Audit and Control Committee

18 Dec 2006 18:13

Telefonica SA18 December 2006 As provided in article 82 of the Spanish Stock Market Act (Ley del Mercado deValores), TELEFONICA, S.A. hereby reports the following SIGNIFICANT EVENT The Audit and Control Committee of TELEFONICA, S.A., at its meeting heldtoday, has resolved, preceded by the relevant favourable report from theNominating, Compensation and Corporate Governance Committee, to appoint MaximinoCarpio Garcia as Chairman of the Audit and Control Committee, replacing AntonioMassanell Lavilla, who has held that office for the maximum period establishedunder the regulations in force. Antonio Massanell Lavilla shall remain a member of the Audit and ControlCommittee. Madrid, December 18th, 2006. This information is provided by RNS The company news service from the London Stock Exchange