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in charge of Strategy, Budget and Control, Commercial, Infrastructure and IT Systems, Real Estate, Logistics, Purchases and Human Resources, is to ensure the integrated operation of Telefónica as a single company, very much geared to customers.

This view has led to the creation of three Regional Business Units: Telefónica Spain, Telefónica Europe and Telefónica Latin America) in charge of the integrated business, i.e. both fixed and mobile assets. The Divisions will be managed as follows:

Antonio Viana-Baptista has been appointed General Manager of Telefónica España and will spearhead both fixed and mobile telephony businesses in Spain. The CEOs of Telefónica de España (Guillermo Ansaldo) and Telefónica Móviles España (Belén Amatriaín) will report to him.

José María Álvarez-Pallete has been appointed General Manager of Telefónica Latinoamérica and he will spearhead all of Telefónica Internacional’s current businesses and all mobile operations pertaining to Telefónica in Latin America, which will remain under the operating management of COO Luis Miguel Gilpérez.

Peter Erskine, appointed General Manager of Telefónica O2 Europa, will continue to head the Rest of Europe Division, including O2’s operations in the UK, Germany and Ireland, as well as the assets in the Czech Republic .

The Coordination, Business Development and Synergies Division, as well as all three Regional Divisions and the Finance and Corporate Development Division, which is headed by Santiago Fernández Valbuena, will report to the Company’s Chairman and its Managers will sit alongside the Chairman on Telefónica’s Executive Committee.

For corporate support operations, the Board has approved the creation of the Technical Secretariat for the Chairman’s Office to be headed by Luis Abril. This new Technical Secretariat will take charge of the areas of Corporate Communications and Institutional Relations as well as Fundación Telefónica, and will report to the Chairman. The Legal and Board Secretariat, headed by Ramiro Sánchez de Lerín, will be in charge of Legal Services, also reporting to the Chairman, and the same applies to the General Internal Auditing Division, under Calixto Ríos.

Lastly, the hitherto Chairman of Telefónica de España, Luis Lada, will realign his contractual position with the Company, from executive level to strategic consultancy to the Chairman and Executive Committee. Lada, an expert in the field who knows the market inside out, as well as being a member of Spain’s Royal Academy of Engineering, will remain on the Supervisory Board of Telefónica O2 Czech Republic and he will also join the Board of Telefónica Internacional and the Advisory Board of Telefónica R&D. In this new relationship with the Company, Lada will continue to contribute his expertise and put forward his criteria in matters of strategy, convergence, integration and global market trends.

For further information, please contact: Investor relations Telf: (+34) 91 584 4713 - (+34) 91 584 4700 Ezequiel Nieto Dolores García Diego Maus

ezequiel.nieto@telefonica.es dgarcia@telefonica.es dmaus@telefonica.es

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