# EDGAR Filing Document

**Accession Number:** 0001472033
**File Stem:** 0001193805-26-000044
**Filing Date:** 2026-1
**Character Count:** 100941
**Document Hash:** b748e742c1678c40cb43af3a2fa8c4e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-26-000044.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001193805-26-000044

**CONFORMED SUBMISSION TYPE**: F-6 POS

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TELEFONICA S A
- **CENTRAL INDEX KEY:** 0000814052
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** U3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-6 POS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-181584
- **FILM NUMBER:** 26542749

**BUSINESS ADDRESS:**
- **STREET 1:** GRAN VIA 28
- **CITY:** 28013 MADRID
- **STATE:** U3
- **ZIP:** 00000
- **BUSINESS PHONE:** 00 34 91 584 0640

**MAIL ADDRESS:**
- **STREET 1:** GRAN VIA 28
- **CITY:** 28013 MADRID
- **STATE:** U3
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONAL TELEPHONE COMPANY OF SPAIN
- **DATE OF NAME CHANGE:** 19880708
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Citibank,N.A./ADR
- **CENTRAL INDEX KEY:** 0001472033
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 521568099
- **STATE OF INCORPORATION:** DC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-6 POS

**BUSINESS ADDRESS:**
- **STREET 1:** 388 GREENWICH STREET, 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 212-816-6647

**MAIL ADDRESS:**
- **STREET 1:** 388 GREENWICH STREET, 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

---

| | |
|:---|:---|
| **As filed with the Securities and Exchange Commission on January 20, 2026** | **Registration No. 333-181584** |

---

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **__________________________________**

**POST EFFECTIVE AMENDMENT NO. 1 TO FORM F-6**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933 FOR AMERICAN DEPOSITARY SHARES EVIDENCED BY**

**AMERICAN DEPOSITARY RECEIPTS**

 **_______________**

**TELEFÓNICA, S.A.**

(Exact name of issuer of deposited securities as specified in its charter)

_______________

**N/A** 

(Translation of issuer's name into English)

_______________

**The Kingdom of Spain**

(Jurisdiction of incorporation or organization of issuer**)**

__________________________________

**CITIBANK, N.A.**

(Exact name of depositary as specified in its charter**)**

_______________

388 Greenwich Street

New York, New York 10013

(877) 248-4237

(Address, including zip code, and telephone number, including area code, of depositary's principal executive offices)

_______________

**CT Corporation System**

**28 Liberty Street**

**New York, NY 10005**

**888-724-9870**

(Address, including zip code, and telephone number, including area code, of agent for service)

__________________________________

Copies to:

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| | |
|:---|:---|
| **Michael J. Willisch**<br> **Ester del Valle Izquierdo**<br> **Davis Polk & Wardwell LLP**<br> **Paseo de la Castellana, 41**<br> **28046 Madrid**<br> **Spain**<br> **+34 91 768 9600** | **Herman H. Raspé, Esq.**<br> **Jean-Claude Lanza, Esq.**<br> **Patterson Belknap Webb & Tyler LLP<br> 1133 Avenue of the Americas<br> New York, New York 10036<br> (212) 336-2301** |

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__________________________________

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| | |
|:---|:---|
| It is proposed that this filing become effective under Rule 466: | ☐ immediately upon filing. |
|  | ☐ on (Date) at (Time). |
| If a separate registration statement has been filed to register the deposited shares, check the following box: ☐ | If a separate registration statement has been filed to register the deposited shares, check the following box: ☐ |

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__________________________________

**CALCULATION OF REGISTRATION FEE**

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| | | | | |
|:---|:---|:---|:---|:---|
| Title of Each Class of<br> Securities to be Registered | Amount to be<br> Registered | Proposed Maximum<br> Aggregate Price Per Unit\* | Proposed Maximum<br> Aggregate Offering Price\*\* | Amount of<br> Registration Fee |
| American Depositary Shares ("<u>ADSs</u>"), each ADS representing the right to receive one (1) ordinary share of capital stock of Telefónica, S.A. (the "<u>Company</u>") | N/A | N/A | N/A | N/A |

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| | |
|:---|:---|
| \* | Each unit represents 100 ADSs.  |
| \*\* | Estimated solely for the purpose of calculating the registration fee. Pursuant to Rule 457(k), such estimate is computed on the basis of the maximum aggregate fees or charges to be imposed in connection with the issuance of ADSs. |
|  | **The Registrant hereby amends this Post-Effective Amendment No. 1 to Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Post-Effective Amendment No. 1 to Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Post-Effective Amendment No. 1 to Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.** |

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This Post-Effective Amendment No. 1 to Registration Statement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same instrument.

ii

**PART I**

**INFORMATION REQUIRED IN PROSPECTUS**

**Cross Reference Sheet**

Item 1. DESCRIPTION OF SECURITIES TO BE REGISTERED

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| | | |
|:---|:---|:---|
| <br>**<u>Item Number and Caption</u>** | <br>**<u>Item Number and Caption</u>** | **Location in Form of American**<br> **Depositary Receipt ("<u>Receipt</u>")<br> <u>Filed Herewith as Prospectus</u>**  |
| 1. | Name of Depositary and address of its principal executive office | <u>Face of Receipt</u> – Introductory paragraph and final paragraph. |
| 2. | Title of Receipts and identity of deposited securities | <u>Face of Receipt</u> – Top center. |
| Terms of Deposit: | Terms of Deposit: |  |
| (i) | The amount of deposited securities represented by one American Depositary Share ("ADSs") | <u>Face of Receipt</u> – Upper right corner. |
| (ii) | The procedure for voting, if any, the deposited securities | <u>Reverse of Receipt</u> – Paragraphs (12), (13) and (21). |
| (iii) | The collection and distribution of dividends | <u>Face of Receipt</u> – Paragraph (4);<br> <u>Reverse of Receipt</u> – Paragraphs (11) and<br> (12). |
| (iv) | The transmission of notices, reports and proxy soliciting material | <u>Face of Receipt</u> – Paragraph (10).<br> <u>Reverse of Receipt</u> – Paragraphs (13)<br> and (15). |
| (v) | The sale or exercise of rights | <u>Face of Receipt</u> – Paragraph (4);<br> <u>Reverse of Receipt</u> – Paragraphs (11)<br> and (12). |
| (vi) | The deposit or sale of securities resulting from dividends, splits or plans of reorganization | <u>Reverse of Receipt</u> – Paragraphs (11), (12) and (14). |
| (vii) | Amendment, extension or termination of the deposit agreement | <u>Reverse of Receipt</u> – Paragraphs (19) and (20) (no provision for extensions). |
| (viii) | Rights of holders of Receipts to inspect the transfer books of the Depositary and the list of holders of ADSs | <u>Face of Receipt</u> – Paragraph (15). |

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| | | |
|:---|:---|:---|
| <br>**<u>Item Number and Caption</u>** | <br>**<u>Item Number and Caption</u>** | **Location in Form of American**<br> **Depositary Receipt ("<u>Receipt</u>")<br> <u>Filed Herewith as Prospectus</u>**  |
| (ix) | Restrictions upon the right to deposit or withdraw the underlying securities | <u>Face of Receipt</u> – Paragraphs (2), (4), (5), (6) and (8). |
| (x) | Limitation upon the liability of the Depositary | <u>Reverse of Receipt</u> – Paragraph (17). |
| 3. | Fees and charges which may be imposed directly or indirectly on holders of ADSs | <u>Face of Receipt</u> – Paragraph (7). |
| 4. | Payments that may be made by the depositary to the Company | <u>Face of Receipt</u> – Paragraph (7). |
| **Item 2.** | **AVAILABLE INFORMATION** | <u>Face of Receipt</u> – Paragraph (10). |

---

The Company has in the past been subject to the periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and has filed certain reports with, and submitted certain information to, the Commission, which reports can be retrieved from the Commission's internet website at www.sec.gov, and can be inspected and copied at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549. The Company and two wholly owned subsidiaries of the Company have each filed a Form 15F (each, a "<u>Form 15F</u>") with the Commission to terminate the registration of their securities under the Exchange Act and their reporting obligations under Sections 13(a) and 15(d) of the Exchange Act. Upon filing of these Forms 15F, the Company's obligation under the Exchange Act to file or submit reports required under Sections 13(a) or 15(d) of the Exchange Act was suspended. Upon effectiveness of the Forms 15F, the Company's duty to file or submit reports under Sections 13(a) and 15(d) of the Exchange Act will terminate. The Company has informed the Depositary that it publishes in English the information contemplated in Rule 12g3-2(b)(2)(i) under the Exchange Act on its internet website (www.telefonica.com) or through an electronic information delivery system generally available to the public in the Company's primary trading market and that, upon effectiveness of the Forms 15F, it will be able to claim the Rule 12g3-2(b) exemption. The information so published by the Company cannot be retrieved from the Commission's internet website, and cannot be inspected or copied at the public reference facilities maintained by the Commission. If any of the Forms 15F does not become effective, the Company will again be subject to the periodic reporting requirements of the Exchange Act and will be required to file with the Commission, and submit to the Commission, certain reports that can be retrieved from the Commission's internet website at www.sec.gov, and can be inspected and copied at the public reference facilities maintained by the Commission.

