Organisational Structure

Telefonica SA 05 December 2003 Press Release 04/12/03 TELEFONICA CONCLUDES ITS RESTRUCTURING Madrid, 4 December 2003.- Telefonica's Board of Directors Commitee for Appointments and Compensation, at the petition of the Group's chairman, has agreed to put forward Joaquin Agut Bonfills as CEO of Endemol and, as a consequence of the vacancy he leaves, to propose Joaquin Faura Batle as CEO of Terra. At the same meeting, the Committee also agreed to appoint Luis Blasco Bosqued as General Manager of Telefonica Contenidos. Luis Abril Perez will become General Manager of Corporate Communications. Alberto Horcajo Aguirre has been named head of Resources -he remains CEO of Atento- upon the resignation of Antonio Palacios Esteban, who the committee expressly thanked for his years of service and dedication to the Group. Finally, a new Subsidiaries Area has been created, which will be overseen by Guillermo Fernandez-Vidal. This concludes the restructuring of Telefonica Group's organisational structure which now looks like this: 1. Three core businesses: • Telefonica Moviles • Telefonica de Espana • Telefonica Latinoamerica 2. A new Subsidiaries area, which encompasses TPI, Endemol and Telefonica Contenidos. 3. A simple and lean Corporate Centre, comprising just five areas: • Finances and Shared Resources • Development, Planning and Regulation • General Secretariat • Corporate Communications • Audit and Management Resources Francisco de Bergia remains General Manager, Assistant to the Chairman, with his previous responsibilities. These changes mark the end of the restructuring begun in September aimed at adapting the company's structure to bring this into line with an increasingly demanding industry, simplifying it and focusing more on servicing customers and promoting the Group's vision. The organisational chart of the new structure is available at Telefonica's internet website (www.telefonica.es) This information is provided by RNS The company news service from the London Stock Exchange
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