David Melcon to be appointed new CFO

Telefónica Czech Republic will appoint a new

Chief Financial Officer

June 14, 2012

Effective August 1, David Melcon will be appointed Chief Financial Officer in Telefónica Czech Republic. On the same day, Jesús Pérez de Uriguen, the current CFO of Telefónica Czech Republic, will assume the position of Finance and Control Director, Telefónica Europe.

David Melcon has more than 15 years of experience in the telecommunications industry and joined Telefonica in 2001 from Arthur Andersen. He brings vast experience from senior finance roles throughout the Telefonica Group including Latin America, Spain and rest of Europe.

David Melcon joined Telefonica Europe in 2007 and currently holds the position of Finance and Control Director. During this period he has also taken a key leadership role in implementing global initiatives to adapt the business to the changing market conditions. In addition, David is a member of the Board of Directors of Telfin Ireland and in 2010 to 2011 he was a member of the Supervisory Board of Hansenet, a German telecommunications company.

Jesús Pérez de Uriguen joined Telefónica in 2000 bringing a wealth of experience from a number of senior positions with Arthur Andersen and Jazz Telecom. Since joining Telefónica, he has been the CFO of TEF Centro America and most recently the CFO of Telefónica Czech Republic.

Jesús Pérez de Uriguen contributed to the successful transformation of the Company to maintain best in class profitability, a strong competitive position resulting in robust shareholder return, which is visible in the solid share performance not only within Prague Stock Exchange but also versus relevant peers in Central and Eastern Europe.

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Telefónica Czech Republic is a major integrated operator in the Czech Republic. It is now operating almost seven million lines, both fixed and mobile, making it one of the world's leading providers of fully converged services. The organization offers the most comprehensive portfolio of voice and data services in this country. It is paying special attention to the exploitation of the growth potential, particularly in the data and Internet sector. Telefónica Czech Republic operates the largest fixed and mobile network including a 3rd generation network, CDMA (for data), and UMTS, enabling voice, data and video transmission. Telefónica Czech Republic is also a notable provider of ICT services.

Telefónica is one of the world's largest telecommunications operators by market capitalisation. Its activities are centred mainly on the fixed and mobile telephony businesses, while its broadband business is the key growth driver underpinning both. It operates in 25 countries and has a global customer base of over 300 million. Telefónica's growth strategy is focused on the markets in which it has a strong foothold: Europe and Latin America. Telefónica is a 100% private sector company with its shares listed in Madrid and other stock exchanges and more than 1.5 million individual shareholders.