|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





In addition, on January 31, 2006,
Telefónica Móviles Argentina, S.A approved the measures necessary to carry out the merger by absorption of Telefónica Móviles Inversora S.A. and BA Celular Inversora S.A. into Telefónica Móviles Argentina,
S.A. The merger will be effective as from January 1, 2006.



|                                                                                                                     |  |          |   |  |               |   |                                 |               |   |  |        |  |         |  |           |   |  |               |   |  |                
|-------------------------------------------------------------------------------------------------------------------- |  | -------- | - |  | ------------- | - | ------------------------------- | ------------- | - |  | ------ |  | ------- |  | --------- | - |  | ------------- | - |  | ---------------
|Exhibit 8.1                                                                                                          |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                                                                  |  | % Direct |   |  | % Indirect    |   |                                 | Móviles Group |   |  | Method |  | Capital |  | Reserves  |   |  | Profit (loss) |   |  | InterimDividend
|Brasilcel, N.V. (NETHERLANDS)                                                                                        |  | 50.00    | % |  |              |   |                                 | 50.00         | % |  | PC     |  | 134     |  | 5,829,445 |   |  | 20,428        |   |  |               
|Joint Venture and holding Company for wireless communications services Strawinskylaan 3105 - 1077ZX - Amsterdam      |  |          |   |  |               |   |                                 |               |   |  |        |  |         |  |           |   |  |               |   |  |                
|Vivo Brasil Comunicação Ltda (BRAZIL)                                                                                |  |         |   |  | 100.00        | % |                                 | 50.00         | % |  | PC     |  | 18      |  |          |   |  | (19,040       | ) |  |               
|Holding company Rua da Consolação, 247-6oandar sala 57-São Paulo-SP                                                  |  |          |   |  |               |   |                                 |               |   |  |        |  |         |  |           |   |  |               |   |  |                
|Tagilo Participações, S.A. (BRAZIL)                                                                                  |  |         |   |  | 99.99         | % |                                 | 50.00         | % |  | PC     |  | 127,566 |  | 6,723     |   |  | (29           | ) |  |               
|Intellectual and industrial property ownership Rua Martiniano de Carvalho 851, 20 andar, Parte,Bela Vista, São Paulo |  |          |   |  |               |   |                                 |               |   |  |        |  |         |  |           |   |  |               |   |  |                
|Sudestecel Participações, S.A. (BRAZIL)                                                                              |  |         |   |  | 100.00        | % |                                 | 50.00         | % |  | PC     |  | 698,697 |  | (25,905   | ) |  | (14,552       | ) |  |               
|Holding company Rua Martiniano de Carvalho 851, 20 andar, Parte,Bela Vista, São Paulo                                |  |          |   |  |               |   |                                 |               |   |  |        |  |         |  |           |   |  |               |   |  |                
|Avista Part. S.L. (BRAZIL)                                                                                           |  |         |   |  | 99.99         | % |                                 | 50.00         | % |  | PC     |  | 223,084 |  | (2,750    | ) |  | (11,961       | ) |  |               
|Holding company Rua da Consolação, 247-6oandar sala 57- São Paulo-SP                                                 |  |          |   |  |               |   |                                 |               |   |  |        |  |         |  |           |   |  |               |   |  |                
|Tele Sudeste Celular Participações,S.A. (BRAZIL)                                                                     |  |         |   |  | 91.02         | % |                                 | 45.51         | % |  | PC     |  | 752,026 |  | 269,062   |   |  | 200,603       |   |  |               
|Holding company Prai de Botafogo 501,20 andar, parte bela Vista, São Paulo                                           |  |          |   |  |               |   |                                 |               |   |  |        |  |         |  |           |   |  |               |   |  |                
|Telerj Celular, S.A. (BRAZIL)                                                                                        |  |         |   |  | 100.00        | % |                                 | 45.51         | % |  | PC     |  | 602,182 |  | 61,384    |   |  | 40,895        |   |  |               
|Wireless operator Praia de Botafogo 501-5o a 8o Andares, Botafogo- Rio de Janeiro                                    |  |          |   |  |               |   |                                 |               |   |  |        |  |         |  |           |   |  |               |   |  |                
|Telest Celular, S.A. (BRAZIL)                                                                                        |  |         |   |  | 100.00        | % |                                 | 45.51         | % |  | PC     |  | 130,514 |  | 43,985    |   |  | 11,341        |   |  |               
|Wireless operator Avda Nossa Senhora da Penha 275-Praia de Santa Helena, Vitoria-Espíritu Santo                      |  |          |   |  |               |   |                                 |               |   |  |        |  |         |  |           |   |  |               |   |  |                
|TBS Celular Participações, S.A. (BRAZIL)                                                                             |  | 1.12     | % |  | 96.26         | % |                                 | 49.25         | % |  | PC     |  | 211,929 |  | 17,886    |   |  | 9,090         |   |  |               
|Holding company Avda.Martiniano de Carvalho 851, 20 andar, parte São Paulo, São Paulo                                |  |          |   |  |               |   |                                 |               |   |  |        |  |         |  |           |   |  |               |   |  |                



