Telefonica S.A. — Share Issue/Capital Change 2014

Nov 10, 2014

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RNS Number : 6469W

Telefonica SA

10 November 2014

RAMIRO SÁNCHEZ DE LERÍN GARCÍA-OVIES

General Secretary and

Secretary to the Board of Directors

TELEFÓNICA, S.A.

TELEFÓNICA, S.A. as provided in article 82 of the Spanish Securities Market Act (Ley del Mercado de Valores), hereby reports the following

SIGNIFICANT EVENT

Within the framework of the proactive management of its asset portfolio and financial flexibility optimization, Telefónica, S.A., through its 100% subsidiary, Telefónica Internacional, S.A.U. (hereinafter "Telefonica"), has proceeded to the sale of 597,844,100 shares of China Unicom (Hong Kong) Limited ("China Unicom"), representing 2.5 % of the share capital of the company, by a block trade process, at a price of HK$ 11.14 per share, for a total amount of HK$ 6,660 million, approximately € 687 million at current exchange rates.

Telefónica maintains its commitment to the Strategic Alliance with China Unicom.

Madrid, November 10, 2014.

This information is provided by RNS

The company news service from the London Stock Exchange

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