| http://www.w3.org/ns/prov#value | - Presently, Telef??nica and its associated companies (the???Telef??nica Group???) and the Telecom Italia Group are direct competitors outside of their respective domesticmarkets, including Brazil and Argentina; nevertheless, the 2012 Shareholders Agreement provides that theTelecom Italia Group and the Telef??nica Group will be managed autonomously and independently.
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