Document:

EX-4.1

 Exhibit 4.1 
  

 
  

INDENTURE 
 among 

TELEFÓNICA EMISIONES, S.A.U., 

as Issuer, 

TELEFÓNICA, S.A., 
 as
Guarantor 
 and 

The Bank of New York Mellon, 

as Trustee 
 April 20,
2018 
  
  

 

 Reconciliation and tie between certain sections of this 

Indenture and certain provisions of the Trust Indenture Act of 1939 
  

			
	 Trust Indenture Act Section
	  	Indenture Section
	 310(a)(1)
	  	6.9
	 310(a)(2)
	  	6.9
	 310(a)(3)
	  	Not applicable
	 310(a)(4)
	  	Not applicable
	 310(a)(5)
	  	6.9
	 310(b)
	  	6.8, 6.10
	 310(c)
	  	Not applicable
	 311(a)
	  	6.13
	 311(b)
	  	6.13
	 311(c)
	  	Not applicable
	 312(a)
	  	7.1, 7.2(a)
	 312(b)
	  	7.2(b)
	 312(c)
	  	7.2(c)
	 313(a)
	  	7.3
	 313(b)
	  	7.3
	 313(c)
	  	7.3
	 313(d)
	  	7.3
	 314(a)
	  	7.4
	 314(a)(4)
	  	10.5
	 314(b)
	  	Not applicable
	 314(c)(1)
	  	1.2
	 314(c)(2)
	  	1.2
	 314(c)(3)
	  	Not applicable
	 314(d)
	  	Not applicable
	 314(e)
	  	1.2
	 315(a)
	  	6.1(a)
	 315(b)
	  	6.2, 7.3(a)
	 315(c)
	  	6.1(b)
	 315(d)
	  	6.3
	 315(e)
	  	5.14
	 316(a)(1)(A)
	  	5.12
	 316(a)(1)(B)
	  	5.2, 5.13
	 316(a)(2)
	  	Not applicable
	 316(b)
	  	5.8
	 316(c)
	  	1.4
	 317(a)(1)
	  	5.3
	 317(a)(2)
	  	5.4
	 317(b)
	  	6.6
	 318(a)
	  	1.8

  
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 TABLE OF CONTENTS 

 
  

 

							
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	ARTICLE 1	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  			
			
	SECTION 1.1.	 	Definitions.	  	 	1	 
	SECTION 1.2.	 	Compliance Certificates and Opinions.	  	 	8	 
	SECTION 1.3.	 	Form of Documents Delivered to Trustee.	  	 	9	 
	SECTION 1.4.	 	Acts of Holders of Securities; Meetings; Record Dates.	  	 	9	 
	SECTION 1.5.	 	Notices, Etc., to Trustee, Issuer and Guarantor.	  	 	11	 
	SECTION 1.6.	 	Notice to Holders; Waiver.	  	 	12	 
	SECTION 1.7.	 	Language of Notices, Etc.	  	 	12	 
	SECTION 1.8.	 	Conflict with Trust Indenture Act.	  	 	12	 
	SECTION 1.9.	 	Effect of Headings and Table of Contents.	  	 	12	 
	SECTION 1.10.	 	Successors and Assigns.	  	 	12	 
	SECTION 1.11.	 	Separability Clause.	  	 	13	 
	SECTION 1.12.	 	Benefits of Indenture.	  	 	13	 
	SECTION 1.13.	 	Governing Law.	  	 	13	 
	SECTION 1.14.	 	Saturdays, Sundays and Legal Holidays.	  	 	13	 
	SECTION 1.15.	 	Submission to Jurisdiction; Appointment of Agent for Service.	  	 	13	 
	SECTION 1.16.	 	Waiver of Jury Trial.	  	 	14	 
	SECTION 1.17.	 	Execution in Counterparts.	  	 	14	 
	
	ARTICLE 2	 
	THE SECURITIES	 
			
	SECTION 2.1.	 	Forms of Security Certificates; Amount Unlimited; Status of the Securities; Issuable in Series; Denominations.	  	 	14	 
	SECTION 2.2.	 	Form of Trustee’s Certificate of Authentication.	  	 	18	 
	SECTION 2.3.	 	Execution, Authentication, Delivery and Dating.	  	 	18	 
	SECTION 2.4.	 	Temporary Security Certificates.	  	 	20	 
	SECTION 2.5.	 	Exchange and Transfer.	  	 	20	 
	SECTION 2.6.	 	Registration, Registration of Transfer and Exchange.	  	 	24	 
	SECTION 2.7.	 	Mutilated, Destroyed, Lost and Stolen Security Certificates.	  	 	25	 
	SECTION 2.8.	 	Payment of Interest: Interest Rights Preserved.	  	 	26	 
	SECTION 2.9.	 	Persons Deemed Owners.	  	 	27	 
	SECTION 2.10.	 	Cancellation.	  	 	27	 
	SECTION 2.11.	 	Purchase of Securities.	  	 	28	 
	SECTION 2.12.	 	CUSIP and ISIN Numbers.	  	 	28	 
	
	ARTICLE 3	 
	THE GUARANTEES	 
			
	SECTION 3.1.	 	The Guarantees.	  	 	28	 

  
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	ARTICLE 4	 
	SATISFACTION AND DISCHARGE	 
			
	SECTION 4.1.	 	Satisfaction and Discharge of Indenture.	  	 	29	 
	SECTION 4.2.	 	Application of Trust Money.	  	 	30	 
	SECTION 4.3.	 	Defeasance and Discharge of Securities of any Series.	  	 	30	 
	SECTION 4.4.	 	Reinstatement.	  	 	31	 
	
	ARTICLE 5	 
	REMEDIES	 
			
	SECTION 5.1.	 	Events of Default.	  	 	32	 
	SECTION 5.2.	 	Acceleration of Maturity; Rescission and Annulment.	  	 	33	 
	SECTION 5.3.	 	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	 	33	 
	SECTION 5.4.	 	Trustee May File Proof of Claim.	  	 	34	 
	SECTION 5.5.	 	Trustee May Enforce Claims Without Possession of Securities.	  	 	34	 
	SECTION 5.6.	 	Application of Money Collected.	  	 	34	 
	SECTION 5.7.	 	Limitation on Suits.	  	 	35	 
	SECTION 5.8.	 	Unconditional Right of Holders to Receive Principal, Premium, Interest and Additional Amounts.	  	 	35	 
	SECTION 5.9.	 	Restoration of Rights and Remedies.	  	 	35	 
	SECTION 5.10.	 	Rights and Remedies Cumulative.	  	 	36	 
	SECTION 5.11.	 	Delay or Omission Not Waiver.	  	 	36	 
	SECTION 5.12.	 	Control by Holders.	  	 	36	 
	SECTION 5.13.	 	Waiver of Past Defaults.	  	 	36	 
	SECTION 5.14.	 	Undertaking for Costs.	  	 	37	 
	SECTION 5.15.	 	Waiver of Stay or Extension Laws.	  	 	37	 
	
	ARTICLE 6	 
	THE TRUSTEE	 
			
	SECTION 6.1.	 	Certain Duties and Responsibilities.	  	 	37	 
	SECTION 6.2.	 	Notice of Defaults.	  	 	38	 
	SECTION 6.3.	 	Certain Rights of Trustee.	  	 	39	 
	SECTION 6.4.	 	Not Responsible for Recitals or Issuance of Securities.	  	 	41	 
	SECTION 6.5.	 	May Hold Securities.	  	 	41	 
	SECTION 6.6.	 	Money Held in Trust.	  	 	41	 
	SECTION 6.7.	 	Compensation and Reimbursement.	  	 	41	 
	SECTION 6.8.	 	Conflicting Interests.	  	 	42	 
	SECTION 6.9.	 	Corporate Trustee Required; Eligibility.	  	 	42	 
	SECTION 6.10.	 	Resignation and Removal; Appointment of Successor.	  	 	42	 
	SECTION 6.11.	 	Acceptance of Appointment by Successor.	  	 	44	 
	SECTION 6.12.	 	Merger, Conversion, Consolidation or Succession to Business.	  	 	45	 
	SECTION 6.13.	 	Preferential Collection of Claims Against Issuer or Guarantor.	  	 	45	 
	SECTION 6.14.	 	Appointment of Authenticating Agent.	  	 	45	 
	SECTION 6.15.	 	Trustee’s Application for Instructions from the Issuer.	  	 	47	 
	SECTION 6.16.	 	Appointment of Co-Trustee.	  	 	47	 

  
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	ARTICLE 7	 
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE, ISSUER AND GUARANTOR	 
			
	SECTION 7.1.	 	Issuer and Guarantor to Furnish Trustee Names and Addresses of Holders.	  	 	48	 
	SECTION 7.2.	 	Preservation of Information; Communications to Holders.	  	 	48	 
	SECTION 7.3.	 	Reports by Trustee.	  	 	49	 
	SECTION 7.4.	 	Reports by Issuer and Guarantor.	  	 	49	 
	SECTION 7.5.	 	Calculation of Original Issue Discount.	  	 	49	 
	
	ARTICLE 8	 
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE; ASSUMPTION	 
			
	SECTION 8.1.	 	Merger, Consolidation, Etc., Only on Certain Terms.	  	 	50	 
	SECTION 8.2.	 	Successor Substituted.	  	 	51	 
	SECTION 8.3.	 	Assumption by Guarantor or Subsidiary of Issuer’s Obligations.	  	 	51	 
	
	ARTICLE 9	 
	SUPPLEMENTAL INDENTURES	 
			
	SECTION 9.1.	 	Supplemental Indentures Without Consent of Holders.	  	 	52	 
	SECTION 9.2.	 	Supplemental Indentures with Consent of Holders.	  	 	52	 
	SECTION 9.3.	 	Execution of Supplemental Indentures.	  	 	53	 
	SECTION 9.4.	 	Effect of Supplemental Indentures.	  	 	54	 
	SECTION 9.5.	 	Conformity with Trust Indenture Act.	  	 	54	 
	SECTION 9.6.	 	Reference in Security Certificates to Supplemental Indentures.	  	 	54	 
	
	ARTICLE 10	 
	COVENANTS	 
			
	SECTION 10.1.	 	Payment of Principal, Premium, Interest and Additional Amounts.	  	 	54	 
	SECTION 10.2.	 	Maintenance of Office or Agency.	  	 	54	 
	SECTION 10.3.	 	Money for Securities Payments to Be Held in Trust.	  	 	55	 
	SECTION 10.4.	 	Additional Amounts.	  	 	56	 
	SECTION 10.5.	 	Statement by Officers as to Default.	  	 	58	 
	SECTION 10.6.	 	Existence.	  	 	58	 
	SECTION 10.7.	 	Limitation on Liens.	  	 	58	 
	SECTION 10.8.	 	Covenant Defeasance of Securities of Any Series.	  	 	59	 
	
	ARTICLE 11	 
	REDEMPTION OF SECURITIES	 
			
	SECTION 11.1.	 	Applicability of Article.	  	 	61	 
	SECTION 11.2.	 	Election to Redeem: Notice to Trustee.	  	 	61	 
	SECTION 11.3.	 	Selection by Trustee of Securities to Be Redeemed.	  	 	61	 
	SECTION 11.4.	 	Notice of Redemption.	  	 	62	 
	SECTION 11.5.	 	Deposit of Redemption Price.	  	 	62	 
	SECTION 11.6.	 	Securities Payable on Redemption Date.	  	 	62	 
	SECTION 11.7.	 	Securities Redeemed in Part.	  	 	63	 
	SECTION 11.8.	 	Early Redemption for Taxation Reasons.	  	 	63	 

  
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	ARTICLE 12	 
	SINKING FUNDS	 
			
	SECTION 12.1.	 	Sinking Funds.	  	 	64	 
	
	ARTICLE 13	 
	USA PATRIOT ACT	 
			
	SECTION 13.1.	 	USA Patriot Act.	  	 	64	 
			
	EXHIBIT A	 	Form of Security Certificate	  	 	A-l	 
	EXHIBIT B	 	Form of Guarantee	  	 	B-1	 

  
 v 

 THIS INDENTURE, dated as of April 20, 2018, among Telefónica Emisiones, S.A.U., a
sociedad anónima unipersonal incorporated under the laws of the Kingdom of Spain (the “Issuer”), Telefónica, S.A., a sociedad anónima incorporated under the laws of the Kingdom of Spain (the
“Guarantor”), and The Bank of New York Mellon, a New York banking corporation organized and existing under the laws of the State of New York, as trustee (the “Trustee”); 

WITNESSETH: 
 WHEREAS, the Issuer
desires to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as set forth in this Indenture; 

WHEREAS, the Guarantor desires to provide for the execution and delivery of the Guarantees (as defined below) by it with respect to the
Securities as set forth in this Indenture; and 
 WHEREAS, all things necessary to make this Indenture a valid agreement of the Issuer and
the Guarantor, in accordance with its terms, have been done; 
 NOW, THEREFORE, for and in consideration of the premises and the purchases
of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities, as follows: 

ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 SECTION 1.1. Definitions. For all purposes of this Indenture, except as otherwise expressly provided or
unless the context otherwise requires: 
 (a)    the terms defined in this Article have the meanings assigned to them in
this Article and include the plural as well as the singular; 
 (b)    all other terms used herein which are defined in
the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

(c)    all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally
accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles”, or “GAAP”, with respect to any computation required or permitted hereunder shall mean
(i) in the case of the Issuer’s and the Guarantor’s unconsolidated financial statements, the accounting principles generally accepted in the Kingdom of Spain and (ii) in the case of the Guarantor’s consolidated financial
statements, International Financial Reporting Standards (“IFRS”) as adopted by the European Union, in each case as in effect at the date of such computation and as applied by the Issuer or the Guarantor, as the case may be; 

(d)    unless the context otherwise requires, any reference to an “Article” or a
“Section” refers to an Article or a Section, as the case may be, of this Indenture; and 

  
 1 

 (e)    the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

“Act”, when used with respect to any Holder, has the meaning specified in Section 1.4. 

“Additional Amounts” means additional amounts payable pursuant to Section 10.4. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Registrar or Paying Agent. 

“Applicable Procedures” means, with respect to any transfer or exchange of, and any payment to be made, notice to be provided
or action to be taken with respect to, any beneficial interests in any Security represented by a Global Certificate, the rules and procedures of the Depositary and any other applicable clearing agency that apply to such transfer, exchange, payment,
notice or action. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act
on behalf of the Trustee to authenticate Securities of one or more series. 
 “Authentication Order” has the meaning
specified in Section 2.3. 
 “Beneficial Owner” means an owner of a beneficial interest in any Security of any series.

 “Board of Directors”, when used with reference to the Issuer or the Guarantor, means the body of Directors
(Administradores Solidarios) of the Issuer or the board of directors (Consejo de Administración) of the Guarantor, as the case may be, or any committee thereof duly authorized to act for such body. 

“Board Resolution”, when used with reference to the Issuer, means a copy of a resolution certified by any Director
(Administrador Solidario) or, with reference to the Guarantor, means a copy of a resolution certified by any member of the Board of Directors or the secretary or the assistant secretary of the Guarantor, or, in each case, any person duly
appointed by a Director (Administrador Solidario) or the Board of Directors, as the case may be, to have been duly adopted by a Director (Administrador Solidario) or the Board of Directors, as the case may be, and to be in full force
and effect on the date of such certification, and in each case delivered to the Trustee. 
 “Business Day”, with respect to
the Securities of any series, means, except as otherwise provided for the Securities of such series pursuant to Section 2.1, a day other than a Saturday, a Sunday or any other day on which banking institutions in New York, New York, London,
England or the city of Madrid, Spain are authorized or required by law or executive order to close. 
 “Certificated
Security” means any Security that is not represented by a Global Certificate. 

  
 2 

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the United States Securities and Exchange Commission, as from time to time constituted, created under the
Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Consolidated Net Tangible Assets of the Guarantor” means, in accordance with generally accepted accounting principles, the
total amount of assets of the Guarantor and its consolidated Subsidiaries, including investments in unconsolidated Subsidiaries, after deduction of (i) goodwill, (ii) intangible assets, and (iii) amounts due from stockholders for uncalled
capital. Solely for purposes of this definition, “Subsidiary” means any company in respect of which the Guarantor owns, directly or indirectly, more than half of the voting rights of the shares of such company, or when the Guarantor
owns half or less of the voting power but controls such company, i.e. has the power to govern the financial and operating policies of such company so as to obtain benefits from its activities. 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be
principally administered, which office at the date hereof is located at 101 Barclay Street, 4E, New York, NY 10286, Attention: International Corporate Trust, or such other address as the Trustee may designate from time to time by notice to the
Holders, the Issuer and the Guarantor, or the principal corporate trust office of any successor Trustee (or such other address as a successor Trustee may designate from time to time by notice to the Holders, the Issuer and the Guarantor). 

“Covenant Defeasance” has the meaning specified in Section 10.8. 

“Defaulted Interest” has the meaning specified in Section 2.8. 

“Defeasance” has the meaning specified in Section 4.3. 

“Definitive Certificate” means a certificate representing one or more Certificated Securities. 

“Depositary” means, with respect to Securities of any series represented by one or more Global Certificates, a clearing
agency registered or granted exemption from registration under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 2.1. 

“DTC” means The Depository Trust Company or its nominee. 

“Encumbrance” means any mortgage, pledge, security interest or lien. 

“Event of Default” has the meaning specified in Section 5.1. 

“Exchange Act” means the United States Securities Exchange Act of 1934 and any statute successor thereto, in each case as
amended from time to time. 
 “Expiration Date” has the meaning specified in Section 1.4(e). 

“Global Certificate” means, with respect to any series of Securities, a single certificate deposited with, and registered in
the name of, the Depositary, or its agent or nominee, 

  
 3 

 
representing the entire issue of Securities of such series, or if the rules of the Depositary or any other clearing agency, or the applicable securities laws, rules or regulations of any
jurisdiction limit the maximum principal amount of the Securities of such series represented by any Global Certificate, each of the minimum number of Global Certificates so deposited and registered that are required to comply with such laws, rules
and regulations while representing, in the aggregate, the entire issue of Securities of such series. 
 “Global Certificate
Legend” means the legend set forth in Section 2.5(l), which is required to be placed on all Global Certificates executed, delivered and authenticated under this Indenture. 

“Guarantee” means, with respect to any series of Securities, any guarantee of the Guarantor endorsed on Securities of such
series authenticated and delivered pursuant to this Indenture, which shall be substantially in the form set forth on Exhibit B hereto. 

“Guarantor” means the Person named as the “Guarantor” in the first paragraph of this Indenture until a successor
Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor Person. 

“Holder” means a Person in whose name a Security is registered in the Register. 

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument, and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this instrument and any such supplemental indenture, respectively. With respect to a particular series of Securities the term “Indenture” shall also include the terms of such series of Securities, established as
contemplated by Section 2.1. 
 “Interest”, when used with respect to an Original Issue Discount Security, which by
its terms pays interest only upon Maturity, means interest payable upon Maturity. All references in this Indenture to “interest” payable or to be paid in respect of any series of Securities, except as otherwise expressly provided or where
the context otherwise requires, shall be deemed to include any accrued and unpaid premium and any Additional Amounts payable in respect of such series of Securities. 

“Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on
such Security. 
 “Investment Company Act” means the United States Investment Company Act of 1940 and any statute successor
thereto, in each case as amended from time to time. 
 “Issuer” means the Person named as “Issuer” in the first
paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. The term “Issuer” shall also mean any
new issuer of Securities under this Indenture as contemplated by Section 9.1 (a). 
 “Maturity”, when used with
respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for
redemption or otherwise. 

