9th May 2007 10:18
Telefonica SA09 May 2007 As provided in article 82 of the Spanish Stock Market Act (Ley del Mercado deValores), TELEFONICA, S.A. hereby reports the following NOTICE According to the Significant Event filed last April 28th, the Italian-Spanishconsortium, in which TELEFONICA holds a 42.3% of the shares, will have a23.6% stake in TELECOM ITALIA's capital. This stake shall be held in TELECOMITALIA's ordinary capital, that is to say, the capital that confers votingrights, and shall therefore not include the so-called "savings shares" (azionidi risparmio), which do not confer political rights. If these shares werehypothetically taken into account, TELEFONICA's indirect stake in TELECOMITALIA would, in fact, amount to 6.9%. Exclusively on the basis of the ordinary capital, the only one relevant forvoting purposes and, consequently, for the appointment of Directors,TELEFONICA's indirect stake in TELECOM ITALIA, as notified in the SignificantEvent, would be 10%. Consequently, the number of Directors that TELEFONICAmay appoint on TELECOM ITALIA's Board, according to the agreements reached, isconsistent with its 10% share in the company's Governance. Madrid, May 8th, 2007. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TDE.L