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26/07/2006

Creates three Divisions, in charge of all fixed and mobile assets in Spain, rest of Europe and Latin America, respectively

TELEFÓNICA IS IMPLEMENTING A REGIONAL AND INTEGRATED MANAGEMENT MODEL TO PURSUE ITS CUSTOMER-ORIENTED APPROACH AND TAKE FULL ADVANTAGE OF SCALE

  • Chairman Cesar Alierta has acted on the announcements made during the Investors’ Conference and General Shareholders’ Meeting in regard to affording the Company a more flexible and dynamic structure to strengthen its leadership and increase its competitive advantage in the sector.

The Board of Directors of Telefónica S.A., in an ordinary meeting today, has approved plans to adapt the Company's management structure to a new regional and integrated management model, as outlined by the Chairman at the last Investors’ Conference and at the recent General Shareholders’ Meeting.

Both events served as a backdrop for the presentation of the new Telefónica, a stronger and more flexible company which, in the wake of the changes in recent years and consolidation of its acquisitions in Latin America and Europe, is now in a privileged position to strengthen its leadership and take advantage of the opportunities in the sector and its competitive edge over rivals.

From this position of strength, as evidenced by excellent financial and business results, its significant presence in Europe and leadership in Spain and Latin America, the Company is now implementing a new management model aimed at securing further growth in revenues and profitability, taking full advantage of scale and diversity and managing the convergence process between fixed and mobile telephony based on an integrated business view that is clearly geared to customers.

The new organisational model is pivotal upon the strengthening of the Coordination, Business Development and Synergies Division, headed by Julio Linares, and a regional integrated business division to underpin customer relations. The various markets in which Telefónica operates now each have their own pace of growth and degrees of competition. Accordingly, after the return of Telefónica Móviles to Telefónica, the Company’s Chairman has decided to implement an integral market approach and designate sole managers for both the fixed and mobile businesses, to define strategies in line with regional conditions and to pursue further growth in revenues and profitability in each geographical area.

The purpose of Coordination, Business Development and Synergies Division which is,

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