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 DIRECTED AT OR ACCESSIBLE BY PERSONS IN THE UNITED STATES, OR PERSONS RESIDENT OR LOCATED IN AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION WHERE THE EXTENSION OF AVAILABILITY OF THE MATERIALS TO WHICH YOU ARE SEEKING ACCESS WOULD BREACH ANY APPLICABLE LAW OR REGULATION OR WOULD REQUIRE ANY REGISTRATION OR LICENCING WITHIN SUCH JURISDICTION.

IMPORTANT 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. If you access the Materials on this website, you agree to be bound by the terms and conditions below. If you do not agree to the terms and conditions, do not access this website or view any of the Materials.

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 the 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. There will be no public offer of securities in the United States. 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 an Excluded Jurisdiction. 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 not a person who is one or more of (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, «MiFID II«) or (ii) a customer within the meaning of Directive 2016/97/EU where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; (B) if in the United Kingdom (a) are not a person who is one or more of (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the «FSMA«) and any rules or regulations made under the FSMA which were relied on immediately before exit day to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and (b) who 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 the materials, please do not seek access to the Restricted Area.

The information contained in the Restricted Area is not comprehensive. Telefónica, S.A. and its subsidiaries and affiliates («Telefónica«) accept no responsibility to update the information contained in this website. No reliance may be placed for any purpose whatsoever on the information or opinions contained in the Restricted Area. All information is provided without any warranties of any kind and Telefónica and its advisers make no representations and disclaim all express and implied warranties and conditions of any kind, including, without limitation, representations, warranties or conditions regarding timeliness, non-infringement, merchantability or fitness for any particular purpose and Telefónica and its advisers assume no responsibility to you or any third party for the consequences of any errors or omissions. Neither Telefónica nor its advisers accept any liability for any direct or indirect or consequential loss or damages of any kind resulting from any use of this website or any information contained in it. Telefónica accepts no responsibility for any contravention of applicable securities laws and regulations by persons as a result of false information provided by such persons.

Certain information in the Restricted Area is of a historical nature and may be out of date. All historical information should be understood to speak from the date of its publication. Actual results and developments may be materially different from any opinion or expectation expressed in the Restricted Area. In addition, past performance is no guide to future performance, whether of Telefónica or its securities.

The materials have been made available to you in an electronic form. You are reminded that materials transmitted via this website may be altered or changed during the process of electronic transmission and consequently Telefónica does not accept any liability or responsibility whatsoever in respect of any difference between the materials distributed to you in electronic format and any hard copy version. By accessing the Restricted Area, you consent to receiving it in electronic form.

You are responsible for protecting against viruses and other destructive items. Your receipt of the materials via electronic transmission is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature.

Confirmation of Understanding

I warrant that I am not located in the United States and am not resident or located in Australia, Canada, South Africa, Japan or any other jurisdiction where accessing the materials is unlawful, and I agree that I will not transmit or otherwise send any materials contained in this website to any person in the United States, Australia, Canada, South Africa, Japan or any other territory where to do so would breach applicable local law or regulation.

I warrant that I am a Relevant Person.

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