Telefonica commissions

Telefonica SA
27 June 2002




                            ANTONIO J. ALONSO UREBA

                               General Secretary

                    and Secretary of the Board of Directors

                               TELEFONICA S.A.




'TELEFONICA, S.A.', in accordance with that stated in article 82 of the
Spanish Stock Market Law hereby informs of the following:


                        SIGNIFICANT EVENT


The Board of Directors of Telefonica, S.A. at its meeting held yesterday agreed
on the restructuring of the members of the Company's control commissions, in
accordance with that set forth in the Rules of the Board. These commissions will
be almost totally made up of external members.


The Board has also agreed to assign new responsibilities regarding matters
related with the good governance of the Appointments and Compensation Committee,
and with matters related with the corporate regulation, to assign new
responsibilities to the Human Resources Committee.


In accordance with the decision undertaken by the Board, the new Committees will
comprise of:


The Audit and Control Committee


Antonio Massanell Lavilla (Chairman)

Maximino Carpio Garcia

Antonio Fernandez Rivero

Gonzalo Hinojosa Fernandez de Angulo




The Appointments and Compensation Committee


Alfonso Ferrari Herrero (Chairman)

Maximino Carpio Garcia

Pablo Isla Alvarez de Tejera

Gregorio Villalabeitia Galarraga



The Human Resources and Corporate Reputation Committee


Pablo Isla Alvarez de Tejera (Chairman)

Alfonso Ferrari Herrero

Antonio Massanell Lavilla

Enrique Used Aznar




The Regulation Committee


Enrique Used Aznar (Chairman)

Antonio Alonso Ureba

Antonio Fernandez Rivero

Jose Maldonado Ramos




The Service Quality and Commercial Attention Committee


Gonzalo Hinojosa Fernandez de Angulo (Chairman)

Carlos Colomer Casellas

Jose Maldonado Ramos

Antonio Massanell Lavilla







                                                        Madrid, June 27th , 2002




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