**<u>PROSPECTUS</u>**

The Prospectus consists of the proposed form of American Depositary Receipt included as Exhibit A to the Form of Amendment No. 4 to Deposit Agreement filed as Exhibit (a)(i) to this Post-Effective Amendment No.1 to Registration Statement on Form F-6 and is incorporated herein by reference.

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

Item 3. EXHIBITS

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| | |
|:---|:---|
| (a)(i) | Form of Amendment No. 4 to Deposit Agreement, by and among Telefónica, S.A. (the "<u>Company</u>"), Citibank, N.A., as depositary (the "<u>Depositary</u>"), and all Holders and Beneficial Owners of American Depositary Shares ("<u>ADSs</u>"), evidenced by American Depositary Receipts ("<u>ADRs</u>"), issued thereunder. <sup>___</sup> Filed herewith as Exhibit (a)(i). |

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| | |
|:---|:---|
| (a)(ii) | Amendment No. 3 to Deposit Agreement, dated as of March 9, 2007, by and among the Company, the Depositary, and all Holders of ADRs issued thereunder. <sup>___</sup> Previously filed as Exhibit (a)(ii) to the Registration Statement on Form F-6, Reg. No. 333-181584, filed on May 22, 2012, and incorporated herein by reference. |

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| | |
|:---|:---|
| (a)(iii) | Amendment No. 2 to Deposit Agreement, dated as of June 23, 2000, by and among the Company, the Depositary, and all Holders of ADRs issued thereunder. <sup>___</sup> Previously filed as Exhibit (a)(iii) to the Registration Statement on Form F-6, Reg. No. 333-181584, filed on May 22, 2012, and incorporated herein by reference. |

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| | |
|:---|:---|
| (a)(iv) | Amendment No. 1 to Deposit Agreement, dated as of December 3, 1999, by and among the Company, the Depositary, and all Holders of ADRs issued thereunder. <sup>___</sup> Previously filed as Exhibit (a)(iv) to the Registration Statement on Form F-6, Reg. No. 333-181584, filed on May 22, 2012, and incorporated herein by reference. |

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| | |
|:---|:---|
| (a)(v) | Deposit Agreement, dated as of November 13, 1996, by and among the Company, the Depositary and all Holders of ADRs issued thereunder. <sup>___</sup> Previously filed as Exhibit (a)(v) to the Registration Statement on Form F-6, Reg. No. 333-181584, filed on May 22, 2012, and incorporated herein by reference. |

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(b) Any other agreement to which the Depositary is a party relating to the issuance of the American Depositary
Shares registered hereunder or the custody of the deposited securities represented thereby. — None.

(c) Every material contract relating to the deposited securities between the Depositary and the issuer of
the deposited securities in effect at any time within the last three years. <sup>___</sup> None.

(d) Opinion of counsel for the Depositary as to the legality of the securities to be registered. <sup>___</sup>
Previously filed as Exhibit (d) to the Registration Statement on Form F-6, Reg. No. 333-181584, filed on May 22, 2012, and incorporated
herein by reference.

(e) Certificate under Rule 466. <sup>___</sup> None.

(f) Powers of Attorney for certain officers and directors and the authorized representative of the Company.
<sup>___</sup> Set forth on the signature pages hereto.

Item 4. UNDERTAKINGS

(a) The Depositary undertakes to make available at the principal office of the Depositary in the United States,
for inspection by holders of ADSs, any reports and communications received from the issuer of the deposited securities which are both
(1) received by the Depositary as the holder of the deposited securities, and (2) made generally available to the holders of the underlying
securities by the issuer.

(b) If the amount of fees charged is not disclosed in the prospectus, the Depositary undertakes to prepare
a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly a
copy of such fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered holder of an ADS
thirty (30) days before any change in the fee schedule.

**<u>SIGNATURES</u>**

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| | |
|:---|:---|

| **CITIBANK, N.A., solely in its capacity as Depositary** | **CITIBANK, N.A., solely in its capacity as Depositary** |
| By: | /s/ Keith Galfo |
|  | Name: Keith Galfo |
|  | Title: Vice President |

---

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act of 1933, as amended, Telefónica, S.A. certifies that it has reasonable grounds to believe that all the requirements for filing on Form F-6 are met and has duly caused this Post-Effective Amendment No. 1 to Registration Statement on Form F-6 to be signed on its behalf by the undersigned thereunto duly authorized, in the city of Madrid, Spain, on January 20, 2026.

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| | |
|:---|:---|
| **TelefÓnica, S.A.** | **TelefÓnica, S.A.** |
| By: | /s/ Juan Azcue Vich |
|  | Name: Juan Azcue Vich |
|  | Title: Chief Finance and Corporate Development Officer |

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**<u>POWERS OF ATTORNEY</u>**

**KNOW ALL PERSONS BY THESE PRESENTS**, that each person whose signature appears below constitutes and appoints each of Juan Azcue Vich, Arturo Lorente Palao and Carlos David Maroto Sobrado to act as his/her true and lawful attorney-in-fact and agent, with full power of substitution, for him/her and in his/her name, place and stead, in any and all such capacities, to sign any and all amendments, including post-effective amendments, and supplements to this Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the United States Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as s/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his/her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 1 to Registration Statement on Form F-6 has been signed by the following persons in the following capacities on January 20, 2026.

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| | |
|:---|:---|
| <u>Signature</u> | <u>Title</u> |
| /s/ Marc Thomas Murtra Millar | Chief Executive Officer and Chairman of the Board of Directors |
| Marc Thomas Murtra Millar |  |
| /s/ Juan Azcue Vich | Chief Finance and Corporate Development Officer |
| Juan Azcue Vich |  |
| /s/ Francisco Javier Ariza Garrote | Chief Accounting Officer |
| Francisco Javier Ariza Garrote |  |
| | Vice Chairman of the Board of Directors |
| Isidro Fainé Casas |  |
| /s/ José María Abril Pérez | Vice Chairman of the Board of Directors |
| José María Abril Pérez |  |
| /s/ Carlos Ocaña Orbis | Vice Chairman of the Board of Directors |
| Carlos Ocaña Orbis |  |
| /s/ Emilio Gayo Rodríguez | Director |
| Emilio Gayo Rodríguez |  |
| /s/ Peter Löscher | Director |
| Peter Löscher |  |
| /s/ Olayan M. Alwetaid | Director |
| Olayan M. Alwetaid |  |
| /s/ María Luisa García Blanco | Director |
| María Luisa García Blanco |  |
| /s/ Anna Martínez Balañá | Director |
| Anna Martínez Balañá |  |
| /s/ César Mascaraque Alonso | Director |
| César Mascaraque Alonso |  |
| /s/ Mónica Rey Amado | Director |
| Mónica Rey Amado |  |
| /s/ Alejandro Reynal Ample | Director |
| Alejandro Reynal Ample |  |
| /s/ Ana María Sala Andrés | Director |
| Ana María Sala Andrés |  |
| /s/ Claudia Sénder Ramírez | Director |
| Claudia Sénder Ramírez |  |
| /s/ Solange Sobral Targa | Director |
| Solange Sobral Targa |  |

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**<u>SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT</u>**

Under the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America, has signed this Post-Effective Amendment No. 1 to Registration Statement on Form F-6 in Newark, Delaware, on January 20, 2026.