1



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                                                     |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|---------------------------------------------------------------------------------------------------- |  | -------- |  | ---------- | ------------- |  | ------------------------------- | - |  | ------ |  | --------- |  | -------- | - |  | ------------- | - |  | ---------------
|                                                                                                     |  | Holding  |  |            | Consolidation |  | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                                                  |  | % Direct |  | % Indirect |               |  | Móviles Group                   |   |  | Method |  | Capital   |  | Reserves |   |  | Profit (loss) |   |  | InterimDividend
|Celular CRT Participaçoes, S.A. (BRAZIL)                                                             |  |         |  | 67.44      | %             |  | 33.50                           | % |  | PC     |  | 118,612   |  | 285,467  |   |  | 43,396        |   |  |               
|Holding company Rua José Bonifacio, 245, Bon Fim, Porto Alegre - Rio Grande Do Sul                   |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Celular CRT, S.A. (BRAZIL)                                                                           |  |         |  | 100.00     | %             |  | 33.50                           | % |  | PC     |  | 206,590   |  | (13,283  | ) |  |              |   |  |               
|Wireless operator Rua José Bonifacio, 245, Bon Fim, Porto Alegre - Rio Grande Do Sul                 |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Tele Leste Celular Participações, S.A. (BRAZIL)                                                      |  |         |  | 50.67      | %             |  | 25.33                           | % |  | PC     |  | 130,514   |  | 43,985   |   |  | 11,341        |   |  |               
|Holding company Rua Silveria Martins, n 1036, Cabula, Salvador - Bahia                               |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Telebahia Celular, S.A. (BRAZIL)                                                                     |  |         |  | 100.00     | %             |  | 25.33                           | % |  | PC     |  | 129,584   |  | (22,312  | ) |  | (33,458       | ) |  |               
|Wireless operator Rua Silveria Martins, n 1036, Cabula, Salvador - Bahia                             |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Telergipe Celular, S.A. (BRAZIL)                                                                     |  |         |  | 100.00     | %             |  | 25.33                           | % |  | PC     |  | 111,119   |  | 16,067   |   |  | (27,502       | ) |  |               
|Wireless operator Avda Francisco Porto 686, 13 de julho-Aracaju, Sergipe                             |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Ptelecom Brasil, S.A. (BRAZIL)                                                                       |  |         |  | 99.99      | %             |  | 49.99                           | % |  | PC     |  | 956,470   |  | (550,118 | ) |  | (8,034        | ) |  |               
|Holding company Rua Cubatao 320, 4andar, São Paulo, São Paulo                                        |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Portelcom Participações, S.A. (BRAZIL)                                                               |  |         |  | 99.99      | %             |  | 49.99                           | % |  | PC     |  | 1,282,416 |  | (262,214 | ) |  | (21,975       | ) |  |               
|Holding company Avda Brigadeiro Faria Lima 2277, 15a andar, Conj1503, Jardin Paulistano, São Paulo   |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Telesp Celular Participações, S.A. (BRAZIL)                                                          |  |         |  | 66.08      | %             |  | 33.04                           | % |  | PC     |  | 2,415,595 |  | (638,385 | ) |  | (289,184      | ) |  |               
|Holding company Av.Roque Petroni Júnior no1464, 6 andar-parte, bloco B, Morumbi, São Paulo,São
Paulo |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Telesp Celular S.A. (BRAZIL)                                                                         |  |         |  | 100.00     | %             |  | 33.04                           | % |  | PC     |  | 788,151   |  | 269,812  |   |  | 55,565        |   |  |               
|Holding company                                                                                      |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Av.Roque Petroni Júnior no1464, 6 andar-parte, bloco B, Morumbi, São Paulo,São Paulo                 |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Telesp Celular internacional                                                                         |  |          |  | 100.00     | %             |  | 33.04                           | % |  | PC     |  | 1         |  | 13,128   |   |  |              |   |  |                
|Holding company                                                                                      |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                
|Av.Roque Petroni Júnior no1464, 6 andar-parte, bloco B, Morumbi, São Paulo,São Paulo                 |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |               |   |  |                



2



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                                      |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|------------------------------------------------------------------------------------- |  | -------- |  | ---------- | ------------- |  | ------------------------------- | - |  | ------ |  | --------- |  | -------- | - |  | ------------ | - |  | ---------------
|                                                                                      |  | Holding  |  |            | Consolidation |  | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                                   |  | % Direct |  | % Indirect |               |  | MóvilesGroup                    |   |  | Method |  | Capital   |  | Reserves |   |  | Profit(loss) |   |  | InterimDividend
|Telesp Celular overseas                                                               |  |          |  | 100.00     | %             |  | 33.04                           | % |  | PC     |  |          |  | 12       |   |  |              |   |  |                
|Holding company                                                                       |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Av.Roque Petroni Júnior no1464, 6 andar-parte, bloco B, Morumbi, São Paulo, São Paulo |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Global Telcom Telecom S.A. (BRAZIL)                                                   |  |         |  | 100.00     | %             |  | 33.04                           | % |  | PC     |  | 1,465,752 |  | (992,036 | ) |  | (85,465      | ) |  |               
|Wireless operator                                                                     |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Av.Higienópolis, no1635, Curitiba Parana                                              |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Tele Centro Oeste Celular Participações, S.A. (BRAZIL)                                |  |         |  | 52.47      | %             |  | 17.34                           | % |  | PC     |  | 370,022   |  | 522,995  |   |  | 106,443      |   |  |               
|Holding company and telecommunications operator for the commercial sector             |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Sul,Quadra 2, Bloco C, no226. Edif Telebrasilia Celular, 7 andar, Brasilia DF         |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Telegoiás Celular, S.A. (BRAZIL)                                                      |  |         |  | 100.00     | %             |  | 17.34                           | % |  | PC     |  | 94,079    |  | 154,416  |   |  | 50,738       |   |  |               
|Wireless operator                                                                     |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Rua 136-C,Quadra F-44, no150, Sector Sul Goiania, Goias                               |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Telemat Celular, S.A. (BRAZIL)                                                        |  |         |  | 100.00     | %             |  | 17.34                           | % |  | PC     |  | 55,064    |  | 95,569   |   |  | 35,194       |   |  |               
|Wireless operator                                                                     |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Av.Getúlio Vargas no1,300, Centro, Cuibá, Matogrosso                                  |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Telems Celular, S.A. (BRAZIL)                                                         |  |         |  | 100.00     | %             |  | 17.34                           | % |  | PC     |  | 42,802    |  | 66,458   |   |  | 21,652       |   |  |               
|Wireless operator                                                                     |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Av.Alfonso Pena no2,386,Ed Dolor de Andrade, Campo Grande, Matogrosso Do Sul          |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Teleron Celular, S.A. (BRAZIL)                                                        |  |         |  | 100.00     | %             |  | 17.34                           | % |  | PC     |  | 13,504    |  | 21,405   |   |  | 4,242        |   |  |               
|Wireless operator                                                                     |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Av.Getúlio Vargas no1,941, Porto Velho, Rondonia                                      |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Teleacre Celular, S.A. (BRAZIL)                                                       |  |         |  | 100.00     | %             |  | 17.34                           | % |  | PC     |  | 7,175     |  | 11,189   |   |  | 575          |   |  |               
|Wireless operator                                                                     |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Rua Minas Gerais, no64, Ivete Vargas, Rio Branco-Acre                                 |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Norte Brasil Telecom, S.A. (BRAZIL)                                                   |  |         |  | 100.00     | %             |  | 17.34                           | % |  | PC     |  | 65,187    |  | 14,105   |   |  | 5,297        |   |  |               
|Wireless operator                                                                     |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Travessa Padre Eutíquio no1,226, Barrio Batista Campos, Belém, Para                   |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                
|Tele Centro Oeste IP, S.A. (BRAZIL)                                                   |  |         |  | 100.00     | %             |  | 17.34                           | % |  | PC     |  | 4,151     |  | (3,971   | ) |  | (98          | ) |  |               
|Wireless operator AC/Sul Quadra o2, Bloco C, no256,                                   |  |          |  |            |               |  |                                 |   |  |        |  |           |  |          |   |  |              |   |  |                



