ANALYSTS' COVERAGE

Bank Analyst
Alantra Fernando Abril-Martorell
Arete Charlotte Perfect
Barclays Mathieu Robilliard
Berenberg Carl Murdock-Smith
Bestinver Ignacio Arce
BofAML David Wright
CaixaBank Borja Pagoaga
Citi Georgios Ierodiaconou
Credit Suisse Jakob Bluestone
Deutsche Bank Keval Khiroya
Exane BNP Paribas Joshua Mills
Goldman Sachs Andrew Lee
GVC Gaesco Juan Peña
HSBC Luigi Minerva
JB Capital Markets German García Bou
Jefferies Jeremy A Dellis
JP Morgan Akhil Dattani
Kepler Cheuvreux Javier Borrachero
Mediobanca Fabio Pavan
Mirabaud José Ramón Ocina
Morgan Stanley Nawar Cristini
New Street Soomit Datta
Nextgen Justin Funnell
Renta 4 Ivan San-Felix
Redburn Nick Delfas
Sabadell Andrés Bolumburu
Santander Fernando Cordero Barreira
Société Générale Ottavio Adorisio
UBS Giovanni Montalti

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.