TELEFONICA S A

Ticker: TELFY CUSIP: 879382208 Class: SPONSORED ADR

Matthew 25 Management Corp's Holding History (CIK: 0001351431)

Note: Option positions (PUT/CALL) are excluded.

Q3 2014

Shares 2,450,000 Value ($000) $37,657 Avg Close — Range —

Q2 2014

Shares 2,510,000 Value ($000) $43,071,600 Avg Close — Range —

Q1 2014

Shares 2,550,000 Value ($000) $40,264,500 Avg Close — Range —

Q4 2013

Shares 2,515,000 Value ($000) $41,095,100 Avg Close — Range —

Q3 2013

Shares 2,400,000 Value ($000) $37,152,000 Avg Close — Range —

Q2 2013

Shares 2,130,000 Value ($000) $27,285 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	2,450,000	$37,657	—	—
Q2 2014	2,510,000	$43,071,600	—	—
Q1 2014	2,550,000	$40,264,500	—	—
Q4 2013	2,515,000	$41,095,100	—	—
Q3 2013	2,400,000	$37,152,000	—	—
Q2 2013	2,130,000	$27,285	—	—