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| | |
|:---|:---|
| **AUTHORIZED REPRESENTATIVE IN THE UNITED STATES** | **AUTHORIZED REPRESENTATIVE IN THE UNITED STATES** |
| By: | /s/ Donald J. Puglisi |
|  | Name: Donald J. Puglisi |
|  | Title: Managing Director Puglisi & Associates |

---

**<u>Index to Exhibits</u>**

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| | | |
|:---|:---|:---|
| **<u>Exhibit</u>** | **<u>Document</u>** | **Sequentially**<br> **<u>Numbered Page</u>**<br>|
| (a)(i) | Form of Amendment No. 4 to Deposit Agreement |  |

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## Ex-99.(A)(I)

<u>Exhibit (a)(i)</u>

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TELEFÓNICA, S.A.,

and

CITIBANK, N.A.,

as Depositary,

and

ALL HOLDERS AND BENEFICIAL OWNERS OF

AMERICAN DEPOSITARY SHARES, EVIDENCED BY AMERICAN DEPOSITARY

RECEIPTS, ISSUED AND OUTSTANDING

UNDER THE TERMS OF THE DEPOSIT AGREEMENT,

DATED AS OF NOVEMBER 13, 1996, AS AMENDED BY AMENDMENT NO. 1 TO

DEPOSIT AGREEMENT, DATED AS OF DECEMBER 3, 1999, AND AS FURTHER

AMENDED BY AMENDMENT NO. 2 TO DEPOSIT AGREEMENT, DATED AS OF JUNE

23, 2000, AND AS FURTHER AMENDED BY AMENDMENT NO. 3 TO DEPOSIT

AGREEMENT, DATED AS OF MARCH 9, 2007

_______________________________________________

Amendment No. 4

to

Deposit Agreement

_______________________________________________

Dated as of [●], 2026

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**<u>**TABLE OF CONTENTS**</u>**

**<u>Page</u>**

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| | | | |
|:---|:---|:---|:---|
| ARTICLE I | DEFINITIONS | DEFINITIONS | 2 |
|  | SECTION 1.01 | Definitions | 2 |
|  | SECTION 1.02 | Effective Date | 2 |
| ARTICLE II | AMENDMENTS TO DEPOSIT AGREEMENT | AMENDMENTS TO DEPOSIT AGREEMENT | 2 |
|  | SECTION 2.01 | Deposit Agreement | 2 |
|  | SECTION 2.02 | Amendments Binding on all Holders and Beneficial Owners | 2 |
|  | SECTION 2.03 | Amendment of Certain Definitions | 2 |
|  | SECTION 2.04 | ADSs in Peru | 2 |
|  | SECTION 2.05 | Deregistration of Securities | 3 |
| ARTICLE III | AMENDMENTS TO THE FORM OF ADR | AMENDMENTS TO THE FORM OF ADR | 4 |
|  | SECTION 3.01 | ADR Amendments | 4 |
|  | SECTION 3.02 | Deregistration of Securities | 5 |
| ARTICLE IV | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | 5 |
|  | SECTION 4.01 | Representations and Warranties | 5 |
| ARTICLE V | MISCELLANEOUS | MISCELLANEOUS | 6 |
|  | SECTION 5.01 | New ADRs | 6 |
|  | SECTION 5.02 | Notice of Amendment to Holders of ADSs | 6 |
|  | SECTION 5.03 | Indemnification | 6 |
|  | SECTION 5.04 | Ratification | 6 |
|  | SECTION 5.05 | Governing Law | 6 |
|  | SECTION 5.06 | Counterparts | 7 |
| EXHIBIT A |  |  | A-1 |
| EXHIBIT B |  |  | B-1 |

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i

<u>AMENDMENT NO. 4 TO DEPOSIT AGREEMENT</u>

AMENDMENT NO. 4 TO DEPOSIT AGREEMENT (as amended prior to the date hereof) dated as of [●], 2026 (the "<u>Amendment</u>"), by and among Telefónica, S.A., a corporation (*sociedad anónima*) organized under the laws of the Kingdom of Spain (the "<u>Company</u>"), Citibank, N.A., a national banking association organized under the laws of the United States of America (the "<u>Depositary</u>"), and all Holders and Beneficial Owners (each as defined in the Deposit Agreement (as hereinafter defined)) from time to time of American Depositary Shares ("<u>ADSs</u>"), evidenced by American Depositary Receipts ("<u>ADRs</u>").

WITNESSETH THAT:

WHEREAS, the Company, the Depositary, and all Holders and Beneficial Owners of ADSs are parties to that certain Deposit Agreement, dated as of November 13, 1996, as amended by Amendment No. 1 to Deposit Agreement, dated as of December 3, 1999, as further amended by Amendment No. 2 to Deposit Agreement, dated as of June 23, 2000, and as further amended by Amendment No. 3 to Deposit Agreement, dated as of March 9, 2007 (as so amended, the "<u>Deposit Agreement</u>"), for the creation of ADSs representing the Shares (as defined in the Deposit Agreement) deposited thereunder and for the execution and delivery of ADRs in respect of the ADSs; and

WHEREAS, the Company has delisted its ADSs from the New York Stock Exchange and filed a Form 15F with the U.S. Securities and Exchange Commission ("<u>Commission</u>"), in order to seek to terminate the registration of its securities under the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and its obligation to file with the Commission, or submit to the Commission, reports under Sections 13(a) and 15(d) of the Exchange Act; and

WHEREAS, the Company desires to (i) amend the Deposit Agreement, the ADRs currently outstanding and the form of ADR annexed to the Deposit Agreement to reflect the de-registration of the Company's securities, and (ii) to give notice thereof to all Holders (as defined in the Deposit Agreement) of ADSs; and

WHEREAS, pursuant to Section 6.1 of the Deposit Agreement, the Company and the Depositary deem it necessary and desirable to amend the Deposit Agreement, the ADRs currently outstanding and the form of ADR annexed to the Deposit Agreement as Exhibit A for the purposes set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Depositary hereby agree to amend the Deposit Agreement, the ADRs currently outstanding and the form of ADR annexed as Exhibit A to the Deposit Agreement as follows:

ARTICLE I

<u>DEFINITIONS</u>

SECTION 1.01 <u>Definitions</u>. Unless otherwise specified in this Amendment, all capitalized terms used, but not defined, herein shall have the meanings given to such terms in the Deposit Agreement.

SECTION 1.02 <u>Effective Date</u>. The term "Effective Date" shall mean the date set forth above and as of which this Amendment shall become effective.

ARTICLE II

<u>AMENDMENTS TO DEPOSIT AGREEMENT</u>

SECTION 2.01 <u>Deposit Agreement</u>. All references in the Deposit Agreement to the term "Deposit Agreement" shall, from and after the Effective Date, refer to the Deposit Agreement, as to be amended by this Amendment and as may be further amended and supplemented from time to time after the Effective Date.

SECTION 2.02 <u>Amendments Binding on all Holders and Beneficial Owners</u>. From and after the Effective Date, the amendments to the Deposit Agreement effected hereby shall be binding on all Holders and Beneficial Owners of ADSs issued and outstanding as of the Effective Date and on all Holders and Beneficial Owners of ADSs issued after the Effective Date.

SECTION 2.03 <u>Amendment of Certain Definitions</u>. Section 1.13 of the Deposit Agreement is hereby amended as of the Effective Date by deleting such section in its entirety and inserting the following in its stead:

"Section 1.13. The term "Shares" shall mean the Ordinary Shares of the Company, which as of the date hereof have a nominal value of 1.00 euro per share. References to Shares shall include evidence of rights to receive Shares, whether or not stated in the particular instance; provided that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase price has not been paid."

SECTION 2.04 <u>ADSs in Peru</u>. Section 2.09(a) of the Deposit Agreement is hereby amended as of the Effective Date by deleting such section in its entirety and inserting the following in its stead:

"(a). <u>General</u>. The Company has listed the ADSs on the Lima Stock Exchange in Lima, Peru and has arranged for the ADSs to be included in CAVALI, the Peruvian central depository ("<u>CAVALI</u>" and the ADSs held in CAVALI, the "<u>Peruvian ADSs</u>"). The Peruvian ADSs are fungible with the ADSs held in The Depository Trust Company ("<u>DTC</u>"). Except as set forth in this Section 2.09, and except as required by applicable law, the Peruvian ADSs shall be treated as ADSs issued and outstanding under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to Peruvian ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.09) and (b) the terms of this Section 2.09, the terms of this Section 2.09 shall be controlling and shall govern the rights and obligations of the parties to the Deposit Agreement pertaining to the Peruvian ADSs. Each holder and each beneficial owner of Peruvian ADSs agrees that CAVALI shall be fully authorized to disclose to the Company and its agents the names of the Holders and Beneficial Owners of Peruvian ADSs, and other related information, maintained on CAVALI's records."

SECTION 2.05 <u>Deregistration of Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 5.11 of the Deposit Agreement is hereby amended as of the Effective Date by deleting such section in its entirety and inserting the following in its stead:

"Section 5.11 <u>Available Information</u>. The Company has in the past been subject to the periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and has filed certain reports with, and submitted certain information to, the Commission, which reports can be retrieved from the Commission's internet website at www.sec.gov, and can be inspected and copied at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549. The Company and two wholly owned subsidiaries of the Company have each filed a Form 15F (each, a "<u>Form 15F</u>") with the Commission to terminate the registration of their securities under the Exchange Act and their reporting obligations under Sections 13(a) and 15(d) of the Exchange Act. Upon filing of these Forms 15F, the Company's obligation under the Exchange Act to file or submit reports required under Sections 13(a) or 15(d) of the Exchange Act was suspended. Upon effectiveness of the Forms 15F, the Company's duty to file or submit reports under Sections 13(a) and 15(d) of the Exchange Act will terminate. The Company has informed the Depositary that it publishes in English the information contemplated in Rule 12g3-2(b)(2)(i) under the Exchange Act on its internet website (www.telefonica.com) or through an electronic information delivery system generally available to the public in the Company's primary trading market and that, upon effectiveness of the Forms 15F, it will be able to claim the Rule 12g3-2(b) exemption. The information so published by the Company cannot be retrieved from the Commission's internet website, and cannot be inspected or copied at the public reference facilities maintained by the Commission. If any of the Forms 15F does not become effective, the Company will again be subject to the periodic reporting requirements of the Exchange Act and will be required to file with the Commission, and submit to the Commission, certain reports that can be retrieved from the Commission's internet website at www.sec.gov, and can be inspected and copied at the public reference facilities maintained by the Commission."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 5.06 of the Deposit Agreement is hereby amended as of the Effective Date by deleting such section in its entirety and inserting the following in its stead:

"Section 5.06 <u>Notices and Reports</u>. On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in the English language but otherwise in the form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Bylaws of the Company that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat.

