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Significant shareholdings

Access to CNMV
(Direct Access to official filings registered by Telefónica S.A.)

Telefónica shares are represented by account entries and there is no register of shareholders kept by the company therefore it is not possible to ascertain the precise shareholding structure.

According to information provided or known to the Company there is no individual or corporation that directly or indirectly, alone or jointly, exercises, or may exercise control over Telefónica, on the terms established in article 4 of the Securities Markets Act.

There are, however, certain shareholders who hold stakes that may be considered significant, in the sense of Royal Decree 1362/2007, of October 19, who are as follows:

	Total		Direct Stake		Indirect Stake
	%	Shares	%	Shares	%	Shares
BBVA (*)	6.279%	286,574,224	6.273%	286,317,371	0.006%	256,853
La Caixa (**)	5.050%	230,469,182	0.024%	1,117,990	5.025%	229,351,192
Blackrock, Inc (***)	3.884%	177,257,649	0%	0	3.884%	177,257,649
(*) According to the information provided by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) for the Annual Corporate Governance Report of the Telefónica, S.A. regarding 2010 financial year. (**) According to the information provided by Caja de Ahorros y Pensiones de Barcelona, "la Caixa" for the Annual Corporate Governance Report of the Telefónica, S.A. regarding 2010 financial year. (***) According to the communication filed with the National Stock Exchange Commission (CNMV) as of February 4, 2010.