3



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|------------------------------------------------------------------------------------- |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | ------- |  | -------- | - |  | ------------ | - |  | ---------------
|                                                                                      |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                                   |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital |  | Reserves |   |  | Profit(loss) |   |  | InterimDividend
|AC/Sul Quadra o2, Bloco C, no256, 3o Pavimento, Ed Toufic, Plano Piloto, Brasilia, DF |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Móviles El Salvador Holding, S.A. de C.V. (EL SALVADOR)                    |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 158,550 |  | (63,950  | ) |  | (336         | ) |  |               
|Holding company                                                                       |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Alameda Roosvelt y Avenida Sur.Torre Telefónica nivel10-San Salvador                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Móviles El Salvador, S.A. de C.V. (EL SALVADOR)                            |  |         |   |  | 99.03         | % |                                 | 99.03        | % |  | FC     |  | 59,346  |  | (41,121  | ) |  | (5,818       | ) |  |               
|Operator of long distance, international wireless services.                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Alameda Roosvelt y Avenida Sur.Torre Telefónica nivel10-San Salvador                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Multiservicios, S.A. de C.V. (EL SALVADOR)                                 |  |         |   |  | 77.50         | % |                                 | 76.75        | % |  | FC     |  | 7,528   |  | (1,660   | ) |  | (1,097       | ) |  |               
|Cable modem system operator.                                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Alameda Roosvelt y Avenida Sur.Torre Telefónica nivel10-San Salvador                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Móviles Centroamérica, S.A. de C.V. (EL SALVADOR)                          |  |         |   |  | 100.00        | % |                                 | 99.03        | % |  | FC     |  | 1,211   |  | (63      | ) |  | 208          |   |  |               
|Operative company                                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Alameda Roosvelt y Avenida Sur.Torre Telefónica nivel10-San Salvador                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica El Salvador, S.A. de C.V. (EL SALVADOR)                                    |  |         |   |  | 100.00        | % |                                 | 99.03        | % |  | FC     |  | 21      |  | (25      | ) |  | (19          | ) |  |               
|Operative company                                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Alameda Roosvelt y Avenida Sur.Torre Telefónica nivel10-San Salvador                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|TCG Holdings, S.A. (GUATEMALA)                                                        |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 351,160 |  | (1,448   | ) |  | 183          |   |  |               
|Holding company                                                                       |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Bulevar Los Próceres 5-56 Zona 10Univentro Nivel 11, Ciudad de Guatemala             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Móviles Guatemala, S.A. (GUATEMALA)                                        |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 248,893 |  | (148,303 | ) |  | (2,006       | ) |  |               
|Provision of wireless, wireline and radio paging communications services              |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Bulevar Los Próceres 5-56 Zona 10Univentro Nivel 11, Ciudad de Guatemala             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Infraestructura Internacional, S.A. (GUATEMALA)                                       |  |         |   |  | 70.00         | % |                                 | 70.00        | % |  | FC     |  | 483     |  | (170     | ) |  | (48          | ) |  |               
|Provision of telecommunications and radio paging services                             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|5aavenida,7-76 Zona 10, Ciudad de Guatemala                                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                



4



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|-------------------------------------------------------------------------- |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | ------- |  | ---------- | - |  | ------------ | - |  | --------------- | -
|                                                                           |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros) |             
|Subsidiaries and their holdings (1)                                        |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital |  | Reserves   |   |  | Profit(loss) |   |  | InterimDividend |  
|PageMart de Centroamérica. (GUATEMALA)                                     |  |         |   |  | 30.00         | % |                                 | 30.00        | % |  | FC     |  |        |  |           |   |  |             |   |  |                |  
|Operative company                                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Bulevar Los Próceres 5-56 Zona 10Univentro Nivel 11, Ciudad de Guatemala  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Central America Servies Holding Ltd. (BRITISH VIRGIN ISLANDS)              |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |           |   |  |             |   |  |                |  
|Inactive company                                                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Palm Grove House, PO Box 438, tortola, BVI                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Telefónica Móviles España, S.A., unipersonal. (SPAIN)                      |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 476,514 |  | 393,360    |   |  | 2,104,850    |   |  | (700,000        | )
|Provision of wireless communications services                              |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Plaza de la Independencia 6Pta.5 28001 MADRID                             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|TLD Top Level Domain Ltd. (IRELAND)                                        |  |          |   |  | 5.00          | % |                                 | 5.00         | % |  | C      |  |        |  |           |   |  |             |   |  |                |  
|Inactive company                                                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Spiral Investments B.V. (NETHERLANDS)                                      |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 38,535  |  | (135,712   | ) |  | (3,190       | ) |  |                |  
|Holding company                                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Strawinskylaan 31051077ZXAmsterdam                                       |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|3G Mobile AG. (SWITZERLAND)                                                |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 35,432  |  | (77,453    | ) |  | (2,633       | ) |  |                |  
|Wireless operator                                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Bahnhofplatz 4, 8001 Zurich                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Mobipay España, S.A. (SPAIN)                                               |  |         |   |  | 13.36         | % |                                 | 13.36        | % |  | EM     |  | 16,052  |  | 7,962      |   |  | (4,791       | ) |  |                |  
|Provision of payment services through wireless telephony                   |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Avda. Europa 20AlcobendasMadrid                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Solivella Investments B.V. (NETHERLANDS)                                   |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 880,699 |  | (1,412,276 | ) |  | (90,041      | ) |  |                |  
|Holding company                                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Strawinskylaan 31051077ZXAmsterdam                                       |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Ipse 2000, S.p.A. (ITALY)                                                  |  |         |   |  | 45.59         | % |                                 | 45.59        | % |  | EM     |  | 150,500 |  | 81,556     |   |  | (1,223,388   | ) |  |                |  
|Installation and execution of third-generation telecommunications services |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  
|Piazza dei Capprettari, 70Roma                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |            |   |  |              |   |  |                 |  