Except in the case of Peruvian ADSs, which shall be governed, for these purposes, by the terms of Section 2.09 of this Deposit Agreement, the Company will also transmit to the Depositary (a) an English language version of the other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) the English language versions of the Company's annual (if any) and semi-annual reports (if any), in each case of (a) and (b) only to the extent required pursuant to any regulations of the Commission and such material is not available on the Company's website or is not otherwise publicly available. The Depositary shall arrange, at the request of the Company and at the Company's expense, to provide copies thereof to all Holders or make such notices, reports and other communications available to all Holders on a basis similar to that for holders of Shares or other Deposited Securities or on such other basis as the Company may advise the Depositary or as may be required by any applicable law, regulation or stock exchange requirement.

The Depositary will, at the expense of the Company, make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders of the ADSs at the Depositary's Principal Office, at the office of the Custodian and at any other designated transfer office."

ARTICLE III

<u>AMENDMENTS TO THE FORM OF ADR</u>

SECTION 3.01 <u>ADR Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The first sentence of paragraph (1) of the form of ADR attached as Exhibit A to the Deposit Agreement and in each of the ADRs issued and outstanding under the terms of the Deposit Agreement is hereby amended as of the Effective Date by deleting such sentence in its entirety and inserting the following in its stead:

"This American Depositary Receipt is one of an issue of American Depositary Receipts ("ADRs"), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of November 13, 1996, as amended by Amendment No. 1 to Deposit Agreement, dated as of December 3, 1999, as further amended by Amendment No. 2 to Deposit Agreement, dated as of June 23, 2000, as further amended by Amendment No. 3 to Deposit Agreement, dated as of March 9, 2007, and as further amended by Amendment No. 4 to Deposit Agreement, dated as of [●], 2026 (as amended and supplemented from time to time, the "Deposit Agreement"), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder, each of whom by accepting an ADS becomes bound by all the terms and provisions thereof."

SECTION 3.02 <u>Deregistration of Securities</u>. To reflect the application by the Company to terminate the registration of its securities under the Exchange Act, the form of ADR attached as Exhibit A to the Deposit Agreement and each of the ADRs issued and outstanding under the terms of the Deposit Agreement is hereby amended as of the Effective Date by deleting the first paragraph of paragraph (10) in its entirety and inserting the following in its stead:

"The Company has in the past been subject to the periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and has filed certain reports with, and submitted certain information to, the Commission, which reports can be retrieved from the Commission's internet website at www.sec.gov, and can be inspected and copied at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549. The Company and two wholly owned subsidiaries of the Company have each filed a Form 15F (each, a "<u>Form 15F</u>") with the Commission to terminate the registration of their securities under the Exchange Act and their reporting obligations under Sections 13(a) and 15(d) of the Exchange Act. Upon filing of these Forms 15F, the Company's obligation under the Exchange Act to file or submit reports required under Sections 13(a) or 15(d) of the Exchange Act was suspended. Upon effectiveness of the Forms 15F, the Company's duty to file or submit reports under Sections 13(a) and 15(d) of the Exchange Act will terminate. The Company has informed the Depositary that it publishes in English the information contemplated in Rule 12g3-2(b)(2)(i) under the Exchange Act on its internet website (www.telefonica.com) or through an electronic information delivery system generally available to the public in the Company's primary trading market and that, upon effectiveness of the Forms 15F, it will be able to claim the Rule 12g3-2(b) exemption. The information so published by the Company cannot be retrieved from the Commission's internet website, and cannot be inspected or copied at the public reference facilities maintained by the Commission. If any of the Forms 15F does not become effective, the Company will again be subject to the periodic reporting requirements of the Exchange Act and will be required to file with the Commission, and submit to the Commission, certain reports that can be retrieved from the Commission's internet website at www.sec.gov, and can be inspected and copied at the public reference facilities maintained by the Commission."

ARTICLE IV

<u>REPRESENTATIONS AND WARRANTIES</u>

SECTION 4.01 <u>Representations and Warranties</u>. The Company represents and warrants to, and agrees with, the Depositary and all Holders and Beneficial Owners, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment, when executed and delivered by the Company, and the Deposit Agreement and all other documentation executed and delivered by the Company in connection therewith, will be and have been, respectively, duly and validly authorized, executed and delivered by the Company, and constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to ensure the legality, validity, enforceability or admissibility into evidence of this Amendment or the Deposit Agreement as amended hereby, and other document furnished hereunder or thereunder in the Kingdom of Spain, neither of such agreements need to be filed or recorded with any court or other authority in the Kingdom of Spain, nor does any stamp or similar tax need be paid in the Kingdom of Spain on or in respect of such agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All of the information provided to the Depositary by the Company in connection with this Amendment is true, accurate and correct.

ARTICLE V

<u>MISCELLANEOUS</u>

SECTION 5.01 <u>New ADRs</u>. From and after the Effective Date, the Depositary shall arrange to have new ADRs printed or amended that reflect the changes to the form of ADR effected by this Amendment. All ADRs issued hereunder after the Effective Date, once such new ADRs are available, whether upon the deposit of Shares or other Deposited Securities or upon the transfer, combination or split up of existing ADRs, shall be substantially in the form of the specimen ADR attached as <u>Exhibit A</u> hereto. However, ADRs issued prior or subsequent to the date hereof, which do not reflect the changes to the form of ADR effected hereby, do not need to be called in for exchange and may remain outstanding until such time as all Holders thereof choose to surrender them for any reason under the Deposit Agreement. The Depositary is authorized and directed to take any and all actions deemed necessary to effect the foregoing.

SECTION 5.02 <u>Notice of Amendment to Holders of ADSs</u>. The Depositary is hereby directed to send a notice informing the Holders of ADSs, *inter alia*, (i) of the terms of this Amendment; (ii) of the Effective Date of this Amendment; (iii) that the Holders of ADRs, if any, are requested to surrender their ADRs in exchange for new ADRs reflecting the changes effected by this Amendment, as provided in Section 5.01 hereof; and (iv) that copies of this Amendment may be retrieved from the Commission's website at www.sec.gov and may be obtained from the Depositary and the Company upon request. The notice to Holders of ADSs shall be substantially in the form of <u>Exhibit B</u> attached hereto.

SECTION 5.03 <u>Indemnification</u>. The parties hereto shall be entitled to the benefits of the indemnification provisions of Section 5.08 of the Deposit Agreement as amended hereby in connection with any and all liability it or they may incur as a result of the terms of this Amendment and the transactions contemplated herein.

SECTION 5.04 <u>Ratification</u>. Except as expressly amended hereby, the terms, covenants and conditions of the Deposit Agreement as originally executed shall remain in full force and effect.

SECTION 5.05 <u>Governing Law</u>. This Amendment shall be interpreted in accordance with, and all rights hereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York.

SECTION 5.06 <u>Counterparts</u>. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall be deemed an original, and all such counterparts together shall constitute one and the same instrument.

[*Reminder of page left blank*]

IN WITNESS WHEREOF, the Company and the Depositary have caused this Amendment to be executed by representatives thereunto duly authorized as of the date set forth above.

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| | |
|:---|:---|
| **TELEFÓNICA, S.A.** | **TELEFÓNICA, S.A.** |
| By: |  |
|  | Name: |
|  | Title: |
| **CITIBANK, N.A., as Depositary** | **CITIBANK, N.A., as Depositary** |
| By: |  |
|  | Name: |
|  | Title: |

---

**<u>EXHIBIT A</u>**

**[FORM OF ADR]**

CUSIP NUMBER: _________ <br>American Depositary Shares (One American Depositary Share Representing One (1) Fully Paid Ordinary Share of the Company)

[FORM OF DIVIDEND LEGEND TO BE USED ON CERTAIN RECEIPTS]

[This Receipt evidences the right to receive shares that were issued as of ____________________, and that are entitled to reduced dividends with respect to dividend payment for fiscal year ____. The Holder of this Receipt will be entitled to dividends only in proportion to the time during which such Shares were outstanding in fiscal year ____. The Holder of this Receipt will be entitled to full dividend rights beginning with dividends paid with respect to the fiscal year ____.]

[FORM OF FACE OF RECEIPT]

AMERICAN DEPOSITARY RECEIPTS

evidencing

AMERICAN DEPOSITARY SHARES

representing the right to receive

ORDINARY SHARES OF TELEFÓNICA, S.A.

