Directorate Change

Telefonica SA
22 January 2003

                                 JAVIER NADAL,

                      NEW PRESIDENT OF TELEFONICA DEL PERU


  • Juan Revilla, Chief Executive Officer of the Company


The Board of Directors of Telefonica del Peru approved yesterday the assignment
of Javier Nadal as the new President of the Company, after the resignation of
Alfonso Bustamante. Up until yesterday, Javier Nadal was Director of Corporate
Regulation of Telefonica S.A.

Alfonso Bustamante, who has been responsible for the consolidation of the
businesses of Telefonica del Peru, will maintain his relationship with the Group
as a Director of Telefonica del Peru S.A.A. and President of the Foundation of
Telefonica in Peru.

Likewise, after the designation of Mr. Jose Ramon Vela as Corporate Development
Director of Telefonica Internacional S.A. -afiliate of Telefonica S.A.-, has
been agreed that Juan Revilla will replace him as Chief Executive Officer of the
Company. Mr. Revilla was, until yesterday, the Corporate Purchasing Assistant
Director of Telefonica Group.


                                                      Madrid, January 22nd ,2003




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