CHANGES IN THE CORPORATE AREAS

• The areas of General Counsel and Public Affairs and Regulation (up until now led by Ramiro Sánchez de Lerín and Carlos Lopez Blanco respectively) will be unified and headed by Pablo de Carvajal.
• The area of Human Resources will report directly to the Executive Chairman and will be led by Marta Machicot, who will join the Executive Committee.

CHANGES IN THE AREAS THAT REPORT TO THE COO

• Changes to the structure of Telefónica España:
• Emilio Gayo will replace Luis Miguel Gilpérez as Executive Chairman of Telefónica España.
• María Jesús Almazor, up until now Director of Southern Spain, will occupy the new role of Chief Operating Officer of Telefónica España

• Telefónica Hispanoamérica, until now headed by Eduardo Caride, will be split into two new units to allow a more effective management of different market situations:
• Telefónica Hispam Sur (encompassing operating businesses in Argentina, Chile, Peru y Uruguay) will be headed by Bernardo Quinn (until now director of Human Resources).
• Telefónica Hispam Norte (encompassing the operations in Colombia, México, Central America, Ecuador y Venezuela) will be led by Alfonso Gómez Palacio.
• Fabián Hernández, until now Director of Public Affairs and Regulation in Colombia, will replace Alfonso Gómez Palacio CEO of Telefónica Colombia.

• In the Global Resources Area, led by Guillermo Ansaldo, Mario Martin will become the CEO de Telxius.

• Natalia Sainz, until now director of Financial Planning and Coordination, will replace Mario Martin as Director of COO Office.

These changes are subject to approval by Telefonica’s Board of Directors.

The new organizational chart of Telefónica’s Executive Committee is attached.