(Incorporated under the laws of Spain)

CITIBANK, N.A., incorporated under the laws of the State of New York, as depositary (the "Depositary"), hereby certifies that _______________ is the owner of ________________ American Depositary Shares ("American Depositary Shares" or "ADSs"), representing the right to receive deposited Ordinary Shares of Telefónica, S.A., nominal value 1.00 euro per share ("Shares"), or evidence of rights to receive such Shares of Telefónica, S.A., a corporation (*sociedad anónima*) organized under the laws of Spain (the "Company"). At the date hereof, each American Depositary Share represents the right to receive one (1) Share deposited under the Deposit Agreement (hereinafter defined) with the Custodian (as defined in the Deposit Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>The Deposit Agreement</u>. This American Depositary Receipt is one of an issue of American Depositary Receipts ("ADRs" or "Receipts"), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of November 13, 1996, as amended by Amendment No. 1 to Deposit Agreement, dated as of December 3, 1999, as further amended by Amendment No. 2 to Deposit Agreement, dated as of June 23, 2000, as further amended by Amendment No. 3 to Deposit Agreement, dated as of March 9, 2007, and as further amended by Amendment No. 4 to Deposit Agreement, dated as of [●], 2026 (as amended and supplemented from time to time, the "Deposit Agreement"), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder, each of whom by accepting an ADS becomes bound by all the terms and provisions thereof. The Deposit Agreement sets forth the rights of Holders and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Shares and held thereunder (such Shares, securities, property and cash, collectively, the "Deposited Securities"). Copies of the Deposit Agreement and of the Company's provisions of or governing Deposited Securities are on file at the Depositary's Office, the office of the Custodian and at any other designated transfer offices. The statements made on the face and the reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject to the detailed provisions thereof. The Depositary makes no representations or warranty as to the validity or worth of the Deposited Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Transfers, Split-ups and Combinations</u>. This Receipt is transferable on the register maintained by the Depositary by the Holder hereof in person or by duly authorized attorney, upon surrender of this Receipt at any designated transfer office properly endorsed or accompanied by proper instruments of transfer and duly stamped as may be required by applicable law; <u>provided</u> that the Depositary may close the Receipt register at any time or from time to time when deemed expedient by it in connection with the performance of its duties under the Deposit Agreement or at the request of the Company. This Receipt may be split into other Receipts or may be combined with other Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares and the same rights to distributions with respect thereto as those evidenced by the Receipt or Receipts surrendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Certain Limitations</u>. As a condition precedent to the execution and delivery, registration, registration of transfer, split-up or combination of any Receipt, the delivery of any distribution therein or the withdrawal of any Deposited Securities, the Depositary or the Custodian may, and upon instructions of the Company shall, require of the Holder, the presentor of the Receipt or the depositor of Shares: (a) payment of a sum sufficient to pay or reimburse any of them for payment of any of the following (unless payable by the Company as set forth in the Deposit Agreement): (i) any stock transfer or other tax (including, but not limited to, any Spanish income tax) or other governmental charge with respect thereto, (ii) any stock transfer or registration fees for the registration of Shares or other Deposited Securities upon any applicable register or brokerage fees applied by the Spanish stock exchanges or the relevant member of such stock exchanges acting as a broker dealer or any other person authorized under Spanish law to act in a similar capacity and (iii) any charges of the Depositary upon delivery of Receipts against deposits of Shares and upon withdrawal of Deposited Securities against surrender of Receipts that are set forth in Exhibit D to the Deposit Agreement; (b) the production of proof satisfactory to either the Depositary or the Custodian, as the case may be, as to the identity and genuineness of any signature and as to any other matter contemplated by Section 3.01 of the Deposit Agreement; (c) delivery of any forms required by Spanish law or custom in connection with Delivery of Deposited Securities or with the execution or delivery of Transfer Documents; and (d) compliance with such reasonable regulations, requirements or conditions, if any, as the Depositary may establish consistent with the provisions of this Deposit Agreement. The delivery of Receipts against deposits of Shares may be suspended, deposits of Shares may be refused, or the registration of transfer of Receipts, their split-up or combination or the withdrawal of Deposited Securities may be suspended, in particular instances or generally, when the Receipt register or any register for Shares or other Deposited Securities is closed, or at any time or from time to time when any such action is deemed necessary or advisable by the Depositary or the Company for any reason, including without limitation any requirement of law or of any government or governmental body or commission, any provision of this Deposit Agreement or the provisions of or governing Deposited Securities, any meeting of shareholders or any payment of dividends. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares required to be registered pursuant to the provisions of the Securities Act of 1933, unless a registration statement under the Securities Act of 1933 is in effect as to such Shares. The Depositary will use reasonable efforts to comply with written instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's compliance with the securities laws in the United States. The Depositary may issue Receipts against rights to receive Shares from the Company or any registrar, transfer agent, clearing agency or other entity recording Share ownership or transactions. The Depositary may issue Receipts against other rights to receive shares (a "pre-release") only if (x) such Receipts are fully collateralized (marked to market daily) with cash or U.S. government securities until such Shares are deposited, (y) the applicant for such Receipts represents in writing that it owns such Shares, has assigned all beneficial right, title and interest in such Shares other than in satisfaction of the pre-release (no other evidence of ownership is required or time of delivery specified) and (z) all such Receipts represent not more than 20% of Shares actually deposited. Such collateral, but not the earnings therein, shall be held for the benefit of Holders. The Depositary may retain for its own account any compensation for the issuance of Receipts against such other rights including without limitation earnings on the collateral securing such other rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Liability of Holder for Taxes</u>. If any tax or other governmental charge, including any tax payable on transfer, shall become payable by or on behalf of the Custodian, the Depositary or the Company with respect to this Receipt or any Deposited Securities represented by the American Depositary Shares evidenced by this Receipt, such tax or other governmental charge shall be payable by the Holder hereof, who shall pay the amount thereof to the Depositary. The Depositary may, and upon instructions from the Company shall, (i) refuse to effect any registration of transfer of this Receipt or any split-up or combination thereof or any withdrawal of such Deposited Securities until such payment is made, or (ii) withhold or deduct from any distributions on such Deposited Securities or sell for the account of the Holder hereof any part or all of such Deposited Securities (after attempting by reasonable means to notify the Holder hereof prior to such sale), and, after deduction for its reasonable expenses incurred in connection therewith, apply the net proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Warranties by Depositor</u>. Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that such Shares are validly issued and outstanding, fully paid, nonassessable and free of pre-emptive rights, that the person making such deposit is duly authorized so to do and that such Shares are not "restricted securities" as such term is defined in Rule 144 under the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and issuance of Receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Charges of Depositary</u>. The Depositary shall charge the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Issuance Fee: to any person depositing Shares or to whom ADSs are issued upon the deposit of Shares, a
fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit Agreement (excluding issuances
pursuant to paragraph (iv) below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Cancellation Fee: to any person surrendering ADSs for cancellation and withdrawal of Deposited Securities,
a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) so surrendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Cash Distribution Fee: to any Holder of ADS(s) a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction
thereof) held for distribution of cash dividends or other cash distributions (i.e. upon the sale of rights and other entitlements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Stock Distribution/Rights Exercise Fee: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per
100 ADSs (or fraction thereof) held for the distribution of stock dividends or other free stock distributions or upon the exercise of
rights to purchase additional ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Other Distribution Fee: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction
thereof) held for the distribution of securities other than ADSs or rights to purchase additional ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Depositary Service Fee: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction
thereof) held on the applicable record date(s) established by the Depositary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) ADR Transfer Fee: to any person presenting an ADR for transfer, a fee not in excess of U.S. $1.50 per
ADR so presented for transfer.

In addition, Holders, Beneficial Owners, persons depositing Shares and persons surrendering ADSs for cancellation and withdrawal of Deposited Securities as the case may be will be required to pay the following charges:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) taxes (including applicable interest and penalties) and other governmental charges attributable to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such registration fees as may from time to time be in effect for the registration of Shares or other Deposited
Securities on the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian,
the Depositary or any nominees upon the making of deposits and withdrawals, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit
Agreement to be at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the expenses and charges incurred by the Depositary in the conversion of foreign currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control
regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the
delivery or servicing of Deposited Securities.

All fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial Owners, only in the manner contemplated by paragraph 19 of this Receipt and as contemplated in the Deposit Agreement. The Depositary will provide, without charge, a copy of its latest fee schedule to anyone upon request.

