Before proceeding, let me mention that this document contains financial information that has been prepared under International Financial Reporting Standards. These financial information is unaudited.

This presentation may contain announcements that constitute forward-looking statements, which are not guarantees of future performance and involve risks and uncertainties, and that certain results may differ materially from those in the forward-looking statements as a result of various factors.

We invite you to read the complete disclaimer included in the first page of the presentation, which you will find on our website. We encourage you to review our publicly available disclosure documents filed with the relevant securities and market regulators. If you don't have a copy of the relevant press release and the slides, please contact Telefónica Investor Relations team in Madrid by dialing the following telephone number, +34-91-482-8700.

Now, let me turn the call over to our Chairman and CEO, Mr. César Alierta, who will be leading this conference call.

Cesareo Alierta Izuel

Thank you, María. Good morning to everybody. As you can see, our second quarter results saw a significant improvement quarter-on-quarter. We delivered the performance across all the metrics from OIBDA to net income in underlying terms. OIBDA in absolute level rose on a quarterly basis, and profitability enhanced sequentially, with quarter-on-quarter growth across the board. This result today show the benefit of our diversification or key strengths to face very different realities, with a positive revenue growth on the part of further commercial push and a very solid evolution in Latin America. On top of that, we have been taking broad actions to improve market dynamics and enhance our business model through efficiency gains, like the removal of fast handset subsidies in Spain and the gradual reduction in the U.K., and the network sharing agreement reached in U.K. and in Mexico. In addition, the recent news of our regulation in Europe, points to a drastic change in the way this telco industry has been regulated in recent years and had very, very positive signal for the sector as a whole.

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