TEF-Changes in the Board Comittees

TELEFÓNICA, S.A. (hereinafter "Telefónica"), as provided in article 228 of the Spanish Stock Market Act (Ley del Mercado de Valores), hereby reports the following

SIGNIFICANT EVENT

Telefonica's Board of Directors, at its meeting held today, has adopted the following resolutions:

1º.- To appoint Dª Sabina Fluxà Thienemann (Independent Director) member of the Nomination, Compensation and Corporate Governance Committee, and D. Javier de Paz Mancho (Independent Director) member of the Audit and Control Committee.

2º.- D. Javier de Paz Mancho ceases as member of Service Quality and Customer Service Committee.

3º.- Reorganize the current Regulation and Institutional Affairs Committees, becoming a single Committee, under the denomination of Regulation and of the Institutional Affairs Committee.

4º.- Reorganize the current Strategy and Innovation Committees, becoming a single Committee, under the denomination of Strategy and Innovation Committee, appointing D. Juan Ignacio Cirac Sasturain (Independent Director) and D. Peter Löscher (Independent Director) as members of the aforesaid Committee.

Madrid April 27, 2016.