Telefonica S.A. - Tender Offer - Launch

Telefónica Announces $500 million Debt Tender Offer - US87938WAV54 - US87938WAT09 - US879385AD49

20 NOVEMBER 2023

Full announcement including disclaimers and offer/distribution restrictions available via Prnewswire: Source: Telefonica S.A.

"MADRID, Nov. 20, 2023 /PRNewswire/ -- Telefónica, S.A. ("Telefónica" or the "Guarantor") announces today that Telefónica Emisiones S.A.U., a sociedad anónima unipersonal incorporated under the laws of the Kingdom of Spain ("Telefónica Emisiones"), and Telefónica Europe B.V., a besloten vennootschap incorporated under the laws of the Netherlands ("Telefónica Europe" and, together with Telefónica Emisiones, the "Offerors"), each a wholly-owned subsidiary of Telefónica, have commenced a debt tender offer to purchase for cash (the "Offer") the debt securities issued by it and guaranteed by Telefónica listed in the table below (collectively, the "Securities") with an aggregate principal amount for both Offerors and all series of Securities of up to $500 million (such amount, as may be increased or decreased pursuant to the Offer to Purchase (as defined below), the "Maximum Tender Amount").

SECURITIES SUBJECT TO THE OFFER"

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