Outstanding issues

Enero 2011 (January 2011; Commercial paper)

Issuer: Telefónica, S.A.

Law: Spanish

Prospectus: Emisión Pagares 2011

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Currency: Euros

Exchange: Madrid (AIAF Mercado de Renta Fija, S.A.)

Issuer: Telefónica Emisiones S.A.U.

Law: State of New York/Spanish

Prospectus: 2009 SHELF program

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Supplement to the base prospectus, June 22nd, 2009

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Supplement to the base prospectus, April 12th, 2010

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Currency: USD

Exchange: State of New York (NYSE)

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	CUSIP	Prospectus
1,200	3	26/04/2013	2.582%	Semi-annual	US87938WAK99	87938WAK9	View details [34 KB]
1,250	5.5	15/01/2015	4.949%	Semi-annual	US87938WAJ27	87938WAJ2	View details [346 KB]
900	5	27/04/2015	3.729%	Semi-annual	US87938WAL72	87938WAL7	View details [34 KB]
1,250	5	16/02/2016	3.992%	Semi-annual	US912828PS31	87938WAN3	View details [89 KB]
1,000	10	15/07/2019	5.877%	Semi-annual	US87938WAH60	87938WAH6	View details [346 KB]
1,400	10	27/04/2020	5.134%	Semi-annual	US87938WAM55	87938WAM5	View details [35 KB]
1,500	10	16/02/2021	5.462%	Semi-annual	US912828PC88	87938WAP8	View details [89 KB]

Issuer: Telefónica Emisiones S.A.U.

Law: State of New York/Spanish

Prospectus: 2006 SHELF program

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Currency: USD

Exchange: State of New York (NYSE)

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	CUSIP	Prospectus
1,000	5	20/06/2011	5.984%	Semi-annual	US87938WAA18	87938WAA1	View details [670 KB]
850	5	04/02/2013	Libor (1m) + 33bp till 4/8/2007 - Libor (3m) + 33bp remaining coupons	Quarterly	US87938WAE30	87938WAE3	View details [440 KB]
750	5	04/02/2013	5.855%	Semi-annual	US87938WAF05	87938WAF0	View details [440 KB]
1,250	10	20/06/2016	6.421%	Semi-annual	US87938WAB90	87938WAB9	View details [670 KB]
700	10	03/07/2017	6.221%	Semi-annual	US87938WAG87	87938WAG8	View details [440 KB]
2,000	30	20/06/2036	7.045%	Semi-annual	US87938WAC73	87938WAC7	View details [670 KB]

Updated as of June 20th 2011

Issuer: Telefónica Emisiones S.A.U.

Law: Spanish / British

Prospectus: EMTN June 2011

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Supplement to the base prospectus, July 28th 2011

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Supplement to the base prospectus, November 11th 2011

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Supplement to the base prospectus, January 3rd 2012

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Supplement to the base prospectus, February 24th 2012

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Currency: Eur

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
1,000	4	03/02/2016	4.967%	Annual	XS0696856847	View details [90 KB]
120	5	07/02/2017	4.75%	Annual	XS0585904443	View details [20 KB]
1,500	6	21/02/2018	4.797%	Annual	XS0746276335	View details [100 KB]

Currency: Pounds

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
700	8	12/03/2020	5.597%	Annual	XS0753149144	View details [82 KB]

Currency: Czech Republic Koruna

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
1.250	5	30/03/2017	3.934%	Annual	XS0761852556	View details [104 KB]

Currency: Japanese Yen

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
7,000	5	04/11/2016	2.8247%	Semi-Annual	XS0697815867	View details [87 KB]

Updated as of June 23rd 2010

Issuer: Telefónica Emisiones S.A.U.

Law: Spanish / British

Prospectus: EMTN June 2010

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Supplement to the base prospectus, August 26th 2010

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Supplement to the base prospectus, November 12th 2010

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Supplement to the base prospectus, February 28th 2011

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Supplement to the base prospectus, April 20th 2011

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Supplement to the base prospectus, May 13th 2011

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Currency: Pounds

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
400	19	8/10/2029	5.445%	Annual	XS0545440900	View details [19 KB]

Currency: Eur

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
100	6	07/02/2017	4.75%	Annual	XS0585904443	View details [79 KB]
1,200	6	07/02/2017	4.75%	Annual	XS0585904443	View details [75 KB]
1,000	7	18/09/2017	3.661%	Annual	XS0540187894	View details [75 KB]

Updated as of July 3rd 2009

Issuer: Telefónica Emisiones S.A.U.

Law: Spanish / British

Prospectus: EMTN July 2009

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Supplement to the base prospectus, October 23rd 2009

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Supplement to the base prospectus, November 13th 2009

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Supplement to the base prospectus, March 1st 2010

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Supplement to the base prospectus, May 17th 2010

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Currency: Eur

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
100	5	23/12/2014	Euribor (3m) + 70 pb	Quarterly	XS0474335840	View details [26 KB]
1,400	5	24/03/2015	3.406%	Annual	XS0494547168	View details [85 KB]
1,750	10	11/11/2019	4.693%	Annual	XS0462999573	View details [118 KB]

Currency: Pounds

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
650	13	09/12/2022	5.289%	Anual	XS0470740530	View details [94 KB]

Updated as of July 3rd 2008

Issuer: Telefónica Emisiones S.A.U.

