13th Oct 2006 18:06
Telefonica SA13 October 2006 As provided in article 82 of the Spanish Stock Market Act (Ley del Mercado deValores), TELEFONICA, S.A. (TELEFONICA), together with BANCO BILBAOVIZCAYA ARGENTARIA, S.A. (BBVA), hereby reports the following SIGNIFICANT EVENT In February 2000, the two companies reached a Framework Agreement for the jointdevelopment of a number of projects related to the new technologicaldevelopments, of which the market was informed at that time. It was then also agreed that a representative of TELEFONICA would join theBoard of Directors of BBVA, and this was executed accordingly. Once the agreed projects have been implemented as suggested by the course ofbusiness in each case, both companies consider that, at present, the factorswhich justified the presence of a representative of TELEFONICA on the Boardof Directors of BBVA no longer apply, and the latter will therefore shortlycease to form part of that Board. BBVA holds a significant stake in the share capital of TELEFONICA, and hastwo proprietory Directors on the Board of Directors of such company; thissituation will persists in accordance which BBVA's shareholding. On the otherhand, TELEFONICA retains its current holding in the share capital of BBVA. To whom it may concern for the purposes of notification to the market. Madrid, October 13th, 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TDE.LBbva Ord