César Alierta Izuel has been the Chief Executive Officer and Chairman of Telefónica S.A. since July 26, 2000. Mr. Alierta Izuel began his career in 1970 as General Manager of the Capital Markets division at Banco Urquijo in Madrid until 1985. From June 1996 until his appointment as Chairman of Telefónica, he served as the Chairman of Tabacalera S.A. which after the merger with the French tobacco company, Seita, became Altadis. He served as Chairman and founder of Beta Capital, which he combined with his post as Chairman of the Spanish Financial Analysts' Association as from 1991. He has been Director of Telefonica SA since January 1997 and has been appointed as Director of Telefónica Internacional (TISA), Plus Ultra, Terra and Iberia and also serves as a Member of the Standing Committee of the Board of Directors. During his years as Chairman of Tabacalera, Mr. Alierta Izuel served as the Chairman of the Board of Directors of Logista, a subsidiary of the Altadis group. Mr. Alierta Izuel serves as a member of the Altadis Board of Directors and Executive Committee. He has been a member of the Board of Directors and Standing Committee of the Madrid Stock Exchange. Mr. Alierta Izuel holds a Law Degree from the University of Zaragoza and an MBA from Columbia University (New York).