5



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|------------------------------------------------------------------------------------ |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | ------- |  | --------- | - |  | ------------ | - |  | ---------------
|                                                                                     |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                                  |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital |  | Reserves  |   |  | Profit(loss) |   |  | InterimDividend
|Group 3G UMTS Holding GmbH. (GERMANY)                                                |  |         |   |  | 57.20         | % |                                 | 57.20        | % |  | FC     |  | 250,025 |  | (965,509  | ) |  | (32,837      | ) |  |               
|Network development and provision of third-generation telecommunications services    |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Alois-Wolfmüller-Str.8 80939 München                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Quam Gmbh. (GERMANY)                                                                 |  |         |   |  | 100.00        | % |                                 | 57.20        | % |  | FC     |  | 250,025 |  | 9,001,113 |   |  | (7,320       | ) |  |               
|Provider of UMTS services                                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Alois-Wolfmüller-Str.8 80939 München                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Opco Mobile Services GmbH. (GERMANY)                                                 |  |         |   |  | 100.00        | % |                                 | 57.20        | % |  | FC     |  | 50      |  | (1        | ) |  |             |   |  |               
|Provider of UMTS services                                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Alois-Wolfmüller-Str.8 80939 München                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Medi Telecom, S.A. (MOROCCO)                                                         |  |         |   |  | 32.18         | % |                                 | 32.18        | % |  | EM     |  | 427,935 |  | (320,942  | ) |  | 11,273       |   |  |               
|Provision of wireless communications services                                        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Twin Center, Tour A.Angle Bd Zertouni et El Massira El Kadra Casablanca              |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Terra Mobile, Brasil Ltd. (BRAZIL)                                                   |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 5,650   |  | (5,634    | ) |  |             |   |  |               
|Inactive company                                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|22o ANDAR 17Bairro ou Distrito FLAMENCO, Rio de Janeiro                             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Gruppo 3G, SRL. (ITALY)                                                              |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | C      |  | 67      |  |          |   |  |             |   |  |               
|Holding company                                                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Via Lepetit, 4Milán                                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Tempos 21, Innovación en Aplicaciones Móviles, S.A. (SPAIN)                          |  |         |   |  | 38.50         | % |                                 | 38.50        | % |  | EM     |  | 4,638   |  |          |   |  | (3,331       | ) |  |               
|Research, development and commercial operation of wireless services and applications |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Avda. Diagonal, 640Barcelona                                                        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Simpay, Ltd. (UK)                                                                    |  | 25.00    | % |  |              |   |                                 | 25.00        | % |  | C      |  |        |  |          |   |  |             |   |  |               
|Payment services through wireless telephony                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|62-65 Chandos Place, London WC2N 4LP                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Omicron Ceti, S.L. (SPAIN)                                                           |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | C      |  |        |  |          |   |  |             |   |  |               
|Inactive company                                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|José Abascal, Madrid                                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Telefónica Móviles Puerto Rico, Inc. (PUERTO RICO)                                   |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 83,593  |  | (73,140   | ) |  | (1,899       | ) |  |               
|Ownership of wireless operators in Puerto Rico                                       |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Metro Office Park Calle Edificio # 17, Suite 60000968 Guaynabo                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                



6



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                         |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|-------------------------------------------------------- |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | ------- |  | -------- | - |  | ------------ | - |  | ---------------
|                                                         |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                      |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital |  | Reserves |   |  | Profit(loss) |   |  | InterimDividend
|Newcomm Wireless Services, Inc.                          |  |         |   |  | 49.30         | % |                                 | 49.30        | % |  | C      |  |        |  |         |   |  |             |   |  |               
|Wireless operator                                        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|OMTP Limited (Open Mobile Terminal Platform)             |  | 2.04     | % |  |              |   |                                 | 2.04         | % |  | C      |  |        |  |         |   |  |             |   |  |               
|Inactive company                                         |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|MobiPay Internacional, S.A. (SPAIN)                      |  | 50.00    | % |  |              |   |                                 | 50.00        | % |  | PC     |  | 11,822  |  | (3,579   | ) |  | (2,420       | ) |  |               
|Provision of payment services through wireless telephony |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Avda. Europa 20AlcobendasMadrid                        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Móviles Perú Holding, S.A. (PERU)             |  | 97.97    | % |  |              |   |                                 | 97.97        | % |  | FC     |  | 180,708 |  | 31,931   |   |  | (4,328       | ) |  |               
|Holding company                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Avda. Arequipa, 1155 Lima, 01                            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Móviles Perú,S.A. (PERU)                      |  | 0.09     | % |  | 99.89         | % |                                 | 98.03        | % |  | FC     |  | 38,518  |  | 183,430  |   |  | (4,704       | ) |  |               
|Provision of wireless communications services.           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Avda.Arequipa 1155 Lima, 01                              |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Inmuebles Aries SAC (PERU)                               |  |         |   |  | 100.00        | % |                                 | 98.03        | % |  | FC     |  |        |  |         |   |  |             |   |  |               
|Services company                                         |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Billing&Management (PERU)                                |  |         |   |  | 100.00        | % |                                 | 98.03        | % |  | FC     |  |        |  |         |   |  |             |   |  |               
|Services company                                         |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Móviles Argentina, S.A. (ARGENTINA)           |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 450,631 |  | (732,505 | ) |  | (138,249     | ) |  |               
|Holding company                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Ing Huergo 723, piso 17Capital FederalArgentina        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Comunicaciones Personales, S.A. (ARGENTINA)   |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 344,664 |  | (625,978 | ) |  | (1,864       | ) |  |               
|Provision of wireless communications services            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Ing Huergo 723, piso 17Capital FederalArgentina        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Radio Servicios, S.A. (ARGENTINA)                        |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | EM     |  | 12      |  | (339     | ) |  | (20          | ) |  |               
|Inactive company                                         |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Ing Huergo 723, piso 17Capital FederalArgentina        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica de Centroamérica, S.L. (SPAIN)                |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | C      |  | 500     |  | 10       |   |  | (127         | ) |  |               
|Inactive company                                         |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Gran Vía, no 28, Madrid                                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Móviles Holding Uruguay, S.A. (URUGUAY)       |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 30,332  |  |         |   |  | (299         | ) |  |               
|Inactive company                                         |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Plaza de la Independencia 8, planta bajaMontevideo      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefonica Móviles Uruguay, S.A. (URUGUAY)               |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 24,006  |  |         |   |  | (88          | ) |  |               
|Inactive company                                         |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Plaza de la Independencia 8, planta bajaMontevideo      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                