  
 4 

 “OECD” has the meaning assigned to it in Section 8.1(a). 

“Officer’s Certificate” when used with reference to the Issuer, means a certificate signed by a Director
(Administrador Solidario) of the Issuer or, with reference to the Guarantor, means a certificate signed by any member of the Board of Directors (Consejo de Administración) or the secretary or, in each case, any person duly
appointed in a Board Resolution of the Issuer or the Guarantor, as the case may be, and in each case delivered to the Trustee. Any Person signing an Officer’s Certificate given pursuant to Section 10.5 shall be the principal executive
officer of the Issuer or the principal executive, financial or accounting officer of the Guarantor, as the case may be. 
 “Opinion
of Counsel” means a written opinion of counsel reasonably acceptable to the Trustee, who may be counsel for the Issuer or the Guarantor, or other counsel. 

“Order” means (i) with respect to the Issuer, a written request or order signed in the name of the Issuer by a Director
(Administrador Solidario) of the Issuer and (ii) with respect to the Guarantor, a written request or order signed in the name of the Guarantor by any member of the Board of Directors or the secretary of the Guarantor or, in each case,
any person duly appointed in a Board Resolution of the Issuer or the Guarantor, as the case may be, and in each case delivered to the Trustee. 

“Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to
be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2. 

“Outstanding”, when used with respect to the Securities of a series, means, as of the date of determination, all Securities
of such series represented by a Global Certificate or Definitive Certificate theretofore authenticated and delivered under this Indenture, except: 

(a)    Securities of such series theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

(b)    Securities of such series for whose payment or redemption money in the necessary amount to pay all principal,
premium, if any, and interest thereon has been theretofore deposited with the Trustee or any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent) for the
Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(c)    Securities of such series as to which Defeasance has been effected pursuant to Section 4.3; and 

(d)    Securities of such series which have been paid pursuant to Section 2.8 or Securities of such series represented
by a Global Certificate or Definitive Certificate in exchange for or in lieu of which one or more other Global Certificates or Definitive Certificates have been authenticated and delivered pursuant to this Indenture, other than

  
 5 

 
any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser is whose hands such
Securities are valid obligations of the Issuer; 
 provided, however, that in determining whether the Holders of the requisite principal amount of
the Outstanding Securities of a series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall
be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 5.2, (ii) the principal amount of a Security denominated in one or more
foreign currencies or currency units shall be the U.S. dollar equivalent, determined in the manner provided as contemplated by Section 2.1 on the date of original issuance of such Security, of the principal amount (or, in the case of an
Original Issue Discount Security, the U.S. dollar equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such Security, (iii) if the principal amount payable at Stated Maturity of
any Security is not determinable upon original issuance, the principal amount of such Security that shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 2.1, and (iv) Securities owned
by the Issuer, the Guarantor or any other obligor upon the Securities or any Affiliate of the Issuer, the Guarantor or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which
have been pledged in good turn may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer, the Guarantor or
any other obligor upon the Securities or any Affiliate of the Issuer, the Guarantor or of such other obligor. 

“Participant” means a Person who has an account with the Depositary. 

“Paying Agent” means any Person authorized by the Issuer to pay the principal of or any premium or interest on any Securities
on its behalf. 
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, trust,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of Payment”, with
respect to the Securities of a series, means the place or places where the principal of, any premium and interest on, and any Additional Amounts in respect of, the Securities of such series are payable as contemplated by Section 2.1. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt
as that evidenced by such particular Security; and, for the purposes of this definition, any Securities represented by a Security Certificate authenticated and delivered under Section 2.7 in exchange for or in lieu of a mutilated, destroyed,
lost or stolen Security Certificate shall be deemed to evidence the same debt as Securities represented by the mutilated, destroyed, lost or stolen Security Certificate. 

  
 6 

 “Redemption Date”, when used with respect to any Security of a series to be
redeemed, means the date fixed for such redemption pursuant to Section 2.1. 
 “Redemption Price”, when used with
respect to any Security of a series to be redeemed, means the price at which such Security is to be redeemed fixed pursuant to Section 2.1. 

“Register” and “Registrar” have the respective meanings specified in Section 2.6. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of a series means the date
specified for that purpose as contemplated by Section 2.1. 
 “Relevant Indebtedness” means any obligation for the
payment of borrowed money which is in the form of, or represented or evidenced by, a certificate of indebtedness or in the form of, or represented or evidenced by, bonds, notes or other securities which, in any of the above cases, is or are, or is
or are capable of being, quoted, listed, dealt in or traded on a stock exchange or other recognized securities market. For the avoidance of doubt, any “obligation for the payment of borrowed money” as used in this definition of Relevant
Indebtedness does not include obligations of the Issuer or the Guarantor which, pursuant to the requirements of law and accounting principles generally accepted in the Kingdom of Spain need not, and are not, reflected in the balance sheet of the
Issuer or the Guarantor, as the case may be. 
 “Responsible Officer” shall mean, when used with respect to the Trustee,
any officer within the corporate trust department of the Trustee having direct responsibility for the administration of this Indenture or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with
the particular subject. 
 “Securities” has the meaning assigned to it in the preamble to this Indenture. 

“Security Certificate” means each Global Certificate and each Definitive Certificate. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 2.8. 
 “Stated Maturity”, when used with respect to any Security or any installment of principal thereof or
interest thereon, means the date specified in a Security Certificate representing such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subsidiary” means, in relation to any Person, any other Person (whether or not now existing) which is controlled directly or
indirectly, or more than 50% of whose issued equity share capital (or equivalent) is then held or beneficially owned by, the first Person and/or any one or more of the first Person’s Subsidiaries, and “control” means the power to
appoint the majority of the members of the governing body or management of, or otherwise to control the affairs and policies of, that Person. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such
Person, “Trustee” as used with respect to the Securities of a series shall mean the Trustee with respect to Securities of such series. 

  
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 “Trust Indenture Act” means the United States Trust Indenture Act of 1939 as in
force at the date as of which this instrument was executed (except as provided in Section 9.5); provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to
the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
 “United States” means the
United States of America (including the states and the District of Columbia) and its possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). 

“U.S. Government Obligations” means securities which are (i) direct obligations of the United States for the payment of
which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States, which, in either case, are not callable or redeemable at the option of the issuer thereof and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or
principal of the U.S. Government Obligation evidenced by such depository receipt. 
 SECTION 1.2. Compliance Certificates and
Opinions. 
 (a)    Upon any application or request by the Issuer or the Guarantor to the Trustee to take any action
under any provision of this Indenture, the Issuer or Guarantor, as the case may be, shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the
form of an Officer’s Certificate, if to be given by the Issuer or the Guarantor, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this
Indenture. 
 (b)    Every certificate or opinion with respect to compliance with a condition or covenant provided for in
this Indenture shall include: 
 (i)    a statement that each individual signing such certificate or opinion has read
such covenant or condition and the definitions herein relating thereto; 
 (ii)    a brief statement as to the nature
and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(iii)    a statement that, in the opinion of each such individual, they have made such examination or investigation as is
necessary to enable them to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv)    a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied
with. 

  
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 SECTION 1.3. Form of Documents Delivered to Trustee. 

(a)    In any case where several matters are required to be certified by, or covered by an opinion of, any specified
Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

(b)    Any certificate or opinion of an officer of the Issuer or the Guarantor may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his
certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer or the
Guarantor stating that the information with respect to such factual matters is in the possession of the Issuer or the Guarantor, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous. 
 (c)    Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

SECTION 1.4. Acts of Holders of Securities; Meetings; Record Dates.  

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders of Securities of any series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer and the Guarantor. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Issuer and the Guarantor, if made in the manner provided in this Section. 

(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of
a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof.
Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing,
or the authority of the Person executing the same, may also be proved in any other manner, which the Trustee deems sufficient. 

  
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 (c)    The Issuer and the Guarantor may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities of a series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made
or taken by Holders of Securities of such series; provided that the Issuer and the Guarantor may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration,
request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the
relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date (as defined below) by Holders of the
requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Issuer or the Guarantor from setting a new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any
action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Issuer and the Guarantor, at their own
expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in
Section 1.6. 
 (d)    The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making of: (i) any declaration of acceleration referred to in Section 5.2; (ii) any request to institute proceedings referred to in Section 5.7(a); or
(iii) any direction referred to in Section 5.12, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no
other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior
to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the
Trustee, at the expense of the Issuer and the Guarantor, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Issuer and the Guarantor in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 1.6. 

  
 10 

 (e)    With respect to any record date set pursuant to this Section with
respect to the Securities of a series, the party or parties hereto which set such record date may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day;
provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party or parties hereto in writing, and to each Holder of Securities of the relevant series in the manner set form in
Section 1.6, on or prior to the first Business Day following the existing Expiration Date. Notwithstanding the foregoing, no Expiration Date shall be designated later than the 180th day after the applicable record date and, if an Expiration
Date is not designated, with respect to any record date set pursuant to this Section, the party or parties hereto which set such record date shall be deemed to have designated the 180th day after such record date as the Expiration Date with respect
thereto. 
 (f)    Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard
to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such
principal amount. 
 (g)    The ownership of Securities of a series shall be proved by the applicable Register. 

(h)    Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security
shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustee, the Issuer or the Guarantor in reliance thereon, whether or not notation of such action is made upon such Security. 
 SECTION 1.5.
Notices, Etc., to Trustee, Issuer and Guarantor. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided for or permitted, by this Indenture to be made upon, given or furnished to,
or filed with, 
 (a)    the Trustee by any Holder or by the Issuer or the Guarantor shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing (or sent by facsimile and confirmed in writing) to or with the Trustee at its Corporate Trust Office; or 

(b)    the Issuer or the Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if in writing and mailed (or sent by facsimile and confirmed in writing), in the case of the Issuer, international air mail postage prepaid and addressed to: Telefónica Emisiones, S.A.U., c/o
Telefónica, S.A., Distrito Telefónica, Ronda de la Comunicación, s/n, 28050 Madrid, Spain, Attention: Mr. Carlos David Maroto Sobrado, or at any other address previously furnished in writing to the Trustee by the Issuer
and, in the case of the Guarantor, international air mail postage prepaid and addressed to: Telefónica, S.A., Distrito Telefónica, Ronda de la Comunicación, s/n, 28050 Madrid, Spain, Attention: Carlos David Maroto Sobrado, or at
any other address previously furnished in writing to the Trustee by the Guarantor. 

  
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 The Trustee may rely upon and comply with instructions or directions sent by an authorized
representative of the Issuer or the Guarantor via unsecured facsimile or email transmission and the Trustee shall not be liable for any loss, liability or expense of any kind incurred by the Issuer or the Guarantor due to the Trustee’s reliance
upon and compliance with instructions or directions given by unsecured facsimile or email transmission, provided, however, that such losses have not arisen from the negligence or willful misconduct of the Trustee. The Trustee may request that each
of the Company and the Guarantor delivers a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

SECTION 1.6. Notice to Holders; Waiver. 

(a)    Notices to Holders will be deemed to be validly given if mailed to them at their respective addresses as recorded in
the Register and will be deemed to have been validly given on the seventh day after the date of such mailing. 

(b)    In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any
notice, so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. 

(c)    In case by reason of the suspension of regular mail service or by reason of any other cause it shall be
impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

(d)    Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled
to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver. 
 SECTION 1.7. Language of Notices, Etc. Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication. 

SECTION 1.8. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the
Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act
that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

SECTION 1.9. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 1.10. Successors and Assigns. All covenants and agreements
in this Indenture by the Issuer or the Guarantor shall bind their respective successors and assigns, whether so expressed or not. 

  
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 SECTION 1.11. Separability Clause. In case any provision in this Indenture or in the
Securities or the Guarantees shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 1.12. Benefits of Indenture. Nothing in this Indenture, the Securities or the Guarantees, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 1.13. Governing Law. Pursuant to Section 5-1401 of the General Obligations Law of
the State of New York, this Indenture, the Securities and the Guarantees shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 1.14. Saturdays, Sundays and Legal Holidays. Except as otherwise provided pursuant to Section 2.1, in any case
where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any
Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity. 

SECTION 1.15. Submission to Jurisdiction; Appointment of Agent for Service. 

(a)    The Issuer and the Guarantor irrevocably submit to the exclusive jurisdiction of any federal or state court in the
Borough of Manhattan, the City of New York, and any appellate court from any such court thereof, with respect to any legal suit, action or proceeding based on or arising under the Securities or this Indenture and agree that all claims in respect of
such suit or proceeding shall be determined in any such court. The Issuer and the Guarantor irrevocably waive to the fullest extent permitted by law, any objection to any such suit, including actions, suits or proceedings relating to the securities
laws of the United States of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile or the defense of an inconvenient forum or objections to personal jurisdiction with respect to the maintenance of such
legal suit, action or proceeding. The Issuer and the Guarantor agree that the final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Issuer or the Guarantor, as applicable, and may be
enforced in any court in the jurisdiction of which the Issuer or the Guarantor, as applicable, is subject by a suit upon such judgment. To the extent permitted by law, the Issuer and the Guarantor hereby waive any objections to the enforcement by
any competent court in Spain of any judgment validly obtained in any such court in New York on the basis of any such legal suit, action or proceeding. 

(b)    To the extent either the Issuer or the Guarantor has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of
its respective obligations under the Indenture and the Securities of each series to the fullest extent permitted by law. 

  
 13 

 (c)    By the execution and delivery of this Indenture, each of the Issuer
and the Guarantor hereby appoints CT Corporation System as its agent upon which process may be served in any legal action or proceeding which may be instituted in any federal or state court in the Borough of Manhattan, the City of New York arising
out of or relating to the Securities, the Guarantees or this Indenture, but for that purpose only. Service of process upon such agent at the office of CT Corporation System at 111 Eighth Avenue #13, New York, New York 10011, and written notice of
said service to the Issuer or the Guarantor by the Person servicing the same addressed as provided by Section 1.5, shall be deemed in every respect effective service of process upon the Issuer or the Guarantor, respectively, in any such legal
action or proceeding. Such appointment shall be irrevocable so long as the Holders of Securities shall have any rights pursuant to the terms thereof or of this Indenture until the appointment of a successor by the Issuer or the Guarantor with the
consent of the Trustee and such successor’s acceptance of such appointment. Each of the Issuer and the Guarantor further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may
be necessary to continue such designation and appointment of such agent or successor. 
 SECTION 1.16. Waiver of Jury Trial. EACH
OF THE ISSUER, THE GUARANTOR, THE TRUSTEE AND EACH HOLDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE
SECURITIES, ANY GUARANTEE OR THE TRANSACTIONS CONTEMPLATED HEREBY.  
 SECTION 1.17. Execution in Counterparts. This
Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

ARTICLE 2 
 THE
SECURITIES 
 SECTION 2.1. Forms of Security Certificates; Amount Unlimited; Status of the Securities; Issuable in Series;
Denominations. 
 (a)    Security Certificates representing the Securities of each series shall be substantially in
the form set forth in Exhibit A or in such other form as shall be established by or pursuant to a Board Resolution of the Issuer or in one or more supplemental indentures hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by applicable law or this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply
with applicable law or the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the officers executing such Security Certificates, as evidenced by their execution thereof. If the form of Security
Certificates representing the Securities of any series is established by action taken pursuant to a Board Resolution of 

  
 14 

 
the Issuer, a copy of an appropriate record of such action shall be certified by any Director (Administrador Solidario) of the Issuer delivered to the Trustee at or prior to the delivery
of the Authentication Order contemplated by Section 2.3. 
 (b)    The aggregate principal amount of Securities
represented by Security Certificates which may be authenticated and delivered under this Indenture is unlimited subject to appropriate authorization of any issuance of Securities pursuant to one or more Board Resolutions. 

(c)    The Securities of a series will constitute direct, unconditional, unsubordinated and unsecured obligations of the
Issuer and will rank pari passu without any preference among themselves and (subject to any applicable statutory exceptions) the payment obligations of the Issuer under the Securities of such series will rank at least pari passu with
all other unsecured and unsubordinated indebtedness, present and future, of the Issuer, except as the obligations of the Issuer may be limited by Spanish bankruptcy, insolvency, reorganization or other laws relating to or affecting the enforcement
of creditors’ rights generally in the Kingdom of Spain. 
 (d)    The Securities may be issued in one or more
series. There shall be established in or pursuant to a Board Resolution of the Issuer or pursuant to other appropriate corporate authorization, and, subject to Section 2.3, set forth, or determined in the manner provided, in an Officer’s
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 

(i)    the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of
any other series); 
 (ii)    any limit upon the aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.4, 2.5, 2.7, 9.6 or
11.7 and except for any Securities which, pursuant to Section 2.3, are deemed never to have been authenticated and delivered hereunder); 

(iii)    any stock exchange on which the Securities of the series will be listed; 

(iv)    the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose
name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 

(v)    the date or dates on which the principal of the Securities of the series is payable; 

(vi)    the rate or rates at which the Securities of the series shall bear interest, if any, the date or dates from which
such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any interest payable on any Interest Payment Date; 

(vii)    the place or places where, subject to the provisions of Section 10.2, the principal of, and any premium and
interest on, Securities of the series shall be payable, Security Certificates representing the Securities of the series may be surrendered for exchange or conversion of the Securities represented thereby and notices and demands to or upon the Issuer
or the Guarantor in respect of the Securities of the series and this Indenture may be served; 

  
 15 

 (viii)    the period or periods within which, the price or prices at which
and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Issuer or the Guarantor and, if other than by a Board Resolution, the manner in which any election by the Issuer or the
Guarantor to redeem the Securities shall be evidenced; 
 (ix)    the obligation, if any, of the Issuer to redeem or
purchase any Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities
of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (x)    the
denominations in which any Securities of the series shall be issuable; 
 (xi)    the currency, currencies, composite
currency, composite currencies or currency units in which payment of the principal of, and any premium and interest on, any Securities of the series shall be payable if other than the currency of the United States of America and the manner of
determining the equivalent thereof in the currency of the United States of America for purposes of the definition of “Outstanding” in Section 1.1; 

(xii)    if the amount of principal of, or any premium or interest on, any Securities of the series may be determined with
reference to an index, the manner in which such amounts shall be determined; 
 (xiii)    if the principal of, or any
premium or interest on, any Securities of the series is to be payable, at the election of the Issuer, the Guarantor or a Holder thereof, in one or more currencies, currency units, composite currency or composite currency units other than that or
those in which the Securities of such series are stated to be payable, the currency, currencies or currency units in which the principal of, and any premium and interest on, Securities of such series as to which such election is made shall be
payable, and the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be determined); 

(xiv)    if other than the principal amount thereof, the portion of the principal amount of Securities of the series which
shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2; 

(xv)    whether Section 4.3 and Section 10.8 will be applicable to the Securities of the series; 

(xvi)    whether and to what extent Additional Amounts will not be payable by the Issuer or the Guarantor in respect of
the Securities of such series; 
 (xvii)    if the principal amount payable at the Stated Maturity of any Securities of
the series is not determinable upon original issuance thereof, the amount which shall be deemed to be the principal amount of such Securities for any other purpose hereunder, including the principal amount thereof which shall be due and payable upon
any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date (or, in any such case, the manner in which such principal amount shall be determined); 

  
 16 

 (xviii)    if applicable, that any Securities of the series shall be
represented by one or more Global Certificates and, in such case, the respective Depositaries for such Global Certificates, the form of any legend or legends which shall be borne by any such Global Certificate in addition to or in lieu of that set
forth in Section 2.5(l) and, if different from those set forth in Section 2.5(b), any circumstances in which Securities issued upon any exchange may be registered in the name or names of Persons other than the Depositary for such Global
Certificate or a nominee thereof; 
 (xix)    any addition to or change in the Events of Default which applies to any
Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.2; 

(xx)    any addition to or change in the covenants set forth in Article 10 which applies to Securities of the series; 

(xxi)    if applicable, any procedures for the collection of documentation or information, including a duly executed and
completed payment statement from the Paying Agent, if applicable, relating to the Securities of such series that may be required pursuant to Spanish law or regulations in order to avoid the withholding of Spanish withholding taxes from any income
(including any interest or premium) payable in respect of such Securities; 
 (xxii) any addition to or change in the provisions contained
in this Indenture (including any modification of Section 11.8), as necessary, pursuant to a modification in the tax regime applicable to the Securities or the issuance of the Securities which becomes effective on or after the date hereof; and

 (xxiii)    any other terms of the series (which terms shall not be inconsistent with the provisions of this
Indenture, except as permitted by Section 9.1(f)). 
 (e)    All Securities of any one series shall be substantially
identical except as otherwise expressly provided herein, and except as may otherwise be provided in or pursuant to the Board Resolution for such series of Securities and (subject to Section 2.3) set forth, or determined in the manner provided,
in the applicable Officer’s Certificate or in any applicable indenture supplemental hereto. 
 (f)    Unless
otherwise provided pursuant to Section 2.1 for a series of Securities, the Issuer may from time to time, without the consent of the Holders of Securities of such series, create and issue further securities having the same terms and conditions
as the previously issued Securities of such series in all respects (or in all respects except for the issue date, the first payment of interest thereon and/or issue price), so that such further issue shall be consolidated and form a single series
with the outstanding Securities of such series; provided, however, that any such further issuance will only be made if either such additional securities are issued with no more than de minimis original issue discount for U.S. federal
income tax purposes or such further issuance is a “qualified reopening” as such term is defined under Treasury Regulations Section 1.1275-2(k)(3) promulgated under the Code. 

