intelligent Network, other voice consumption and bonusses (3) 30.8 77.2 63.4 65.7 237.1
Interconnection (4) 212.8 206.9 226.3 222.9 868.9
Handsets sales and others (5) 275.6 259.0 236.7 237.0 1,008.3
Internet Broadband Services 333.9 363.5 378.0 425.6 1,501.1
Narrowband 84.1 72.9 67.0 61.9 285.9
Broadband 249.9 290.6 311.0 363.7 1,215.2
Retail (6) 194.9 227.6 244.7 283.6 950.8
Wholesale (7) 55.0 63.0 66.3 80.1 264.4
Data Services 245.7 242.4 243.3 247.2 978.6
VPN, Leased Circuits and Broadcasting 173.6 164.7 159.3 176.6 674.1
Wholesale 72.1 77.8 84.0 70.6 304.4
IT Services 52.7 66.4 52.2 64.1 235.3
Total operating revenues 2,573.4 2,705.9 2,687.3 2,771.0 10,737.6
(1) Monthly and connection fees (PSTN, Public Use Telephony, ISDN and Corporate Services) and Telephone booths surcharges.
(2) Local and domestic long distance (provincial and interprovincial) traffic.
(3) Intelligent Network Services, Special Valued Services, Information Services (118xy), bonusses and others.
(4) Includes revenues from fixed to fixed incoming traffic, fixed to mobile incoming traffic, and transit and carrier traffic.
(5) Managed Voice Services and other businesses revenues.
(6) Retail ADSL services and other Internet Services.
(7) Includes Megabase, Megavía, GigADSL, and local loop unbundling.

9. TELEFÓNICA DE ESPAÑA GROUP
CONSOLIDATED INCOME STATEMENT
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 2,680.7 2,822.6 2,804.8 2,894.1 11,202.2
Internal expenditure capitalized in fixed assets (1) 29.9 36.5 30.9 47.0 144.3
Operating expenses (1,671.6) (2,015.5) (1,560.4) (1,623.5) (6,871.0)
Other net operating income (expense) 5.8 31.8 11.9 14.6 64.1
Gain (loss) on sale of fixed assets 25.0 4.5 3.6 9.9 43.0
Impairment of goodwill and other assets (4.8) (3.7) (3.1) (11.1) (22.6)
Operating income before D&A (OIBDA) 1,065.0 876.1 1,287.7 1,331.1 4,560.0
Depreciation and amortization (629.4) (605.1) (564.5) (568.7) (2,367.7)
Operating income (OI) 435.7 271.0 723.2 762.4 2,192.4
Profit from associated companies (0.2) (0.2) 0.0 (0.1) (0.5)
Net financial income (expense) (156.6) (71.9) (147.8) (147.4) (523.7)
Income before taxes 278.9 198.9 575.4 614.9 1,668.1
Income taxes (91.0) (59.9) (200.5) (203.4) (554.8)
Income from continuing operations 187.9 139.1 374.9 411.5 1,113.4
Income (Loss) from discontinued operations 0.0 0.0 0.0 0.0 0.0
Minority interest 0.0 0.0 (0.1) 0.0 (0.2)
Net income 187.9 139.0 374.8 411.5 1,113.2
(1) Including work in process.