Depositary fees payable upon (i) deposit of Shares against issuance of ADSs and (ii) surrender of ADSs for cancellation and withdrawal of Deposited Securities will be charged by the Depositary to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the person who delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations). In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees will be payable to the Depositary by DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary for cancellation as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in effect at the time. Depositary fees in respect of distributions and the Depositary services fee are payable to the Depositary by Holders as of the applicable record date established from time to time by the Depositary. In the case of distributions of cash, the amount of the applicable Depositary fees is deducted by the Depositary from the funds being distributed. In the case of distributions other than cash and the Depositary service fee, the Depositary will invoice the applicable Holders as of the record date established by the Depositary. For ADSs held through DTC, the Depositary fees for distributions other than cash and the Depositary service fee are charged by the Depositary to the DTC Participants in accordance with procedures and practices prescribed by DTC. DTC Participants in turn charge the amount of such fees to the Beneficial Owners for whom they hold ADSs. Transfer fees are payable by the person presenting an ADR to the Depositary for transfer at the time of transfer.

The Depositary may remit to the Company all or a portion of the Depositary fees charged for the reimbursement of certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement upon such terms and conditions as the Company and the Depositary may agree from time to time. The Company shall pay the Depositary such fees and charges and reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company agree from time to time. Responsibility for payment of such charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary.

The right of the Depositary to receive payment of its fees, and charges and reimbursement of expenses from Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities, as provided above, shall survive the termination of the Deposit Agreement. The right of the Depositary to receive fees and charges and reimbursement of its expenses from the Company as described above shall survive the termination of the Deposit Agreement only to the extent they were incurred prior to the termination of the Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.04 of the Deposit Agreement, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>Title to Receipts</u>. It is a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to each Certificated ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs, the Receipt has been properly endorsed or is accompanied by properly executed instruments of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>Validity of Receipts</u>. This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose unless executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or, if a Receipt registrar for the Receipts shall have been appointed, countersigned by the manual signature of a duly authorized officer of such registrar or any co-registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <u>Available Information</u>. The Company has in the past been subject to the periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and has filed certain reports with, and submitted certain information to, the Commission, which reports can be retrieved from the Commission's internet website at www.sec.gov, and can be inspected and copied at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549. The Company and two wholly owned subsidiaries of the Company have each filed a Form 15F (each, a "<u>Form 15F</u>") with the Commission to terminate the registration of their securities under the Exchange Act and their reporting obligations under Sections 13(a) and 15(d) of the Exchange Act. Upon filing of these Forms 15F, the Company's obligation under the Exchange Act to file or submit reports required under Sections 13(a) or 15(d) of the Exchange Act was suspended. Upon effectiveness of the Forms 15F, the Company's duty to file or submit reports under Sections 13(a) and 15(d) of the Exchange Act will terminate. The Company has informed the Depositary that it publishes in English the information contemplated in Rule 12g3-2(b)(2)(i) under the Exchange Act on its internet website (www.telefonica.com) or through an electronic information delivery system generally available to the public in the Company's primary trading market and that, upon effectiveness of the Forms 15F, it will be able to claim the Rule 12g3-2(b) exemption. The information so published by the Company cannot be retrieved from the Commission's internet website, and cannot be inspected or copied at the public reference facilities maintained by the Commission. If any of the Forms 15F does not become effective, the Company will again be subject to the periodic reporting requirements of the Exchange Act and will be required to file with the Commission, and submit to the Commission, certain reports that can be retrieved from the Commission's internet website at www.sec.gov, and can be inspected and copied at the public reference facilities maintained by the Commission.

Dated:

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| |
|:---|
| CITIBANK, N.A., |
| as Depositary |
| By: |
| (Title) |

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As of the date of the Deposit Agreement, the address of the Depositary's Office is 388 Greenwich Street, New York, New York 10013.

[FORM OF REVERSE OF RECEIPT]

