AGM Official Calling and Proposals

TELEFÓNICA, S.A., in compliance with the Securities Market legislation, hereby communicates the following

RELEVANT INFORMATION

The Board of Directors of TELEFÓNICA, S.A has resolved to call the Annual General Shareholders' Meeting to be held in Madrid, at the Recintos Feriales of IFEMA (Feria de Madrid) of the Campo de las Naciones, Parque Ferial Juan Carlos I, Pabellón 12, at 11:00 a.m., on June 7, 2019 on second call, in the event that the legally required quorum is not reached and therefore the Meeting cannot be held on the first call that is hereby called on June 6, 2019 at the same place and time.

To this end, the following documents are hereby enclosed to this report:

- Full text of the official calling.

http://www.rns-pdf.londonstockexchange.com/rns/0038X_1-2019-4-24.pdf

- Full text of the proposals to be submitted for approval of the Annual General Shareholders' Meeting.

http://www.rns-pdf.londonstockexchange.com/rns/0038X_2-2019-4-24.pdf

These proposals and the additional information (detailed in the official calling) are available to shareholders at the Company's registered office so that they can exercise their right of information. Additionally, these documents are accessible on-line via the Company's website: www.telefonica.com.

Madrid, April 24, 2019.