10. TELEFÓNICA LATINOAMÉRICA GROUP
SELECTED FINANCIAL DATA
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Telesp Revenues 917.9 876.4 953.4 968.6 3,716.2
OIBDA 395.8 388.6 445.0 448.7 1,678.0
OIBDA margin 43.1% 44.3% 46.7% 46.3% 45.2%
Telefonica de Argentina Revenues 192.1 206.2 204.6 208.0 810.9
OIBDA 116.7 122.9 114.5 107.2 461.3
OIBDA margin (1) 60.7% 59.6% 56.0% 51.6% 56.9%
Telefonica CTC Chile Revenues 204.3 196.1 207.5 198.9 806.9
OIBDA 88.6 91.3 531.2 64.9 776.0
OIBDA margin 43.3% 46.5% n.s 32.7% n.s
Telefonica del Perú Revenues 243.4 245.2 247.8 244.6 980.9
OIBDA 102.9 107.3 105.4 51.5 367.1
OIBDA margin 42.3% 43.8% 42.5% 21.1% 37.4%
Telefónica Empresas América Revenues 125.3 130.2 131.4 146.1 532.9
OIBDA 19.2 13.5 0.0 18.9 51.5
OIBDA margin 15.3% 10.3% 0.0% 12.9% 9.7%
TIWS Revenues 33.7 38.5 42.0 43.3 157.5
OIBDA 5.9 10.6 13.1 15.1 44.7
OIBDA margin 17.5% 27.6% 31.2% 34.8% 28.4%
Note: OIBDA before management fees. Data for Telefónica de Argentina include the ISP business of Advance, while those of Telefónica del Perú
includes CableMágico. interconnection.
(1) Net of fixed to mobile

11. TELEFÓNICA LATINOAMÉRICA GROUP
CONSOLIDATED INCOME STATEMENT
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 1,659.7 1,623.2 1,722.5 1,742.9 6,748.4
Internal expenditure capitalized in fixed assets (1) 9.5 9.9 10.6 13.3 43.3
Operating expenses (896.6) (869.1) (921.4) (961.1) (3,648.2)
Other net operating income (expense) (51.2) (44.8) (40.2) (140.6) (276.8)
Gain (loss) on sale of fixed assets 1.3 8.2 417.3 2.0 428.8
Impairment of goodwill and other assets 0.3 0.3 0.0 (1.3) (0.7)
Operating income before D&A (OIBDA) 723.0 727.8 1,188.9 655.2 3,294.8
Depreciation and amortization (396.6) (394.5) (393.1) (394.5) (1,578.7)
Operating income (OI) 326.4 333.3 795.8 260.7 1,716.1
Profit from associated companies (0.7) 2.0 (1.2) 2.5 2.6
Net financial income (expense) (86.1) (125.4) (80.4) (52.7) (344.6)
Income before taxes 239.6 209.9 714.2 210.4 1,374.1
Income taxes (63.2) 7.7 (151.0) (86.0) (292.6)
Income from continuing operations 176.4 217.5 563.2 124.4 1,081.4
Income (Loss) from discontinued operations 0.0 0.0 0.0 0.0 0.0
Minority interest (30.9) (32.2) (246.9) (17.1) (327.1)
Net income 145.5 185.3 316.2 107.3 754.3

12. TELEFÓNICA MÓVILES GROUP
SELECTED FINANCIAL DATA
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Spain Revenues 1,955.8 2,007.4 2,158.8 2,091.9 8,213.8
OIBDA 989.9 1,035.3 1,138.7 994.3 4,158.2
OIBDA margin 50.6% 51.6% 52.7% 47.5% 50.6%
Latin America Revenues 681.9 708.4 784.3 1,377.7 3,552.3
OIBDA 134.6 110.9 131.5 174.2 551.1
OIBDA margin 19.7% 15.6% 16.8% 12.6% 15.5%
Brazil Revenues 351.3 371.8 378.1 401.2 1,502.3
OIBDA 142.5 117.6 122.1 108.9 491.1
OIBDA margin 40.6% 31.6% 32.3% 27.1% 32.7%
Northern Region Revenues 204.5 199.4 192.7 315.7 912.3
OIBDA (41.0) (28.0) (19.2) (30.5) (118.8)
OIBDA margin -20.0% -14.0% -10.0% -9.7% -13.0%
Andean Region Revenues 56.1 59.9 60.0 431.8 607.7
OIBDA 14.3 15.7 16.0 70.3 116.4
OIBDA margin 25.5% 26.3% 26.7% 16.3% 19.2%
Southern Cone Revenues 70.0 77.4 153.6 229.1 530.1
OIBDA 18.9 5.5 12.6 25.5 62.5
OIBDA margin 27.0% 7.1% 8.2% 11.1% 11.8%
Rest and intragroup Revenues 0.8 0.6 (2.8) (10.9) (12.3)
OIBDA (17.8) (16.8) (16.1) (70.9) (121.5)
OIBDA margin n.s. n.s. n.s. n.s. n.s.
TOTAL Revenues 2,638.5 2,716.4 2,940.3 3,458.7 11,753.9
OIBDA 1,106.8 1,129.4 1,254.1 1,097.6 4,587.9
OIBDA margin 41.9% 41.6% 42.7% 31.7% 39.0%

