Result of AGM 2017

TELEFÓNICA, S.A. in accordance with the provisions of Article 228 of the Securities Market Act, hereby issues the following

SIGNIFICANT EVENT

The Annual General Shareholders' Meeting of TELEFÓNICA, S.A. held at second call today, June 9, 2017, with the attendance, present or represented, of shareholders holding shares representing 56.51% of the share capital of the Company, has approved by a majority of votes all the resolutions submitted by the Board of Directors for deliberation and vote by the General Shareholders' Meeting.

The full text of these resolutions is attached to this report.

 http://www.rns-pdf.londonstockexchange.com/rns/7221H_-2017-6-9.pdf

Madrid, June 9, 2017