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Telefonica S.A. Investor Presentation 2010

Dec 31, 2010

1889_ip_2010-12-31_cc609d15-b8e0-47b9-a9ee-1c6ea48705bb.pdf

Investor Presentation

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Results January-December / 2010

Disclaimer

This document contains statements that constitute forward looking statements about Telefónica Group (going forward, "the Company" or Telefónica) including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations which refer to the intent, belief or current prospects of the customer base, estimates regarding, among others, future growth in the different business lines and the global business, market share, financial results andother aspects of the activity and situation relating to the Company Company.

The forward-looking statements in this document can be identified, in some instances, by the use of words such as "expects", "anticipates", "intends", "believes", and similar language or the negative thereof or by forward-looking nature of discussions of strategy, plans or intentions.

Such forward-looking statements, by their nature, are not guarantees of future performance and involve risks and uncertainties, and other important factors that could cause actual developments or results to differ from those expressed in our forward looking statements. These risks and uncertainties include those discussed or identified in fuller disclosure documents filed by Telefónica with the relevant Securities Markets Regulators, and in particular, with the Spanish Market Regulator.

Analysts and investors, and any other person or entity that may need to take decisions, or prepare or release opinions about the securities issued by the Company, are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Except as required by applicable law, Telefónica undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Telefónica's business or acquisition strategy or to reflect the occurrence of unanticipated events.

Neither this presentation nor any of the information contained herein constitutes an offer of purchase, sale or exchange, nor a request for an offer of purchase purchase, sale or exchange of securities securities, or any advice or recommendation with respect to such securities.

Finally, this document may contain summarized information or information that has not been audited. In this sense, this information is subject to, and must be read in conjunction with, all other publicly available information, including if it is necessary any fuller disclosure document published by Telefónica necessary, Telefónica.

2010 reinforces our track record as a highly predictable & reliable company reliable company

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2

Crystallizing the value of our diversification

Positive impact in OIBDA from the revaluation1 of our stake in Vivo partially offset by non-recurrent restructuring costs

Positive effect of forex across the P&L despite Venezuelan Bolivar devaluation

Full consolidation of Vivo from Q4 10

IFRS 3Revised Business combinations

–BusinessOrganic growth assumes constant exchange rates as of 2009 (average fx) and excludes changes in the perimeter of consolidation: HanseNet since mid Feb10, Jajah in Jan-Dec 10, Telyco Marruecos in Jan-Dec 09 and Manx Telecom in Jul-Dec 09. It includes 100% of Vivo from Q4 09 and Q4 10 and Tuenti in Aug-Dec 09. OIBDA and OI

figures do not include the impact of capital gains (Manx Telecom in Q2 10, Medi Telecom in Q4 09 and the revaluation of our pre-existing stake in VIVO in Q3 10), non-recurrent restructuring expenses, booked in H2 10, mainly related to personnel reorganization and firm commitments relating to the Telefónica Foundation's social activities. CapEx excludes the spectrum acquisition in Germany in Q2 10 and in Mexico in H2 10. Figures exclude hyperinflationary accounting in Venezuela in both years.

Telefónica, S.A Investor Relations

Solid growth in EPS, up 31.6% y-o-y

J D b 2010anuary-December

€ in millions (% change y-o-y)

Very high commercial activity focused on growth levers

Capturing quality growth

  • Total net adds x1.5 vs. 2009 organically, backed by higher gross adds and churn control
  • •Q4 10 net adds improved q-o-q and y-o-y
  • Strong boost in Mobile Contract to 31 % of the mobile base (+ 3p.p. y-o-y organic)
  • Positive MBB momentum, reaching the 22 m mark (1.6x vs. last year)
  • Robust growth in FBB net adds: +44% organic vs. 2009, driven by improved quality

Strong sales performance along the year

Organic

Improved revenue profile

Driving fast adoption of MBB to further boost revenue

FY 10 Mobile data revenue growth (organic y-o-y )

  • Customers wi th MBB devices + attac hed data e st de ces edrates now 10% of our total mobile base, ~20% in Europe
  • Wider portfolio of devices
  • Leveraging scale to further reduce device costs
  • Tiered pricing in our markets
  • Mobile data already 27 % of MSR (+ 3p p y o y) p.p. y-o-y) y o y

Benchmark underlying profitability

Investor Relations

  • Improved OIBDA trends along the year
  • Cost reduction initiatives on track
  • M i i i b fi f l b l j € 200 Maximizing benefits from glo al projects: 200 m in 2010
  • Limited erosion in underlying profitability y-o-y despite higher commercial efforts:
  • • Reinvesting efficiencies to foster sales expansion: Commercial expenses up 6.9% organic y-o-y
  • • Interconnection costs down 0 8% organic vs FY 09 down 0.8% vs. on lower MTRs

Higher CapEx to support growth in customers & volumes

Growth and transformation CapEx excludes spectrum acquisitions.