  
 17 

 (g)    If any of the terms of the Securities of a series or the Guarantees in
respect thereof are established by action taken pursuant to a Board Resolution of the Issuer or the Guarantor, a copy of an appropriate record of such action shall be certified by a Director (Administrador Solidario) of the Issuer or, with
reference to the Guarantor, by any member of the Board of Directors (Consejo de Administración) or the secretary or, in each case, any person duly appointed by a Director (Administrador Solidario) of the Issuer or member of the
Board of Directors of the Guarantor, , as the case may be, each delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series or the guarantees thereof. 

SECTION 2.2. Form of Trustee’s Certificate of Authentication. The Trustee’s certificates of authentication
shall be substantially in the following form: 
 CERTIFICATE OF AUTHENTICATION 

This is one of the Security Certificates representing the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: 
  

			
	 The Bank of New York Mellon,
as Trustee 

 

	 manually

	 By:
	 	  

		 	 Authorized Officer

 SECTION 2.3. Execution, Authentication, Delivery and Dating. 

(a)    Security Certificates representing the Securities of each series shall be executed manually or by facsimile, imprint
or other reproduction on behalf of the Issuer by an authorized representative of the Issuer who shall be a Director (Administrador Solidario) of the Issuer and shall have endorsed thereon a Guarantee by the Guarantor. Each Guarantee shall be
executed on behalf of the Guarantor by an authorized representative of the Guarantor. The signature of any such authorized representative of the Guarantor may be manual or facsimile. 

(b)    Security Certificates or Guarantees bearing the manual or facsimile signatures of individuals who were at the time
the authorized representatives of the Issuer or the Guarantor, as the case may be, shall bind the Issuer or the Guarantor, as the case may be, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Security Certificates or Guarantees. 
 (c)    At any time and from time to time
after the execution and delivery of this Indenture, the Issuer may deliver each Security Certificate representing the Securities of any series executed by the Issuer and if applicable, having endorsed thereon a Guarantee of the Guarantor to the
Trustee for authentication, together with an Order for the authentication and delivery of such Security Certificates (the “Authentication Order”), and the Trustee in accordance with the Authentication Order shall authenticate and
deliver such Security Certificates having such Guarantees endorsed thereon. 

  
 18 

 (d)    If the forms or terms of the Securities of a series and the applicable
Guarantee have been established in or pursuant to one or more Board Resolutions as permitted by Article 3 and Section 2.1, in authenticating each Security Certificate representing the Securities of such series, and accepting the additional
responsibilities under this Indenture in relation to the Securities of such series and the applicable Guarantee, the Trustee shall receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel and
Officer’s Certificate stating: 
 (i)    that such forms or terms have been established in conformity with the
provisions of this Indenture; and 
 (ii)    that such Securities and the applicable Guarantee, when each Security
Certificate representing such Securities is authenticated and delivered by the Trustee and such Securities are issued by the Issuer and the Guarantee is executed and delivered by the Guarantor in the manner and subject to any conditions specified in
such Opinion of Counsel, such Securities and the applicable Guarantee will constitute valid and legally binding obligations of the Issuer or the Guarantor, as applicable, enforceable in accordance with their terms, subject to such exceptions as such
counsel shall specify. 
 (e)    The Trustee shall have the right to decline to authenticate and deliver any Security
Certificate under this Section 2.3 if the Trustee, being advised in writing by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal
liability based upon the advice of counsel. 
 (f)    The Trustee shall not be required to authenticate any Security
Certificate if the issue of the Securities represented by such Security Certificate pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under such Securities and this Indenture or otherwise in a manner which is
not reasonably acceptable to the Trustee. 
 (g)    Notwithstanding the provisions of Section 2.1 and of paragraph
(f) above, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 2.1 or the Opinion of Counsel and
Officer’s Certificate required pursuant to paragraph (d) above at or prior to the time of authentication of each Security Certificate representing the Securities of such series so long as such Opinion of Counsel and Officer’s
Certificate (with appropriate modifications) are delivered at or prior to the authentication of each applicable Security Certificate upon original issuance of the first Security of such series to be issued and reasonably contemplate the subsequent
issuance of such Securities of such series. 
 (h)    Each Security Certificate shall be dated the date of its
authentication. 
 (i)    No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose unless there appears on the Security Certificate representing such Security a certificate of authentication substantially in the form provided in Section 2.2 executed by the Trustee by manual signature, and such certificate of
authentication 

  
 19 

 
upon any Security Certificate shall be conclusive evidence, and the only evidence, that such Security Certificate has been duly authenticated and delivered hereunder. Notwithstanding the
foregoing, if any Security Certificate shall have been authenticated and delivered hereunder but the Securities represented by such Security Certificate shall have never been issued and sold by the Issuer, and the Issuer shall deliver such Security
Certificate to the Trustee for cancellation as provided in Section 2.10, for all purposes of this Indenture such Security Certificate shall be deemed never to have been authenticated and delivered hereunder and the Securities represented by
such Security Certificate shall never be entitled to the benefits of this Indenture. 
 (j)    The delivery of any
Security Certificate by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee endorsed thereon on behalf of the Guarantor, if applicable. 

SECTION 2.4. Temporary Security Certificates. 

(a)    Pending the preparation of definitive Security Certificates representing the Securities of any series, the Issuer
may execute, and upon Order the Trustee shall authenticate and deliver, temporary Security Certificates which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the
tenor of the definitive Securities and, if applicable, having endorsed thereon Guarantees or the Guarantor substantially of the tenor of definitive Guarantees in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. The temporary Securities may be in global form. 

(b)    If temporary Security Certificates representing Securities of any series are issued, the Issuer will cause
definitive Security Certificates representing Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Security Certificates representing Securities of such series, the temporary Security Certificates
representing Securities of such series shall be exchangeable for definitive Security Certificates representing Securities of such series upon surrender of the temporary Security Certificates representing Securities of such series at the office or
agency of the Issuer in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Security Certificates representing Securities of any series, the Issuer shall execute and the
Trustee shall authenticate and deliver in exchange therefor one or more definitive Security Certificates representing Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor which have
endorsed thereon the Guarantees of the Guarantor. Until so exchanged, the temporary Security Certificates representing Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Security
Certificates representing Securities of such series and tenor. 
 SECTION 2.5. Exchange and Transfer. 

(a)    Except as set forth below, Securities of any series represented by a Global Certificate may be transferred, in whole
and not in part, only: (i) by the Depositary to a 

  
 20 

 
nominee of the Depositary, (ii) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or (iii) by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary. 
 (b)    Beneficial interests in Securities represented by a
Global Certificate will be exchangeable for Certificated Securities of such series only if: (i) the Depositary notifies the Issuer that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency
registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the Depositary, (ii) the Issuer notifies the Trustee in writing that it has
reasonably elected to cause the issuance of Certificated Securities of such series or (iii) there shall have occurred and be continuing an Event of Default with respect to the Securities of such series and the Securities of such series will be
accelerated in accordance with their terms and the terms of the Indenture. 
 (c)    Upon the occurrence of any of the
events specified in (b)(i), (b)(ii) or (b)(iii) above, Certificated Securities of such series shall be (i) delivered by the Trustee in exchange for beneficial interest in Securities of such series represented by Global Certificates executed by
the Issuer and, if applicable, with a Guarantee by the Guarantor endorsed on each applicable Definitive Certificate and (ii) registered in such names, and issued in such authorized denominations, as shall be requested by or on behalf of the
Depositary in accordance with its customary procedures. 
 (d)    In connection with all transfers and exchanges of
beneficial interests in Securities of any series represented by Global Certificates that are not subject to Section 2.5(h) below, in addition to the requirements of any other applicable paragraphs of this Section 2.5, the transferor of, or
the Person exchanging, such beneficial interest must deliver to the Registrar, the Trustee and the applicable Paying Agent either: (i) in cases of exchanges or transfers of beneficial interests in Securities of any series represented by a
Global Certificate for beneficial interests in Securities of such series represented by any other Global Certificate, (1) a written order from a Participant given to the Depositary in accordance with the Applicable Procedures directing the
Depositary to (x) credit or cause to be credited a beneficial interest in Securities of such series represented by the Global Certificate into which such beneficial interest is being exchanged or transferred, in an amount equal to the
beneficial interest to be transferred or exchanged and (y) debit or cause to be debited, a beneficial interest in the Securities of such series represented by the Global Certificate from which such beneficial interest is being exchanged or
transferred, in an amount equal to the beneficial interest being transferred; and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase and
the Participant account to be debited with such decrease, as applicable; or (ii) in cases of exchanges or transfers of beneficial interests in Securities of a series represented by a Global Certificate for Certificated Securities of such
series, (1) a written order from a Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued one or more Certificated Securities of such series in an amount equal to the
beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Certificated Security or Certificated Securities shall be registered
to effect the transfer or exchange referred to in (ii)(1) above. 

  
 21 

 (e)    Upon satisfaction of all of the requirements for transfer or exchange
of beneficial interests in Securities of a series represented by one or more Global Certificates contained in this Indenture or under applicable laws, the Registrar shall register, if applicable, the transfer or exchange, the Trustee shall cancel
each applicable Certificated Security of such series and adjust, or shall cause to be adjusted, the principal amount of the Securities of such series represented by each relevant Global Certificate pursuant to Section 2.5(n) hereof and the
applicable Paying Agent shall cause each relevant Participant account to be credited or debited, as the case may be, with the applicable amount. 

(f)    In connection with all transfers or exchanges of Certificated Securities of any series for beneficial interests in
Securities represented by a Global Certificate, in addition to the requirements of any other applicable paragraphs of this Section 2.5, the transferor of, or the Person exchanging Certificated Securities of such series, must (i) deliver or
present to the Registrar the Definitive Certificate representing such Certificated Security for purposes of registration of exchange or transfer and cancellation duly endorsed or accompanied by a written instruction of transfer in a form
satisfactory to the Registrar, and duly executed by the applicable Holder or by his or her attorney, duly authorized in writing; and (ii) deliver to the Registrar, the Trustee and the applicable Paying Agent (1) a request that such
Certificated Securities be exchanged for a beneficial interest in one or more Securities of such series represented by a Global Certificate, and (2) information specifying the Participant account to be credited with the amount equal to the
principal amount of the Certificated Security surrendered for cancellation and registration of transfer or exchange. 

(g)    Upon satisfaction of all of the requirements for transfer or exchange of Certificated Securities of a series for
beneficial interests in Securities of such series represented by one or more Global Certificates contained in this Indenture or under applicable laws, the Registrar shall register the exchange and transfer of the applicable Securities, the Trustee
shall cancel each applicable Certificated Security of such series and adjust, or cause to be adjusted, the principal amount of Securities of such series represented by each applicable Global Certificate and the applicable Paying Agent shall cause
each applicable Participant account to be credited with an amount equal to the principal amount of the Certificated Security so exchanged or transferred. 

(h)    The transfer and exchange of beneficial interests in Securities a series represented by a Global Certificate shall
be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in any Securities of a series represented by a Global Certificate may be transferred to Persons who take
delivery thereof in the form of a beneficial interest in Securities of such series represented by a Global Certificate. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.5(h). 
 (i)    In limited circumstances specified in Section 2.5(b), any holder of a beneficial
interest in any Securities of a series represented by a Global Certificate may exchange such beneficial interest for one or more Certificated Securities of such series or transfer 

  
 22 

 
such beneficial interest to a Person who takes delivery thereof in the form of one or more Certificated Securities of such series, if such exchange or transfer complies with the provisions of
Section 2.5(b). 
 (j)    A Holder of a Certificated Security of a series may exchange such Certificated Security
for a beneficial interest in any Securities of such series represented by a Global Certificate or transfer such Certificated Security to a Person who takes delivery thereof in the form of a beneficial interest in any Securities of such series
represented by a Global Certificate at any time if such exchange or transfer complies with the provisions of Section 2.5(f). If any such exchange or transfer from a Certificated Security of a series to a beneficial interest in any Securities of
such series represented by a Global Certificate is effected at a time when the applicable Global Certificate has not yet been executed, authenticated and delivered, the Issuer shall execute, if applicable, the Guarantor shall endorse a Guarantee on,
and, upon receipt of an Authentication Order in accordance with Section 2.2 hereof, the Trustee shall authenticate and deliver one or more Global Certificates representing Securities of the applicable Series in an aggregate principal amount
equal to the principal amount of Certificated Securities of such series so exchanged or transferred. 
 (k)    Upon
request by a Holder of any Certificated Securities of a series and such Holder’s compliance with the provisions of this Section 2.5(k), the Registrar shall register the transfer or exchange of such Certificated Securities for other
Certificated Securities of such series. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the applicable Certificated Securities duly endorsed or accompanied by a written
instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by his or her attorney, duly authorized in writing. 

(l)    Unless otherwise specified pursuant to Section 2.1, each Global Certificate representing Securities of a series
shall bear a legend in substantially the following form: 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR DEFINITIVE CERTIFICATES,
THIS GLOBAL CERTIFICATE MAY BE TRANSFERRED, IN WHOLE AND NOT IN PART, ONLY: (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (II) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR TO ANOTHER NOMINEE OF THE DEPOSITARY, OR
(III) BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY, AND TRANSFERS OF THE SECURITIES REPRESENTED BY THIS GLOBAL CERTIFICATE AND ANY BENEFICIAL INTERESTS IN ANY SECURITIES REPRESENTED
BY THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO BELOW. 

(m)    Unless otherwise specified pursuant to Section 2.1, each Global Certificate representing Securities of a series
deposited with DTC will bear a legend in substantially the following form: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK 

  
 23 

 
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 (n)    At such time as all beneficial interests
in the Securities of a series represented by a Global Certificate have been exchanged for Certificated Securities of such series or the Securities of a series represented by a particular Global Certificate have been redeemed or cancelled, in whole
and not in part, each such Global Certificate representing Securities of such series shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.10 hereof. At any time prior to the cancellation referred to above,
if any beneficial interest in Securities of a series represented by a Global Certificate is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Security of such series represented
by a Global Certificate or for Certificated Securities of such series, the principal amount of Securities of such series represented by such Security represented by a Global Certificate from which such beneficial interest is being transferred shall
be reduced accordingly and an endorsement shall be made on such Global Certificate by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to
a Person who shall take delivery thereof in the form of a beneficial interest in a Security of such series represented by another Global Certificate, the principal amount of Securities of such series represented by such other Global Certificate
shall be increased accordingly and an endorsement shall be made on such Global Certificate by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. At any time prior to the cancellation referred to above, if any
Certificated Security of a series is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in Securities of such series represented by a Global Certificate, the principal amount of Securities
of such series represented by such Global Certificate shall be increased accordingly and an endorsement shall be made on such Global Certificate by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

SECTION 2.6. Registration, Registration of Transfer and Exchange. 

(a)    With respect to each series of Securities, the Issuer shall cause to be kept at the Corporate Trust Office of the
Trustee a register (a “Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Securities of such series and of transfers of Securities of such series. The
Trustee is hereby appointed “Registrar” for the purpose of registering Securities of each series and transfers of Securities of each series as herein provided. 

(b)    To permit registrations of transfers and exchanges of Securities of each series, the Issuer shall execute, if
applicable, the Guarantor shall endorse a Guarantee on and the Trustee shall authenticate and deliver Security Certificates representing Securities of such series upon the Issuer’s Order or at the Registrar’s request. 

  
 24 

 (c)    No service charge shall be made to a holder of a beneficial interest
in Securities of any series represented by a Global Certificate or to a Holder of Certificated Securities of any series for any registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.4, 9.4 and 11.7). 

(d)    The Registrar shall not be required to register the transfer of or exchange any Security selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 (e)    Securities represented
by any Security Certificate executed, authenticated and delivered upon any registration of transfer or exchange of any Securities shall be valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the same
benefits under this Indenture as the other Securities duly issued hereunder. 
 (f)    All certifications, certificates
and Opinions of Counsel required to be submitted to the Registrar pursuant to Section 2.5 to effect a registration of transfer or exchange may be submitted by facsimile with the original to follow by first class mail. 

(g)    The Issuer shall not be required (i) to issue, register the transfer of or exchange Securities of any series
during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption under Section 11.3 and ending at the close of business on the day of such
mailing or (ii) to register the transfer of or exchange any Security so selected for redemption, in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

SECTION 2.7. Mutilated, Destroyed, Lost and Stolen Security Certificates. 

(a)    If any mutilated Security Certificate is surrendered to the Trustee, the Issuer shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security Certificate representing Securities of the same series and of like tenor and principal amount having endorsed thereon a Guarantee and bearing a number not contemporaneously outstanding.

 (b)    If there shall be delivered to the Issuer, the Guarantor and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security Certificate and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the
Issuer, the Guarantor or the Trustee that Securities of such series represented by such Security Certificate have been acquired by a protected purchaser, the Issuer shall execute, if applicable, the Guarantor shall endorse a Guarantee on and the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security Certificate, a new Security Certificate representing Securities of the same series and of like tenor and principal amount bearing a number not
contemporaneously outstanding. 
 (c)    In case any such Securities of a series represented by a mutilated, destroyed,
lost or stolen Security Certificate have become or are about to become due and payable, the Issuer in its discretion may, instead of issuing a new Security Certificate, pay such Securities. 

