Publication of Supplementary Listing Prospectus

Publication of Supplementary Listing Prospectus

The following Supplementary Listing Prospectus, which supplements the Base Prospectus dated 12 June 2012, has been approved by the UK Listing Authority and is available for viewing:

Supplement dated 28 June 2012 to the Base Prospectus dated 12 June 2012 relating to the Telefónica Emisiones S.A.U. €40,000,000,000 Programme for the Issuance of Wholesale Debt Instruments guaranteed by Telefónica, S.A.

To view the full document, please paste the following URL into the address bar of your browser.

 http://www.rns-pdf.londonstockexchange.com/rns/4343G_1-2012-6-28.pdf

For further information, please contact

Investors RelationsTelefónica , S.A.

Distrito C - Edificio Central Pl 2ª

C/Ronda de la Comunicación s/n

28050 Madrid

SpainTel.: +34 91 482 8700

[email protected]

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus is not addressed. Prior to relying on the information contained in the Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.