TELEFÓNICA, S.A., in compliance with the Securities Market legislation, communicated the following: Telefónica Europe B.V. has launched an invitation to holders of its outstanding EUR 1,000,000,000 Undated 10 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities irrevocably guaranteed by Telefónica, S.A. (the "Guarantor") to tender such Notes for purchase by the Issuer for cash (such invitation, the "Offer"). The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 30 August 2023 and is subject to the restrictions set out in the Tender Offer Memorandum. Capitalised terms used and not otherwise defined in this announcement have the meaning given in the Tender Offer Memorandum.

Description of notes: eur 1,000,000,000 undated 10 year non-call deeply subordinated guaranteed fixed rate reset securities current coupon: 5.875 per cent. aggregate principal amount outstanding: EUR 387,600,000. Purchase price: EUR 101,100 per EUR 100,000.

Amount subject to the offer: up to a maximum aggregate principal amount (the "maximum acceptance amount") equal to (a) the aggregate principal amount of the new notes (as defined below) less(b) eur 362,400,000 (i.e. the aggregate principal amount outstanding (as of the date hereof) of the eur 1,250,000,000 undated 5.7 year non-call deeply subordinated guaranteed fixed rate reset securities (isin: xs1795406575) issued by the issuer). however, the issuer reserves the right to increase the maximum acceptance amount should a substantial purchase event occur in respect of the notes and the issuer may or may not exercise its call right upon the occurrence of a substantial purchase event pursuant to the conditions of the notes at any time following the offer.