7



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|--------------------------------------------------------------------------------------------------------- |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | --------- |  | ---------- | - |  | ------------ | - |  | ---------------
|                                                                                                          |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                                                       |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital   |  | Reserves   |   |  | Profit(loss) |   |  | InterimDividend
|Wireless Network Ventures. (BRITISH VIRGIN ISLANDS)                                                       |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |          |  |           |   |  |             |   |  |               
|Holding company                                                                                           |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Palm Grove House, PO Box 438, tortola, BVI                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Telefónica Móviles México, S.A. de C.V. (MEXICO)                                                          |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 1,772,134 |  | (1,468,501 | ) |  | (405,943     | ) |  |               
|Holding company                                                                                           |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120                  |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Telefónica Finanzas México, S.A. de C.V. (MEXICO)                                                         |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 4         |  | 1,154      |   |  | 1,836        |   |  |               
|Promotion, formation, organization, exploitation, operation and participation of companies' capital stock |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120                  |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Baja Celular Mexicana, S.A. de C.V. (MEXICO)                                                              |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 119,189   |  | (55,305    | ) |  | 2,071        |   |  |               
|Provision of wireless local loop services                                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120                  |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Movitel de Noroeste, S.A. de C.V. (MEXICO)                                                                |  |         |   |  | 90.00         | % |                                 | 90.00        | % |  | FC     |  | 17,269    |  | (19,745    | ) |  | (3,721       | ) |  |               
|Provision of wireless local loop services                                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120                  |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Moviservicios, S.A. de C.V. (MEXICO)                                                                      |  |         |   |  | 99.99         | % |                                 | 99.99        | % |  | FC     |  | 2,221     |  | 744        |   |  | 13           |   |  |               
|Technical, administrative, consultancy, advisory and supervision services.                                |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120                  |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Telefonía Celular del Norte, S.A. de C.V. (MEXICO)                                                        |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 36,818    |  | (107,693   | ) |  | 2,544        |   |  |               
|Provision of wireless local loop services                                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120                  |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |            |   |  |              |   |  |                



8



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                                         |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|---------------------------------------------------------------------------------------- |  | -------- |  | ---------- | ------------- |  | ------------------------------- | - |  | ------ |  | ------- |  | ---------- | - |  | ------------ | - |  | ---------------
|                                                                                         |  | Holding  |  |            | Consolidation |  | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                                      |  | % Direct |  | % Indirect |               |  | MóvilesGroup                    |   |  | Method |  | Capital |  | Reserves   |   |  | Profit(loss) |   |  | InterimDividend
|Celular de Telefonía, S.A. de C.V. (MEXICO)                                              |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 29,493  |  | (144,927   | ) |  | (17,880      | ) |  |               
|Provision of wireless local loop services                                                |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120 |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Enlaces del Norte, S.A. de C.V. (MEXICO)                                                 |  |         |  | 94.90      | %             |  | 94.90                           | % |  | FC     |  | 44      |  | (10,589    | ) |  | 12,151       |   |  |               
|Acquisition, disposal and custodianship of securities                                    |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120 |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Grupo de Telecomunicaciones Mexicanas, S.A. de C.V. (MEXICO)                             |  |         |  | 100.00     | %             |  | 97.40                           | % |  | FC     |  | 702     |  | (9,067     | ) |  | 25,506       |   |  |               
|Provision of wireless local loop services                                                |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120 |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Pegaso Telecomunicaciones, S.A. de C.V. (MEXICO)                                         |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 888,509 |  | (1,924,445 | ) |  | (387,046     | ) |  |               
|Installation, maintenance and operation of public or private telecommunications networks |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120 |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Pegaso Comunicaciones y Sistemas, S.A. de C.V. (MEXICO)                                  |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 704,137 |  | (1,380,697 | ) |  | 85,764       |   |  |               
|Provision of wireless local loop services                                                |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120 |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Pegaso PCS, S.A. de C.V. (MEXICO)                                                        |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 12,625  |  | (388,644   | ) |  | (521,986     | ) |  |               
|Provision of wireless local loop services                                                |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120 |  |          |  |            |               |  |                                 |   |  |        |  |         |  |            |   |  |              |   |  |                



9



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                                               |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|---------------------------------------------------------------------------------------------- |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | --------- |  | -------- | - |  | ------------ | - |  | ---------------
|                                                                                               |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                                            |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital   |  | Reserves |   |  | Profit(loss) |   |  | InterimDividend
|Pegaso Recursos Humanos, S.A. de C.V. (MEXICO)                                                 |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 2,781     |  | 950      |   |  | (1,835       | ) |  |               
|Technical professional services for the development of public telecommunications networks      |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120       |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Activos para Telecoms., S.A. de C.V. (MEXICO)                                                  |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 4         |  | (100,302 | ) |  | 74,728       |   |  |               
|Provision of handsfree wireless telecommunications services                                    |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120 05120 |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Telecomunicaciones Punto a Punto Mexico, S.A. de C.V. (MEXICO)                                 |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 4         |  | (38,780  | ) |  | (699         | ) |  |               
|Provision of handsfree wireless telecommunications services                                    |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Paseo de los Tamarindos No. 400-A, piso 4, Col. Bosques de las Lomas, México, D.F. 05120       |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Telefónica Telecomunicaciones México. (MEXICO)                                                 |  | 94.90    | % |  |              |   |                                 | 94.90        | % |  | FC     |  |          |  |         |   |  |             |   |  |               
|Holding company                                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Río Duero 31, México DF 06500                                                                  |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Telefónica Móviles Soluciones y Aplicaciones, S.A. (CHILE)                                     |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 13,956    |  | (6,089   | ) |  | (3,019       | ) |  |               
|Provision of computer and communications services                                              |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Avda del Cóndor no720, piso4, comuna de Huechuraba, de la Ciudad de Santiago de Chile          |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Inversiones Telefónica Móviles Holding Limitada. (CHILE)                                       |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 428,232   |  | 264,207  |   |  | (32,396      | ) |  |               
|Holding company                                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Av.El Bosque Sur 090, Las Condes, Santiago de Chile                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Pleyade Chile (CHILE)                                                                          |  |          |   |  | 0.17          | % |                                 | 0.17         | % |  | C      |  |          |  |         |   |  |             |   |  |               
|Wireless operator                                                                              |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Av.El Bosque Sur 090, Las Condes, Santiago de Chile                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|TEM Inversiones Chile Limitada. (CHILE)                                                        |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 1,119,977 |  | 12,483   |   |  | (25,202      | ) |  |               
|Holding company                                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                
|Av.El Bosque Sur 090, Las Condes, Santiago de Chile                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |           |  |          |   |  |              |   |  |                



