Societary structure

December 2013

Telefónica Europe

TELEFÓNICA EUROPE % Stake

(1) This company is in a process of divestment.

(2) 72.1% including treasury shares. As of November 5th, 2013, Telefónica announced the sale of 65.9% of Telefónica Czech Republic, maintaining a 4.9% stake in the company. As of January 28th, 2014, Telefónica announced that after obtaining the relevant regulatory approval the transaction has been completed.

(3) It includes 100% of Telefónica Slovakia.

Telefónica de España 100.0
Telefónica Móviles España 100.0
Telefónica UK 100.0
Telefónica Ireland (1) 100.0
Telefónica Germany 76.8
Telefónica Czech Repúblic(2)(3) 70.8
Telyco 100.0
T. Soluciones de Informatica y Comunicaciones de España 100.0
Telefónica Telecomunic. Públicas 100.0
Iberbanda 100.0
Acens Technologies 100.0
Tuenti 100.0

Telefónica Latinoamérica

TELEFÓNICA LATINOAMÉRICA GROUP % Stake
Telefónica de Argentina 100.0
Telefónica Móviles Argentina 100.0
Telefónica Móviles Chile 100.0
Telefónica Móviles Mexico 100.0
Telefónica Venezuela 100.0
Telefónica Ecuador 100.0
Telefónica Móviles Uruguay 100.0
Telefónica Costa Rica 100.0
Telefónica del Peru 98.5
Telefónica Móviles Peru 98.5
Telefónica Chile 97.9
Telefónica Brazil 73.9
Telefónica Colombia 70.0
Telefónica Móviles El Salvador 60.0
Telefónica Móviles Guatemala 60.0
Telefonía Celular Nicaragua 60.0
Telefónica Móviles Panama 60.0

Other Stakes

OTHER STAKES % Stake

(1) 66.0% of economic rights. If we take into account the shaving shares (azioni di risparmio), which do not have voting rights, the indirect stake of Telefónica over Telecom Italia would be 10.28%.

Telefónica de Contenidos 100.0
T. Intern. Wholesale Serv. (TIWS) 100.0
Telco SpA(1) 66.0
DTS, Distribuidora de Televisión Digital 22.0
China Unicom 5.0
BBVA 0.8