  
 25 

 (d)    Upon the issuance of any new Security Certificate under this Section,
the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

(e)    Every new Security Certificate representing Securities of any series issued pursuant to this Section in lieu of any
destroyed, lost or stolen Security Certificate representing Securities shall constitute an original additional contractual obligation of the Issuer and the Guarantor, whether or not the destroyed, lost or stolen Security Certificate representing
Securities shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 

(f)    The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Security Certificates. 
 SECTION 2.8. Payment of
Interest: Interest Rights Preserved. 
 (a)    Except as otherwise provided or as contemplated by Section 2.1,
with respect to any series of Securities, interest or premium, if any, on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date (or any Redemption Date) shall be paid to the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest and, in the case of premium, if any, the date on which such premium may become payable. 

(b)    Any interest on any Security of any series which is payable other than at Maturity, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the applicable Holder on the relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Issuer, at its election in each case in conformance with the requirements of current Spanish law and regulations, as provided in paragraph (i) or (ii) below: 

(i)    The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such
series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to 

  
 26 

 
such Defaulted Interest as in this Subsection provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Issuer of such Special Record Date and, in the
name and at the expense of the Issuer, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series the Issuer in the manner set forth in
Section 1.6, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in
whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Subsection (ii). 

(ii)    The Issuer may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner
not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant
to this Subsection, such manner of payment shall be deemed practicable by the Trustee. 
 (c)    Subject to the foregoing
provisions of this Section and Section 2.5, each Security of any series delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid,
and to accrue, which were carried by such other Security. 
 SECTION 2.9. Persons Deemed Owners. Prior to due presentment of a
Security Certificate for registration of transfer of a Security represented thereby, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may treat the Person in whose name such Security is registered as
the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 2.8) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and
neither the Issuer, the Guarantor, the Trustee nor any agent of the Issuer, the Guarantor or the Trustee shall be affected by notice to the contrary. 

SECTION 2.10. Cancellation. All Security Certificates surrendered for payment, redemption, registration of transfer of any
Securities represented thereby or exchange or for credit against any sinking fund payment shall, if the applicable Security Certificate is surrendered to any Person other than the Trustee, be delivered to the Trustee and the Securities represented
thereby shall be promptly cancelled by it. The Issuer or the Guarantor may at any time deliver to the Trustee one or more Security Certificates previously authenticated and delivered hereunder for cancellation of any Securities represented thereby
which the Issuer or the Guarantor may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) one or more Security Certificates previously authenticated and delivered hereunder for
cancellation of any Securities represented thereby which the Issuer has not issued and sold, and all Securities represented by any Security Certificate so delivered shall be promptly cancelled by the Trustee. No Security Certificate shall

  
 27 

 
be authenticated in lieu of or in exchange for any Security Certificate representing Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All
Security Certificates representing cancelled Securities held by the Trustee shall be disposed of in its customary manner or shall otherwise be returned to the Issuer if directed by an Order. 

SECTION 2.11. Purchase of Securities. The Issuer, the Guarantor or any of the Guarantor’s other Subsidiaries may at any time
purchase Securities of any series in the open market or otherwise at any price. If purchases are made by tender, tenders must be available to all Holders of Securities of the applicable series alike. 

SECTION 2.12. CUSIP and ISIN Numbers. The Issuer in issuing the Securities may use “CUSIP” and “ISIN” numbers (if
then generally in use), and, if so, the Trustee shall use “CUSIP” and “ISIN” numbers in notices, including notices of redemption as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Security Certificates representing the Securities of the applicable series or as contained in any notice and that reliance may be placed only on the other identification numbers
printed on the Security Certificates representing the Securities of the applicable series, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee in writing of any
change in the “CUSIP” and “ISIN” numbers. 
 ARTICLE 3 

THE GUARANTEES 

SECTION 3.1. The Guarantees. 

(a)    The Guarantor will unconditionally and irrevocably guarantee the due payment of all sums expressed to be payable by
the Issuer under the Securities of each series on an unsubordinated and unconditional basis. 
 (b)    A Guarantee to be
endorsed on each Security Certificate representing the Securities of a series shall be substantially in the form of Exhibit B hereto. 

(c)    Amounts to be paid by the Guarantor under the Guarantees shall be paid as provided in Section 10.4. 

(d)    The obligations of the Guarantor under a Guarantee are unaffected by any invalidity, irregularity or
unenforceability of the Securities of the applicable series or this Indenture, any failure to enforce the provisions of such Securities or this Indenture, or any waivers, modification or indulgence granted to the Issuer in respect thereof by the
Holders of such series of Securities or the Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or the Guarantor. 

(e)    The obligations of the Guarantor under the Guarantee in respect of the Securities of a series will constitute
direct, unconditional, unsubordinated and unsecured obligations of the Guarantor and will rank pari passu without any preference among such obligations of the Guarantor under the Guarantee in respect of the Securities of such series and at
least pari passu with all other unsubordinated and unsecured indebtedness and monetary obligations involving or otherwise related to borrowed money of the Guarantor, present and future; provided that the obligations of the Guarantor
under the Guarantee in respect 

  
 28 

 
of the Securities of each series will be effectively subordinated to those obligations that are preferred under Law 22/2003 (Ley Concursal) dated July 9, 2003 regulating insolvency
proceedings in Spain. 
 ARTICLE 4 

SATISFACTION AND DISCHARGE 

SECTION 4.1. Satisfaction and Discharge of Indenture. 

(a)    This Indenture shall upon Order of the Issuer cease to be of further effect (except as to any surviving rights of
registration of transfer or exchange of Securities herein expressly provided for, and any right to receive Additional Amounts) with respect to a series of Securities, and the Trustee, at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect of such series of Securities, when: 

(i)    either 

(1)    all Securities of such series theretofore authenticated (other than (A) Securities represented by Security
Certificates which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.7, and (B) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by
the Issuer or the Guarantor and thereafter repaid to the Issuer or the Guarantor, as the case may be, or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or 

(2)    all such Securities of such series not theretofore delivered to the Trustee for cancellation: 

(A)    have become due and payable; or 

(B)    will become due and payable at their Stated Maturity within one year; or 

(C)    are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Issuer; 
 and the Issuer or the Guarantor, in the case of
clause (2) (A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for this purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Securities of such series not
theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may
be; 
 (ii)    the Issuer or the Guarantor has paid or caused to be paid all other sums payable hereunder by the Issuer;
and 
 (iii)    the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to their satisfaction and discharge of this Indenture have been complied with. 

  
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 (b)    Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Issuer and the Guarantor to the Trustee under Section 6.7, the obligations of the Issuer to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to
Section 4.3 below or Subsection (i)(B) above, the obligations of the Trustee under Section 4.2 and Section 10.3(e) shall survive such satisfaction and discharge. 

SECTION 4.2. Application of Trust Money. Subject to provisions of Section 10.3(e), all money deposited with the Trustee pursuant
to Section 4.1, Section 4.3 or Section 10.9 shall be held in trust (without liability for interest or investment) and applied by it, in accordance with the provisions of the applicable series of Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Issuer or the Guarantor acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose
payment such money has been deposited with or received by the Trustee. 
 SECTION 4.3. Defeasance and Discharge of Securities of any
Series. Except as otherwise provided as contemplated by Section 2.1 with respect to a series of Securities, the Issuer and the Guarantor shall be deemed to have paid and discharged the entire indebtedness on all the Outstanding Securities
of any series and the provisions of this Indenture as it relates to such Outstanding Securities shall no longer be in effect (“Defeasance”), and the Trustee, at the expense of the Issuer, shall, upon the Order of the Issuer or the
Guarantor, execute proper instruments acknowledging the same, when: 
 (a)    the Issuer or the Guarantor has deposited
or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.9), irrevocably (irrespective of whether the conditions in paragraphs (b), (c), (d), (e), (f) and (g) below have been satisfied, but
subject to the provisions of Section 4.2 and Section 10.3(e)), as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of that series with reference to this
Section 4.3, in the case of a series of Securities denominated in United States dollars, United States money or U.S. Government Obligations, and in the case of a series of Securities denominated in a currency other than U.S. dollars, funds in
such currency, in each case in an amount which, through the payment of interest and principal in respect thereof in accordance with their terms, in an amount which will provide not later than the opening of business on the due date of any payment
referred to in subparagraph (i), (ii) or (iii) of this paragraph (a), in the case of a series of Securities denominated in United States dollars, United States money or U.S. Government Obligations, and in the case of a series of Securities
demonstrated in a currency other than U.S. dollars, funds in such currency, in an amount sufficient, in the opinion of an internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge (i) the principal of (and premium, if any), (ii) interest on and (iii) Additional Amounts, if any, on such Outstanding Securities on the day on which such payments are due and payable in accordance with the
terms of this Indenture and of such Securities; and 

  
 30 

 (b)    no Event of Default with respect to the Securities of that series has
occurred and is continuing on the date of such deposit and no Event of Default under Section 5.1(e), Section 5.1(f) or Section 5.1(h) is in occurrence and continues on a date which is six months after the date of such deposit; and

 (c)    the Issuer or the Guarantor has delivered to the Trustee an Opinion of Counsel of recognized standing with
respect to U.S. federal income tax matters to the effect that Holders of the Securities of that series will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit, Defeasance and discharge and
will be subject to United States federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, Defeasance and discharge had not occurred; and: 

(d)    such Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture
Act (assuming all Securities of that series are in default within the meaning of the Trust Indenture Act); and 

(e)    such Defeasance shall not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act; and 
 (f)    if the Securities of that series are then listed on any
securities exchange, the Issuer or the Guarantor has delivered to the Trustee an Opinion of Counsel to the effect that such deposit, Defeasance and discharge will not cause such Securities of that series to be delisted from such exchange; and 

(g)    the Issuer or the Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent provided for relating to the Defeasance and discharge of the entire indebtedness on all Outstanding Securities of that series as contemplated by this Section have been complied with; 

provided, however, that a Defeasance described in this Section 4.3 shall not impair or affect (1) the rights of Holders of
Securities of that series to receive, from the trust funds described in paragraph (a) above, payment of the principal of (and premium, if any) and any installment of principal of (and premium, if any), interest on or Additional Amounts, if any,
on such Securities on the Stated Maturity of such principal or installment of principal of (and premium, if any) or interest, or any mandatory sinking fund payments or analogous payments applicable to the Securities of that series on the day on
which such payments are due and payable in accordance with the terms of this Indenture and of such Securities, (2) the Issuer’s and the Guarantor’s obligations with respect to such Securities and Guarantees, respectively, under
Sections 2.4, 2.5, 2.6, 2.7, 10.2 and 10.3, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) the provisions of Section 4.2 and this Section 4.3. 

SECTION 4.4. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article 4 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Issuer or the
Guarantor, as the case may be, under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 4 until such time as the 

  
 31 

 
Trustee or such Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article 4; provided, however, that, if the Issuer or the Guarantor, as the
case may be, has made any payment of principal of or interest on any Securities because of the reinstatement of its obligations, the Issuer or the Guarantor, as the case may be, shall be subrogated to the rights of the Holders of such Securities to
receive such payment from the money or U.S. Government Obligations held by the Trustee or such Paying Agent. 
 ARTICLE 5 

REMEDIES 
 SECTION
5.1. Events of Default. “Event of Default”, wherever used herein with respect to Securities of any series of the Issuer, means any one of the following events which occurs and is continuing: 

(a)    the Issuer fails to pay, and the Guarantor fails to honor the Guarantee with respect to payments of, principal of,
interest due on or any Additional Amounts in respect of the Securities of that series for a period of 21 days from the Stated Maturity of such principal or interest payment; 

(b)    the Issuer fails to perform any other obligation arising from the Securities of that series or the Guarantor fails
to perform any other obligation arising under the Guarantee of the Securities of such series and in each case, such failure continues for more than 60 days (90 days if the failure to perform relates to an obligation of the Issuer or the Guarantor
arising under Article 8 hereof) after there has been given, by the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series, a written notice to the Issuer specifying such failure and requiring it
to be remedied, and stating that such notice is a “Notice of Default” hereunder; 
 (c)    the Issuer or the
Guarantor fails (taking into account any applicable grace periods) to fulfill any payment obligation in excess of €100,000,000 or its equivalent in any other currency under any Relevant Indebtedness or under any guarantees or suretyships
provided for under any Relevant Indebtedness of others, and this failure remains uncured for 30 days; 
 (d)    the
holders of any other Relevant Indebtedness of the Issuer or the Guarantor accelerate any payment obligation in excess of €100,000,000 or its equivalent in any other currency as a result of the Issuer or the Guarantor entering into a transaction
described and in accordance with the conditions set forth under Article 8 hereof, which transaction constitutes an event of default in respect of such other Relevant Indebtedness; 

(e)    the Issuer or the Guarantor announces its inability to meet its financial obligations; 

(f)    a court, at the request of any creditor, commences insolvency proceedings (concurso) against the Issuer or
the Guarantor and any such proceeding is not discharged or dismissed within 60 days; 

  
 32 

 (g)    the Issuer or the Guarantor goes into liquidation unless it is done as
a result of the Issuer or the Guarantor entering into a transaction described and in accordance with the conditions set forth under Article 8 hereof; 

(h)    the Issuer or the Guarantor makes a filing seeking relief under any applicable bankruptcy or insolvency
(concurso) laws; or 
 (i)    the Guarantee ceases to be valid or legally binding for any reason. 

SECTION 5.2. Acceleration of Maturity; Rescission and Annulment. 

(a)    If any Event of Default shall occur in relation to the Securities of a series (taking into account any applicable
grace period), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series may, by written notice to the Issuer, at the Corporate Trust Office (and to the Trustee if given by the Holders), declare
that the Securities of such series, including principal, any premium thereon and all interest then accrued and unpaid on the Securities of such series, as the case may be, shall be immediately due and payable, whereupon the same shall, to the extent
permitted by applicable law, become immediately due and payable, at their principal amount together with all interest, if any, accrued and unpaid thereon and premium, if any, payable in respect thereof without presentment, demand, protest or other
notice of any kind, all of which the Issuer or the Guarantor, as the case may be, will expressly waive, unless, prior thereto, all Events of Default in respect of such Securities of such series shall have been cured. 

(b)    Such declarations of acceleration may be rescinded and past defaults may be waived, except defaults in payment of
principal of, interest on or premium, if any, by Holders of a majority of the outstanding principal amount on the Securities of such series pursuant to the procedures and under the conditions described in Section 9.2 of this Indenture;
provided, however, that the amounts due to the Trustee under Section 6.7 hereof have been paid. 
 SECTION 5.3. Collection of
Indebtedness and Suits for Enforcement by Trustee. 
 (a)    The Issuer covenants that if default is made in the
payment of any principal of, interest or Additional Amounts on, any Security of any series and such default continues for a period of 21 days, the Issuer will upon demand of the Trustee, pay to it, for the benefit of the Holders of the Securities of
such series, the whole amount then due and payable on all Securities of such series for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and
premium and on any overdue interest, at the rate or rates prescribed therefor in each Security Certificate representing the Securities of such series, and, in addition thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents counsel, and all amounts due the Trustee under Section 6.7. 

(b)    If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial 

  
 33 

 
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy. 
 SECTION 5.4. Trustee May File Proof of Claim. 

(a)    In case of any judicial proceeding relative to the Issuer, the Guarantor or any other obligor upon the Securities of
a series or the property of the Issuer, the Guarantor or of such other creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in
order to have claims of the Holders of Securities of such series and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of the Securities of such series to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Securities of such series, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 6.7. 

(b)    No provision of this Indenture shall be deemed to authorize the Trustee to authorize, consent to or accept or adopt
on behalf of any Holder of the Securities of a series, any plan of reorganization, arrangement, adjustment or composition affecting such Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of
any such Holder in any such proceeding; provided, however, that, to the extent permitted under the applicable law, the Trustee may, on behalf of such Holders, vote for the election of a trustee in bankruptcy or similar official and be a
member of a creditors’ or other similar committee. 
 SECTION 5.5. Trustee May Enforce Claims Without Possession of Securities.
All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Security Certificates representing any of the Securities of a series or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of Securities in respect of which such judgment has been recovered. 

SECTION 5.6. Application of Money Collected. Any money collected by the Trustee pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of each Securities Certificate representing the applicable Securities and
the notation thereon of the payment if the Securities represented thereby are only partially paid and upon surrender thereof if fully paid: 

First: To the payment of all amounts due the Trustee under Section 6.7; 

  
 34 

 Second: To the payment of the amounts then due and unpaid for principal of, and any
premium and interest on, and any Additional Amount on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such
Securities for principal and any premium, interest and Additional Amount, respectively (subject to Section 2.8); and 
 Third:
To the payment of the balance, if any, to the Issuer. 
 SECTION 5.7. Limitation on Suits. No Holder of any Security of any series
shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, the applicable Guarantee, the Securities of such series or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless: 
 (a)    the Holder initiating the proceeding shall have given the Trustee written notice that an Event of
Default has occurred and remains uncured with respect to the Securities of such series; 
 (b)    the Holders of not less
than 25% in principal amount of the Outstanding Securities of such series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c)    such Holder or Holders have offered to the Trustee reasonable indemnity satisfactory to it against the costs,
expenses and liabilities to be incurred in compliance with such request; 
 (d)    the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; 
 (e)    no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except
in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
 SECTION 5.8. Unconditional Right of
Holders to Receive Principal, Premium, Interest and Additional Amounts. Notwithstanding any other provision in this Indenture, the Holder of any Security of any series shall have the right, which is absolute and unconditional, to receive payment
of the principal of, any premium on, interest on and any Additional Amounts on such Security on the respective Stated Maturity or Maturities expressed in each Security Certificate representing such Securities (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

SECTION 5.9. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such 

  
 35 

 
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such
proceeding, the Issuer, the Guarantor, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no
such proceeding had been instituted. 
 SECTION 5.10. Rights and Remedies Cumulative. Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Security Certificates in Section 2.7(f), no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities of any series is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of Securities of any series to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the
Trustee or to such Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such Holders, as the case may be. 

SECTION 5.12. Control by Holders. The Holders of a majority in principal amount of the Outstanding Securities of any series shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series; provided that 

(a)    such direction shall not be in conflict with any rule of law or with this Indenture; 

(b)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction;
and 
 (c)    the Trustee need not follow any such direction if doing so would in its reasonable discretion either
involve it in personal liability or be unduly prejudicial to Holders not joining in such direction; 
 provided, further, that the
Trustee shall have no obligation to make any determination with respect to any such conflict, personal liability or undue prejudice. 

SECTION 5.13. Waiver of Past Defaults. 

(a)    The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series of Securities of the Issuer and its consequences, except a default: 

(i)    in the payment of the principal of, or any premium or interest on or Additional Amounts on, any Security of such
series; or 

  
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 (ii)    in respect of a covenant or provision hereof which under Article 9
cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected; 
 provided,
however, that all amounts due to the Trustee under Section 6.7 hereof have been paid. 
 (b)    Upon any such
waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right
consequent thereon. 
 SECTION 5.14. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable costs
(including legal fees and expenses) against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to
require such an undertaking or to make such an assessment in any suit instituted by the Issuer or the Guarantor, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10%
in principal amount of the Outstanding Securities of any series of the Issuer, or to any suit instituted by any Holder for the enforcement of the payment of the principal of, or any premium or interest on, or Additional Amounts on any Security of
such series on or after the Stated Maturity or Maturities expressed in the Security Certificate representing such Security (or, in the case of redemption, on or after the Redemption Date). 