13. TELEFÓNICA MÓVILES GROUP
CONSOLIDATED INCOME STATEMENT
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 2,638.5 2,716.4 2,940.3 3,458.7 11,753.9
Internal expenditure capitalized in fixed assets (1) 11.3 20.5 17.0 40.7 89.5
Operating expenses (1,537.5) (1,597.4) (1,672.5) (2,371.4) (7,178.9)
Other net operating income (expense) (6.8) (9.4) (24.9) 25.6 (15.5)
Gain (loss) on sale of fixed assets (0.1) (1.6) (5.9) (49.6) (57.2)
Impairment of goodwill and other assets 1.4 0.9 0.1 (6.4) (3.9)
Operating income before D&A (OIBDA) 1,106.8 1,129.4 1,254.1 1,097.6 4,587.9
Depreciation and amortization (350.2) (344.9) (359.9) (467.9) (1,522.9)
Operating income (OI) 756.6 784.5 894.2 629.7 3,064.9
Profit from associated companies (12.5) (9.2) (9.5) (6.9) (38.1)
Net financial income (expense) (13.2) (106.8) (120.9) (241.0) (481.9)
Income before taxes 730.9 668.5 763.8 381.8 2,544.9
Income taxes (277.1) (200.2) (264.7) (126.5) (868.5)
Income from continuing operations 453.7 468.4 499.1 255.2 1,676.4
Income (Loss) from discontinued operations 0.0 0.0 0.0 0.0 0.0
Minority interest (5.6) 5.8 (3.0) 18.0 15.2
Net income 448.2 474.2 496.1 273.3 1,691.7

14. CELLULAR BUSINESS
CONSOLIDATED INCOME STATEMENT
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 2,730.0 2,803.2 2,971.0 3,457.1 11,961.4
Internal expenditure capitalized in fixed assets (1) 11.3 21.8 16.9 40.7 90.7
Operating expenses (1,605.8) (1,667.1) (1,712.7) (2,378.2) (7,363.8)
Other net operating income (expense) (7.8) (9.9) (25.3) 25.6 (17.5)
Gain (loss) on sale of fixed assets (0.1) (1.6) (5.9) (49.6) (57.2)
Impairment of goodwill and other assets 1.4 0.9 0.1 (6.4) (3.9)
Operating income before D&A (OIBDA) 1,129.0 1,147.3 1,244.2 1,089.2 4,609.6
Depreciation and amortization (373.1) (367.4) (367.8) (471.8) (1,580.1)
Operating income (OI) 755.8 779.9 876.4 617.4 3,029.5
Profit from associated companies (12.5) (10.3) (9.5) (7.1) (39.5)
Net financial income (expense) (21.4) (114.5) (114.5) (245.7) (496.1)
Income before taxes 721.9 655.1 752.4 364.5 2,493.9
Income taxes (276.7) (196.3) (267.1) (124.3) (864.4)
Income from continuing operations 445.2 458.7 485.3 240.1 1,629.5
Income (Loss) from discontinued operations 0.0 0.0 0.0 0.0 0.0
Minority interest (0.8) 10.5 (6.4) 21.9 25.2
Net income 444.5 469.3 478.9 262.0 1,654.7
Note: Cellular Bussines included Telefónica Móvil Chile in 2004.
(1) Including work in process.

