The Spain/U.S. Chamber of Commerce awarded the Global Spanish Entrepreneur Award to Cesar Alierta, Chairman and CEO of Telefonica S.A. The Award was given in recognition of the addition of Telefonica S.A. to the Dow Jones Global Titans 50 Index, which includes the 50 largest publicly-held companies in the world. This is the first time a Spanish company is included in the Index. Mario Diaz-Cruz, a New York Corporate Partner of Dorsey & Whitney LLP, in his capacity as Chairman of the Spain/U.S. Chamber of Commerce delivered the Award to Mr. Alierta at a Gala Dinner held on Thursday, September 8, 2005 at the Pierre Hotel in New York. On that morning, representatives of Telefonica S.A., the New York Stock Exchange, and the Spain/U.S. Chamber of Commerce rang the bell opening trade on the NYSE. The events generated significant press coverage in Spain.