| Bank | Analyst |
|---|---|
| Ahorro Corporacion | Germán GarcÃa Bou |
| Arete | Will Milner |
| Banco Sabadell | Andrés Bolumburu |
| Banesto | Marta Gómez |
| Banif Investimento Banking | Teresa Martinho |
| Bankia Bolsa Research | David Cabeza |
| Barclays Capital | Jonathan Dann |
| BofAML | Jesus Romero |
| BBVA Research | Ivón Leal |
| Berenberg Bank | Paul Marsch |
| Bernstein Research | Robin Bienenstock |
| BPI | Pedro Oliveira |
| Cheuvreux | Giovanni Montalti |
| Citi | Georgios Ierodiaconou |
| Credit Suisse | Justin Funnell |
| Deutsche Bank | Keval Khiroya |
| Espírito Santo Research | Nuno Matias |
| Exane BNP Paribas | Mathieu Robilliard |
| Fidentiis | James McKenzie |
| Goldman Sachs | Tim Boddy |
| Grupo Santander | Nahum Sánchez |
| HSBC | Luigi Minerva |
| La Caixa | Borja Pagoaga |
| JB Capital Markets | Fabián Lares |
| JP Morgan | Torsten Achtmann |
| Kepler Capital Markets | Javier Borrachero |
| Macquarie Research | Guy Peddy |
| Millennium | Alexandra Delgado |
| Mirabaud | Javier Mielgo |
| Morgan Stanley | Luis Prota |
| Natixis | Benoit Maynard |
| New Street Research | James Ratzer |
| Nomura | Frederic Boulan |
| Oddo Securities | Alexandre Iatrides |
| Raymond James | Stephane Beyazian |
| Renta4 | Iván San Félix |
| S&P | Alex Wisch |
| Societé Generale | Ottavio Adorisio |
| UBS | Nick Lyall |
| WestLB | Wolfgang Specht |
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DISCLAIMER: Telefónica is covered by the analysts at the brokerage firms listed above. This list may not be complete and is subject to change. Please note that any opinions, estimates or forecasts regarding Telefónica's performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts of Telefónica or its management. Telefónica does not by its reference above or distribution imply, and expressly disclaims, any endorsement of or concurrence with any information, estimates, forecasts, opinions, conclusions or recommendations provided by analysts. |
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