Directorate Change

23 Jan 2008 17:09

Telefonica SA23 January 2008 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 Board of Directors of the Company, at the meeting held today, has beeninformed of and acknowledged the resignations tendered by Board members Mr.Manuel Pizarro Moreno and Mr. Antonio Viana-Baptista from their directorships. In view thereof, the Board of Directors has unanimously resolved, at theproposal of the Nominating, Compensation and Corporate Governance Committee, theinterim appointment of Mrs. Eva Castillo Sanz and Mr. Luiz Fernando Furlan asnew members of the Board of Directors, both as independent Directors. Also, upon the prior favourable report of the Nominating, Compensation andCorporate Governance Committee, the Board has appointed Mr. Gonzalo HinojosaFernandez de Angulo as new member of the Executive Committee of the Board, andMr. Carlos Colomer Casellas as new member of the Nominating, Compensation andCorporate Governance Committee. Madrid, January 23rd, 2008. This information is provided by RNS The company news service from the London Stock Exchange