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Mr Alierta holds a law degree from the University of Zaragoza and a MBA from Columbia University (New York). In July 2000 he became Executive Chairman of Telefónica, S.A. and is also member of the Board of Directors of O2 Plc. as well as the Company Altadis S.A. Mr. Alierta began his career in 1970 as general manager of the Capital Markets division at Banco Urquijo in Madrid where he remained until 1985. From June 1996 until July 2000, he was the Chairman of Tabacalera S.A. which after the merger with the French tobacco company, Seita, became Altadis, S.A.. Previously, he was the Chairman and founder of Beta Capital, which he combined with his post as Telefónica Chairman of the Spanish Financial Analysts’ Association from 1991. He has also been member of the Board of Directors of the Securities Markets of Madrid as well as member of the Board of Telefónica Internacional, Plus Ultra Compañía de Seguros y Reaseguros and Iberia. On January 1997, Mr. Alierta was appointed as a Director of Telefónica, S.A. | 