SECTION 5.15. Waiver of Stay or Extension Laws. Each of the Issuer and the Guarantor covenants (to the extent that it may lawfully do
so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture and each of the Issuer and the Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE 6 
 THE
TRUSTEE 
 SECTION 6.1. Certain Duties and Responsibilities. 

(a)    Except during the continuance of an Event of Default: 

(i)    The Trustee undertakes to perform, such duties and only such duties as are specifically set forth in this Indenture,
and no implied covenants or obligations shall be read against the Trustee in this Indenture; and 
 (ii)    In the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or 

  
 37 

 
opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein). 
 (b)    In the case of an Event of Default which has occurred and is
continuing with respect to Securities of any series, the Trustee shall, with respect to the Securities of such series, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(c)    No provision of this Indenture shall be construed to relieve the Trustee from its liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i)    this paragraph
(c) shall not be construed to limit the effect of paragraph (a) of this Section; 
 (ii)    the Trustee shall
not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee under this Indenture with respect to Securities of such series; and 

(iv)    no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights and powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
 (d)    Whether or not therein expressly so provided, every provision of
this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

SECTION 6.2. Notice of Defaults. If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the
Holders of Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 5.1(b) with respect to such
Securities, no such notice to such Holders shall be given until the applicable grace period has expired. For the purpose of this Section, the term “Default” means, with respect to the Securities of any series, any event which is, or
after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series; provided, however, that except in the case of a default in the payment of principal of, premium, if any, interest or Additional
Amounts, if any on any Security of such series, the Trustee shall be protected in withholding such notice if, and so long as, a trust committee of Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in
the interest of the Holders. 

  
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 SECTION 6.3. Certain Rights of Trustee. 

Subject to the provisions of Section 6.1: 

(a)    the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it
to be genuine and to have been signed or presented by the proper party or parties, whether such paper or document be delivered in original or by facsimile; 

(b)    any request or direction of the Issuer or the Guarantor mentioned herein shall be sufficiently evidenced by an Order
and any resolution of the Board of Directors of the Issuer or the Guarantor may be sufficiently evidenced by a Board Resolution; 

(c)    whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 

(d)    the Trustee may consult with counsel of its selection and the advice of counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e)    the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders of Securities of a series pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction; 
 (f)    the Trustee shall not
be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Issuer or the Guarantor with reasonable prior notice, personally or by agent or attorney at the reasonable expense of the Issuer or the Guarantor and shall incur no liability of any kind by
reason of such inquiry or investigation, provided that the Trustee shall not be entitled to such information which the Issuer or the Guarantor is prevented from disclosing as a matter of law or contract; 

(g)    the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by
or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

  
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 (h)    the Trustee shall not be liable for any action taken or omitted by it
in good faith and believed by it to be within the discretion, rights or powers conferred upon it by this Indenture; 

(i)    the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of
the Trustee has received written notice of any event which is in fact such a default at the Corporate Trust Office of the Trustee, and such notice references the applicable series of Securities and this Indenture; 

(j)    the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder; 

(k)    the permissive rights of the Trustee enumerated herein shall not be construed as duties of the Trustee; 

(l)    under no circumstances will any party to this Indenture be liable to any other party to this Indenture for any
special, indirect, punitive or consequential loss or damage (including, but not limited to, the loss of business, goodwill, opportunity or profit) whether or not foreseeable and even if advised of the possibility of such loss or damage and
regardless of whether the claim for loss or damage is made in negligence, for breach of contract, breach of trust, breach of fiduciary obligation or otherwise; and 

(m)    the parties hereto shall not be responsible or liable to one another for any failure or delay in the performance of
its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances;
sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; it being understood that
the parties hereto shall use their best efforts to resume performance as soon as practicable under the circumstances. 

  
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 SECTION 6.4. Not Responsible for Recitals or Issuance of Securities. The recitals
contained herein and in any Security Certificate, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer or the Guarantor, and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities of any series. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Issuer of Securities of any series or the proceeds thereof. 
 SECTION 6.5. May Hold Securities. The Trustee, any
Authenticating Agent, any Paying Agent, any Registrar or any other agent of the Issuer or the Guarantor, in its individual or any other capacity, may become the owner or pledgee of Securities of any series and, subject to Sections 6.8 and 6.13, may
otherwise deal with the Issuer and the Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Registrar or such other agent. 

SECTION 6.6. Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the
extent required by law. The Trustee shall be under no liability for interest on or investment of any money received by it hereunder except as otherwise agreed with and for the exclusive benefit of the Issuer or the Guarantor, as the case may be.

 SECTION 6.7. Compensation and Reimbursement. 

(a)    Each of the Issuer and the Guarantor jointly and severally agrees: 

(i)    to pay to the Trustee from time to time such compensation as shall be agreed upon in writing from time to time for
all services rendered by it hereunder; 
 (ii)    except as otherwise expressly provided herein, to reimburse the
Trustee upon its request for all expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and
counsel), except to the extent that any such expense, disbursement or advance shall have been caused by its negligence or willful misconduct; and 

(iii)    to fully indemnify the Trustee and any predecessor Trustee and their agents for, and to hold it harmless against,
any and all loss, liability, damages, claims or expense arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the performance of its duties hereunder, including the costs and expenses of defending
itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent that any such loss, liability or expense may be attributable to its negligence or willful misconduct.

 (b)    The Trustee shall have a lien prior to the Holders of Securities of any series to payment of amounts due it
under this Section 6.7 from funds held by the Trustee hereunder. “Trustee” for purposes hereof includes any predecessor Trustee, but the negligence or bad faith of any Trustee shall not affect the rights of any other Trustee
hereunder. 

  
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 (c)    When the Trustee incurs expenses or renders services in connection
with an Event of Default, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable bankruptcy, insolvency or other
similar law. 
 (d)    The provisions of this Section shall survive the resignation or removal of the Trustee or the
termination of this Indenture. 
 SECTION 6.8. Conflicting Interests. If the Trustee has or shall acquire a conflicting interest
within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. For this purpose
the Trustee shall not be deemed to have a conflicting interest by reason of being Trustee for the Securities of any series and Trustee for the Securities of any other series. 

SECTION 6.9. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder with respect to the Securities of
each series which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least U.S.$50,000,000 and its Corporate Trust Office in the Borough of Manhattan, The City of New
York, New York. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust
Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any
series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

SECTION 6.10. Resignation and Removal; Appointment of Successor. 

(a)    No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

(b)    The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice
thereof to the Issuer. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may
petition at the reasonable expense of the Issuer or the Guarantor any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(c)    The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Issuer and the Guarantor. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been
delivered to the Trustee within 30 days after its removal, the removed Trustee may petition at the reasonable expense of the Issuer or the Guarantor any court of competent jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. 

  
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 (d)    If at any time: 

(i)    the Trustee shall fail to comply with Section 6.8 with respect to the Securities of any series after written
request therefor by the Issuer or the Guarantor or by any Holder who has been a bona fide Holder of a Security of such series for at least six months; 

(ii) the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Issuer or
the Guarantor or by any Holder of a Security of any series; or 
 (iii) the Trustee with respect to the Securities of any series shall
become incapable of acting or shall be adjudged bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation; 
 then, in any such case, (1) the Issuer by a Board Resolution may remove the Trustee with respect to
the applicable or (if required) all, series of Securities, or (2) subject to Section 5.14, any Holder who has been a bona fide Holder of the applicable series of Securities for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee or Trustees with respect to such series of Securities. 

(e)    If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of
Trustee for any cause, with respect to the Securities of one or more series, the Issuer, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that
any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of the applicable series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series
delivered to the Issuer and the Guarantor and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor
Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Issuer. If no successor Trustee with respect to the Securities of the applicable series shall have been so appointed by the
Issuer or the Holders of Securities of such series and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(f)    The Issuer shall give notice of each resignation and each removal of the Trustee with respect to the Securities of
the applicable series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such 

  
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series in the manner provided in Section 1.6. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust
Office. 
 SECTION 6.11. Acceptance of Appointment by Successor. 

(a)    In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor
Trustee so appointed shall execute, acknowledge and deliver to each of the Issuer, the Guarantor and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee, but, upon the request of the Issuer, the Guarantor or the successor
Trustee, such retiring Trustee shall, upon payment of its charges upon the terms of this Indenture, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly
assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

(b)    In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not
all) series of the Issuer, the Issuer, the Guarantor, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series of the Issuer shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be
vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein
and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Issuer and the Guarantor or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 

(c)    Upon request of any such successor Trustee, the Issuer and the Guarantor shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraphs (a) and (b) of this Section, as the case may be. 

  
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 (d)    No successor Trustee shall accept its appointment unless at the time
of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
 SECTION 6.12. Merger, Conversion,
Consolidation or Succession to Business. Any Person into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a
party, or any Person succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided such Person shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Security Certificate representing any Securities of a series shall have been authenticated, but not delivered, by the Trustee then
in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Security Certificate so authenticated with the same effect as if such successor Trustee had itself
authenticated such Security Certificate. 
 SECTION 6.13. Preferential Collection of Claims Against Issuer or Guarantor. The Trustee
shall comply with the Trust Indenture Act, Section 311(a), excluding any creditor relationship listed in the Trust Indenture Act, Section 311(b). A Trustee who has resigned or been removed shall be subject to the Trust Indenture Act,
Section 311(a) to the extent indicated therein. 
 SECTION 6.14. Appointment of Authenticating Agent. 

(a)    The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which
shall be authorized to act on behalf of the Trustee to authenticate each Security Certificate representing Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to
Section 2.7, and each Securities represented by a Security Certificate so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if such Security Certificate was authenticated by
the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Security Certificates by the Trustee or the Trustee’s certificate of authentication such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Issuer and shall
at all times be a Person organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agents, having a combined capital and surplus of
not less than U.S.$50,000,000 and subject to supervision or examination by federal or state authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes, of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

  
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 (b)    Any Person into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency or corporate trust business of
an Authenticating Agent, shall continue to be an Authenticating Agent; provided such corporation shall be otherwise eligible under this Section, without, the execution or filing of any paper or any further act on the part of the Trustee or
the Authenticating Agent. 
 (c)    An Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and to the Issuer. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and shall
give notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section. 
 (d)    If an appointment with respect to one or more series of Securities is made pursuant
to this Section, each Security Certificate representing the Securities of each such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following
form: 
 This is one of the Security Certificate representing the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated: 
  

			
	 The Bank of New York Mellon, 

As Trustee 
  

manually

		
	By:	 	  

		 	As Authenticating Agent

 If all of the Securities of a series may not be originally issued at one time, and if the Trustee does
not have an office capable of authenticating each applicable Security Certificate upon original issuance located in a Place of Payment where the Issuer wishes to have each Security Certificate representing the Securities of such series authenticated
upon original issuance, the Trustee, if so requested by the Issuer in writing (which writing need not comply with Section 1.2 

  
 46 

 
and need not be accompanied by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by such Issuer with
respect of such series of Securities. The Issuer agrees to pay each Authenticating Agent from time to time reasonable compensation for its services and reimbursement for its reasonable expenses relating thereto. 

SECTION 6.15. Trustee’s Application for Instructions from the Issuer. Any application by the Trustee for written
instructions from the Issuer or the Guarantor may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or
such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall
not be less than three Business Days after the date any officer of the Issuer or the Guarantor actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action
(or the effective date in the case of an Omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted. 

SECTION 6.16. Appointment of Co-Trustee. 

(a)    For the purpose of meeting any legal requirement of any jurisdiction in which the Issuer may at the time be located
in connection with the enforcement of any right or the taking of any action on behalf of the Holders of any Securities of a series issued hereunder, the Trustee shall have the power and may execute and deliver all instruments necessary to appoint
one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, hereunder in respect of such series of Securities and to vest in
such Person or Persons, in such capacity and for the benefit of the Holders of Securities of such series, such title hereunder, or any part hereof, and subject to the other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Trustee may consider necessary or desirable. Each co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.9. The
Trustee shall promptly notify the Holders of each applicable series of Securities and the Issuer of the appointment of a co-trustee or separate trustee under this Section. 

(b)    Every separate trustee and co-trustee shall, to the extent permitted by law,
be appointed and act subject to the following provisions and conditions: 
 (i)    all rights, powers, duties and
obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such
separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are
to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee; 

  
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 (ii)    no trustee hereunder shall be personally liable by reason of any act
or omission of any other trustee hereunder; and 
 (iii)    the Trustee may at any time accept the resignation of or
remove any separate trustee or co-trustee. 
 (c)    Any notice, request or other
writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate
trustee or co-trustee shall refer to this Indenture and the conditions of this Article 6. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including
every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection or rights (including the rights to compensation, reimbursement and indemnification hereunder) to, the Trustee. Every such instrument
shall be filed with the Trustee. 
 (d)    Any separate trustee or co-trustee may
at any time constitute the Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Indenture on its behalf and in its name for the purpose of enforcing any rights or taking any other action on behalf of the Holders of any series of Securities issued hereunder. 

ARTICLE 7 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE,
ISSUER AND GUARANTOR 
 SECTION 7.1. Issuer and Guarantor to Furnish Trustee Names and Addresses of
Holders. Each of the Issuer and the Guarantor will furnish or cause to be furnished to the Trustee: 

(a)    semi-annually, not later than 15 days after each Regular Record Date in each year, a list, in such form as the
Trustee may reasonably require, containing all the information in the possession or control of the Issuer or the Guarantor, or any of the Issuer’s Paying Agents other than the Trustee, as to the names and addresses of the Holders of Securities
of each series as of such Regular Record Date; and 
 (b)    at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Issuer or the Guarantor of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 

excluding from any such list names and addresses received by the Trustee in its capacity as Registrar for the Securities of such series. 

SECTION 7.2.    Preservation of Information; Communications to Holders. 

(a)    The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of
Securities of each series contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders of Securities of each series received by the Trustee in its capacity as Registrar for the
Securities of such series. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished. 

  
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 (b)    The rights of the Holders of the Securities of such series to
communicate with other Holders of the Securities of such series with respect to their rights under this Indenture or under the Securities of such series, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust
Indenture Act. 
 (c)    Every Holder of Securities, by receiving and holding the same, agrees with the Issuer, the
Guarantor and the Trustee that none of the Issuer, the Guarantor nor the Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust
Indenture Act. 
 SECTION 7.3.    Reports by Trustee. 

(a)    Within 60 days after May 15 of each year commencing with the first May 15 following the first issuance of
Securities pursuant to Section 2.1, the Trustee shall transmit to Holders such reports, if any, dated as of such May 15, concerning the Trustee and its actions under this Indenture as may be required pursuant to Section 313(a) of the
Trust Indenture Act in the manner provided pursuant to Section 313(c) thereof; the Trustee shall also transmit to Holders such reports, if any, as may be required pursuant to Section 313(b) of the Trust Indenture Act at the times and in
the manner provided pursuant thereto and to Section 313(c) thereof. A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the
Commission and with the Issuer. The Issuer will notify the Trustee reasonably promptly when the Securities of any series are listed on any stock exchange or delisted therefrom. 

SECTION 7.4.    Reports by Issuer and Guarantor. 

(a)    Each of the Issuer and the Guarantor shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, including financial information and statements and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided
that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is filed with the Commission. 

(b)    Delivery of such reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 SECTION 7.5. Calculation of Original Issue Discount.
The Issuer shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end
of such year and (ii) such other specific information relating to such original issue discount as may then be relevant under the Code and the Treasury regulations promulgated thereunder. 

  
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 ARTICLE 8 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE;

 ASSUMPTION 

SECTION 8.1.    Merger, Consolidation, Etc., Only on Certain Terms. Neither the Issuer nor the Guarantor shall
consolidate with or merge (which term shall include for the avoidance of doubt a scheme of arrangement) into any other Person or convey, transfer or lease all or substantially all of its assets to any Person, and neither the Issuer nor the Guarantor
shall permit any Person to consolidate with or merge into the Issuer or the Guarantor, convey, transfer or lease all or substantially all of its assets to the Issuer or the Guarantor, unless: 

(a)    in the case the Issuer or the Guarantor shall consolidate with or merge into another Person or convey, transfer or
lease all or substantially all of its assets to any Person, the Person formed by such consolidation or into which the Issuer or the Guarantor is merged or the Person which acquires by conveyance or transfer, or which leases, all or substantially all
of the assets of the Issuer or the Guarantor shall be a corporation, partnership or trust, shall be organized and validly existing, under the laws of the Kingdom of Spain or a member of the European Union or an Organization for Economic Cooperation
and Development (“OECD”) country and shall expressly assume, by a supplemental indenture that complies with the Trust Indenture Act executed and delivered to the Trustee in form and substance reasonably satisfactory to the Trustee,
the due and punctual payment of the principal of and any premium and interest (including all Additional Amounts and any additional sums payable pursuant to (b) below) (i) in the case of the Issuer, on all the Securities of each series and
(ii) in the case of the Guarantor, under the Guarantees, and the performance or observance of every covenant of this Indenture relating thereto on the part of the Issuer to be performed or observed and, in the case of the Guarantor, the due and
punctual payment of the principal of and any premium and interest (including all Additional Amounts and any additional sums payable pursuant to paragraph (b) below) on all the Securities of each series and the performance or observance of every
covenant of this Indenture and the Guarantees relating thereto on the part of the Guarantor to be performed or observed; 

(b)    if the Person formed by such consolidation or into which the Issuer or the Guarantor is merged or to whom the Issuer
or the Guarantor has conveyed, transferred or leased its properties or assets is a Person organized and validly existing under the laws of a jurisdiction other than the Kingdom of Spain such Person agrees to indemnify the Holder of each Security of
each series against (i) any tax, assessment or governmental charge imposed on any such Holder or required to be withheld or deducted from any payment to such Holder as a consequence of such consolidation, merger, conveyance, transfer or lease;
and (ii) any costs or expenses of the act of such consolidation, merger, conveyance, transfer or lease; 

(c)    immediately prior to the consummation of such transaction, no Event of Default with respect to a series of
Securities shall have occurred; 

  
 50 

 (d)    the consummation of such transaction must not cause an Event of
Default under the Securities of any series or the Guarantees which the Issuer or the Guarantor, as the case may be, does not reasonably believe can be cured within 90 days from the date of such transaction; and 

(e)    the Issuer or the Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with. 
 SECTION 8.2.    Successor
Substituted. Upon any consolidation of the Issuer or the Guarantor with, or merger of the Issuer or the Guarantor into, any other Person or any conveyance, transfer or lease all or substantially all of the assets of the Issuer or the Guarantor
in accordance with Section 8.1, the successor Person formed by such consolidation or into which the Issuer or the Guarantor is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer or the Guarantor, as the case may be, under this Indenture with the same effect as if such successor Person had been named as the Issuer or the Guarantor herein, as the case may be, and thereafter,
except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities of each series or Guarantees, as the case may be. 

SECTION 8.3.    Assumption by Guarantor or Subsidiary of Issuer’s Obligations.  

