Telefonica S.A.

Born in Madrid, 28th of February 1942. Mr. Alfonso Ferrari Herrero has a doctorate in Industrial Engineering from the Industrial Engineers Technical School of the Polytechnic University of Madrid and holds a master’s degree in business administration from Harvard University (EEUU). He serves as a Director of Telefónica Internacional, S.A.U., Telefónica del Peru, S.A.A., and Telefónica Móviles Chile, S.A. He also serves as a Deputy Director of Compañía de Telecomunicaciones de Chile, S.A. From 1968 to 1969 he was Assistant to the Financial Manager of Hidroeléctrica del Cantábrico, S.A. From 1969 to 1985, he worked in Banco Urquijo as financial analyst, Manager of Industrial Investments and he served as a representative in several subsidiaries of such Bank as a member of the Board of Directors. From 1985 to 1996 he was member of the Board of Directors and Manager of the “Corporate Finance” of Beta Capital, S.A. In 1996 was appointed as Chairman and Chief Operating Officer of Beta Capital, S.A. until 2000.

Born in Vilafranca del Penedes (Barcelona), 24th September 1954. Mr. Antonio Massanell Lavilla received his degree in economics from the University of Barcelona. Mr. Massanell is Executive Deputy General Manager of Caja de Ahorros y Pensiones de Barcelona (la Caixa) and a member of the Board of Directors of Port Aventura, S.A., e-la Caixa 1, S.A., Espacio Pyme, S.A., Bousorama, S.A., and Caixa Capital Risc, S.G.E.C.R., S.A. He is also Chairman of Fundació Barcelona Digital and Chairman of Serveis Informátics la Caixa, S.A. In 1971 he joined the Caja de Ahorros y Pensiones de Barcelona,(“La Caixa”) where he developed several posts. In 1990 was appointed Assistant Manager and Secretary of the Direction Committee. In the same year he was appointed member of the Board of Directors of VidaCaixa, S.A., Seguros de la Caixa, S.A., Socredit (Mónaco), and Sociedad Española de Medios de Pago. From 1992 to 1994 Mr. Massanel served as Chairman of the Principal Organ of Sistema 6000 de la Confederación Española de Cajas de Ahorros.

Antonio Viana-Baptista serves as Chairman and Chief Executive Officer since August 2002. He is an economist who graduated from the Catholic University of Lisbon in 1980. He has a post graduate in European Economy (1981), and an MBA, obtained with a distinction mention, from INSEAD (Fontainebleu). He is member of the board of directors, the Delegate Committee and the Executive Committee of Telefonica S.A. He is also Chairman of Telefonica Moviles Espana, S. A. and member of the board of directors of Telefonica Internacional, S.A., Portugal Telecom SGPS, Brasilcel N. V. , CTC Chile, Telefonica de Argentina, S. A. and Telecomunicacoes de Sao Paulo S. A. Until July 2002, he served as President of Telefonica Internacional and Executive President of Telefonica Latinoamerica. Before that he also served from 1991 until 1996, as Executive Director of BPI (Banco Portugues de Investimento). From 1985 until 1991 Mr. Viana-Baptista was Principal Partner of McKinsey & Co. in Madrid and Lisbon. He was appointed to the O2 Board on 23 January 2006 after the Telefonica offer for O2 went unconditional.

Born in Barcelona, 5th of April 1944. Mr. Carlos Colomer Casellas has an economics degree from the University of Barcelona and a degree in business administration from IESE Business School. Mr. Colomer is Chairman of the Colomer Group and a Director of Indo Internacional, S.A., Chairman of Ahorro Bursátil, S.A.SICAV and Inversiones Mobiliarias Urquiola, S.A. SICAV. Mr. Colomer began his career in 1970 as Marketing Vice-Chairman of Henry Colomer, S.A. In 1980, he was appointed as Chairman and General Manager of Henry Colomer, S.A and Haugron Cientifical, S.A. In 1986, he was also appointed President of Revlon for Europe. In 1989, he became the President of Revlon International and in 1990, he was appointed Executive Vice- President and Chief Operating Officer of Revlon Inc. In 2000, he was appointed Chairman and Chief Executive Officer of the Colomer Group.

