Annual Financial Report 2015

Telefónica, S.A. has filed with the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores- CNMV) the Individual Annual Accounts of "Telefónica, S.A." and the Consolidated Annual Accounts of "Telefónica S.A." and its "Group of Subsidiaries" for 2015 Financial Year.

The aforesaid Annual Accounts will be submitted for approval at the next Annual General Shareholders' Meeting of the Company, the dates of which will be announced due course.

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Madrid, February 26, 2016