January-December 2014 Results

Earnings Release

Date:      Friday, February 27^th 2015

Time:      Before market opens

Conference Call

Date:      Friday, February 27^th 2015

Time:      10:00 am (Madrid time)

               9:00 am (London time)

               4:00 am (NY time)

To be webcasted live over the Internet

You can log-in in our website at:

http://www.telefonica.com/investors/

To listen to the call, we kindly suggest you to access the webcast on Telefónica's website

To participate in the Q&A session, please dial, a few minutes before the start of the conference call, one of the following numbers:

From Spain: +34 91 114 66 33

From the United States: +1 646 254 33 68

From the U.K. and other countries: +44 (0) 203 427 19 32

Conference Code: 2907026

If you have any questions, please do not hesitate to contact Elena Romero at elena.romerocanas@telefonica.com, or at phone number +34 91 482 87 00.