Born in Zaragoza, 5th of May 1945. Mr Alierta holds a law degree from the University of Zaragoza and a MBA from Columbia University (New York). In July 2000 he became Executive Chairman of Telefónica, S.A. and is also member of the Board of Directors of Telecom Italia, S.p.A., and also member of the Board of China Unicom (Hong Kong) Limited. Mr. Alierta began his career in 1970 as general manager of the Capital Markets division at Banco Urquijo in Madrid where he remained until 1985. From June 1996 until July 2000, he was the Chairman of Tabacalera S.A. which after the merger with the French tobacco company, Seita, became Altadis, S.A.. Previously, he was the Chairman and founder of Beta Capital, which he combined with his post as Chairman of the Spanish Financial Analysts’ Association from 1991. He has also been member of the Board of Directors of the Securities Markets of Madrid as well as member of the Board of Telefónica Internacional, Plus Ultra Compañía de Seguros y Reaseguros, Iberia and Altadis. On January 1997, Mr. Alierta was appointed as a Director of Telefónica, S.A.

David Arculus became a non-executive director in February 2006 and currently serves on the audit and nomination committees and as chairman of the personnel committee. He is a non-executive director of Telefonica SA, and was previously chairman of O2 plc from 2004 until it was acquired by Telefonica at the beginning of 2006. His previous roles include chairman of Severn Trent plc and IPC Group, chief operating officer of United Business Media plc and group managing director of EMAP plc. David Bell became a director in March 1996. He was appointed Pearson s director for people with responsibility for finding, keeping, rewarding and inspiring our employees across the Pearson Group. He is chairman of the Financial Times and Sadler s Wells Theatre. He is also chairman of Crisis, a charity for the homeless, Roehampton University, The Institute for War and Peace Reporting and the London Transport Museum.

Born in Madrid, 23rd of November 1962. Ms. Castillo holds BA Degrees in Business, Economics and Law from Universidad Pontificia de Comillas - ICADE - 3 in Madrid. Currently she heads Global Wealth Management business operations in Europe, the Middle East and Africa, including Merrill Lynch Bank (Suisse) and the International Trust and Wealth Structuring business. She is a member of the Merrill Lynch EMEA Executive Committee, the Global Wealth Management Executive and Operating Committees. Prior to her current role, she served as head of Global Markets & Investment Banking in Iberia as well as President of Merrill Lynch Spain and before that as chief operating officer for EMEA Equity Markets. Ms. Castillo joined Merrill Lynch in 1997 as head of Equity Markets for Spain and Portugal. In 1999 she was promoted to Country Manager for Spain and Portugal and in 2000 she became CEO of Merrill Lynch Capital Markets España. Before joining Merrill Lynch, she worked for Goldman Sachs International in London for 5 years in the International Equities department. Prior to this she worked for 5 years at the Spanish broker Beta Capital.

Born in Granada, 4th of October 1948. Mr. Almansa holds a law degree from the University of Deusto (Bilbao). Mr. Almansa is currently a Member of the Board of Telefónica Internacional, S.A., Telefónica de Argentina, S.A., Telefónica del Peru, S.A.A., Telecomunicaçoes de Sao Paulo S.A., Telefónica Móviles México, S.A. de C.V. and Médi Telecom, S.A. Furthermore, he is Substitute Director of BBVA Bancomer México, S.A. de C.V. In December 1974 he joined the Spanish Diplomatic Corps, and served from 1976 to 1992, as Secretary of the Spanish Embassy in Brussels, Cultural Counsellor of the Spanish Representation to Mexico, Chief Director for Eastern European Affairs and Atlantic Affairs Director in the Spanish Foreign Affairs Ministry, Counsellor to the Spanish Permanent Representation to NATO in Brussels, Minister-Counsellor of the Spanish Embassy in the Soviet Union, General Director of the National Commission for the 5th Centennial of the Discovery of the Americas, and Deputy General Director for Eastern Europe Affairs in the Spanish Foreign Affairs Ministry. From 1993 to 2002, Fernando de Almansa was appointed Chief of the Royal Household by His Majesty King Juan Carlos I, and is currently Personal Adviser to His Majesty the King.

Born in Valladolid, 24th of July 1958. Mr de Paz has a degree in Publicity and Information and studies in law. He holds a PhD in Management from the IESE (University of Navarra). Mr. de Paz is currently Chairman of Atento Holding Inversiones y Teleservicios, S.A. and a Member of the Board of Telefónica Internacional, S.A.U., Telefónica de Argentina, S.A. and Telecomunicaçoes de Sao Paulo S.A. From July 2006, he is Member of the Executive Comittee of the Chambers Board (Consejo Superior de Cámaras) From 2004 to 2007 was Chairman of MERCASA. From 1996 to 2004 he was Manager of Corporate Strategy of the Panrico Donuts Group. From 1993 to 1996 was General Manager of Internal Trade of the Ministry of Turism and Commerce. From 1990 to 1993 was Secretariat of the Board of Unión de Consumidores de España (UCE) and CEO of the Magazine “Revista Ciudadano” and from 1984 to 1993 was Secretariat General of the Socialism Youth and Member of the Executive Council of PSOE. He also served the following posts and responsabilities: Director of the Tunnel of Cadí (2004-2006), Chairman of the Patronal Pan y Bollería Marca (COE) (2003-2004), Director of Mutua de Accidentes de Zaragoza (MAZ) (1998- 2004), Director of the Panrico Group (1998-2004), Chairman of the Observatorio de la Distribución Comercial del Ministerio de Comercio y Turismo (1994-1996), Member of the Economic and Social Board and its´ permanent Commission (1991- 1993 and 1996-2000), and Director of Tabacalera, S.A. (1993-1996).