15. TPI - PÁGINAS AMARILLAS GROUP
CONSOLIDATED INCOME STATEMENT
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 79.1 135.4 228.3 151.4 594.2
Internal expenditure capitalized in fixed assets (1) 0.0 0.0 0.0 0.0 0.0
Operating expenses (56.7) (89.0) (115.9) (98.9) (360.7)
Other net operating income (expense) (2.9) (7.0) (10.5) (8.9) (29.2)
Gain (loss) on sale of fixed assets 0.0 (0.5) 0.1 0.0 (0.4)
Impairment of goodwill and other assets 0.0 0.0 (2.1) 0.0 (2.1)
Operating income before D&A (OIBDA) 19.5 38.9 99.9 43.5 201.8
Depreciation and amortization (5.1) (5.5) (5.2) (7.5) (23.2)
Operating income (OI) 14.5 33.4 94.7 36.0 178.6
Profit from associated companies (0.1) 0.0 (0.1) (0.1) (0.4)
Net financial income (expense) (0.2) (1.4) 0.5 (0.9) (2.0)
Income before taxes 14.1 32.0 95.1 35.0 176.2
Income taxes (4.8) (12.1) (29.1) (17.1) (63.2)
Income from continuing operations 9.3 19.9 65.9 17.9 113.0
Income (Loss) from discontinued operations 0.0 0.0 0.0 0.0 0.0
Minority interest 0.5 0.1 0.0 0.0 0.5
Net income 9.7 19.9 65.9 17.9 113.5
(1) Including work in process.

16. DIRECTORIES BUSINESS
CONSOLIDATED INCOME STATEMENT
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 79.7 139.4 230.8 166.5 616.4
Internal expenditure capitalized in fixed assets (1) 0.0 0.0 0.0 0.0 0.0
Operating expenses (57.6) (92.8) (116.3) (108.8) (375.4)
Other net operating income (expense) (3.1) (7.4) (11.4) (11.7) (33.7)
Gain (loss) on sale of fixed assets 0.0 (0.5) 0.1 0.0 (0.4)
Impairment of goodwill and other assets 0.0 0.0 (2.1) 0.0 (2.1)
Operating income before D&A (OIBDA) 19.0 38.7 101.1 46.0 204.8
Depreciation and amortization (5.2) (5.6) (5.5) (7.5) (23.8)
Operating income (OI) 13.8 33.1 95.7 38.5 181.0
Profit from associated companies (0.1) 0.0 (0.1) (0.1) (0.4)
Net financial income (expense) (0.3) (3.1) (0.6) (1.7) (5.7)
Income before taxes 13.3 30.0 94.9 36.7 175.0
Income taxes (4.8) (12.1) (29.1) (15.6) (61.7)
Income from continuing operations 8.5 17.8 65.8 21.2 113.3
Income (Loss) from discontinued operations 0.0 0.0 0.0 0.0 0.0
Minority interest 0.5 0.1 0.0 (0.1) 0.5
Net income 9.0 17.9 65.8 21.1 113.8
(1) Including work in process.

17. ATENTO GROUP
CONSOLIDATED INCOME STATEMENT
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 134.4 145.9 151.9 174.3 606.5
Internal expenditure capitalized in fixed assets (1) 0.0 0.0 0.0 0.0 0.0
Operating expenses (115.3) (129.7) (126.8) (150.4) (522.3)
Other net operating income (expense) 0.4 1.8 (1.4) 0.3 1.1
Gain (loss) on sale of fixed assets (0.4) 0.0 0.0 0.1 (0.3)
Impairment of goodwill and other assets 0.0 0.0 0.0 0.0 0.0
Operating income before D&A (OIBDA) 19.2 18.0 23.6 24.3 85.1
Depreciation and amortization (9.3) (8.8) (8.0) (7.6) (33.7)
Operating income (OI) 9.8 9.2 15.6 16.8 51.4
Profit from associated companies 0.0 0.0 0.0 0.0 0.0
Net financial income (expense) 3.3 (3.5) (6.0) (4.3) (10.5)
Income before taxes 13.2 5.7 9.6 12.5 40.9
Income taxes (2.1) (0.1) (0.2) (4.5) (6.8)
Income from continuing operations 11.1 5.6 9.4 8.0 34.1
Income (Loss) from discontinued operations (0.1) 0.0 0.0 0.0 (0.1)
Minority interest (0.4) (0.3) (0.4) (0.6) (1.7)
Net income 10.6 5.3 8.9 7.5 32.3

