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

OTHER RELEVANT INFORMATION

Further the communication published on December 4, 2020 (with registry number 6058), the Company informs that on December 28, 2020 the free-of charge allotment rights trading period for the second capital increase with charge to reserves related to the shareholder compensation by means of a scrip dividend ("Telefónica's Flexible Dividend"), ended.

The shareholders of 33.12 % of the free-of-charge allotment rights have accepted the purchase commitment assumed by Telefónica, S.A. The gross amount to be paid by Telefónica, S.A. for these rights amounts to 342,323,986.80 euros. The company has waived the rights thus acquired, that have been amortized.

On the other hand, the shareholders of 66.88% of the free-of-charge allotment rights have opted to receive new shares of Telefónica S.A. Therefore, the final number of ordinary shares with a nominal value of 1 euro issued in the capital increase is 197,993,390, corresponding to 3.72 % of the share capital, being the amount of the capital increase 197,993,390 euros. As a result, the amount of the share capital of Telefónica, S.A. after the capital increase has been set at 5,526,431,062 euros, divided into 5,526,431,062 shares.

Also, it is expected that the new shares will be admitted to listing on the four Spanish Stock Exchanges and will be traded on the Spanish Automated Quotation System (Sistema de Interconexión Bursátil Español) next, January 12, 2021 so that the ordinary trading of the new shares in Spain will begin on, January 13, 2021. The admission to listing of the new shares on the different foreign Stock Exchanges where Telefónica, S.A. is listed will also be requested.

Madrid, December 30, 2020

SPANISH NATIONAL SECURITIES MARKET COMMISSION - MADRID -

Gran Vía, 28 - 9ª Planta - 28013 Madrid

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Telefónica SA published this content on 30 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 January 2021 09:11:05 UTC