Born in Madrid, 10th of July1945. Mr. Hinojosa has a degree in Industrial Engineering from the Industrial Engineers Technical School of the Polytechnic University of Madrid. He currently serves as Director of Dinamia Capital Privado, S.A., SCR. From 1966 to 1985 he was Chairman and Chief Executive Officer of Cortefiel, S.A. He began his professional career with Cortefiel in 1976, and has served in various management positions since then. From 1991 to 2002, he served as a Director of Banco Central Hispano Americano and as a Director of Portland Valderribas. Also he has served as a Director of Altadis, S.A.

Born in Manresa (Barcelona), 10th of July 1942. Mr. Isidro Fainé Casas holds a doctorate degree in Economics, a Diploma in Alta Dirección (Senior Management) from IESE Business School and an ISMP in Business Administration from Harvard University. He is a financial analyst and an academic at the Real Academy of the Finance and Economic Science. Mr. Fainé is currently Chairman of Caja de Ahorros y Pensiones de Barcelona (“la Caixa”), Chairman of Abertis Infraestructuras, S.A., Vice-Chairman of Confederación Española de Cajas de Ahorros, and Vice-Chairman 2º of Repsol YPF, S.A. He is also member of the Board of Directors of Criteria CaixaCorp, S.A, Banco Português de Investimento, S.A. (BPI), Hisusa, Holding de Infraestructuras y Servicios Urbanos, S.A., Societé dês Autoroutes du Nord et de l’Est de la France, and Grupo Financiero INBURSA. For over 40 years, Mr. Fainé has developed his professional career working for several companies in different sectors of the economy, as well as financial institutions, amongst others: Banco Atlántico (1964), Banco de Asunción – Paraguay– (1969), Banco Riva y García (1973), Banca Jover (1974), and Banco Unión, S.A. (1978).

Born in Burgos, on the 19th of March of 1952. He holds a degree in Economics by the University of Deusto and he has been Professor of such University during nine years. In 2002 he became Managing Director of Wholesale and Investment Banking Division and Member of the Executive Committee of the Banco Bilbao Vizcaya Argentaria, S.A.. He is right now in retirement situation. He is Director of Advancell, S.A. From 1975 to 1982 he became Financial Manager of Sociedad Anónima de Alimentación (SAAL). Since then, and until he joins the Banco Bilbao Vizcaya Argentaria Group, he became Financial Manager of Sancel-Scott Iberica. In 1985 he was appointed Managing Director of Investment Corporative Banking of the Banco Bilbao. From January to April 1993, he was appointed Executive Coordinator of Banco Español de Crédito, S.A. In 1998, he became General Manager of the Industrial Group. In 1999, Member of the Executive Committee of the BBVA Group. He has also been Member of the Board of Directors of Repsol, Iberia and Corporación IBV. Until July 2007, he was Vice President of Bolsas y Mercados Españoles, Holding Company of Mercados y Sistemas Financieros, S.A.

Born in Madrid,12th of December 1963. Mr. Álvarez-Pallete has a degree in Economics from the Complutense University of Madrid. He also studied Economics at the Université Libre in Belgium, holds an international Management Programme from IPADE and an Advance Research Degree from the Complutense University of Madrid. He was appointed Chairman and CEO of Telefónica Internacional, S.A. in July 2002, and General Manager of Telefónica Latinoamérica as well as member of the Board of Telefónica, S.A. in July 2006. He is also a member of the following Board of Director: Telecomunicaçoes de Sao Paulo, S.A., Telefónica DataCorp, S.A.U., Colombia Telecomunicaciones, S.A. ESP, Telefónica Móviles México, S.A. de C.V., Telefónica Larga Distancia de Puerto Rico, TLD, Telefónica del Perú, S.A.A., Telefónica Internacional Chile, S.A., Telefónica USA, Inc. and Portugal Telecom, SGPS, S.A. He is also Chairman of the Supervisory Board of Brasilcel, N.V., and Deputy Director of Telefónica Móviles Colombia, S.A., Telefónica de Argentina, S.A., Compañía de Telecomunicaciones de Chile, S.A. and Telefónica Móviles Chile, S.A. He began his professional career with Auditors Arthur Young in 1987, before joining Benito & Monjardín / Kidder, Peabody & Co. in 1988. After this, in 1995 he joined the Company of Cementos Portland (Cemex) as head of the Investor Relations and Studies Department. In 1996 he was promoted to Financial Manager for Spain, and in 1998, to General Manager for Administration and Finance responsible for the Cemex Group´s interests in Indonesia and member of the Board of Cemex Asia, Ltd. In February 1999 he joined the Telefónica Group as a General Manager of Finance for Telefónica Internacional, S.A. In September of the same year was given the post of General Manager of Corporate Finance in Telefónica, S.A. He has been member of the Board of Directors of Cemex Singapur, Telefónica Publicidad e Información, S.A., Telefónica de España, S.A., Telefónica Móviles España, S.A., Telefónica O2 Europe, Plc., China Netcom Group Corporation Limited, and member of the Supervisory Board of Telefónica O2 Czech Republic, s.a.