10



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|--------------------------------------------------------------------------- |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | ------- |  | -------- | - |  | ------------ | - |  | ---------------
|                                                                            |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                         |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital |  | Reserves |   |  | Profit(loss) |   |  | InterimDividend
|Telefónica Moviles Chile Distribucion S.A. (CHILE)                          |  |         |   |  | 100.00        | % |                                 | 99.99        | % |  | FC     |  | 17      |  |         |   |  | (39          | ) |  |               
|Wireless operator                                                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Fidel Oteíza 1953, Oficina 201, Providencia, Santiago de Chile              |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Moviles de Chile S.A. (CHILE)                                    |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 292,639 |  | (47,620  | ) |  | (170,589     | ) |  |               
|Wireless operator                                                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Av.El Bosque Sur 090, Las Condes, Santiago de Chile                         |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|TEM eServices Latin America, Inc. (USA)                                     |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 12,131  |  | (1,786   | ) |  | 4,617        |   |  |               
|Provider of computer services                                               |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Mellon Financial Center 1111 Brickell ave. Suite 1000, Miami, Florida 33131 |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Ecuador Cellular Holding, B.V. (ECUADOR)                                    |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 18      |  | 640,172  |   |  | 132          |   |  |               
|Holding company                                                             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Strawinskylaan 31051077ZXAmsterdam                                        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|BS Ecuador Holdings, Ltd. (BRITISH VIRGIN ISLANDS)                          |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |         |   |  |             |   |  |               
|Holding company                                                             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Palm Grove House, PO Box 438, tortola, BVI                                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Otecel, S.A. (ECUADOR)                                                      |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 93,749  |  | 62,908   |   |  | 2,561        |   |  |               
|Provision of wireless communications services                               |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Avda. de la República y la Pradera esq. Casilla, Quito                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Cellular Holdings (Central America), Inc. (BRITISH VIRGIN ISLANDS)          |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  |        |  |         |   |  |             |   |  |               
|Inactive company                                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Palm Grove House, PO Box 438, tortola, BVI                                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Guatemala Cellular Holdings, B.V. (NETHERLANDS)                             |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 18      |  | 27,712   |   |  | (13          | ) |  |               
|Holding company                                                             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Strawinskylaan 31051077ZXAmsterdam                                        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|TMG (BVI) Holdings Ltd. (BRITISH VIRGIN ISLANDS)                            |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |         |   |  |             |   |  |               
|Inactive company                                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Palm Grove House, PO Box 438, tortola, BVI                                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Centram Communications, LP. (BRITISH VIRGIN ISLANDS)                        |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |         |   |  |             |   |  |               
|Inactive company                                                            |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Palm Grove House, PO Box 438, tortola, BVI                                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                



11



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                               |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|------------------------------------------------------------------------------ |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | ------- |  | --------- | - |  | ------------ | - |  | ---------------
|                                                                               |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                            |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital |  | Reserves  |   |  | Profit(loss) |   |  | InterimDividend
|TEM Guatemala Ltd. (BRITISH VIRGIN ISLANDS)                                    |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |          |   |  |             |   |  |               
|Holding company                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Palm Grove House, PO Box 438, tortola, BVI                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Multi Holding Corporation. (PANAMA)                                            |  | 99.96    | % |  |              |   |                                 | 99.96        | % |  | FC     |  |        |  |          |   |  |             |   |  |               
|Holding company                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Edificio HSBC, Piso11, Avd Samuel Lewis, Panamá, República de Panamá           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Panamá Cellular Holdings, B.V. (NETHERLANDS)                                   |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 18      |  | 243,367   |   |  | (7,404       | ) |  |               
|Holding company                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Strawinskylaan 31051077ZXAmsterdam                                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|BellSouth Panamá, Ltd. (CAYMAN ISLANDS)                                        |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |          |   |  |             |   |  |               
|Inactive company                                                               |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Cayman Islands                                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Panamá Cellular Holdings, B.V. (USA)                                           |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |          |   |  |             |   |  |               
|Holding company                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Delaware, USA                                                                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|BSC de Panama Holdings, SRL. (PANAMA)                                          |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  | 100,646   |   |  | 2,082        |   |  |               
|Holding company                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Avda Samuel Lewis y Calle 54Edificio Afra, Panamá                             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|BSC Cayman. (CAYMAN ISLANDS)                                                   |  |         |   |  | 100.00        | % |                                 | 99.98        | % |  | FC     |  |        |  |          |   |  |             |   |  |               
|Inactive company                                                               |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|General PartnershipCayman Islands                                             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Telefónica Móviles Panamá, S.A. (PANAMA)                                       |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 78,096  |  | 110,287   |   |  | 41,639       |   |  |               
|Wireless operator                                                              |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Edificio Magna Corp. Calle 51 Este y Avda Manuel Maria Icaza, Ciudad de Panamá |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Panamá Cellular Investments, LLC. (USA)                                        |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |          |   |  |             |   |  |               
|Services company                                                               |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Delaware, USA                                                                  |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Latin America Cellular Holdings, B.V. (NETHERLANDS)                            |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 18      |  | 1,251,407 |   |  | (17,205      | ) |  |               
|Holding company                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Strawinskylaan 31051077ZXAmsterdam                                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Ablitur, S.A. (URUGUAY)                                                        |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 44,799  |  | (10,623   | ) |  | 8,765        |   |  |               
|Holding company                                                                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Constituyente 1467 Piso 23, Montevideo 11200, Uruguay                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                



