Telefonica S.A.

NYSE:TEF ISIN:ES0178430E18

May 26, 2012

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Telefonica S.A. Company Summary

Telefonica, S.A. (Telefonica), together with its subsidiaries and investees, operates in the telecommunications, media and contact center industries. The Company is also involved in the media and contact center activities through investments in Telefonica de Contenidos and Atento. The Company operates in three business areas: Telefonica Spain, Telefonica Europe and Telefonica Latin America. In Latin America, Telefonica provides service to more than 158 million customers in Brazil, Argentina, Chile and Peru, and has substantial operations in Colombia, Ecuador, El Salvador, Guatemala, Mexico, Morocco, Nicaragua, Panama, Puerto Rico, Uruguay and Venezuela. In Europe, it has operating companies in the United Kingdom, Ireland, Germany, Czech Republic and Slovakia. In May 2008, the Company sold part of its real estate portfolio to Bohemia Real Estate Investments. On April 3, 2008, Vivo Participacoes, S.A. completed the acquisition of 53.90% of Telemig Celular Participacoes, S.A.

COMPANY DATA

	Principal Sector	Communications

	Principal Industry	Telecommunications

	Homepage	www.telefonica.com

Key Developments: Telefonica S.A.

	Asian Markets Overview of February 10 FEB 10, 2010 13:30 - Article Views: 4,396 Asian shares are expected to remain rising after a rebound in most markets yesterday. On Tuesday China's Shanghai Composite rose 0.5%, Taiwan's Taiex surged 2% and South Korea's Kospi added 1.1%. Hong Kong's Hang Seng Index gained 1.2% spurred by Swiss banking major UBS's return to profit.

	Australian Market Report of December 3: Strong Metal Prices DEC 3, 2009 13:00 - Article Views: 5,277 Wall Street declined modestly overnight as bearish analyst comments hurt bank shares. Analysts with UBS predicted the capital market's seasonal slowing could come earlier this year, cutting its fourth-quarter earnings target for Morgan Stanley, JP Morgan and others.