Company Profiles

Telefónica

Spain

Telefónica, a world leader in telecommunications, offers mobile and fixed-line telephone, broadband, and pay TV services in Europe and Latin America. The company's greatest environmental impact is associated with the electricity required to power its networks and base stations. Telefonica is improving remote management of stations to reduce energy use and travel emissions. The company is using renewable energy to power transmission units, radio links, and base stations. Telefonica has also centralized the management of energy use and leadership on environmental issues by establishing a Climate Change Office. Although electronic take-back/recycling programs are required by law in most of Europe, Telefonica demonstrates leadership with its battery collection and mobile phone recycling program in Mexico, the first of its kind in that country. Portfolio 21 has asked Telefonica to expand its take-back programs to all of its markets and to establish carbon dioxide reduction targets company-wide.

To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 9/30/09 and may not reflect current opinions or subsequent events.