Annual Financial Report

Publication of the Annual Financial Report of Telefónica covering the twelve month period ended 31 December 2010

On 15 April 2011, Telefónica published its Annual Financial Report for the twelve month period ended December 31, 2010. Copy of the document has been submitted to the National Storage Mechanism and will shortly be available for inspection at: "www.Hemscott.com/nsm.do"

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 http://www.rns-pdf.londonstockexchange.com/rns/9983E_-2011-4-15.pdf