Meeting our year-end targets for 8 years in a row

T. España: Delivering on 2010 priorities

Maintain a strong commercial momentum (FBB & MBB) and market leadership to capture market recovery Revenue Market

  • MBB accesses: x1.7 y-o-y to 20% of total mobile accesses
  • FBB net adds: + 6.6% y-o-y, solid market share at 53%
  • Contract mobile gross adds: +24.5% y-o-y
  • Fixed line losses: 18.3% lower than in 2009
  • Pay TV accesses: +12.1% y-o-y, gaining market share

Reinvest efficiency gains in the short the term to ensure business growth

Deliver a strong cash-flow generation

  • Limited erosion in OpCF after working capital (-5.5% y-o-y), leveraging an efficient management of WC
  • B h k fit bilit d it i d C E ( 8 4% Benchmark profit ability despite increase Cap Ex (+8.4%y-o-y) focused on growth:
  • • 70% devoted togrowth and transformation
  • • 3Gto capture the MBB opportunity
  • •FBB & Pay TV to enhance our offer

Comparable terms for FY 10 y-o-y change include Tuenti in the period Aug-Dec 2009 and exclude the following effects: USO, real estate capital gains, Medi Telecom disposal capital gain, Telyco Morocco, TV Tax, revision of the estimates for the personnel commitments provided for in prior periods to 2009, non-recurrent restructurings costs, bad debt recovery and application sales. Operating Cash Flow after working capital: Operating collections less OpEx and CapEx payments.

12

Top line impacted by regulation and increased competition in a difficult economic environment in a difficult economic

Comparable terms for FY 10 and Q4 10 y-o-y change include Tuenti in the period Aug-Dec 2009 and exclude the following effects: USO, Telyco Morocco and application sales. 13

There is still ample room to further increase our efficiency

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T.Latam: Sound profitable growth

Robust organic revenue growth leveraging fast customer expansion:

  • D bl digit g th i MSR growth in

  • Sound Internet & Pay TV sales

  • Solid profitability leveraging scale & regional

  • g OIBDA mar gin des pite increased commercial g g p
  • OpCF organic growth exceeding revenue growth

Telefónica, S.A Investor Relations Organic growth assumes constant exchange rates as of FY 09 (average fx) and excludes hyperinflation accounting in Venezuela in both years. OIBDA, OIBDA margin, and OpCF exclude the capital gain from the revaluation of our pre-existing stake in VIVO in Q3 10 and Q4 10 non-recurrentrestructuring costs. OpCF excludes the spectrum acquisition in Mexico. 15

Wireless: A perfect combination of voice and data growth

Improving customer value Customer growth (y-o-y) ARPU (y-o-y ex-fx)

Organic Revenue growth (FY 10 y-o-y) Mobile Data

Wireline: Enhanced quality fuelling commercial activity

  • FBB growth acceleration for 5th quarter in a row
  • Churn contention across services

  • Successful bundling strategy; 86% of total FBB

  • bundled offer and enhanced quality

  • 66% of fixed accesses on bundles

  • Higher contribution from Internet & Pay TV revenue

  • • Sequential organic growth acceleration: +7.2% FY 10 vs. +6.4% 9M 10

Brazil: Sound momentum across business

Telefónica, S.A Investor Relations 18

Brazil: Tender offer for Vivo's ONs and Corporate Restructuring

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TELEFÓNICA LATAM

Good performance in key operations % Telefonica Group Revenue Contribution

MexicoL i l ti itVenezuela Peru 3.0% 3.8% 3.2% Solid mobile customer growth (+13.0% y-o-y), gaining market share Strengthened position in MBB f iii fLower commercial activity y-o-y on limited availability of handsets Robust financials despite devaluation with MSR growth (+21 3% y-o-y) pushed by data Growth in total accesses driven by 2x mobile contract base and 11% increase on FBB Positive growth in OIBDA and after acquisition of spectrum Repositioning of prepay offer on track(+21.3% y o y) services (+47.4% y-o-y) Solid OIBDA margin (46.9%) g margin stabilization