(a)    The Guarantor or any Subsidiary of the Guarantor may assume the obligations of the Issuer (or any Person which shall
have previously assumed the obligations of the Issuer) for the due and punctual payment of the principal of (and premium, if any), interest on and any other payments with respect to the Securities of each series, and for the performance of every
covenant of this Indenture and the Securities of each series on the part of the Issuer to be performed or observed, provided that; 

(i)    the Guarantor or such Subsidiary, as the case may be, shall expressly assume such obligations by an indenture
supplemental hereto, in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee and if such Subsidiary assumes such obligations, the Guarantor shall, by such supplemental indenture, confirm that each of its Guarantees
shall apply to such Subsidiary’s obligations under the applicable series of Securities and this Indenture, as modified by such supplemental indenture; 

(ii)    the Guarantor or such Subsidiary, as the case may be, shall agree in such supplemental indenture that the
provisions in Section 10.4 shall apply mutatis mutandis to any withholding or deduction for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which the Guarantor
or such Subsidiary (or any successor Person to the Guarantor of such Subsidiary) is organized, or any political subdivision or taxing authority thereof or therein; 

  
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 (iii)    immediately after giving effect to such transaction, no Event of
Default with respect to a series of Securities shall have occurred and be continuing; and 
 (iv)    the Guarantor or
such Subsidiary, as the case may be, shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such assumption and such supplemental indenture comply with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied with. 
 (b)    Upon any such assumption,
the Guarantor or such Subsidiary shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if the Guarantor or such Subsidiary had been named as an
“Issuer” herein, and the Person named as an “Issuer” in the first paragraph of this instrument or any successor Person which shall theretofore have become such in the manner prescribed in this Article shall be
released from its liability as obligor upon the Securities of such series. 
 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

SECTION 9.1.    Supplemental Indentures Without Consent of Holders. Without the consent of the Holders of a series
of Securities, the Issuer, the Guarantor and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, to: 

(a)    secure the Securities of such series; 

(b)    evidence the succession of another person to the Issuer or the Guarantor and the assumption by any such successor of
the covenants and agreements of the Issuer or the Guarantor herein and in the Securities of such series; 

(c)    evidence or provide for the acceptance of appointment hereunder by a successor trustee with respect to the
Securities of such series; 
 (d)    change the terms of the Securities of such series to correct a manifest error (for
the avoidance of doubt, no other modification may be made to the terms of the Securities of such series); 
 (e)    cure
any ambiguity or to correct or supplement any provision contained in this Indenture or any indenture supplemental hereto which may be defective or inconsistent with any other provision contained herein or in any indenture supplemental hereto; 

(f)    to delete, amend or supplement any provision contained in this Indenture or in any indenture supplemental hereto,
provided that no such amendment or supplement shall materially adversely affect the interests of the Holders of any Securities then Outstanding; or 

(g)    to establish the form or terms of Securities of any series as permitted by Section 2.1. 

SECTION 9.2.    Supplemental Indentures with Consent of Holders. 

  
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 (a)    With the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Issuer, the Guarantor and the Trustee, the Issuer, when authorized by a Board Resolution or other
appropriate corporate authorization, the Guarantor, when authorized by a Board Resolution or other appropriate corporate authorization, and the Trustee may enter into one or more indentures supplemental hereto for the purpose of adding provisions
to, or changing in any manner or eliminating any of the provisions of, this Indenture or waiving any past defaults with respect to the Securities of such series or this Indenture, or modifying the rights of the Holders of such series of Securities;
provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 

(i)    change the Stated Maturity of the principal or of any installment of the principal of or interest, if any, on any
Security of such series; 
 (ii)    reduce the principal amount of any Security of such series; 

(iii)    reduce the rate or extend the time of payment of interest on any Security of such series; 

(iv)    reduce the amount payable on redemption of any Security of such series; 

(v)    change the obligations of the Issuer or the Guarantor to pay Additional Amounts on any Security of such series;

 (vi)    waive a default in the payment of principal of, or interest on, any Security of such series; 

(vii)    change the currency in which the principal, premium, or interest on any Security of such series is payable; 

(viii)    impair the right of any holder to take legal action to enforce the payment on the Securities of such series or
the Guarantees relating to such series when due; or 
 (ix)    reduce the quorum requirements or the percentage of
Securities of such series the consent of whose Holders is required for modification of this Indenture. 
 (b)    It shall
not be necessary under this Section 9.2 for Holders to approve the particular form of any proposed supplemental indenture. 

(c)    A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has
expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect
the rights under this Indenture of the Holders of Securities of any other series. 
 SECTION 9.3.    Execution of
Supplemental Indentures. 

  
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 (a)    The Trustee shall execute any supplemental indenture authorized
pursuant to this Section 9.3; provided that the Trustee may, but shall not be obligated to, execute any supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture. The Trustee shall be
entitled to receive, and shall be fully protected in relying upon, in addition to the documents set forth in Section 1.2, an opinion of counsel stating that the execution of any supplemental indenture authorized pursuant to this
Section 9.3 is authorized or permitted by this Indenture. 
 (b)    Upon the execution of a supplemental indenture
pursuant to this Section 9.3, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and each holder of Securities of the series so amended or supplemented
theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
 SECTION 9.4.    Effect of
Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities of each applicable series represented by a Security Certificate affected thereby theretofore or thereafter authenticated and delivered hereunder shall be bound thereby, except as otherwise expressed therein. 

SECTION 9.5.    Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article
shall conform to the requirements of the Trust Indenture Act as in effect at the time of the execution thereof. 
 SECTION
9.6.    Reference in Security Certificates to Supplemental Indentures. Each Security Certificate representing the Securities of any series authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required, by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer and the Guarantor shall so determine, one or more new
Security Certificates representing Securities of any series so modified as to conform, in the opinion of the Trustee and the Issuer and the Guarantor, to any such supplemental indenture may be prepared and executed by the Issuer, the Guarantees of
the Guarantor may be endorsed thereon and each such Security Certificate may be authenticated and delivered by the Trustee in exchange for each Security Certificate then representing the Outstanding Securities of such series. 

ARTICLE 10 

COVENANTS 
 SECTION
10.1. Payment of Principal, Premium, Interest and Additional Amounts. The Issuer covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of, and any premium, interest and Additional
Amounts on, the Securities of that series in accordance with the terms of the Securities of that series and this Indenture. 
 SECTION 10.2.
Maintenance of Office or Agency. 
 (a)    The Issuer or the Guarantor will maintain in each Place of Payment for
any series of Securities an office or agency where such Security Certificate representing the 

  
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Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to
or upon the Issuer in respect of the Securities of that series and this Indenture may be served. 
 (b)    Each of the
Issuer and the Guarantor will give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the Issuer or the Guarantor shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee and the Issuer and the Guarantor hereby appoint the same as
its agent to receive all such presentations, surrenders, notices and demands. 
 (c)    The Issuer may also from time to
time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency in place of payment for Securities of any series for such purposes. The Issuer will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or agency upon receiving notice of any such change. 

SECTION 10.3. Money for Securities Payments to Be Held in Trust. 

(a)    If the Issuer or the Guarantor shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of, or any premium or interest on, any of the Securities of that series, segregate and hold in trust, in a jurisdiction other than the Kingdom of Spain, for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or
failure so to act. 
 (b)    The Issuer shall have one or more Paying Agents for any series of Securities. The Issuer or
the Guarantor, as the case may be, will, on or prior to each due date of the principal of, or any premium or interest or Additional Amounts on, any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount for the
benefit of the Persons entitled thereto, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Issuer or the Guarantor, as the case may be, will promptly notify the Trustee of its action or
failure so to act. Upon the deposit with the Paying Agent for any series of Securities of a sum sufficient to pay the principal of, or any premium or interest or Additional Amounts on, any Securities of that series, the Issuer or the Guarantor, as
the case may be, will have fully complied with its payment obligations under this Section 10.3(b) with respect to any such amount. 

(c)    The Issuer will cause each Paying Agent (unless such Paying Agent is the Trustee) for any series of Securities to
execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (i) comply with the provisions of the Trust Indenture Act
applicable to it as a Paying Agent and (ii) during the continuance of any 

  
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default by the Issuer (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, and upon the written request of the
Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 

(d)    The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any
other purpose, pay, or by Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer
or such Paying Agent, and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

(e)    Any money deposited, with the Trustee or any Paying Agent, or then held by the Issuer or the Guarantor, in trust for
the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer automatically, or (if
then held by the Issuer or the Guarantor) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an general creditor, look only to the Issuer or the Guarantor for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the Issuer or the Guarantor as trustee thereof, shall thereupon cease. Unless otherwise provided by applicable law, the right to receive payment of principal of any Security
(whether at Maturity or otherwise) or interest there will become void at the end of three years after the due date thereof. 
 SECTION 10.4.
Additional Amounts. 
 (a)    All amounts payable (whether in respect of principal, redemption amount, interest or
otherwise) in respect of the Securities of a series and the related Guarantee by the Issuer or the Guarantor will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, assessments or
governmental charges of whatever nature imposed or levied by or on behalf of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, unless the withholding or deduction of such
taxes, duties, assessments or governmental charges is required by law. In the event that such withholding or deduction is required by law, unless otherwise specified in any Board Resolution or other appropriate corporate authorization of the Issuer
or the Guarantor establishing the terms of Securities of a series or the Guarantees relating thereto or in an indenture supplemental hereto or the matters relating thereto, in accordance with Section 2.1, the Issuer or the Guarantor shall pay
such Additional Amounts as will result in receipt by the Holders of such series of Securities of such amounts as would have been received by them had no such withholding or deduction been required; provided, however, that the Issuer and the
Guarantor will not be required to pay any Additional Amounts in respect of any Security of a series: 
 (i)    in
respect of which the Holder (or the Beneficial Owner for whose benefit it holds such Security) is liable for such taxes, duties, assessments or governmental charges in respect of such Security by reason of it (or the Beneficial

  
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Owner for whose benefit it holds such Security) having some connection with the Kingdom of Spain other than (a) the mere holding of such Security (or such beneficial interest) or
(b) the receipt of principal, redemption amount, interest or otherwise in respect of such Security; 
 (ii)    in
respect of which the Issuer or the Guarantor have not received such documentation or information as may be necessary to allow payments on such Security to be made free and clear of Spanish withholding tax or deduction on account of Spanish taxes,
including a duly executed and completed payment statement from the Paying Agent, pursuant to Law 10/2014 of June 26 and Royal Decree 1065/2007 of July 27, each as amended, and any implementing legislation or regulation, or pursuant to any
other law or regulation substituting or amending such law or regulation; 
 (iii)    in relation to any estate,
inheritance, gift, sales, transfer or similar taxes; 
 (iii)    presented for payment (where presentation is required)
more than 30 days after the Relevant Date (as defined below), except to the extent that the relevant Holder would have been entitled to such Additional Amounts on presenting the same for payment on the expiry of such period of 30 days; 

(iv)    presented for payment (where presentation is required) by or on behalf of a Holder (or Beneficial Owner) who would
have been able to avoid such withholding or deduction by presenting the relevant Security to another paying agent; 

(vi)    in the event that such Security is redeemed pursuant to Section 11.8(b) hereof; or 

(vii)    in respect of any withholding or deduction that is imposed pursuant to Sections 1471 through 1474 of the U.S.
Internal Revenue Code of 1986 and the U.S. Treasury regulations thereunder (“FATCA”), any intergovernmental agreement between the United States and any other jurisdiction implementing or relating to FATCA, any law, regulation,
guidance or interpretations enacted or issued in any jurisdiction with respect thereto, or any agreements entered into in connection with the implementation thereof, 

provided further that Additional Amounts in respect of the Securities of a series will also not be paid with respect to any payment to a Holder
of any Securities of such series who is a fiduciary, a partnership, a limited liability company or other than the sole Beneficial Owner of that payment, to the extent that payment would be required by the laws of the Kingdom of Spain (or any
political subdivision thereof or any authority or agency therein or thereof having power to tax) to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest
holder in that limited liability company or a Beneficial Owner who would not have been entitled to the Additional Amounts had it been the Holder. 

For the purposes of Section 10.4(a)(iii) above, the “Relevant Date” means, in respect of any payment, the date on which
such payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the Paying Agent on or prior to such due date, it 

  
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means the first date on which the full amount of such moneys having been so received and being available for payment to Holders, notice to that effect shall have been duly given to the Holders in
accordance with this Indenture. 
 (b)    The foregoing provisions shall apply mutatis mutandis to any withholding
or deduction for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any successor Person to the Issuer or the Guarantor, as the case may be, is organized, or any
political subdivision or taxing authority thereof or therein, subject to exceptions equivalent to those set forth in Section 10.4(a) above. 

(c)    Subject to the foregoing provisions, whenever in this Indenture there is mentioned, in any context, the payment of
the principal of or any premium or interest on, or in respect of, any Security of any series or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of
Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment of additional
amounts (if applicable) in any provisions hereof shall not be construed as excluding additional amounts in those provisions hereof where such express mention is not made. 

SECTION 10.5. Statement by Officers as to Default. 

(a)    For so long as any Securities of any series are Outstanding, each of the Guarantor and the Issuer will deliver to
the Trustee, within 120 days after the end of each fiscal year of the Guarantor ending after the date hereof, an Officer’s Certificate, stating whether or not to the knowledge of the signer or signers thereof the Issuer or the Guarantor, as the
case may be, is in compliance with all conditions and covenants under this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Issuer or the Guarantor shall not be in compliance specifying all
instances of noncompliance and the nature and status thereof of which they may have knowledge. 
 (b)    Each of the
Issuer and the Guarantor shall deliver to the Trustee, as soon as possible, and in any event within ten days after the Issuer or the Guarantor becomes aware of the occurrence of any Event of Default, an Officers’ Certificate setting forth the
details of such Event of Default or default and the action which the Issuer proposes to take with respect thereto. 
 SECTION 10.6.
Existence. Subject to Article 8, the Issuer and the Guarantor each will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises;
provided, however, that neither the Issuer nor the Guarantor shall be required to preserve any such right or franchise if its respective Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of
the business of the Issuer or the Guarantor, as the case may be, and that the loss thereof is not disadvantageous in any material respect to the Holders of any series of Securities. 

SECTION 10.7. Limitation on Liens. So long as any of the Securities of a series remains Outstanding, neither the Issuer nor the
Guarantor will create or will have outstanding any 

  
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Encumbrance upon the whole or any part of its present or future assets, in order to secure any Relevant Indebtedness issued or guaranteed by the Issuer, the Guarantor or by any other Person
unless such Securities of a series are equally and ratably secured therewith, for as long as such Relevant Indebtedness shall be so secured; provided, however, that the foregoing restriction shall not apply to any Encumbrance securing
Relevant Indebtedness issued or guaranteed by the Guarantor, the Issuer or any other Person if the Relevant Indebtedness so secured (a) was originally offered, distributed or sold primarily to the residents of the Kingdom of Spain; (b) by
its terms matures within one year of its date of issue, or (c) if such Encumbrance affects assets of an entity which, when such Encumbrance was created, was unrelated to the Guarantor or the Issuer and which was subsequently acquired by the
Guarantor or the Issuer; and provided, further, that nothing in this Section shall limit the ability of the Issuer or the Guarantor, as the case may be, to grant or permit to subsist Encumbrances over any or all of their respective
present or future assets to secure Relevant Indebtedness issued or guaranteed by the Issuer, the Guarantor or any other Person, to the extent that the aggregate principal amounts so secured do not exceed 5% of the Consolidated Net Tangible Assets of
the Guarantor, as reflected in the most recent balance sheet of the Guarantor (prepared in accordance with generally accepted accounting principles as in effect at the date of such computation and as applied by the Guarantor) prior to the time such
Relevant Indebtedness was issued or guaranteed. 
 SECTION 10.8. Covenant Defeasance of Securities of Any Series. 

(a)    Except as otherwise provided as contemplated by Section 2.1 with respect to any series of Securities, the
Issuer and the Guarantor may by Board Resolution elect to be released from their respective obligations under any specified provisions of this Indenture applicable to any series of Securities Outstanding, and the provisions so specified in such
Board Resolution, as they relate to Outstanding Securities of such series, shall no longer be in effect (“Covenant Defeasance”), and the Trustee, at the expense of the Issuer, shall, upon the Order of the Issuer or the Guarantor,
execute proper instruments acknowledging the same, when: 
 (i)    the Issuer or the Guarantor has deposited or caused
to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.9), irrevocably (irrespective of whether the conditions in subparagraphs (ii), (iii), (iv), (v), (vi), (vii) and (viii) below have been
satisfied, but subject to the provisions of Section 4.2 and Section 10.3(e)), as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of that series with
reference to this Section 10.8, in the case of a series of Securities denominated in United States dollars, United States money or U.S. Government Obligations, and in the case of a series of Securities denominated in a currency other than U.S.
dollars, funds in such currency, in each case in an amount which, through the payment of interest and principal in respect thereof in accordance with their terms, in an amount which will provide not later than the opening of business on the due date
of any payment referred to in clause (1), (2) or (3) of this subparagraph (i), in the case of a Series of Securities denominated in United States dollars, United States money or U.S. Government Obligations, and in the case of a series of
Securities denominated in a currency other than U.S. dollars, funds in such currency, in an amount sufficient, in the opinion of an internationally recognized firm of independent public accountants expressed in a

  
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written certification thereof delivered to the Trustee, to pay and discharge (1) the principal of (and premium, if any), (2) interest on and (3) Additional Amounts, if any, on such
Outstanding Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities; and 

(ii)    such deposit does not result in a breach or violation of, or constitute a default under, this Indenture or any
other agreement or instrument to which the Issuer or the Guarantor is a party or by which either is bound; and 

(iii)    no Event of Default with respect to the Securities of that series has occurred and is continuing on the date of
such deposit and no Event of Default under Section 5.1(e), Section 5.1(f) or Section 5.1(h) is in occurrence and continues on a date which is six months after the date of such deposit; and 

(iv)    the Issuer or the Guarantor has delivered to the Trustee an Opinion of Counsel of recognized standing with respect
to U.S. federal income tax matters to the effect that the Holders of the Securities of that series will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit and Covenant Defeasance and will be
subject to United States federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit and Covenant Defeasance had not occurred; and 

(v)    such Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act (assuming all Securities are in default within the meaning of the Trust Indenture Act); and 

(vi)    such Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment
company within the meaning of the Investment Company Act; and 
 (vii)    if the Securities of that series are then
listed on any securities exchange, the Issuer or the Guarantor has delivered to the Trustee an Opinion of Counsel of recognized standing to the effect that such deposit and Covenant Defeasance will not cause such Securities to be delisted from such
exchange; and 
 (viii)    the Issuer or the Guarantor has delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel of recognized standing, each stating that all conditions precedent provided for relating to the Covenant Defeasance of the specified provisions of this Indenture as they relate to the Outstanding Securities of such series have
been complied with as contemplated by this Section. 
 (b)    From and after the date when the foregoing conditions have
been met, the Issuer or the Guarantor, as the case may be, may omit to comply with, and shall have no liability in respect of, any term, covenant, condition or limitation set forth in any of the specified provisions of this Indenture with respect to
which the Covenant Defeasance has taken place as contemplated herein, but the remainder of this Indenture and the Securities of any other series will be unaffected thereby. 

  
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 ARTICLE 11 

REDEMPTION OF SECURITIES 

SECTION 11.1. Applicability of Article. Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 2.1 for Securities of any series) in accordance with this Article. 

SECTION 11.2. Election to Redeem: Notice to Trustee. The election of the Issuer to redeem any Securities of any series shall be
evidenced by a Board Resolution. In case of any redemption at the election of the Issuer of all or less than all the Securities of any series (including any such redemption affecting only a single Security), the Issuer shall, at least 60 days prior
to the Redemption Date fixed by the Issuer (unless a shorter notice shall be reasonably satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable,
of the tenor of the Securities to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Issuer shall
furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction. 
 SECTION 11.3. Selection by Trustee
of Securities to Be Redeemed. 
 (a)    If less than all the Securities of any series are to be redeemed (unless all
of the Securities of such series and of a specified tenor are redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the
Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount
of Securities of such series, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination which shall not be less than the minimum authorized denomination for such Security. If less than
all of the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date
by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence, and the Trustee shall promptly notify the Issuer in writing of the Securities selected
for redemption and, in the case of any Securities selected for partial redemption, the principal amounts thereof to be redeemed. 