12



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|-------------------------------------------------------------------- |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | ------- |  | -------- |  | ------------ | - |  | ---------------
|                                                                     |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                  |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital |  | Reserves |  | Profit(loss) |   |  | InterimDividend
|Redanil, S.A. (URUGUAY)                                              |  | 27.00    | % |  | 73.00         | % |                                 | 100.00       | % |  | FC     |  | 6,318   |  | 21,086   |  | 1,203        |   |  |               
|Holding company                                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Constituyente 1467 Piso 23, Montevideo 11200, Uruguay                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Abiatar, S.A. (URUGUAY)                                              |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 6,880   |  | 24,987   |  | 659          |   |  |               
|Wireless operator and services                                       |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Constituyente 1467 Piso 23, Montevideo 11200, Uruguay                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|T.Móviles Nicaragua, S.A. (NICARAGUA)                                |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |         |  |             |   |  |               
|Holding company                                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Managua, Nicaragua                                                   |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Pisani Resources y Cía, Ltd. (NICARAGUA)                             |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |         |  |             |   |  |               
|Inactive company                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Managua, Nicaragua                                                   |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Doric Holding y Cía, Ltd. (NICARAGUA)                                |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |         |  |             |   |  |               
|Inactive company                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Managua, Nicaragua                                                   |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Kalamai Holdings, Ltd. (Virgin Islands)                              |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |         |  |             |   |  |               
|Inactive company                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Managua, Nicaragua                                                   |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Kalamai Hold. Y Cía, Ltd. (NICARAGUA)                                |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |         |  |             |   |  |               
|Inactive company                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Palm Grove House, PO Box 438, tortola, BVI                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Telefonía Celular de Nicaragua, S.A. (NICARAGUA)                     |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 12,329  |  | 35,317   |  | (6,957       | ) |  |               
|Wireless operator                                                    |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Carretera Mazalla, Managua, Nicaragua                                |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Comtel Comunicaciones Telefónicas, S.A. (VENEZUELA)                  |  | 65.14    | % |  | 34.86         | % |                                 | 100.00       | % |  | FC     |  | 671     |  | 104,192  |  | (107,421     | ) |  |               
|Holding company                                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Telcel, C.A. (VENEZUELA)                                             |  | 91.63    | % |  | 8.37          | % |                                 | 100.00       | % |  | FC     |  | 26,195  |  | 430,240  |  | 187,980      |   |  |               
|Wireless operator                                                    |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Sistemas Timetrac, C.A. (VENEZUELA)                                  |  |         |   |  | 75.00         | % |                                 | 75.00        | % |  | FC     |  | 1,689   |  | 9,601    |  |             |   |  |               
|Fleet locating services                                              |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Calle Pantin, Edificio Grupo Secusat, piso3, CaracasVenezuela       |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Telcel International, Ltd. (CAYMAN ISLANDS)                          |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  | 127      |  |             |   |  |               
|Holding company                                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                
|Cayman Islands                                                       |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |  |              |   |  |                



13



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                       |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|---------------------------------------------------------------------- |  | -------- |  | ---------- | ------------- |  | ------------------------------- | - |  | ------ |  | ------- |  | -------- | - |  | ------------ |  | ---------------
|                                                                       |  | Holding  |  |            | Consolidation |  | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                    |  | % Direct |  | % Indirect |               |  | MóvilesGroup                    |   |  | Method |  | Capital |  | Reserves |   |  | Profit(loss) |  | InterimDividend
|Corporación 271191, C.A. (VENEZUELA)                                   |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 211     |  |         |   |  |             |  |               
|Telecomunication services and customer services                        |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av. Francisco de Miranda, Edif Parque Cristal, Caracas 1060, Venezuela |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Promociones 4222. C.A. (VENEZUELA)                                     |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 745     |  | (731     | ) |  |             |  |               
|Sale and purchase of real estate                                       |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av.Francisco de Miranda, Edif Parque Cristal                           |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Mérida, C.A. (VENEZUELA)                                          |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 1       |  | (1       | ) |  |             |  |               
|Telecomunication services and customer services                        |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela   |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Ciudad Ojeda, C.A. (VENEZUELA)                                    |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 1       |  | (1       | ) |  |             |  |               
|Telecomunication services and customer services                        |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela   |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. San Cristóbal. (VENEZUELA)                                        |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 1       |  |         |   |  |             |  |               
|Telecomunication services and customer services                        |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela   |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Maracaibo, C.A. (VENEZUELA)                                       |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 2       |  | 9        |   |  |             |  |               
|Telecomunication services and customer services                        |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela   |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Punto Fijo, C.A. (VENEZUELA)                                      |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 1       |  | (1       | ) |  |             |  |               
|Telecomunication services and customer services                        |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela   |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Valera, C.A. (VENEZUELA)                                          |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 1       |  | (1       | ) |  |             |  |               
|Telecomunication services and customer services                        |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela   |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Valencia, C.A. (VENEZUELA)                                        |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  |        |  |         |   |  |             |  |               
|Inactive company                                                       |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela   |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                



14



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                     |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|-------------------------------------------------------------------- |  | -------- |  | ---------- | ------------- |  | ------------------------------- | - |  | ------ |  | ------- |  | -------- | - |  | ------------ |  | ---------------
|                                                                     |  | Holding  |  |            | Consolidation |  | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                  |  | % Direct |  | % Indirect |               |  | MóvilesGroup                    |   |  | Method |  | Capital |  | Reserves |   |  | Profit(loss) |  | InterimDividend
|SyRed, T.E.L., C.A. (VENEZUELA)                                      |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  | 70      |  | (141     | ) |  |             |  |               
|Telecomunication services and customer services                      |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Servicios Telcel Acarigua, C.A. (VENEZUELA)                          |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  |        |  |         |   |  |             |  |               
|Inactive company                                                     |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Servicios Telcel Barquisimeto, C.A. (VENEZUELA)                      |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  |        |  |         |   |  |             |  |               
|Inactive company                                                     |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Serv. Telcel Charallave. (VENEZUELA)                                 |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  |        |  |         |   |  |             |  |               
|Inactive company                                                     |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Cumana, C.A. (VENEZUELA)                                        |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  |        |  |         |   |  |             |  |               
|Inactive company                                                     |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Guarenas, C.A. (VENEZUELA)                                      |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  |        |  |         |   |  |             |  |               
|Inactive company                                                     |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Los Teques, C.A. (VENEZUELA)                                    |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  |        |  |         |   |  |             |  |               
|Inactive company                                                     |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Maracay, C.A. (VENEZUELA)                                       |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  |        |  |         |   |  |             |  |               
|Inactive company                                                     |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|S.T. Margarita, C.A. (VENEZUELA)                                     |  |         |  | 100.00     | %             |  | 100.00                          | % |  | FC     |  |        |  |         |   |  |             |  |               
|Inactive company                                                     |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |  |            |               |  |                                 |   |  |        |  |         |  |          |   |  |              |  |                



