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The information included in this section is restricted due to applicable securities laws in your country of residence. The information in this section is, therefore, not available to persons located in your country of residence.

THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES (OR TO ANY U.S. PERSON) OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

MPORTANT INFORMATION

This area of the website is restricted (the “Restricted Area”). The information contained in this Restricted Area is made available in good faith and for information purposes only and is subject to the terms and conditions set out below.

Access to the Restricted Area

If you would like to view the Restricted Area, please read this notice carefully. This notice applies to all persons who view the Restricted Area and, depending on where you are located, may affect your rights or responsibilities. Telefónica, S.A. reserves the right to amend or update this notice at any time and you should, therefore, read it in full each time you visit the Restricted Area. In addition, the contents of the Restricted Area may be amended at any time in whole or in part at the sole discretion of Telefónica, S.A.

Nothing in, or which can be downloaded from, the Restricted Area constitutes an offer to sell or an invitation or solicitation of any offer to purchase or subscribe for any securities in the United States or in any other jurisdiction where such offer is unlawful, nor shall any part of these materials form the basis of, or be relied upon in connection with, any contract or commitment whatsoever in any such jurisdiction.

You should not forward, transmit or show the information or documents contained in the Restricted Area to any person. In particular, you should not forward or transmit the information or documents contained therein to any person located in the United States or to any U.S. Persons (as defined in Regulation S under the Securities Act (as defined below) (“U.S. Person”)) or to any person located in any Excluded Jurisdiction (as defined below). Any securities offered will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws or regulations of any state or territory or other jurisdiction of the United States, and the issue of any securities offered will not be registered under the US Investment Company Act of 1940, as amended. The offering of the securities will not be made, directly or indirectly, in or into, Australia, Canada, South Africa or Japan or any other jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction (each, an “Excluded Jurisdiction”). Accordingly, the information contained in this website is not being made available, and may not be, mailed, forwarded, or otherwise distributed or sent in, into or from Australia, Canada South Africa or Japan. The offering of the securities will not be made, directly or indirectly, in or into, Australia, Canada, South Africa or Japan or any other jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction (each, an “Excluded Jurisdiction”). Accordingly, the information contained in this website is not being made available, and may not be, mailed, forwarded, or otherwise distributed or sent in, into or from Australia, Canada, South Africa or Japan. The information contained in the Restricted Area is only for the attention of persons outside of the United States and each of the Excluded Jurisdictions who (A) if in the European Economic Area, are persons who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC and amendments thereto, including Directive 2010/73/EC to the extent implemented in the relevant member state of the European Economic Area, and includes any relevant implementing measure in each member state of the European Economic Area which has implemented the Prospectus Directive) (“Qualified Investors”); (B) if in the United Kingdom are persons (i) having professional experience in matters relating to investments so as to qualify them as “investment professionals” under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”); or (ii) falling within Article 49(2)(a) to (d) of the Order; and/or (C) if in any other jurisdiction outside the United States and the Excluded Jurisdictions (i) are not U.S. Persons (as defined in Regulation S under the Securities Act) and (ii) are persons to whom it may otherwise lawfully be communicated (all such persons referred to in (A), (B) and (C) together being “Relevant Persons”). Any of the information included in, or which can be downloaded from, the Restricted Area is only directed at Relevant Persons. Solicitations resulting from any of the information included in, or which can be downloaded from, the Restricted Area will only be responded to if the person concerned is a Relevant Person. All persons who wish to view the Restricted Area must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so and should inform themselves of, and observe, any applicable legal or regulatory requirements applicable in their jurisdiction. It is your responsibility to satisfy yourself as to full observance of any relevant laws and regulatory requirements. If you are not permitted to view materials on this website or are in any doubt as to whether you are permitted to view these materials, please do not seek access to the Restricted Area.

Confirmation of Understanding

By clicking the “I UNDERSTAND” button below you confirm that you (1) have read and understood the information set out above, (2) agree to be bound by its terms and (3) are permitted under applicable law and regulation to proceed to the following parts of this website.

