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17 Sep 2012 17:01
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TELEFΓNICA, S.A. as provided in article 82 of the Spanish Stock Market Act (Ley del Mercado de Valores), hereby reports the following
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SIGNIFICANT EVENT
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The Board of Directors of TelefΓ³nica, S.A., at its meeting held today, upon the prior favourable report of the Nomination, Compensation and Corporate Governance Board Committee, has adopted the resolutions listed below regarding the Board of Directors of the Company and the organizational structure of the TelefΓ³nica Group.
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The Board of Directors has unanimously resolved to appoint Mr. JosΓ© MarΓa Γlvarez-Pallete LΓ³pez as Chief Operating Officer (C.O.O.), to replace Mr. Julio Linares LΓ³pez, who has resigned as Chief Operating Officer (C.O.O.), as member of the Executive Commission and of the Innovation Board Committee. Mr Linares has been appointed Third Vice-Chairman of the Board of Directors of the Company.
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Β The Board of Directors has recognised the remarkable dedication and effort of Mr. Julio Linares LΓ³pez during the course of these years.
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Β Likewise, the Board of Directors has unanimously resolved to appoint Mr. Santiago FernΓ‘ndez Valbuena as member of the Board of Directors (Executive Director), to replace Mr. David Arculus, who has resigned as Director, and, consequently, as member of the Regulatory and of the International Affairs Board Committees.
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Β The Board of Directors has expressly recognised the work performed by Mr. Arculus during his tenure.
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Β As regards the organizational structure, the Board of Directors has unanimously resolved to appoint Mrs. Eva Castillo Sanz, member of the Board of Directors of TelefΓ³nica, S.A., Chairwoman and CEO of TelefΓ³nica Europe, and consequently, member of the Executive Committee of the Company.
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Β Finally, it was agreed to appoint Mr. Eduardo NavarroΒ Carvalho, Director of Strategy and Alliances, as member of the Executive Committee of the Company.
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See attached the Executive Committee Chart.
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Madrid, SeptemberΒ 17th, 2012
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