Disposal of Interest

Telefonica SA
11 February 2000

TELEFONICA SELLS 6.1% PARTICIPATION IN AMPER TO INVESTMENTS FUNDS

TELEFONICA, S.A. and ARLIGNTON CAPITAL INVESTORS LIMITED, the Company
responsible for the managing of the EUROPEAN RENAISSANCE FUND (ERF) and the
EUROPEAN STRATEGIC INVESTORS HOLDINGS (ESIH), have reached an agreement for the
sale by TELEFONICA, S.A. to the aforementioned investment funds, of 1,702,858
AMPER S.A. shares, which represents 6.1% of this same company's share capital.

Following yesterday's sale, which forms part of the strategy mentioned in the
January 13th 1999 Telefonica release, Telefonica now holds 1,702,858  AMPER S.A.
shares, representing 6.1% of the latter's share capital.

                                        Madrid, February 11th 2000