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <u>Distributions Upon Deposited Securities</u>. Whenever the Depositary or the Custodian shall receive any cash dividend or other cash distribution upon any Deposited Securities, the Depositary shall, subject to the Deposit Agreement, promptly distribute the amount thus received, by checks drawn on a bank in the City of New York, to the Holders on the record date set by the Depositary therefor of Receipts evidencing American Depositary Shares representing such Deposited Securities, in proportion to the number of American Depositary Shares representing such Deposited Securities held by each of them respectively; <u>provided</u> that the Depositary shall make appropriate adjustments in the amounts so distributed in respect of (a) any of the Deposited Securities being not entitled, by reason of its date of issuance or otherwise, to receive all or any portion of such distribution or (b) any amounts (i) withheld or requested to be withheld by the Company, the Custodian or the Depositary on account of taxes or (ii) charged by the Depositary in connection with the conversion of foreign currency into U.S. dollars. Cash distributions and cash proceeds from sales of non-cash distributions in foreign currency will be converted by sale or such other manner as the Depositary may determine into U.S. dollars (after deduction of the Depositary's charges and expenses in effecting such conversion) before distribution to Holders. If in the judgment of the Depositary amounts received in foreign currency may not be converted on a reasonable basis into U.S. dollars transferable to the United States, or may not be so convertible for all of the Holders entitled thereto, the Depositary may in its discretion make such conversion and distribution in U.S. dollars to the extent reasonable and permissible to the Holders entitled thereto and may distribute the balance in foreign currency to the Holders entitled thereto or hold such balance or all such foreign currency for the Holders entitled thereto. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of Shares, the Depositary may, or if the Company so requests, the Depositary shall, subject to the Deposit Agreement, distribute to the Holders on a record date set by the Depositary therefor of Receipts evidencing American Depositary Shares representing such Deposited Securities, in proportion to the number of American Depositary Shares representing such Deposited Securities held by each of them respectively, additional Receipts for an aggregate number of American Depositary Shares representing the number of Shares received as such dividend or free distribution. In lieu of delivering Receipts for fractional American Depositary Shares in the case of any distribution, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the net proceeds to the Holders entitled thereto as in the case of a distribution received in cash. If additional Receipts are not so distributed, each American Depositary Share shall thenceforth also represent its proportionate interest in the additional Shares so distributed upon such Deposited Securities. If the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any nature, the Depositary shall either (y) make such rights available to Holders by means of warrants or otherwise, if lawful and feasible, or (z) if making such rights available is not lawful or not feasible, or if such rights or warrants are not exercised and appear to be about to lapse, sell such rights or warrants on a stock exchange on which such rights are listed or over-the-counter market on which such rights are traded (or, with the written approval of the Company, at private sale), at such place or places and upon such terms as the Depositary may deem proper, and allocate the proceeds of such sales for account of the Holders otherwise entitled thereto upon an averaged or other practicable basis without regard to any distinctions among such Holders because of exchange restrictions, or the date of delivery of any Receipt or Receipts, or otherwise, and distribute the net proceeds so allocated to the Holders entitled thereto as in the case of a distribution received in cash. The Depositary will distribute to Holders on the record date set by it therefor any distribution on Deposited Securities other than cash, Shares or rights in any manner that the Depositary deems equitable and practicable; <u>provided</u> that if in the opinion of the Depositary any distribution other than cash, Shares or rights upon any Deposited Securities cannot be made proportionately among the Holders entitled thereto, or if for any other reason the Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, and the net proceeds of any such sale will be distributed by the Depositary to the Holders entitled thereto as in the case of a distribution received in cash; <u>provided further</u> that if any securities to be sold pursuant to the preceding clause are listed on a stock exchange or traded on a over-the-counter market, such securities shall be sold on such a stock exchange or over-the-counter market. The Holders alone shall be responsible for payment of any taxes due as a result of sales pursuant to the preceding two sentences. The Depositary need not distribute securities, Receipts or rights unless the Company furnishes certain evidence or opinions in respect of United States securities laws (which the Company has no obligation to do).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <u>Record Dates</u>. Whenever any distribution is being made upon any Deposited Securities or any meeting of holders of Shares or other Deposited Securities is being held or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix, and shall notify the Company of, a record date for the determination of the Holders who shall be entitled to receive such distribution or the net proceeds of the sale thereof, to give instructions for the exercise of voting rights at any such meeting, to receive such notice or solicitation or act in respect of such other matter, subject to the provisions of the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) <u>Voting of Deposited Securities</u>. As soon as practicable after receipt of notice in English of any meeting or solicitation of consents or proxies of holders of Shares or other Deposited Securities, the Depositary will, except in the case of Deposited Securities represented by Peruvian ADSs (the delivery of voting instructions in respect of which shall be determined in accordance with the terms of paragraph (21) hereof and Section 2.09(c) of the Deposit Agreement), mail to the Holders a notice containing (a) such information as is contained in such notice, (b) a statement that each Holder at the close of business on a specified record date will be entitled, subject to the provisions of or governing the Deposited Securities, to instruct the Depositary as to the exercise of voting rights, if any, pertaining to the Deposited Securities represented by the American Depositary Shares evidenced by such Holders' Receipts and (c) a statement as to the manner in which such instructions may be given, including an express indication that instructions may be given (or be deemed given in accordance with the last sentence of this paragraph if no instruction is received) to the Depositary to give a discretionary proxy to a person designated by the Board of Directors of the Company. Upon the written request of a Holder on such record date, received on or before the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under the provisions of or governing the Deposited Securities to vote or cause to be voted (or to grant a discretionary proxy to a person designated by the Board of Directors of the Company to vote) the Deposited Securities represented by the American Depositary Shares evidenced by such Holder's Receipts in accordance with any instructions set forth in such request. The Depositary will not itself exercise any voting discretion over any Deposited Securities. If no instructions are received by the Depositary from any Holder with respect to any of the Deposited Securities represented by the American Depositary Shares evidenced by such Holder's Receipts on or before the date established by the Depositary for such purpose, the Depositary will deem such holder to have instructed the Depositary to give a discretionary proxy to a person designated by the Board of Directors of the Company with respect to such Deposited Securities and the Depositary will give a discretionary proxy to a person designated by the Board of Directors of the Company to vote such Deposited Securities, provided that (i) no such instruction shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Board of Directors of the Company informs the Depositary (and the Board of Directors of the Company agrees to so inform promptly in writing) that (x) the Board of Directors of the Company does not wish such proxy given, (y) substantial opposition exists or (z) materially affects the rights of holders of Shares and (ii) such discretionary proxy shall be given only if such notice to Holders indicated, to the extent practicable, the manner in which such designated person will vote such proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <u>Changes Affecting Deposited Securities</u>. Upon any change in nominal value, split-up, consolidation, cancellation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a party, any securities that shall be received by the Depositary in exchange for, or in conversion, replacement or otherwise in respect of, Deposited Securities shall be treated as Deposited Securities under the Deposit Agreement; and the Depositary may with the Company's approval, and shall if the Company shall so request, execute and deliver additional Receipts in respect of such securities as in the case of a dividend of Shares or call for the surrender of outstanding Receipts to be exchanged for new Receipts, reflecting such securities, and to the extent that such additional or new Receipts are not delivered this Receipt shall thenceforth evidence American Depositary Shares representing the right to receive the Deposited Securities including the securities so received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) <u>Reports; Inspection of Register</u>. The Depositary will make available for inspection by Holders at the Depositary's Office and at any other designated transfer offices any reports and communications received from the Company which are both (a) received by the Depositary or the Custodian pursuant to the Deposit Agreement and (b) made generally available to the holders of Deposited Securities by the Company. Except in the case of Peruvian ADSs, which shall be governed, for these purposes, by the terms of Section 2.09 of the Deposit Agreement and paragraph (21) hereof, the Depositary will also mail or make available to Holders copies of such reports when furnished by the Company as provided in the Deposit Agreement. The Depositary will arrange for the prompt transmittal of the English language version received by it or the Custodian from the Company of any notice of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such Holders, or of the taking of any action by such Holders other than at a meeting. The Depositary will keep, at its transfer office in the Borough of Manhattan, The City of New York, a register for the registration of Receipts and their transfer that at all reasonable times will be open for inspection by the Holders and the Company; <u>provided</u> that such inspection shall not be for the purpose of communicating with Holders in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the Receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) <u>Withholding</u>. In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any) that in its sole judgment it believes are required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit, on advice of the Company, to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency and so withheld by the Depositary or the Custodian. If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto; <u>provided</u> that if any securities to be sold pursuant to the preceding clause are listed on a stock exchange or traded on an over-the-counter market, such securities shall be sold on such stock exchange or over-the-counter market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) <u>Liability of the Company and the Depositary</u>. Neither the Depositary, or its agents, nor the Company or its agents shall incur any liability if, by reason of any present or future law, act of God, war or other circumstance beyond its control, or, in the case of the Depositary and its agents, any provision of the Company's By-laws or of the securities deposited pursuant to the Deposit Agreement, the Depositary or its agents or the Company or its agents shall be prevented or forbidden from, or subjected to any civil or criminal penalty on account of, or delayed in, doing or performing any act or thing which by the terms of the Deposit Agreement, the Company's By-laws or the Deposited Securities it is provided shall be done or performed, or the Depositary or the Company shall be obliged to do or perform any act or thing which is inconsistent with the provisions of the Deposit Agreement. Each of the Company, the Depositary and its agents assume no obligation and shall be subject to no liability under the Deposit Agreement or this Receipt to Holders or other persons, except to perform such obligations as are specifically set forth and undertaken by it to perform in the Deposit Agreement without negligence or bad faith. Neither the Depositary, its agents nor the Company will be (a) under any obligation to appear in, prosecute or defend any action, suit or other proceeding on behalf of Holders in respect of any Deposited Securities or this Receipt that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required or (b) liability for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person believed by it to be competent to give such advice or information. Each of the Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any such vote is cast or for the effect of any such vote. The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in Receipts; <u>provided</u> that the only obligations of the Company to the Depositary or its agents with respect to such activities shall be those owed to holders of such securities generally. The Company has agreed to indemnify the Depositary, the Custodian, any Receipt registrar, co-transfer agent, co-registrar or other agent of the Depositary (the "Indemnified Persons") against any loss, liability or expense (including fees and expenses of counsel) that may arise (a) out of acts performed or omitted in connection with the Deposit Agreement and the Receipts, (i) by any Indemnified Person, except to the extent that any such loss, liability or expense is due to the negligence or bad faith of such Indemnified Person, or (ii) by the Company or any of its agents, or (b) out of or in connection with any offer or sale of Receipts, American Depositary Shares, Shares or any other Deposited Securities or any registration statement under the Securities Act of 1933 in respect thereof (except to the extent such loss, liability or expense arises out of the information (or omissions from such information) relating to such Indemnified Person, furnished in writing to the Company by such Indemnified Person expressly for use in a registration statement under the Securities Act of 1933), or (c) out of or in connection with any withholding or payment of any tax levied or asserted by the Kingdom of Spain on the Depositary (other than a tax on the Depositary's overall net income) as a result of performing its required functions as Depositary under the Deposit Agreement, which shall not operate to relieve any Holder of any liability it may have with respect thereto. Each Indemnified Person shall indemnify, defend and save harmless the Company against any loss, liability or expense incurred by the Company in connection with the Deposit Agreement and the Receipts due to the negligence or bad faith of such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) <u>Registration and Removal of Depositary; the Custodian</u>. The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company or be removed by the Company by written notice of such removal delivered to the Depositary, such resignation or removal to take effect upon the appointment of and acceptance by a successor depositary as provided in the Deposit Agreement. The Depositary, upon written request or written approval of the Company, may at any time appoint substitute or additional Custodians and the term Custodian refers to each Custodian or all Custodians as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) <u>Amendment of Deposit Agreement and Receipts</u>. The Receipts and the Deposit Agreement may be amended by agreement between the Company and the Depositary. Any amendment that shall impose or increase any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, cable, telex or facsimile transmission costs, delivery costs, and expenses of the Depositary in connection with conversion of foreign currency into U.S. dollars) or that shall otherwise prejudice any substantial existing right of Holders, shall not, however, become effective as to outstanding Receipts until the expiration of one month after notice of such amendment shall have been given to the Holders. Every Holder at the expiration of such one month shall be deemed by holding such Receipt to consent and agree to such amendment and to be bound by the Deposit Agreement or the Receipt as amended thereby. In no event shall any amendment impair the right of the Holder hereof to surrender this Receipt and receive therefor the Deposited Securities represented hereby, except in order to comply with mandatory provision of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) <u>Termination of Deposit Agreement</u>. The Depositary will at any time at the direction of the Company terminate the Deposit Agreement by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination. The Depositary may terminate the Deposit Agreement, upon the notice set forth in the preceding sentence, at any time after 90 days after the Depositary shall have resigned, <u>provided</u> that no successor depositary shall have been appointed and accepted its appointment within such 90 days. After the date so fixed for termination, the Depositary will perform no further acts under the Deposit Agreement, except to advise Holders of such termination, receive and hold distributions on Deposited Securities (or sell property or rights or convert Deposited Securities into cash) and deliver Deposited Securities being withdrawn. As soon as practicable after the expiration of six months from the date so fixed for termination, the Depositary shall sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in a segregated account the net proceeds of any such sale, together with any other cash then held by it under the Deposit Agreement, without liability for interest, for the pro rata benefit of the Holders of Receipts not theretofore surrendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) <u>ADSs in Peru</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The Company has listed the ADSs on the Lima Stock Exchange in Lima, Peru and has arranged for the ADSs to be included in CAVALI, the Peruvian central depository ("CAVALI" and the ADSs held in CAVALI, the "Peruvian ADSs"). The Peruvian ADSs are fungible with the ADSs held in The Depository Trust Company ("<u>DTC</u>"). Except as set forth in this paragraph (21) and in Section 2.09 of the Deposit Agreement, and except as required by applicable law, the Peruvian ADSs shall be treated as ADSs issued and outstanding under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to Peruvian ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than Section 2.09 of the Deposit Agreement) and (b) the terms of Section 2.09 of the Deposit Agreement, the terms of Section 2.09 of the Deposit Agreement shall be controlling and shall govern the rights and obligations of the parties to the Deposit Agreement pertaining to the Peruvian ADSs. Each holder and each beneficial owner of Peruvian ADSs agrees that CAVALI shall be fully authorized to disclose to the Company and its agents the names of the Holders and Beneficial Owners of Peruvian ADSs, and other related information, maintained on CAVALI's records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notices</u>. Notwithstanding anything contained in the Deposit Agreement or this Receipt, any notice, document or instrument required under the terms of the Deposit Agreement to be sent to Holders of Receipts may, if the Company so elects, in lieu of a mailing, be transmitted to holders of Peruvian ADSs by means of publication in a newspaper of general circulation in Peru, including, without limitation, by means of a notice stating, *inter alia,* that the applicable notice, document or instrument is available for inspection during business hours at a specified location in Lima, Peru or that the notice, document or instrument may be obtained upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Voting of Deposited Securities</u>. Notwithstanding anything else contained in the Deposit Agreement or this Receipt, the Depositary shall not be required to mail any of the materials described in Section 4.07 of the Deposit Agreement to Holders of Peruvian ADSs. The Company agrees to separately appoint a financial institution in Lima, Peru to act as voting agent in Peru (the "Peruvian Voting Agent") for the Peruvian ADSs. As soon as practicable after publication of a notice of a meeting or solicitation of consents or proxies, of holders of Shares or other Deposited Securities in Spain, the Company shall take or cause the Peruvian Voting Agent to take the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) announce the establishment of the applicable record date for Peruvian ADSs (coinciding with the record
date established by the Depositary in respect of the ADSs held in DTC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) request from CAVALI a list of all Holders of Peruvian ADSs held through CAVALI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) publish in a newspaper of general circulation in Peru a notice in Spanish containing, *inter alia,* (a) the date of the meeting of holders of Shares in Spain, (b) the matters to be voted on at the meeting, (c) a statement that Holders
of Peruvian ADSs may obtain from the Peruvian Voting Agent a copy of the materials distributed to holders of Shares in Spain, (d) a statement
that Holders of Peruvian ADSs as of the applicable record date may, subject to the terms of the Deposit Agreement (including Section 2.09
thereof) and the terms of the Deposited Securities, instruct the Depositary to exercise the voting rights, if any, pertaining to the Deposited
Securities represented by such holders' Peruvian ADSs, by completing and signing the voting instructions form contained in such
published notice and delivering such completed and signed voting instructions to the Peruvian Voting Agent before a specified deadline,
and (e) a statement that, if no voting instructions are received in respect of a Peruvian ADS, the Depositary shall, subject to the terms
of the Deposit Agreement, deem the owner(s) of the Peruvian ADSs to have instructed the Depositary to give a discretionary proxy to a
person designated by the Board of Directors of the Company to vote the Deposited Securities represented by such person's ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) verify the voting instructions received from Holders of Peruvian ADSs (on the basis of the information
received from CAVALI) and aggregate and tabulate the voting instructions validly received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) present to CAVALI for its signature one or more English language voting instruction cards to be delivered
to the Depositary in accordance with the terms of the Deposit Agreement and deliver such English language voting instruction card(s) to
the Depositary on a timely basis.

