TELEFÓNICA, S. A has launched in the Euro market under its Guaranteed Euro Programme for the Issuance of Debt Instruments (EMTN Programme) an issuance of notes guaranteed by TELEFÓNICA, S.A. amounting to EUR 1,000 million. These notes are due on February 5, 2024, pay an annual coupon of 1.069% and are issued at par (100%). The settlement and closing date is scheduled for February 5, 2019. Application will be made for the notes to be listed on the Irish Stock Exchange plc trading as Euronext Dublin. The net proceeds of the Notes are to be allocated towards projects aiming at improving the energy efficiency in the network transformation from copper to fibre optic in Spain.