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Telefónica will appeal before the European Court of Justice the European Commission’s ruling in connection to the agreements with PT

The agreements between Telefónica and PT were immediately made public

Madrid, 23rd January 2013.- Telefónica S.A completely  disagrees with the ruling announced today by the European Commission,  which imposes a fine for the agreements reached, over two years ago, by the Company and Portugal Telecom in the context of the acquisition by Telefónica of Portugal Telecom´s stake in Brazilian mobile operator, Vivo.

Telefónica believes it has not, at any time, breached the law and announces its firm intention to immediately appeal before the European Court of Justice.

In its ruling, the Commission examines a clause included in the contract signed between Telefónica and Portugal Telecom which was subject to compliance with regulation and which was never applied. Once the parties conducted their assessment on the legality of the clause, they concluded that the restriction foreseen therein could not be applied and therefore they decided to eliminate it.

Telefónica would like to point out that the agreements reached between Telefónica and Portugal Telecom were made public and notified to the relevant authorities at the time, so there was no secret pact or attempt to conceal it, which ratifies the fact that it was never intended to breach the current legislation, as admitted by the European Commission’s own ruling.

Finally, Telefónica reiterates that these agreements had no effect on consumers at any stage and did not alter in any way the development of the market.