The information included in this section is restricted due to applicable securities laws in your country of residence. The information in this section is, therefore, not available to persons located in your country of residence.

THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES (OR TO ANY U.S. PERSON) OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

MPORTANT INFORMATION

This area of the website is restricted (the “Restricted Area”). The information contained in this Restricted Area is made available in good faith and for information purposes only and is subject to the terms and conditions set out below.

Access to the Restricted Area

If you would like to view the Restricted Area, please read this notice carefully. This notice applies to all persons who view the Restricted Area and, depending on where you are located, may affect your rights or responsibilities. Telefónica, S.A. reserves the right to amend or update this notice at any time and you should, therefore, read it in full each time you visit the Restricted Area. In addition, the contents of the Restricted Area may be amended at any time in whole or in part at the sole discretion of Telefónica, S.A.

Nothing in, or which can be downloaded from, the Restricted Area constitutes an offer to sell or an invitation or solicitation of any offer to purchase or subscribe for any securities in the United States or in any other jurisdiction where such offer is unlawful, nor shall any part of these materials form the basis of, or be relied upon in connection with, any contract or commitment whatsoever in any such jurisdiction.

You should not forward, transmit or show the information or documents contained in the Restricted Area to any person. In particular, you should not forward or transmit the information or documents contained therein to any person located in the United States or to any U.S. Persons (as defined in Regulation S under the Securities Act (as defined below) (“U.S. Person”)) or to any person located in any Excluded Jurisdiction (as defined below). Any securities offered will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws or regulations of any state or territory or other jurisdiction of the United States, and the issue of any securities offered will not be registered under the US Investment Company Act of 1940, as amended. The offering of the securities will not be made, directly or indirectly, in or into, Australia, Canada, South Africa or Japan or any other jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction (each, an “Excluded Jurisdiction”). Accordingly, the information contained in this website is not being made available, and may not be, mailed, forwarded, or otherwise distributed or sent in, into or from Australia, Canada South Africa or Japan. The offering of the securities will not be made, directly or indirectly, in or into, Australia, Canada, South Africa or Japan or any other jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction (each, an “Excluded Jurisdiction”). Accordingly, the information contained in this website is not being made available, and may not be, mailed, forwarded, or otherwise distributed or sent in, into or from Australia, Canada, South Africa or Japan. The information contained in the Restricted Area is only for the attention of persons outside of the United States and each of the Excluded Jurisdictions who (A) if in the European Economic Area, are persons who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC and amendments thereto, including Directive 2010/73/EC to the extent implemented in the relevant member state of the European Economic Area, and includes any relevant implementing measure in each member state of the European Economic Area which has implemented the Prospectus Directive) (“Qualified Investors”); (B) if in the United Kingdom are persons (i) having professional experience in matters relating to investments so as to qualify them as “investment professionals” under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”); or (ii) falling within Article 49(2)(a) to (d) of the Order; and/or (C) if in any other jurisdiction outside the United States and the Excluded Jurisdictions (i) are not U.S. Persons (as defined in Regulation S under the Securities Act) and (ii) are persons to whom it may otherwise lawfully be communicated (all such persons referred to in (A), (B) and (C) together being “Relevant Persons”). Any of the information included in, or which can be downloaded from, the Restricted Area is only directed at Relevant Persons. Solicitations resulting from any of the information included in, or which can be downloaded from, the Restricted Area will only be responded to if the person concerned is a Relevant Person. All persons who wish to view the Restricted Area must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so and should inform themselves of, and observe, any applicable legal or regulatory requirements applicable in their jurisdiction. It is your responsibility to satisfy yourself as to full observance of any relevant laws and regulatory requirements. If you are not permitted to view materials on this website or are in any doubt as to whether you are permitted to view these materials, please do not seek access to the Restricted Area.

Confirmation of Understanding

By clicking the “I UNDERSTAND” button below you confirm that you (1) have read and understood the information set out above, (2) agree to be bound by its terms and (3) are permitted under applicable law and regulation to proceed to the following parts of this website.