18. CONTENT AND MEDIA BUSINESS
CONSOLIDATED INCOME STATEMENT
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 273.8 297.2 261.0 387.2 1,219.1
Internal expenditure capitalized in fixed assets (1) 0.1 0.1 0.0 0.0 0.2
Operating expenses (230.4) (254.6) (220.2) (344.0) (1,049.1)
Other net operating income (expense) (0.1) (15.3) 14.4 11.6 10.5
Gain (loss) on sale of fixed assets (0.1) 0.0 5.1 1.9 6.9
Impairment of goodwill and other assets 0.5 (0.4) (2.6) (0.1) (2.6)
Operating income before D&A (OIBDA) 43.7 26.9 57.8 56.6 185.0
Depreciation and amortization (6.4) (6.7) (6.5) (9.3) (28.9)
Operating income (OI) 37.3 20.2 51.3 47.3 156.2
Profit from associated companies (10.7) (7.2) (5.4) (10.8) (34.2)
Net financial income (expense) (3.0) (7.8) (14.1) (96.7) (121.6)
Income before taxes 23.6 5.3 31.7 (60.2) 0.4
Income taxes (29.4) (3.8) (23.1) 20.4 (35.9)
Income from continuing operations (5.9) 1.5 8.7 (39.8) (35.6)
Income (Loss) from discontinued operations 0.0 0.0 0.0 0.0 0.0
Minority interest 0.0 (2.1) (1.3) (1.6) (5.0)
Net income (5.8) (0.6) 7.3 (41.5) (40.6)
(1) Including work in process.

19. TELEFÓNICA DEUTSCHLAND GROUP
SELECTED FINANCIAL DATA
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 81.7 72.6 66.2 70.4 290.8
Operating income before D&A (OIBDA) 4.3 3.2 2.5 (161.6) (151.7)
OIBDA margin 5.3% 4.3% 3.8% n.s. (52.2%)

20. TERRA NETWORKS GROUP
CONSOLIDATED INCOME STATEMENT
Unaudited figures (Euros in millions)
2004
Jan - Mar Apr - Jun Jul - Sep Oct- Dec Jan - Dec
Revenues 105.4 113.9 111.0 127.0 457.3
Internal expenditure capitalized in fixed assets (1) 0.2 0.3 0.1 0.1 0.7
Operating expenses (103.3) (126.6) (105.9) (119.4) (455.3)
Other net operating income (expense) (1.7) 1.8 (2.3) (2.4) (4.6)
Gain (loss) on sale of fixed assets 0.9 9.2 (0.6) (3.1) 6.4
Impairment of goodwill and other assets 0.0 0.0 0.0 0.0 0.0
Operating income before D&A (OIBDA) 1.5 (1.5) 2.3 2.2 4.5
Depreciation and amortization (24.4) (23.4) (16.3) (31.0) (95.1)
Operating income (OI) (22.9) (24.9) (14.0) (28.7) (90.6)
Profit from associated companies (4.9) (2.9) (4.8) (1.7) (14.2)
Net financial income (expense) 7.1 8.7 3.6 1.9 21.4
Income before taxes (20.7) (19.0) (15.2) (28.5) (83.4)
Income taxes 10.5 8.1 10.3 5.4 34.3
Income from continuing operations (10.2) (10.9) (4.9) (23.1) (49.1)
Income (Loss) from discontinued operations (29.8) (12.0) (17.1) 307.3 248.5
Minority interest 2.0 0.3 0.4 0.2 2.9
Net income (37.9) (22.5) (21.6) 284.4 202.3
(1) Including work in process.