(b)    The provisions of the preceding paragraph shall not apply with respect to any redemption affecting only a single
Security of a series, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of such Security shall be in an authorized denomination (which shall not be
less than the minimum authorized denomination) for such Security. 
 (c)    For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Securities of a series shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities of
such series which has been or is to be redeemed. 

  
 61 

 SECTION 11.4. Notice of Redemption. 

(a)    Notice of redemption shall be given by first-class mail postage prepaid, mailed not less than 30 nor more than 60
days prior to the Redemption Date to each Holder of Securities of the applicable series to be redeemed at his or her address appearing in the Register. All notices of redemption shall state: 

(i)    the Redemption Date; 

(ii)    the Redemption Price; 

(iii)    if less than all the Outstanding Securities of a series consisting of more than a single Security are to be
redeemed, the identification (and, in the case of partial redemption of any Securities, the principal amounts) of the particular Securities of that series to be redeemed and if less than all the Outstanding Securities of any series consisting of a
single Security are to be redeemed, the principal amount of the particular Securities of that series to be redeemed; 

(iv)    that on the Redemption Date the Redemption Price, net of any withholding required by Spanish law and regulations,
will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date; 

(v)    the place or places where each such Security is to be surrendered for payment of the Redemption Price; 

(vi)    that the redemption is for a sinking fund, if such is the case; and 

(vii)    the CUSIP and ISIN number or numbers, if any, with respect to such Securities. 

(b)    Notice of redemption of a series of Securities to be redeemed at the election of the Issuer shall be given by the
Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer and shall be irrevocable. 
 SECTION
11.5. Deposit of Redemption Price. On or prior to any Redemption Date, the Issuer or the Guarantor, as the case may be, shall deposit with the Trustee or with a Paying Agent (or, if the Issuer or the Guarantor is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of all the Securities of the series which are to be redeemed on that date. Upon the deposit with the Trustee or with a
Paying Agent of a sum sufficient to pay the Redemption Price of all the Securities of the series which are to be redeemed on that date, the Issuer or the Guarantor, as the case may be, will have fully complied with its payment obligations under this
Section 11.5 with respect to any such amount. 
 SECTION 11.6. Securities Payable on Redemption Date. 

  
 62 

 (a)    Notice of redemption having been given as aforesaid, the Securities of
any series so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Issuer shall default in the payment of the Redemption Price) such Securities shall
cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Issuer at the Redemption Price; provided, however, that unless otherwise specified as contemplated by
Section 2.1, installments of interest on Securities of a series whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Security, registered as such at the close
of business on the relevant Record Dates according to their terms and the provisions of Section 2.8. 
 (b)    If
any Security of any series called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.

 SECTION 11.7. Securities Redeemed in Part. Any Security of a series which is to be redeemed only in part shall be surrendered at a
Place of Payment therefor (with, if the Issuer or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly
authorized in writing), and the Issuer shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of principal of the Security so surrendered. 

SECTION 11.8. Early Redemption for Taxation Reasons. 

(a)    If, in relation to the Securities of a series, (i) as a result of any change in the laws or regulations of the
Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or in the interpretation or administration of any such laws or regulations which becomes effective on or after the date of
issuance of the Securities of such series, (x) the Issuer or the Guarantor, as the case may be, is or would be required to pay any Additional Amounts (y) the Guarantor is or would be required to deduct or withhold tax on any payment to the
Issuer to enable the Issuer to make any payment of principal, premium, if any, or interest on the Securities of such series, provided that such payment cannot with reasonable effort by the Guarantor be structured to avoid such deduction or
withholding and (ii) such circumstances are evidenced by the delivery by the Issuer or the Guarantor, as the case may be, to the Trustee of a certificate signed by an authorized officer or director of the Issuer or the Guarantor, as the case
may be, stating that such circumstances prevail and describing the facts leading to such circumstances, together with an opinion of independent legal advisers of recognized standing to the effect that such circumstances prevail, the Issuer or the
Guarantor, as the case may be, may, at its option and upon proper notice as provided in this Indenture, redeem all of the Outstanding Securities at the applicable Redemption Price. No such notice of redemption may be given earlier than 90 days prior
to the date on which the Issuer or the Guarantor would be obligated to pay such Additional Amounts were a payment in respect of the Securities then due. 

  
 63 

 (b)    In addition, if so specified pursuant to Section 2.1 in respect
of any series of Securities, if such series of Securities is not listed on a regulated market, multilateral trading facility or other organized market no later than 45 days prior to the first Interest Payment Date on such series of Securities, the
Issuer or the Guarantor, as the case may be, may, at its respective option and having given no less than 15 days’ notice (ending on a day which is no later than the Business Day immediately preceding such first Interest Payment Date) to the
Holders of such series of Securities and upon proper notice as provided in this Indenture (which notice shall be irrevocable) redeem all of the outstanding Securities of such series at the applicable Redemption Price; provided that from and
including the issue date of the Securities of such series to and including such Interest Payment Date, the Issuer will use its reasonable best efforts to obtain or maintain such listing, as applicable. 

(c)    In the case of any successor Person to the Issuer or the Guarantor, the foregoing provision shall apply mutatis
mutandis with respect to any jurisdiction in which such successor Person to the Issuer or the Guarantor, as the case may be, is organized, or any political subdivision or taxing authority thereof or therein, except that the change of laws or
regulations or interpretations or the administration thereof referred to in Section 11.8(a) above (other than if the relevant jurisdiction is Spain in which case the relevant date remains the date of issuance) must occur on or after the date
the successor Person assumes the obligations of the Issuer or Guarantor, as the case may be. 
 ARTICLE 12 

SINKING FUNDS 

SECTION 12.1. Sinking Funds. Unless otherwise provided in a supplemental indenture for the applicable series of Securities as
contemplated by or pursuant to Section 2.1, no series of Securities will be subject to, or credited to the benefit, of any sinking fund. 

ARTICLE 13 
 USA
PATRIOT ACT 
 SECTION 13.1. USA Patriot Act. The parties hereto acknowledge that, in accordance with
Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2011)) (as amended, modified or supplemented from time to the, the “USA Patriot Act”),
the Trustee is required to obtain, verify and record information that identifies each person or legal entity that opens an account. The parties to this Indenture agree that they will provide the Trustee with such information as the Trustee may
request in order for the Trustee to satisfy the requirements of the USA Patriot Act. 

  
 64 

 IN WITNESS WHEREOF, each of the parties hereto has
caused this Indenture to be duly executed on its behalf as of the date first above written. 
  

					
	 TELEFÓNICA EMISIONES, S.A.U.,

as Issuer

		
	By:	 	 /s/ Eduardo José Álvarez Gómez

		 	Name:	 	Eduardo José Álvarez Gómez
		 	Title:	 	Authorized Officer

  

					
	 TELEFÓNICA, S.A.
 as
Guarantor

		
	By:	 	 /s/ Carlos David Maroto Sobrado

		 	Name:	 	Carlos David Maroto Sobrado
		 	Title:	 	Authorized Officer
	
	 The Bank of New York Mellon,
 as
Trustee

		
	By:	 	 /s/ Elizabeth Stern

		 	Name:	 	Elizabeth Stern
		 	Title:	 	Vice President

 EXHIBIT A 

FORM OF SECURITY CERTIFICATE 

TELEFÓNICA EMISIONES, S.A.U. 

[    %] [Floating / Fixed Rate] Guaranteed [Notes] due     

Payment of Principal [Premium, if any,] and 

Interest Fully and Unconditionally Guaranteed by 

TELEFÓNICA, S.A. 
  

					
	 No.
	  	 CUSIP No.

ISIN No.    
	  	

 [If Global Certificate, insert - UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR DEFINITIVE
CERTIFICATES, THIS GLOBAL CERTIFICATE MAY BE TRANSFERRED, IN WHOLE AND NOT IN PART, ONLY: (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (II) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR TO ANOTHER NOMINEE OF THE DEPOSITARY,
OR (III) BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY, AND TRANSFERS OF THE SECURITIES REPRESENTED BY THIS GLOBAL CERTIFICATE AND ANY BENEFICIAL INTERESTS IN ANY SECURITIES
REPRESENTED BY THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO BELOW.] 

[If Global Certificate deposited with DTC, insert - UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.] 
 TELEFÓNICA EMISIONES, S.A.U., a sociedad
anónima unipersonal incorporated under the laws of the Kingdom of Spain (herein called the “Issuer”, which term includes any successor Person under the Indenture referred to hereinafter), for value received, hereby
promises to             , or registered assigns, the principal sum of              , as revised by the Schedule of Increases or
Decreases attached hereto, on              [If the Security is to bear interest prior to Maturity, insert-            ,]
and to pay interest thereon from             , or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
[             in arrears              on             ,
            ,             and              in each year], commencing
            , [If fixed rate securities, insert- at the rate of             % per annum] [If floating rate securities,
insert- formula for determining the interest rate] until the principal hereof is paid or made available for payment [if applicable, insert- provided, that any 

  
 A-1 

 
principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of     % per annum (to the extent that the payment of such
interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand.] The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such Interest Payment Date,
which shall be              immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder
on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be
fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

[If the Security is not to bear interest prior to Maturity, insert - The principal of this Security shall not bear interest except in
the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity, and in such case the overdue principal and any overdue premium shall bear interest at the rate of
            % per annum (to the extent that the payment of such interest shall be legally enforceable), from the date such amounts are due until they are paid or made available for payment.
Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal or premium which is not so paid on demand shall bear interest at the rate of
            % per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made
available for payment. Interest on overdue interest shall be payable on demand.] 
 [If the issuance is denominated in a currency
different from Euro, insert - For informational purposes only, without any substantive effect whatsoever and solely in order to comply with Article 413, letter (d) of the Spanish Law on Corporations (Ley de Sociedades de Capital),
approved by Royal Decree (Real Decreto Legislativo) 1/2010, of July 2, it is hereby noted that, as of the issue date of the Securities represented hereby the principal amount of this series of Securities is equivalent to
€            , based on the Noon Buying Rate for     of $             per €1.00. Amounts due under
the Securities shall not under any circumstances whatsoever be payable in any currency other than              or such coin or currency of
             as at the time of payment shall be legal tender for the payment of public and private debts.] 

[             shall act as Paying Agent with respect to the Securities of this
series.] 
 Reference is hereby made to the further provisions of the Securities of this series set forth on the reverse of this Security
Certificate, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual signature of an authorized signatory, the Securities represented by this Security Certificate shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 [The public deed of issuance (escritura de emisión) related to the Securities
represented hereby was executed on             before             , Notary Public of Madrid with the number
             of the files.] 

  
 A-3 

 IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed manually [or in facsimile]. 
  

					
	Dated:	 	 TELEFÓNICA EMISIONES, S.A.U.

			
		 	By:	 	  

		 		 	Name:
		 		 	Title: Director (Administrador Solidario)

 CERTIFICATE OF AUTHENTICATION 

This is one of the Security Certificates representing the Securities of the series designated thereon referred to in the within-mentioned
Indenture. 
  

			
	 THE BANK OF NEW
YORK MELLON, 
 as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

 This Security Certificate is unconditionally and irrevocably guaranteed by Telefónica, S.A. on
the terms set forth in the within-mentioned Guarantee pursuant to the Indenture. 
  

			
	 TELEFÓNICA, S.A.

		
	By:	 	  

		 	Name:
		 	Title:

  
 A-4 

 FORM OF REVERSE OF
SECURITY 
 This Security Certificate is one of the Security Certificates representing a duly authorized issue of securities
of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of              (herein called the
“Indenture” which term shall have the meaning assigned to it in such instrument), among the Issuer, Telefónica, S.A., a sociedad anónima incorporated under the laws of the Kingdom of Spain (herein called the
“Guarantor”, which term includes any successor Person under the Indenture referred to herein), and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any other successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Guarantor, the Trustee and the Holders of the Securities
and of the terms upon which each Security Certificate representing the Securities is, and is to be, authenticated and delivered. This Security Certificate represents the Securities of the series designated on the face hereof [, limited in aggregate
principal amount to [insert currency and amount]], as revised by the Schedule of Increases or Decreases attached hereto. 
 [If
further issues are contemplated, insert - The Issuer may from time to time, without the consent of the Holders of Securities of this series, create and issue further securities having the same terms and conditions as the previously issued
Securities of this series in all respects (or in all respects except for the issue date, the first payment of interest thereon and/or the issue price), so that such further issue shall be consolidated and form a single series with the outstanding
Securities of this series; provided, however, that, for U.S. federal income tax purposes, any such further issuance will only be made if either such additional securities are issued with no more than de minimis original issue
discount or any such further issuance is a “qualified reopening” as such term is defined under U.S. Treasury Regulations Section 1.1275-2(k)(3) promulgated under the U.S. Internal Revenue Code
of 1986, as amended.] 
 [If applicable insert - The Securities of this series are subject to redemption upon not less than 30 and
not more than 60 days’ notice by mail, at any time, as a whole or in part, at the election of the Issuer or the Guarantor at a Redemption Price which is equal to [Specify provisions for determining the Redemption Price]. 

[If applicable, insert - The Securities of this series are subject to redemption upon not less than 30 and not more than 60 days’
notice by mail, [If applicable, insert - (1) on              in any year commencing with this year              and ending
with the year             through operation of the sinking fund for this series at a Redemption Price equal to [Insert formula for determining amount] (with the amount in excess of
100% of the principal amount being additional interest), and (2)] at any time [If applicable, insert - on or after             ], as a whole or in part, at the election of the
Issuer, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [If applicable, insert - on or before             ,
            %, and if redeemed] during the 12-month period beginning              of the
years indicated, 
  

							
	 Year
	 	 Redemption Price
	 	 Year
	  	 Redemption Price

		 		 		  	

 and thereafter at a Redemption Price equal to
            % of the principal amount, together in the case of any such redemption [If applicable, insert - (whether through operation of the sinking fund or otherwise)] with accrued
interest to the Redemption Date, but interest installments whose 

  
 A-5 

 
Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the Indenture.] 
 [If applicable, insert - The Securities of this
series are subject to redemption upon not less than 30 and not more than 60 days’ notice by mail, (1) on              in any year commencing with the year
             and ending with the year              through operation of the sinking fund for this series at the Redemption Prices
for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [If applicable, insert - on or after
             ], as a whole or in part, at the election of the Issuer, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages
of the principal amount, with the amount in excess of 100% of the principal amount being additional interest) set forth in the table below: If redeemed during the 12-month period beginning
             of the years indicated, 
  

					
	 Year
	 	 Redemption Price for
Redemption Through
Operation of
the
Sinking Fund
	 	 Redemption Price for Redemption Otherwise Than
Through
Operation of the Sinking Fund

		 		 	

 and thereafter at a Redemption Price equal to      % of the principal amount, together in
the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the
Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert - Notwithstanding the foregoing, the Issuer may not, prior to
            , redeem any Securities of this series as contemplated by [If applicable, insert - Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any
refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Issuer (calculated in accordance with generally accepted financial practice)    of less than
             % per annum.] 
 [If applicable, insert - The sinking fund
for this series of Securities provides for the redemption on              in each year beginning with the year              and
ending with the year              of [If applicable, insert - not less than [insert currency and amounts] (“mandatory sinking fund”) and not more than
[Insert currency and amount] aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Issuer otherwise than through [If applicable, insert - mandatory] sinking fund payments may be
credited against subsequent [If applicable, insert - mandatory] sinking fund payments otherwise required to be made [If applicable, insert - in the inverse order in which they become due].] 

[If applicable, insert - The Securities may be redeemed upon not less than 30 nor more than 60 days’ notice given as provided in
the Indenture, if (i) as a result of any change in the laws or regulations of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or in the interpretation or administration of
any such laws or regulations which becomes effective on or after the date of issuance of the Securities, (x) the Issuer or the Guarantor, as the case may be, is or would be required to pay any 

  
 A-6 

 
Additional Amounts (y) the Guarantor is or would be required to deduct or withhold tax on any payment to the Issuer to enable the Issuer to make any payment of principal, premium, if any, or
interest on the Securities and such payment cannot with reasonable effort by the Guarantor be structured to avoid such deduction or withholding and (ii) such circumstances are evidenced by the delivery by the Issuer or the Guarantor, as the
case may be, to the Trustee of a certificate signed by an authorized officer or director of the Issuer or the Guarantor, as the case may be, stating that such circumstances prevail and describing the facts leading to such circumstances, together
with an opinion of independent legal advisers of recognized standing to the effect that such circumstances prevail, at a Redemption Price equal to [their principal amount, together with accrued interest, if any, thereon to but excluding the
Redemption Date] [insert other formula for determining Redemption Price].] 
 [If applicable, insert - If this series of
Securities is not listed on a regulated market, multilateral trading facility or other organized market no later than days prior to the first Interest Payment Date on this series of Securities, the Issuer or the Guarantor, as the case may be, may,
at its respective option and having given no less than 15 days’ notice (ending on a day which is no later than the Business Day immediately preceding such first Interest Payment Date) to the Holders of this series of Securities and upon proper
notice as provided in the Indenture, (which notice shall be irrevocable), redeem all of the outstanding Securities of this series at their principal amount, together with accrued interest, if any, thereon to but not including the Redemption Date;
provided that from and including the issue date of the Securities of this series to and including such Interest Payment Date, the Issuer will use its reasonable best efforts to obtain or maintain such listing, as applicable.] 

[If applicable, insert - The Redemption Price of the Securities shall be equal to the applicable percentage of the principal amount at
Stated Maturity set forth below: 
  

			
	 If Redemption During the
12-Month Period Commencing
	 	 Redemption Price

		 	

 together with, in each case (except if the Redemption Date shall be a
            ), an amount equal to the applicable Redemption Price multiplied by a fraction the numerator of which is the number of days from but not including the preceding
             to and including the Redemption Date multiplied by the difference between the Redemption Price applicable during the 12 months beginning on the
             following the Redemption Date (or, in the case of a Redemption Date after             ,100%) and the Redemption
Price applicable on the Redemption Date and the denominator of which is the total number of days from but not including the preceding the Redemption Date to and including the next succeeding
            . The Issuer will also pay to each eligible Holder, or make available for payment to each such Holder, on the Redemption Date any additional interest (as set forth [on the face
hereof or] in the Guarantee endorsed hereon) resulting from the payment of such Redemption Price.] 
 [If applicable, insert - The
Redemption Price of the Securities either in the event of certain changes in the tax treatment or in an event of default would include, in addition to the rate amount of the Security, an amount equal to the Original Issue Discount accrued since the
issue date. Original Issue Discount (the difference between the Issue Price and the Principal Amount at Maturity of the Security), in the period during which a Security remains outstanding, shall accrue at
             % per annum, on a semi-annual bond equivalent basis using a 360-day year composed of twelve
30-day months, commencing on the issue date of this Security.] 

