Doc re. 2014 Annnual Financial Report

Publication of the Annual Financial Report of Telefónica covering the twelve month period ended 31 December 2014

As reported under RNS Number 1544G, Telefónica, S.A. has filed the Individual Annual Accounts of "Telefónica, S.A." and the Consolidated Annual Accounts of "Telefónica S.A." and its "Group of Subsidiaries" for 2014 Financial Year.

A copy of the documents will be submitted to the National Storage Mechanism and will shortly be available for inspection at: "www.Hemscott.com/nsm.do"

Likewise, all the documents are available to the shareholders and investors on the Company's website (http://www.telefonica.com)