ANALYSTS' COVERAGE

Bank Analyst
Alantra Equities José Ramón Ocina
Arete Will Milner
Ahorro Corporación Luis Padrón
Barclays Capital Mathieu Robilliard
BBVA Research Ivón Leal
Berenberg Bank Nicolas Didio
Bernstein Dhananjay Mirchandani
BofAML David Wright
CaixaBank BPI Pedro Oliveira
Citi Georgios Ierodiaconou
Credit Suisse Justin Funnell
Deutsche Bank Keval Khiroya
Exane BNP Paribas Sam McHugh
Haitong Securities Nuno Matias
Fidentiis James McKenzie
Goldman Sachs Joshua Mills
GVC Gaesco Beka Eduardo García Argüelles
HSBC Luigi Minerva
JB Capital Markets German García Bou
Jefferies Jeremy A Dellis
JP Morgan Akhil Dattani
Kepler Cheuvreux Javier Borrachero
Macquarie Research Guy R Peddy
Mirabaud Javier Mielgo
Morgan Stanley Luis Prota
Natixis Eric Beaudet
New Street Research James Ratzer
Oddo Securities Alexandre Iatrides
Renta 4 Ivan San-Felix
Raymond James Stephane Beyazian
RBC Capital Markets Julio Arciniegas
Redburn Nick Delfas
Sabadell Andrés Bolumburu
Santander Fernando Cordero Barreira
Societe Generale 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.