15



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|-------------------------------------------------------------------- |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | ------- |  | --------- | - |  | ------------ | - |  | ---------------
|                                                                     |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                                  |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital |  | Reserves  |   |  | Profit(loss) |   |  | InterimDividend
|S.T. Maturín, C.A. (VENEZUELA)                                       |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |          |   |  |             |   |  |               
|Inactive company                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|S.T. Puerto Ordaz, C.A. (VENEZUELA)                                  |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |          |   |  |             |   |  |               
|Inactive company                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|S.T. Puerto la Cruz, CA. (VENEZUELA)                                 |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |          |   |  |             |   |  |               
|Inactive company                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|S.T. La Guaira, C.A. (VENEZUELA)                                     |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  |          |   |  |             |   |  |               
|Inactive company                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Av Francisco de Miranda, Edif Parque Cristal, Caracas 1060Venezuela |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Olympic, Ltda. (COLOMBIA)                                            |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 31      |  | 935,732   |   |  | (18,134      | ) |  |               
|Holding company                                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Av.82 no 1062, piso 6                                               |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Telefónica Móviles Colombia, S.A. (COLOMBIA)                         |  | 22.44    | % |  | 77.56         | % |                                 | 100.00       | % |  | FC     |  | 347     |  | 1,113,632 |   |  | 1,568        |   |  |               
|Wireless operator                                                    |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Calle 100 no7-33, piso 15, BogotáColombia                           |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Bautzen Inc. (PANAMA)                                                |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 255     |  | (244      | ) |  |             |   |  |               
|Financial management                                                 |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Ciudad de Panamá                                                     |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Comoviles S.A. (COLOMBIA)                                            |  |         |   |  | 99.97         | % |                                 | 99.97        | % |  | FC     |  |        |  | 206       |   |  | (8           | ) |  |               
|Telecommunications services                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Calle 100, no7-33, piso 17, Bogotá                                   |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Comunicaciones Trunking S.A. (COLOMBIA)                              |  |         |   |  | 99.98         | % |                                 | 99.95        | % |  | FC     |  | 21      |  | 79        |   |  | (8           | ) |  |               
|Telecommunications services                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Calle 100, no7-33, piso 16, Bogotá                                   |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Paracomunicar S.A. (COLOMBIA)                                        |  |         |   |  | 99.35         | % |                                 | 99.31        | % |  | FC     |  |        |  | 2         |   |  | 4            |   |  |               
|Telecommunications services                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Calle 100, no7-33, piso 17, Bogotá                                   |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Kobrocom Electrónica Ltda. (COLOMBIA)                                |  |         |   |  | 100.00        | % |                                 | 99.95        | % |  | FC     |  | 53      |  | (20       | ) |  | (1           | ) |  |               
|Telecommunications services                                          |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                
|Calle 100, no7-33, piso 15, Bogotá                                   |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |           |   |  |              |   |  |                



16



---

|LOGO | Telefónica Móviles, S.A.
|---- | ------------------------





|                                                       |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|------------------------------------------------------ |  | -------- | - |  | ------------- | - | ------------------------------- | ------------ | - |  | ------ |  | ------- |  | -------- | - |  | ------------ | - |  | ---------------
|                                                       |  | Holding  |   |  | Consolidation |   | Equity (2) (thousands of euros)
|Subsidiaries and their holdings (1)                    |  | % Direct |   |  | % Indirect    |   |                                 | MóvilesGroup |   |  | Method |  | Capital |  | Reserves |   |  | Profit(loss) |   |  | InterimDividend
|Telefónica Móviles Chile Inversiones. S.A. (CHILE)     |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 31,722  |  | (44,657  | ) |  | (1,787       | ) |  |               
|Holding company                                        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Avda. El Bosque Sur 090, Las Condes, Santiago de Chile |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Moviles Chile larga Distancia, S.A. (CHILE) |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 31,747  |  | (45,286  | ) |  | (582         | ) |  |               
|Wireless operator                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Avda. El Bosque Sur 090, Las Condes, Santiago de Chile |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefónica Moviles Chile, S.A. (CHILE)                 |  | 100.00   | % |  |              |   |                                 | 100.00       | % |  | FC     |  | 341,618 |  | 8,795    |   |  | 10,620       |   |  |               
|Wireless operator                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Avda. El Bosque Sur 090, Las Condes, Santiago de Chile |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Intertel, S.A. (CHILE)                                 |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  |        |  | 15       |   |  | (1           | ) |  |               
|Wireless operator                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Avda. El Bosque Sur 090, Las Condes, Santiago de Chile |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Telefonica Moviles Inversora.S.A. (ARGENTINA)          |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 24      |  | 424      |   |  | (173         | ) |  |               
|Holding company                                        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Av. Libertador 602, Piso 20, Buenos Aires              |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|B.A. Celular Inversora.S.A. (ARGENTINA)                |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 24      |  | 405      |   |  | (168         | ) |  |               
|Holding company                                        |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Av. Libertador 602, Piso 4, Buenos Aires               |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Compañía Radiocomunicaciones Móviles.S.A. (ARGENTINA)  |  | 27.26    | % |  | 72.74         | % |                                 | 100.00       | % |  | FC     |  | 7,760   |  | 112,574  |   |  | (42,509      | ) |  |               
|Wireless operator                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Ingeniero Butty 240, Piso 4, Buenos Aires.             |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Compañía de telefonos del Plata. (ARGENTINA)           |  |         |   |  | 100.00        | % |                                 | 100.00       | % |  | FC     |  | 7       |  | 861      |   |  | (25          | ) |  |               
|Wireless operator                                      |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                
|Av. Libertador 602, Piso 4, Buenos Aires               |  |          |   |  |               |   |                                 |              |   |  |        |  |         |  |          |   |  |              |   |  |                

---

|(1) | The data on companies outside the euro zone were translated to euros by applying the year-end exchange rates to capital and reserves and the average exchange rates for the period to
their results.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | This caption does not include the equity of minority stockholders.
|--- | ------------------------------------------------------------------



17