Directorate

Telefonica SA
4 January 2000

Javier Revuelta del Peral, Telefonica S.A.'s Vice-Chairman has decided to change
course in his career and has resigned from his position in the Telefonica Group.
 He has also decided  to step down from the positions he held on several
different boards of directors.

Javier Revuelta, a public prosecutor on official leave has played an active role
in the developments and changes that have taken place in the Telefonica Group
over the past few years as he has held several different positions within the
Company, such as:  General Secretary to the Board, Managing Director and
finally, Vice-Chairman.