ANALYSTS' COVERAGE

Bank Analyst
Alantra Equities Fernando Abril-Martorell
Ahorro Corporación Luis Padrón
Bankinter Javier Hombría Gestoso
Barclays Capital Mathieu Robilliard
BBVA Research Ivón Leal
Berenberg Bank Carl Murdock-Smith
BofAML David Wright
CaixaBank BPI Pedro Oliveira
Citi Georgios Ierodiaconou
Credit Suisse Jakob Bluestone
Deutsche Bank Keval Khiroya
Exane BNP Paribas Joshua Mills
Fidentiis James McKenzie
Goldman Sachs Michael Bishop
GVC Gaesco Beka Juan Peña
HSBC Luigi Minerva
JB Capital Markets German García Bou
Jefferies Jeremy A Dellis
JP Morgan Akhil Dattani
Kepler Cheuvreux Javier Borrachero
Mirabaud José Ramón Ocina
Morgan Stanley Nawar Cristini
Nau Securities Alex Wright
New Street Research Soomit Datta
Renta 4 Ivan San-Felix
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.