Law: British / Spanish

Prospectus: EMTN July 2008

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Supplement to the base prospectus: August 6th 2008

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Supplement to the base prospectus: November 18th 2008

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Supplement to the base prospectus: March 2nd 2009

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Supplement to the base prospectus: May 14th 2009

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Currency: EUR

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
2,000	5	03/02/2014	5.431%	Annual	XS0410258833	View details [25 KB]
400	6	02/06/2015	Euribor (3m) + 182.5bp	Quarterly	XS0430779537	View details [34 KB]
1,500	7	01/04/2016	5.496%	Annual	XS0419264063 XS0430789411	View details [30 KB] View details [31 KB]

Updated as of July 3rd 2007

Issuer: Telefónica Emisiones S.A.U.

Law: British / Spanish

Prospectus: EMTN July 2007

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Supplement to the base prospectus: August 7th 2007

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Supplement to the base prospectus: March 28th 2008

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Supplement to the base prospectus: May 28th 2008

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Currency: EUR

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
1,250	5	12/06/2013	5.58%	Annual	XS0368055959	View details [35 KB]

Updated as of July 5th 2006

Issuer: Telefónica Emisiones S.A.U.

Law: British / Spanish

Prospectus: EMTN

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Supplement to the base prospectus: EMTN

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Supplement to the base prospectus: EMTN

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Supplement to the base prospectus: EMTN

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Supplement to the base prospectus: May 29th 2007

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Currency: EUR

Exchange: London

Amount (M) (**)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
55	15	30/12/2021	Euribor (6m) + 0,83%	Semi-annual	XS0283060324	View details [77 KB]
24	11	31/1/2018	Euribor (3m) + 0,70%	Quarterly	XS0283056215	View details [82 KB]
1,500	7	14/2/2014	4.674%	Annual	XS0284891297	View details [79 KB]
500	5.5	17/04/2012	4.393%	Annual (except first coupon paid after first six months)	XS0270341950	View details [26 KB]

Currency: Pounds

Exchange: London

Amount (M) (**)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
500	7 years & 1 month	31/01/2014	5.888%	Annual (except first coupon payable the 31/01/2008)	XS0279928385	View details [85 KB]

Currency: Czech Republic Koruna

Exchange: London

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
2,600	7	19/06/2014	4.623%	Annual	XS0305574682	View details [28 KB]
3,000	7	19/06/2012	4.351%	Annual	XS0305574096	View details [28 KB]

Updated as of July 8th 2005

Issuer: Telefónica Emisiones S.A.U.

Law: British / Spanish

Prospectus: EMTN

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Supplement to the base prospectus: EMTN

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Supplement to the base prospectus: EMTN

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Currency: EUR

Exchange: London

Amount (M) (**)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
1,750	10	02/02/2016	4.375%	Annual	XS0241946630	View details [88 KB]

Currency: Pounds

Exchange: London

Amount (M) (**)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
750	12	02/02/2018	5.375%	Annual	XS0241946044	View details [88 KB]
500	20	02/02/2026	5.375%	Annual	XS0241945582	View details [88 KB]

Issuer: Telefónica Europe, B.V.

Law: British

Prospectus: EMTN

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Currency: EUR

Exchange: London

Amount (M) (**)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code
500	30	14/02/2033	5.875%	Annual	XS0162869076
1,500	10	14/02/2013	5.125%	Annual	XS0162867880

Emisor: Telefónica Europe, B.V.

Law: State of New York

Exchange: Not listed

Prospectus: Bond Indenture

• View details [7,4 MB]

Currency: USD

Amount (M) (**)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code
1,250	30	15/09/2030	8.25%	Semi-annual	US879385AD49

Issuer: Telefónica, S.A.

Law: Spanish

Currency: Euros

Exchange: AIAF

Amount (M) (**)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
50	15	02/03/2015	10 year GBP Swap x 1.0225	Annual	ES0278430964	View details (Spanish version) [592 KB]

Issuer: Telefónica Finance USA, LLC

Law: Delaware Liability Company Act

Prospectus: Preferred Shares issue

• View details (Spanish version) [218 KB]

Currency: Euros

Exchange: AIAF

Amount (M) (**)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code
2,000	Perpetual	Perpetual	Euribor 3m (****) (floor: 4.25% (E.A.Y.) ; cap: 7% (E.A.Y.))	Quarterly	USU87942AA33

Issuer: Telefónica, S.A.

Law: Spanish

Currency: Euros

Exchange: AIAF

Amount (M) (**)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
39.48	30	21/07/2029	6.37 %	Zero Coupon	ES0278430956	View details (Spanish version) [1,1 MB]

Issuer: Telefónica Europe BV

Law: Japanese

Prospectus: SRS (Securities Registration Statement)

• View details [401 KB]

Currency: Yen

Exchange: NOT TRADED

Amount (M)	Term at issue (Years)	Maturity	Coupon	Coupon Payment	ISIN Code	Prospectus
15,000	5	19/07/2012	2.11%	Semi-annual	JP552815A777	View details [401 KB]
15,000	5	19/07/2012	JPY Libor 6M + 0.40%	Semi-annual	JP552815B775	View details [401 KB]

(*) EMTN and Global Programs issued by Telefónica Europe, B.V. and EMTN and SHELF Programs issued by Telefónica Emisiones S.A.U. are guaranteed by Telefónica S.A.

(**) Includes principal and interests accrued as of 12/31/03 for zero coupon bonds.

(***) Preferred Shares Issue is guaranteed by Telefónica S.A.. This guarantee is subordinated to all Telefónica S.A.´s obligations.

(****) Payment conditionned to the generation of suficient distributable net income or the payment of ordinary dividends. From 12/30/2012, preferred dividend will increase to Euribor 3m + 4% EAY.