Directorate

TELEFONICA SA
14 September 1999



                NEW APPOINTMENTS IN TELEFONICA


The newly appointed General Managers, Jose Maria Alvarez and Antonio Palacios,
                    form part of the Executive Committee.


Jose Maria Alvarez, Financial Director of Telefonica Internacional has been
named General Manager of Corporate Finance in Telefonica. Jose Maria Alvarez
replaces Fernando Abril who has been named Executive Chairman of
Telefonica Publicidad e Informacion (TPI).

He will also continue in his position as a member of the Group's Executive
Committee and he will join the Boards of two of the Group's most important
subsidiaries, Telefonica de Espana and Telefonica Moviles.

Antonio Palacios, Assistant General Manager of Corporate Finance, has been named
General Manager of Corporate Control in Telefonica.  He replaces Angel Vila who
will join the Planeta Group's Business Division.

Finally, Jose Antonio Rios, formerly Chrman of Telefonica Media Internacional,
has taken over the Chairmanship of Telefonica Media from Arturo Baldasano who
will continue in Telefonica as Corporate General Manager.

All the new appointments have been taken from Telefonica's management team,
therefore continuing the criteria followed to date.