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Telef�nica, S.A. has filed with the Spanish National Securities Market Commission (Comisi�n Nacional del Mercado de Valores- CNMV) the Annual Report on the Remuneration of Directors for 2016 Financial Year.
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To view the full document, please paste the following URL into the address bar of your browser:
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http://www.rns-pdf.londonstockexchange.com/rns/6991X_-2017-2-23.pdf�
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Madrid, February 23, 2017
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