Director resignation

29 Mar 2006 17:06

Telefonica SA29 March 2006 Telefonica S.A., as provided in article 82 of the Spanish Securities Market Act(Ley del Mercado de Valores) and in accordance with set forth in paragraph 4 ofarticle 6 of Royal Decree 377/1991, of March 15th, regarding the announcement ofsignificant participations in quoted companies, hereby reports the following SIGNIFICANT EVENT The Board of Directors of Telefonica, S.A., at its meeting held today, hasaccepted the resignation of Mr. Miguel Horta e Costa from his position on theBoard. The Board of Directors has thanked Mr Miguel Horta e Costa for his work anddedication. Madrid, March 29th, 2006 This information is provided by RNS The company news service from the London Stock Exchange