Announcement relating to the admission to the Official List of the UK Listing Authority and listing of additional share capital on the London Stock Exchange

September 22, 2017

Further to the Significant Event filed on September 20, 2017,  Telefónica, S.A. has made an application to the UK Listing Authority ("UKLA") and the London Stock Exchange ("LSE") for 154,326,696 additional ordinary shares of EURO 1 each of Telefónica, S.A. to be admitted to the Official List of the UKLA and to be admitted to trading on the LSE.

The new ordinary shares, which are listed on the Madrid Stock Exchange, have been issued pursuant to an increase in the share capital of Telefónica, S.A. The Public Deed of the share capital increase was registered on September 20, 2017 in the Madrid Mercantile Registry (Registro Mercantil), and the ordinary trading of the new shares is expected to begin on September 25, 2017.

Admission to the Official List of the UKLA is expected to take effect on September 25, 2017.