RAMIRO SÁNCHEZ DE LERÍN GARCÍA-OVIES

General Secretary and

Secretary to the Board of Directors

TELEFÓNICA, S.A.

TELEFÓNICA, S.A. as provided in article 82 of the Spanish Securities Market Act (Ley del Mercado de Valores), hereby reports the following

SIGNIFICANT EVENT 

Telefónica, S.A. announces that it is the Company's intention to carry out the payment of the next cash dividend amounting to 0.40 euros per share on May 12, 2015.

The adoption of the corresponding corporate resolutions will be proposed in due course.

Madrid, April 14, 2015.