Eighth Investor Conference Agenda

TELEFÓNICA, S.A., hereby reports the following:

NOTICE

TELEFÓNICA GROUP will host its Eighth Investor Conference in the city of London on April 13th and 14th. Please find below the Agenda of the Conference, that will begin approximately at 13,30 (London time) tomorrow.

Wednesday, April 13th

14:00 César Alierta

Chairman and Chief Executive Officer of Telefónica

14:45 Santiago Fernández Valbuena

Chief Strategy Officer of Telefónica

15:30 Julio Linares

Chief Operating Officer of Telefónica

16:15 FERNANDO MADEIRA

Chief Executive Officer of Terra Latam

16:30 ZARYN DENTZEL

Chief Executive Officer of Tuenti

16:45 Trevor Healy

chairman of jajah and Chief Innovation Officer of Telefónica Europa

Thursday, April 14th

09:00 César Alierta (Welcome)

Chairman and Chief Executive Officer of Telefónica

09:05 His Excellency Luis Inácio Lula da Silva

Former President of Brasil

09:45 José maría álvarez- pallete

Chairman and Chief Executive Officer of Telefónica Latinoamérica

10:15 Coffe Break

10:45 Guillermo Ansaldo Lutz

Chairman and Chief Executive Officer of Telefónica España

11:15 Matthew Key

Chairman and Chief Executive Officer of Telefónica Europa

11:45 César Alierta Izuel (Closing remarks)

Chairman and Chief Executive Officer of Telefónica

11:50 Joint Q&A session

12:30 End of Main Conference

13:45 Group meeting (slot 1)

14:10 Group meeting (slot 2)

14:35 Group meeting (slot 3)

Live broadcasting of presentations will be available to any interested party at:

http://www.telefonica.com/ext/investor_conference/en/

Likewise, all the presentations will be previously sent to the Spanish National Securities Market Commission, and will also be available to the shareholders and investors on the Company's website.

 Madrid, April 12th, 2011