  
 A-7 

 [If applicable, insert - Notice of redemption will be given by mail to Holders of Securities, not
less than 30 nor more than 60 days prior to the date fixed for redemption, all as provided in the Indenture.] 
 [If the Security is
subject to redemption of any kind, insert - In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof
upon the cancellation hereof.] 
 [If applicable, insert - The Indenture contains provisions for
defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer or the Guarantor with certain conditions set forth thereon, which provisions apply to this Security.] 

[If applicable, insert - Subject to and upon compliance with the provisions of the Indenture, the Holder of this Security is entitled,
at his option, at any time after             , to convert this Security into [describe Securities and conversion mechanics including, as applicable, the limitations(s), if any, necessitated
by Spanish law and regulations governing the collection of Beneficial Owner Information and related withholding].] 
 [If applicable,
insert - In the event of conversion of this Security in part only a new Security or Securities of this series and of like tenor for the unconverted portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof but
subject to the constraints, if any, of Spanish law and regulations governing the collection of Beneficial Owner Information and related withholding.] 

[If the Security is an Original Issue Discount Security, insert - If an Event of Default with respect to Securities of this series
shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert - If an Event of Default with respect to Securities of this series
shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to - insert formula for determining the
amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be legally
enforceable), all of the Issuer’s obligations in respect of the payment of the principal of and if any, on the Securities of this series shall terminate.] 

[All amounts payable (whether in respect of principal, redemption amount, interest or otherwise) in respect of the Securities of this series
and the related Guarantee by the Issuer or the Guarantor will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or
levied by or on behalf of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is
required by law. In the event that such withholding or deduction is required by law, the Issuer or the Guarantor shall pay such Additional Amounts as will result in receipt by the Holders of such series of Securities of such amounts as would have
been received by them had no such withholding or deduction been required; provided, however, that the Issuer and the Guarantor will not be required to pay any Additional Amounts in respect of any Security of this series: 

  
 A-8 

	 	(1)	in respect of which the Holder (or the Beneficial Owner for whose benefit it holds such Security) is liable for such taxes, duties, assessments or governmental charges in respect of such Security by reason of it (or the
Beneficial Owner for whose benefit it holds such Security) having some connection with the Kingdom of Spain other than the mere holding of such Security (or such beneficial interest); 

 

	 	(2)	in respect of which the Issuer or the Guarantor have not received such information as may be necessary to allow payments on such Security to be made free and clear of Spanish withholding tax or deduction on account of
Spanish taxes, including a duly executed and completed payment statement from the Paying Agent, pursuant to Law 10/2014 of June 26 and Royal Decree 1065/2007 of July 27, each as amended, and any implementing legislation or regulation, or
pursuant to any other law or regulation substituting or amending such law or regulation; 

  

	 	(3)	in relation to any estate, inheritance, gift, sales, transfer or similar taxes; 

  

	 	(4)	presented for payment (where presentation is required) more than 30 days after the Relevant Date (as defined below), except to the extent that the relevant Holder would have been entitled to such Additional Amounts on
presenting the same for payment on the expiry of such period of 30 days; 

  

	 	(5)	presented for payment (where presentation is required) by or on behalf of a Holder (or Beneficial Owner) who would have been able to avoid such withholding or deduction by presenting the relevant Security to another
paying agent; 

  

	 	(6)	in the event that such Security is redeemed pursuant to Section 11.8(b) of the Indenture; or 

  

	 	(7)	in respect of any withholding or deduction that is imposed pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986 and the U.S. Treasury regulations thereunder (“FATCA”), any
intergovernmental agreement between the United States and any other jurisdiction implementing or relating to FATCA, any law, regulation, guidance or interpretations enacted or issued in any jurisdiction with respect thereto, or any agreements
entered into in connection with the implementation thereof, 

 provided further that Additional Amounts in respect of the Securities of
this series will also not be paid with respect to any payment to a Holder of any Securities of such series who is a fiduciary, a partnership, a limited liability company or other than the sole Beneficial Owner of that payment, to the extent that
payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof or any authority or agency therein or thereof having power to tax) to be included in the income, for tax purposes, of a beneficiary or settlor with
respect to the fiduciary, a member of that partnership, an interest holder in that limited liability company or a Beneficial Owner who would not have been entitled to the Additional Amounts had it been the Holder. 

“Relevant Date” means, in respect of any payment, the date on which such payment first becomes due and payable, but if the
full amount of the moneys payable has not been received by 

  
 A-9 

 
the Paying Agent on or prior to such due date, it means the first date on which the full amount of such moneys having been so received and being available for payment to Holders, notice to that
effect shall have been duly given to the Holders in accordance with the Indenture. 
 The foregoing provisions shall apply mutatis
mutandis to any withholding or deduction for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any successor Person to the Issuer or the Guarantor, as the case may
be, is organized, or any political subdivision or taxing authority thereof or therein.] 
 The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer or the Guarantor with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange wherefore or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in the Indenture, the Issuer shall cause to be kept at the Corporate Trust Office of the Trustee a Register in which, subject to
such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Securities of this series and of transfers of Securities of such series. 

No service charge shall be made for any such registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in connection therewith other than as set forth in the Indenture. 

Prior to due presentment of this Security Certificate for registration of transfer of a Security represented thereby, the Issuer, the
Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and
(subject to Section 2.8 of the Indenture) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Issuer, the Guarantor, the Trustee nor any agent of the Issuer, the
Guarantor or the Trustee shall be affected by notice to the contrary. 
 Pursuant to
Section 5-1401 of the General Obligations Law of the State of New York, the Indenture, the Securities and the Guarantees shall be governed by, and construed in accordance with, the laws of the State of
New York. 
 [The Securities will be deemed to have been issued in the State of New York.] 

All terms used in this Security Certificate which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-10 

 FORM OF SCHEDULE OF INCREASES OR DECREASES IN SECURITY CERTIFICATE 

The initial principal amount of this Security Certificate is $            . The following
increases or decreases in this Security Certificate have been made: 
  

																	
	 Date of

Increase/Decrease
	  	Amount of
Decrease in
Principal Amount
of this
Security
Certificate	 	  	Amount of
Increase in
Principal Amount
of this
Security
Certificate	 	  	Principal amount
of this Security
Certificate
following such
decrease
or
increase	 	  	Signature of
authorized
signatory of
Trustee or Paying
Agent	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 A-11 

 EXHIBIT B 

FORM OF GUARANTEE 

For value received, Telefónica, S.A., a sociedad anónima organized under the laws of the Kingdom of Spain, having its
registered office at Distrito Telefónica, Ronda de la Comunicación, s/n, 28050 Madrid, Spain (herein called the “Guarantor” which term includes any successor Person under the Indenture referred to in the Security
Certificate representing the Securities of any series upon which this Guarantee is endorsed), hereby unconditionally and irrevocably guarantees to the Holders of the Securities of any series represented by each Security Certificate upon which this
Guarantee is endorsed and to the Trustee, in its individual and trust capacities, and on behalf of each such Holder, the due and punctual payment of the principal of, premium, if any, and interest and all other amounts due under the Indenture and
the Securities of any such series and [If applicable, insert - the due and punctual payment of the sinking fund or analogous payments referred to therein, if any,] when and as the same shall become due and payable, whether at the Stated
Maturity, by declaration of acceleration, call for redemption or otherwise, on an unsubordinated and unconditional basis according to the terms thereof and of the Indenture referred to therein. In case of the failure of Telefónica Emisiones,
S.A.U. (the “Issuer”, which term includes any successor Person under such Indenture), punctually to make any such payment of principal, premium, if any, and interest and all other amounts due under the Indenture and on such
Securities of any such series and [If applicable, insert - and any sinking fund or analogous payment,] the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether at
the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer. 

[If not applicable delete - The Guarantor hereby further agrees that any amounts to be payable by the Guarantor under this Guarantee
(whether in respect of principal, redemption amount, interest or otherwise) will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever
nature imposed or levied by or on behalf of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax shall at any time, unless the withholding or deduction of such taxes, duties,
assessments or governmental charges is required by law. Subject to the exceptions set forth in Section 10.4 of the Indenture, in the event that such withholding or deduction is required by law, the Guarantor shall pay such Additional Amounts as
will result in receipt by Holders of the Securities of any such series of such amounts as would have been received by them had no such withholding or deduction been required.] 

The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be
absolute, full and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Securities of any such series or the Indenture, any failure to enforce the provisions of such Securities of any
such series or the Indenture, or any waivers, modification or indulgence granted to the Issuer in respect thereof by the Holders of such Securities of any such series or the Trustee or any other circumstance which may otherwise constitute a legal or
equitable discharge of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of such
Securities of any such series, or increase the interest rate thereon, or increase any premium 

  
 B-1 

 
payable upon redemption thereof, or change the currency of payment thereon, or change the provisions relating to payments of Additional Amounts thereon, or alter the Stated Maturity thereof or
increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 5.2 of the Indenture. The Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, the benefits of orden, división and excusión under Spanish law, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby [If applicable, insert - or with respect to any sinking fund or analogous payment required under such Securities of any such
series] and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the principal of, premium, if any, and interest (including Additional Amounts, if any) on such Securities of any such series
and the Guarantor shall have fully performed all its obligations in accordance with the provisions of the Securities of any such series, this Guarantee and the Indenture; after such time, this Guarantee shall not be valid or obligatory for any
purpose. 
 The Guarantor shall be subrogated to all rights of the Holders of such Securities of any such series and the Trustee against the
Issuer in respect of any amounts paid to such Holders by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or
based upon such right of subrogation until the principal of, premium, if any, and interest (including Additional Amounts, if any) on all Securities of any such series issued under the Indenture shall have been paid in full. 

No reference herein to the Indenture and no provision of this Guarantee or of the Indenture shall alter or impair the guarantee of the
Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal of, premium on, if any, [If applicable, insert - and interest (including Additional Amounts, if any) on, and any sinking fund or analogous
payments with respect to,] the Securities of any such series represented by each Security Certificate upon which this Guarantee is endorsed. 

The obligations of the Guarantor under this Guarantee shall, without any further act or thing being required to be done or to occur, extend to
the obligations of any successor Person who is not the Guarantor arising in respect of the Securities of any such series by virtue of a substitution pursuant to the Indenture. 

The obligations of the Guarantor in respect of the Securities of any such series will constitute direct, unconditional, unsubordinated and
unsecured obligations of the Guarantor and will rank pari passu without any preference among such obligations of the Guarantor in respect of the Securities of any such series and at least pari passu with all other unsubordinated and
unsecured indebtedness and monetary obligations involving or otherwise related to borrowed money of the Guarantor, present and future; provided that the obligations of the Guarantor in respect of the Securities of any such series will be
effectively subordinated to those obligations that are preferred under Law 22/2003 (Ley Concursal) dated July 9, 2003 regulating insolvency proceedings in the Kingdom of Spain. 

This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication with respect to each Security
Certificate representing the Securities of any such series on which this Guarantee has been endorsed shall have been manually executed by or on behalf of the Trustee under the Indenture. 

  
 B-2 

 All terms used in this Guarantee, which are defined in the Indenture, shall have the meanings
assigned to them in the Indenture. 
 The Guarantee shall be governed by and construed in accordance with the laws of the State of New York.

  
 B-3 

 Executed and dated as of the date hereof: 

 

							
		 		 	TELEFÓNICA, S.A.,
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
	Date:	 		 		 	

  
 B-4Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

THIS SUBSCRIPTION AGREEMENT
(this “Agreement”) is entered into as of April 16, 2018, by and between MoviePass Inc., a Delaware corporation (the
“Corporation”), and Helios and Matheson Analytics Inc., a Delaware corporation (the “Subscriber”).

 

Recitals:

 

WHEREAS, from February
27, 2018 through April 13, 2018 the Subscriber has advanced $35,000,000 in cash to the Corporation (the “Advance”);

 

WHEREAS, in lieu of
repayment of the Advance by the Corporation to the Subscriber in cash, the Subscriber desires to purchase, and the Corporation
desires to sell and issue to the Subscriber on the date hereof, shares of the Corporation’s common stock, $0.0001 par value
per share (“Common Stock”), as provided herein;

 

NOW, THEREFORE, in
consideration of the foregoing, and of the mutual provisions and covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Corporation and the Subscriber, intending to be legally bound,
hereby agree as follows:

 

1.            Issuance
of Shares. In consideration of the aggregate purchase price of $35,000,000 (the “Purchase Price”), the Corporation
hereby issues to the Subscriber 29,198,298 shares of Common Stock of the Corporation (the “Purchased Shares”) based
on an agreed $295,525,000 pre-money valuation of the Corporation as of March 31, 2018. In addition to the Purchased Shares, the
Corporation shall issue to the Subscriber on the date of this Agreement, without payment of any additional consideration by the
Subscriber, such number of shares of Common Stock as is necessary to cause the Subscriber to own 91.8% of the total outstanding
shares of Common Stock (on a fully-diluted basis, but excluding any outstanding options to purchase shares of Common Stock and
warrants to purchase shares of the Corporation’s capital stock) immediately after giving effect to the transactions contemplated
by this Agreement (such shares to be issued by the Corporation to the Subscriber pursuant to the Subscriber’s right to anti-dilution
protection pursuant to that certain securities purchase agreement, dated as of August 15, 2017, as subsequently amended, by and
between the Corporation and the Subscriber (the “Additional Shares”)). The Purchased Shares and the Additional Shares
are sometimes referred to herein collectively as the “Shares”. The Subscriber shall pay the Purchase Price with the
Advance, which such Advance shall be deemed repaid by the Corporation contemporaneously with the execution and delivery of this
Agreement and delivery of the Shares to the Subscriber.

 

2.            Representations
and Warranties of the Subscriber. The Subscriber hereby represents, warrants and covenants to the Corporation as follows:

 

a.       The
Subscriber is aware of the Corporation’s business affairs and financial condition and has acquired sufficient information about
the Corporation to reach an informed and knowledgeable decision to acquire the Shares. The Subscriber is capable of evaluating
the merits and risks of the Subscriber’s investment in the Corporation and has the capacity to protect the Subscriber’s own interests.
The Subscriber acknowledges that an investment in the Corporation is highly speculative and entails a substantial degree of risk
and the Subscriber is in a position to lose the entire amount of such investment.

 

    	 	1	 

     

    

 

b.       The
Subscriber is acquiring the Shares for investment for the Subscriber’s own account, not as a nominee or agent, and not with the
view to, or for resale in connection with, any distribution thereof within the meaning of the Securities Act of 1933, as amended
(the “Securities Act”), and the Subscriber has no present intention of selling, granting any participation in, or otherwise
distributing the Shares.

 

c.       The
Subscriber does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant
participation to such person, or to any third person, with respect to any of the Shares. The Subscriber understands that the Shares
have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions
of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent
and the accuracy of the Subscriber’s representations as expressed herein. The Subscriber understands that no public market now
exists for any of the securities issued by the Corporation and that the Corporation has made no assurances that a public market
will ever exist for the Corporation’s securities.

 

d.       The
Subscriber understands that the Shares constitute “restricted securities” under the Securities Act. The Subscriber
further understands that the Shares must be held indefinitely unless they are subsequently registered under the Securities Act
or an exemption from such registration is available. The Subscriber understands that the Corporation is under no obligation to
register the Shares.

 

3.            Representations
and Warranties of the Corporation. The Corporation hereby represents, warrants and covenants to the Subscriber as follows:

 

a.        The
Corporation is duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite
corporate power and authority to carry on its business as presently conducted. The Corporation is duly qualified to transact business
and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on the Corporation.

 

b.        As
of the date hereof, the authorized and outstanding capital of the Corporation consists of:

 

(i)       600,000,000
shares of Common Stock, of which 402,816,977 shares are issued and outstanding immediately prior to the issuance of the Shares
and of which 463,281,459 shares will be issued and outstanding immediately after the issuance of the Shares (assuming that none
of the Corporation’s outstanding options or warrants are exercised). All of the issued and outstanding shares of Common Stock
have been duly authorized, fully paid and nonassessable and issued in compliance with all applicable federal and state securities
laws. The rights, privileges and preferences of the Common Stock are as stated in the Corporation’s Amended and Restated
Certificate of Incorporation (as amended), and as provided by the General Corporation Law of the State of Delaware. The Corporation
holds no Common Stock in its treasury as of the date hereof.

 

(ii)       20,000,000
shares of preferred stock, $0.0001 par value per share (“Preferred Stock”), none of which are designated or issued
and outstanding as of the date hereof. The Corporation holds no Preferred Stock in its treasury as of the date hereof.

 

(iii)       95,000,000
shares of Common Stock reserved for issuance to officers, directors, employees and consultants of the Corporation pursuant to its
2011 Equity Incentive Plan (“Stock Plan”). Of such reserved shares of Common Stock, 319,150 shares have been issued
pursuant to restricted stock purchase agreements or option exercises and options to purchase 73,348,746 shares have been granted
and are outstanding, and 21,651,254 shares of Common Stock are reserved for issuance pursuant to the Stock Plan and remain available
for issuance thereunder.

 

    	 	2	 

     

    

 

(iv)       7,074,131
shares of Common Stock issuable upon the exercise of outstanding warrants to purchase Common Stock.

 

c.        The
Corporation has all requisite corporate power and corporate authority to enter into and deliver this Agreement, to perform its
obligations under this Agreement and to consummate the transactions contemplated by this Agreement. This Agreement, when executed
and delivered by the Corporation, shall constitute valid and legally binding obligations of the Corporation, enforceable against
the Corporation in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights
generally, or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies.

 

d.        The
Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will
be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under
the Investors’ Rights Agreement dated as of August 15, 2017 by and among the Corporation, the Subscriber and certain other
stockholders of the Corporation, applicable state and federal securities laws and liens or encumbrances created by or imposed by
the Subscriber.

 

e.        No
consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority is required on the part of the Corporation in connection with the consummation of the transactions
contemplated by this Agreement.

 

4.            Tax
Consequences. The Subscriber has reviewed with the Subscriber’s own tax advisors the federal, state, local and foreign tax
consequences of this investment and the transactions contemplated by this Agreement. The Subscriber is relying solely on such advisors
and not on any statements or representations of the Corporation or any of its agents.

 

5.            Applicable
Law; Venue. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware
as they apply to contracts entered into and wholly to be performed within such state by residents thereof. Venue for any legal
action under this Agreement shall be in the state or federal courts located in the Borough of Manhattan in the City of New York,
New York.

 

6.            General
Provisions.

 

a.        This
Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes in their entirety
all prior undertakings and agreements of the Corporation and the Subscriber with respect to the subject matter hereof.

 

b.        Either
party’s failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of any such provision,
nor prevent that party thereafter from enforcing each and every provision of this Agreement. The rights granted both parties hereunder
are cumulative and shall not constitute a waiver of either party’s right to assert all other legal remedies available to it under
the circumstances.

 

c.        The
parties agree upon request by the other party to execute any further documents or instruments necessary or desirable to carry out
the purposes or intent of this Agreement.

 

7.            Counterparts.
This Agreement may be executed in counterparts and multiple originals and by facsimile or other electronic transmission, each of
which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

[Signature page follows]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Subscription Agreement to be duly executed as of the date first set forth above.

 

	 	MOVIEPASS INC.
	 	 
	 	By:	/s/ Mitch Lowe
	 	Name:	Mitch Lowe 
	 	Title:	Chief Executive Officer
	 	 
	 	SUBSCRIBER:
	 	 
	 	HELIOS AND MATHESON ANALYTICS INC.
	 	 
	 	By:	/s/ Theodore Farnsworth
	 	Name:	Theodore Farnsworth
	 	Title:	Chief Executive Officer 

 

    	 	4

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