Professor Pedro Schwartz Appointed Chairman of MTS Spain

Madrid, June 12, 2003 – The Board of Directors of MTS Spain today announced the appointment of Pedro Schwartz as Chairman of the company.

"I am delighted and honoured to be part of a Group that has significantly contributed to the efficiency of the Spanish and European Capital Markets," said Schwartz. "I am confident that through cooperation with Spanish and international participants, as well as with regulators, we can further enhance the reach and liquidity of Spanish Government Debt."

"We are extremely pleased to welcome Pedro Schwartz as Chairman of MTS Spain," said Alexandre Lamfalussy, Chairman of MTS S.p.A., which holds a 30% equity stake in MTS Spain. "His proven leadership experience in both European economics and the field of information technology will be instrumental in further developing the Spanish market."

An Executive Member of the Advisory Board of DMR IT Consulting, Spain, and Chairman of the DMR Consulting Foundation, Prof. Schwartz currently holds a Chair in the Department of Economic Analysis at the Autonomous University of Madrid and teaches the History of Ideas and the Economic and Social History of Spain in the 20th century at the Madrid Campus of St. Louis University, Missouri, over whose Advisory Council he also presides.

Previously, Prof. Schwartz was an Economist at the Bank of Spain and a Conservative member of the Congreso de Diputados. Upon leaving politics, he became Chief Economist of the Madrid Stock Exchange Brokers Iberagentes SGIIC. As a fund manager, he chaired Fincorp Gestión SGC for eight years and has been a Director of F&C Eurotrust PLC since 1993. In the field of information technology, he chaired FUNDESCO of Telefonica de Espana, Servicom SA and Inderdomain SA, and now works with DMR. He is an advisor to the Instituto de Estudios de Libre Comercio IDELCO, where he served as President for eight years.

His academic career includes a period at the Bentham Project at University College London, a Chair in the History of Economic Thought at Complutensian University of Madrid and now the Chair at Autonomous University. He has published in the fields of Economics, History, and Political Philosophy and is a well-known contributor to both Spanish and British news publications.

Prof. Schwartz holds a doctorate in Law from Complutensian University of Madrid, and a Masters in Economics and a Ph.D. in Political Science from the London School of Economics. He was made an Honorary Officer of the British Empire by H.M. Queen Elisabeth II in 1990 and was recently awarded with the Jaime I Prize of Economics and elected a member of the Real Academia de Ciencias Morales y Políticas of Spain.

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