Born in Brazil, 29th July 1946. He is graduated in Chemical Engineering from FEI (Industrial Engineering Faculty of São Paulo) and in Business Administration from University of Santana - São Paulo, with specialization in financial administration from Fundação Getúlio Vargas - São Paulo. At present he is Chairman of the Board of Directors of Sadia, S.A. and Amazonas Sustainability Foundation. He is also member of the Board of Directors of Telecomunicações de Sao Paulo, S.A., Redecard S.A., and Amil Participações S.A., and member of the Advisory/Consultive Board of Panasonic (Japan) and McLarty & Associates (USA). He was Minister of Development, Industry and Foreign Trade of the Govern of Brazil from 2003 of to 2007. Previously, he was member of the Board of Directors to several other companies in Brazil and abroad such as Sadia S.A., Embraco, S.A. (Brasmotor Group – Brazil), Panamco (Pan American Beverages, Inc. - USA), and Telefonica S.A. (Spain). Also was member of the Consulting Board of IBM in Latin America and of ABN Amro Bank in Brazil, and President of ABEF (Brazilian Chicken Exporters Association), ABRASCA (Brazilian Association of Public Owned Companies) and of the MEBF (Mercosur European Union Business Forum). Also was Vice President of São Paulo Entrepreneurs Association (FIESP).

Born in Madrid, 22nd of January 1964. He has a law degree from the Complutense University of Madrid. In 1988 he joined The Body of State Lawyers whom came number one. Since June 2005 Mr. Isla has been Vice Chairman and Chief Executive Officer of Inditex, S.A. He began his career in 1988 as Attorney General with the Spanish Ministry of Transports, Tourism and Communications and in 1991 he joined the Spanish General Direction of Legal Services. From 1992 to 1996, Mr. Isla served as General Manager of the Legal Services Department of Banco Popular. In 1996, he was appointed General Manager of the National Heritage department of the Treasury Ministry. He served as General Secretary of Banco Popular Español from 1998 to 2000. In July 2000, Mr. Isla was appointed Chairman of the Board of Grupo Altadis and Co-Chairman of the company.

Peter Erskine was appointed to the Board in 2001 as Chief Executive Officer. He joined the Company from BT where, since March 1993, he held a number of senior positions including Director of BT Mobile, President and Chief Executive of Concert, and, from 1998, Managing Director of BT Cellnet. Prior to joining BT he was European Vice President of Sales and Customer Service for Mars and Senior Vice President Sales and Marketing for UNITEL. Mr Erskine is also a member of the Advisory Board of the University of Reading Business School. Following Telefonica's acquisition of O2, Mr. Erskine became Chairman and Chief Executive of O2 and also joined the Board of Telefonica, S.A. as an Executive Director. Mr. Erskine is also Chairman of the supervisory board of Telefonica O2 Czech Republic a.s.

Born in Autol (La Rioja), 3rd September 1950. Since January 2005 Mr. Nafría Aznar has been the Retail Banks Director in Spain and Portugal for Banco BilbaoVizcaya Argentaria, S.A., now in early retirement. In 1966 he joined the Banco de Vizcaya. In 1983, Mr. Nafría Aznar became Director of the Banco de Financiación Industrial (Induban) in Bilbao. In 1988 he worked as the regional Director of Aragón, Navarra y Rioja for Banco Bilbao Vizcaya. In 1990, he was appointed Business management Director of Banco Bilbao Vizcaya (BBV). In 1994, he held a senior position at the Territorial Direction in País Vasco. In April 1998, he was appointed as Chief Executive Officer of BBV in Mexico. In July 2000, he was appointed Director of BBVA Bancomer. In December 2001, he was appointed a Directive Committee member of BBVA at the Global Level, and in January 2003 he became General Manager of BBVA America.