Telefónica Subsidiaries

United Kingdom

O2 United Kingdom

100%

Portugal

Portugal Telecom

0.5%

Other shareholders: RS Holding (10.05%), Espirito Santo Group (10.05%), Telemar Norte Leste (10.00%), other private investors (69.40%)


Germany

Telefónica Deutschland

62.1%

Other shareholders: KPN (20.5%), private investors (17.4%)

Italy

Telecom Italia/TIM

10.34%

Other shareholders: Private Italian and foreign investors (89.66%). Telefónica is the single largest shareholder.

Spain

Home Market

Telefónica Móviles España

100%