**(ASSIGNMENT AND TRANSFER SIGNATURE LINES)**

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address including postal zip code is ________________, the within ADR and all rights thereunder, hereby irrevocably constituting and appointing ________________________ attorney-in-fact to transfer said ADR on the books of the Depositary with full power of substitution in the premises.

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| | | |
|:---|:---|:---|
| Dated: | Name: |  |
|  |  | By: |
|  |  | Title: |
|  | NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever. | NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever. |
|  | If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR. | If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR. |
| __________________________ |  |  |
| SIGNATURE GUARANTEED |  |  |
|  | All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc. | All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc. |

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**Legends<br> [The ADRs issued in respect of Partial Entitlement American Depositary Shares shall bear the following legend on the face of the ADR: "This ADR evidences ADSs representing 'partial entitlement' Shares of the Company and as such do not entitle the holders thereof to the same per-share entitlement as other Shares (which are 'full entitlement' Shares) issued and outstanding at such time. The ADSs represented by this ADR shall entitle holders to distributions and entitlements identical to other ADSs when the Shares represented by such ADSs become 'full entitlement' Shares."]**

**<u>EXHIBIT B</u>**

<u>NOTICE TO HOLDERS</u>

**<u>NOTICE OF DEREGISTRATION AND AMENDMENT</u>**

To all Holders of American Depositary Shares ("<u>ADSs</u>") representing the Deposited Securities of the Company:

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| | |
|:---|:---|
| Company: | Telefónica, S.A., a corporation (*sociedad anónima*) organized and existing under the laws of the Kingdom of Spain (the "<u>Company</u>"). |
| Depositary: | Citibank, N.A. |
| Custodians: | Banco Bilbao Vizcaya Argentaria, S.A. and Citibank Europe plc. |
| Deposited Securities: | Ordinary shares of capital stock of the Company (the "<u>Shares</u>"). |
| ADS CUSIP No.: | 879382208.\* |
| ADS ISIN No.: | US8793822086.\* |
| ADS Ticker: | TELFY.\* |
| Share-to-ADS Ratio: | One (1) Share to one (1) ADS. |
| Deposit Agreement: | Deposit Agreement, dated as of November 13, 1996, as amended by Amendment No. 1 to Deposit Agreement, dated as of December 3, 1999, as further amended by Amendment No. 2 to Deposit Agreement, dated as of June 23, 2000, as further amended by Amendment No. 3 to Deposit Agreement, dated as of March 9, 2007 (the Deposit Agreement, as so amended, the "<u>Existing Deposit Agreement</u>"), and as to be further amended by Amendment No. 4 (the Existing Deposit Agreement, as so further amended, the "<u>Amended Deposit Agreement</u>"), by and among the Company, the Depositary, and all Holders and Beneficial Owners of ADSs issued thereunder. |
| Effective Date: | The effective date for the deregistration is the earlier to occur of (i) the date upon which the Securities and Exchange Commission ("<u>SEC</u>") declares the Form 15F effective, and (ii) the expiration of ninety (90) days after the Company filed its Form 15F (such date, the "<u>Effective Date</u>"). |
| ***\*ADS CUSIP No., ADS ISIN No., and ADS Ticker are provided as a convenience only and without any liability for accuracy.*** | ***\*ADS CUSIP No., ADS ISIN No., and ADS Ticker are provided as a convenience only and without any liability for accuracy.*** |

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The Company has informed the Depositary that the Company and two wholly owned subsidiaries of the Company have each filed a Form 15F with the SEC to terminate the registration of their securities under the Securities Exchange Act of 1934, as amended ("<u>Exchange Act</u>"), and their reporting obligations under Sections 13(a) and 15(d) of the Exchange Act (the "<u>Deregistration</u>"). Upon filing of these Forms 15F, the Company's obligation under the Exchange Act to file or submit reports required under Sections 13(a) or 15(d) of the Exchange Act, including the Company's annual report on Form 20-F, was immediately suspended. Upon effectiveness of the Forms 15F, which is expected to occur within 90 days of the filing date of the Forms 15F, the Company's duty to file or submit reports under Sections 13(a) and 15(d) of the Exchange Act will terminate.

The Company and the Depositary have agreed to amend the Existing Deposit Agreement to reflect the Deregistration. A draft copy of Amendment No. 4 to the Existing Deposit Agreement (the "<u>Amendment</u>") has been filed with the SEC under cover of Post-Effective Amendment No. 1 to Registration Statement on Form F-6 (Registration No. 333-181584). As of the Effective Date, the Existing Deposit Agreement and the terms of the outstanding ADSs are amended by the Amendment to reflect the Deregistration. By continuing to hold any outstanding ADSs issued under the Amended Deposit Agreement after the Effective Date, you will be deemed to have agreed to be bound by the Amended Deposit Agreement.

The Depositary shall arrange to have new ADRs printed that reflect the changes effected by the Amendment. However, ADRs issued prior to the Effective Date do not need to be surrendered for exchange. If you hold ADSs in uncertificated form, you do not need to take any action.

All information with respect to the Deregistration has been provided to the Depositary by the Company. Holders and Beneficial Owners of ADSs should not rely on the Depositary as the sole source of information and are hereby instructed to consult their broker, financial intermediary, or legal or financial advisor for advice concerning their particular circumstances. The Depositary makes no recommendations and gives no investment, legal or tax advice as to the foregoing matters.

Copies of the Existing Deposit Agreement and the form of Amendment are available from the SEC's website at www.sec.gov and from the Depositary's office located at 388 Greenwich Street, New York, New York 10013. If you have any questions regarding the Amendment, please call Citibank, N.A. — ADS Holder Services at 1-877-CITI-ADR.

January 20, 2026 Citibank, N.A., as Depositary