  • Bundles leads to stable traditional fixed accesses and steady FBB growth (+16.3% y-o-y)
  • Robust revenue increase (+17.9% y-o-y) driven by FBB and MSR
  • Sequential ARPU improvement based on contract and data

Argentina Chile

  • Wireline accesses stabilization driven by FBB and Pay TV growth
  • Strong mobile customer growth, focus in contract (30% of total)
  • Sound improvement in financial metrics

Growth rates in financials are given in local currency. In Venezuela, excludes also hyperinflation accounting in both years.

T.Europe: Continuing strong performance

Telefónica, S.A Investor Relations

reorganization in H2 10 and CapEx excludes the acquisition of spectrum in Germany. HanseNet and Manx T. customers are excluded. Comparable growth: organic growth and excluding additional non-recurrent effects: i) restructuring expenses, ii) USO, iii) real estate gains, and iv) the proceeds fro the settlement agreement with T-Mobile in 2009.

TELEFÓNICA EUROPE

T.O2 UK: Leading the wave of profitable data monetization

MSR

(y-o-y growth)

9.2%

Strong momentum in MBB, while excelling the core:

  • • New tiered tariffs taken by 36% of consumer contract data users
  • •Market leading contract churn kept at 1.1%
  • •Contract base is 47% over total (+2 p.p. y-o-y)

Continued top line growth to 6.5% y-o-y in FY 10:

  • •ARPU increased 1.2% y-o-y ex MTRs
  • • Non-P2P SMS revenue: +32% y-o-y Non P2P 32%y oy•
  • Handset sales up 9.2% y-o-y on growing demand for smartphones & lower subsidies Q4 10 FY 10

Reported Ex-MTRs

Total

Contract

7.9%

5.6%

8.7%

Business reorganization to capture new opportunities and customer service enhancement:

  • • Continued efficiency offsets hi gher commercial costs +7.2% 25.4% y g
  • •Restructuring costs of € 72 m booked in Q4 10
  • •Increased CapEx to give best network quality

Telefónica, S.A Investor Relations Comparable growth. Excluding non-recurrent restructuring expenses in 2009 and in 2010 (mainly related with headcount and shops). Growth rates in financials are given in local currency. 22

T.O2 Germany: Maintaining strong momentum

•CapEx down due to network rollout completion

Telefónica, S.A Investor Relations Comparable growth: excludes the consolidation of Hansenet since mid February , non-recurrent restructuring expenses in H2 10 and in 2009 mainly related with personnel reorganization and the acquisition of additional spectrum.

Q4 10 FY 10 Q4 10 FY 10

Leverage ratio within target range after Brasilcel acquisition

•Leverage target (Total Net Debt + Commitments € 57.3 Bn) not exceeding the 2.5x OIBDA limit

(1) OIBDA: excludes results on the sale of fixed assets and non-recurrent restructuring expenses and includes 100% of Vivo's OIBDA for the full year 2010. (2) OIBDA: excludes results on the sale of fixed assets and non recurrent restructuring expenses, but firm commitments related to the Telefónica Foundation's social activities, and includes 100% of Vivo's OIBDA for the full year 2010.

Contained interest expense and strong liquidity position

  • Contained interest expenses at 5% while increasing the amount of fixed debt in a low interest rate environment
  • Reinforced liquidity position thanks to unused committed lines increased by €1.8bn in 2010
  • Recent 2011 issuances cover full net maturities in the year while increasin g avera ge debt life above 6 years after new issuances y gg y

2011 guidance: continued focus on growth

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Maintaining premium returns on strong FCF generation

Regional priorities

Closing remarks

  • Solid set of results in 2010
  • Delivering on our commitments
  • C ltdomp etedkey st t gi ra e c t ti ransactions
  • Continued focus on growth and maintaining premium returns in 2011

Leveraging our integrated asset portfolio to fully capture the digital world opportunity

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