TELEFÓNICA, S.A. hereby reports the following 

NOTICE

Telefónica, S.A. will hold a conference call with analysts at 4:00 p.m. (Madrid) tomorrow, July 28^th, 2011, to announce its 2011 first half-yearly financial information.

This conference call will be broadcasted live via Internet at:

http://www.telefonica.com/accionistaseinversores/

Likewise, the presentation for the conference call will be available before it starts on the Company's web site.

Madrid, July 27^th, 2011