Change to Board of Directors

Telefonica SA
5 June 2000



FERNANDO ABRIL-MARTORELL LEAVES THE TELEFONICA GROUP

Belen Amatriain  to be named Executive Chairwoman of Telefonica  Publicidad  e
Informacion on Monday.

Fernando  Abril-Martorell  Hernandez today presented  his  resignation  from 
his position as Executive Chairman of Telefonica Publicidad e Informacion (TPI),
and has announced his decision to leave the Telefonica Group to begin a new
stage  in his professional career.

Fernando Abril-Martorell Hernandez joined Telefonica, S.A. in January 1997, as
Managing Director of Corporate Finance, playing an active role from then onwards
in such processes as the privatisation of the Company, its 1998 capital increase
and  the acquisition of the Brazilian companies within the privatisation process
of telephony in Brazil.

He combined this position with that of his presidency in TPI, from December 1998
through to September 1999. In September 1999, he focused his entire attention on
the  Executive Presidency of TPI, playing a major role in the floating  of  this
company on the Stock Market and this same company's expansion policy.

At  the  next TPI Board meeting, to be held on June 5th, 2000, Belen  Amatriain
will  be  named Executive Chairwoman of the company. Up until this  date  Belen
Amatriain  has  held  the position of member of the Board and  Chief  Operating
Officer (COO) of TPI's electronic products.

Belen  Amatriain holds a degree in Law and Economics from the private university
ICADE.  Throughout her career she has held diverse management positions  in  the
areas of marketing and advertising in several multinationals such as Kraft, Grey
Advertising, the Bates and Kings Group, where she held positions of Director for
Marketing and Sales and Director of Account Planning.

She  joined  Telefonica Publicidad e Informacion in June 1997 as  the  company's
Director of Marketing. In 1998, she was named member of the board of Euredit. In
1999,  she  became  Managing  Director of Marketing.  In  March  2000,  she  was
appointed  Chief Operating Officer of TPI's e-products and in May of this  year,
she became a TPI Board member.

Madrid, June 2,2000