January-June 2016 Results

Earnings Release

Date:      Thursday, July 28^th, 2016

Time:      Before market opens

Conference Call

Date:      Thursday, July 28^th, 2016

Time:      14:00 (Madrid time)

               13:00 (London time)

               08:00 (NY time)

To be webcasted live over the Internet

You can log-in in our website at:

https://www.telefonica.com/en/web/shareholders-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 65 83

From the United States: +1 646 254 33 88

From the U.K. and other countries: +44 (0) 203 427 19 14

Conference Code: 2033147

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.