Document:

EX-4.2

 Exhibit 4.2 

DEPOSIT AGREEMENT 

Dated June 23, 2014 

JPMORGAN CHASE & CO., 

ISSUER, 
 COMPUTERSHARE
INC, 
 AS DEPOSITARY, REGISTRAR AND TRANSFER AGENT 

And 
 ALL HOLDERS FROM
TIME TO TIME OF RECEIPTS ISSUED HEREUNDER 
 RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED 

6.30% NON-CUMULATIVE PREFERRED STOCK, SERIES W 

 Table of Contents 

 

							
	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	  
		
	 ARTICLE II Form of Receipts, Deposit of Preferred Stock, Execution and Delivery, Transfer, Surrender and Redemption of
Receipts
	  	 	3	  
			
	 SECTION 2.01
	 	Form and Transferability of Receipts	  	 	3	  
			
	 SECTION 2.02
	 	Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	  	 	5	  
			
	 SECTION 2.03
	 	Optional Redemption of Preferred Stock for Cash	  	 	6	  
			
	 SECTION 2.04
	 	Registration of Transfers of Receipts	  	 	7	  
			
	 SECTION 2.05
	 	Combinations and Split-ups of Receipts	  	 	7	  
			
	 SECTION 2.06
	 	Surrender of Receipts and Withdrawal of Preferred Stock	  	 	7	  
			
	 SECTION 2.07
	 	Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange of Receipts	  	 	8	  
			
	 SECTION 2.08
	 	Lost Receipts, etc.	  	 	9	  
			
	 SECTION 2.09
	 	Cancellation and Destruction of Surrendered Receipts	  	 	9	  
			
	 SECTION 2.10
	 	No Pre-Release	  	 	9	  
		
	 ARTICLE III Certain Obligations of Holders of Receipts and the Company
	  	 	9	  
			
	 SECTION 3.01
	 	Filing Proofs, Certificates and Other Information	  	 	9	  
			
	 SECTION 3.02
	 	Payment of Fees and Expenses	  	 	10	  
			
	 SECTION 3.03
	 	Representations and Warranties as to Preferred Stock	  	 	10	  
			
	 SECTION 3.04
	 	Representation and Warranty as to Receipts and Depositary Shares	  	 	10	  
		
	 ARTICLE IV The Preferred Stock; Notices
	  	 	10	  
			
	 SECTION 4.01
	 	Cash Distributions	  	 	10	  
			
	 SECTION 4.02
	 	Distributions Other Than Cash	  	 	11	  
			
	 SECTION 4.03
	 	Subscription Rights, Preferences or Privileges	  	 	11	  
			
	 SECTION 4.04
	 	Notice of Dividends; Fixing of Record Date for Holders of Receipts	  	 	12	  
			
	 SECTION 4.05
	 	Voting Rights	  	 	13	  
			
	 SECTION 4.06
	 	Changes Affecting Preferred Stock and Reorganization Events	  	 	13	  
			
	 SECTION 4.07
	 	Inspection of Reports	  	 	14	  
			
	 SECTION 4.08
	 	Lists of Receipt Holders	  	 	14	  
		
	 ARTICLE V The Depositary and the Company
	  	 	14	  
			
	 SECTION 5.01
	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar	  	 	14	  

  
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	 SECTION 5.02
	 	Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company	  	 	15	  
			
	 SECTION 5.03
	 	Obligations of the Depositary, the Depositary’s Agents. the Registrar and the Company	  	 	15	  
			
	 SECTION 5.04
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	19	  
			
	 SECTION 5.05
	 	Indemnification by the Company	  	 	19	  
			
	 SECTION 5.06
	 	Fees, Charges and Expenses	  	 	20	  
		
	 ARTICLE VI Amendment and Termination
	  	 	20	  
			
	 SECTION 6.01
	 	Amendment	  	 	20	  
			
	 SECTION 6.02
	 	Termination	  	 	21	  
		
	 ARTICLE VII Miscellaneous
	  	 	21	  
			
	 SECTION 7.01
	 	Counterparts	  	 	21	  
			
	 SECTION 7.02
	 	Exclusive Benefits of Parties	  	 	21	  
			
	 SECTION 7.03
	 	Invalidity of Provisions	  	 	21	  
			
	 SECTION 7.04
	 	Notices	  	 	21	  
			
	 SECTION 7.05
	 	Depositary’s Agents	  	 	22	  
			
	 SECTION 7.06
	 	Holders of Receipts Are Parties	  	 	22	  
			
	 SECTION 7.07
	 	Governing Law	  	 	23	  
			
	 SECTION 7.08
	 	Inspection of Deposit Agreement and Certificate of Designations	  	 	23	  
			
	 SECTION 7.09
	 	Headings	  	 	23	  

 EXHIBIT A – Form of Face of Receipt; Form of Reverse of Receipt 

EXHIBIT B – Certificate of Designations 

  
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 DEPOSIT AGREEMENT, dated June 23, 2014, among JPMORGAN CHASE & CO., a Delaware
corporation, COMPUTERSHARE INC, a Delaware corporation, as Depositary, and all holders from time to time of Receipts (as hereinafter defined) issued hereunder. 

WITNESSETH: 
 WHEREAS, it is
desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Company’s Preferred Stock (as hereinafter defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the
issuance hereunder of Depositary Shares representing a fractional interest in the Preferred Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares; 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 WHEREAS, the terms and conditions of the Preferred Stock
are substantially set forth in the Certificate of Designations attached hereto as Exhibit B; and 
 NOW, THEREFORE, in consideration of the
promises contained herein, it is agreed by and among the parties hereto as follows: 
 ARTICLE I 

Definitions 
 The
following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 

“Certificate of Designations” shall mean the certificate that amends the Certificate of Incorporation of the Company, adopted
by the Board of Directors of the Company or a duly authorized committee thereof, establishing and setting forth the powers, preferences and rights of the Preferred Stock, as filed with the Secretary of State of the State of Delaware on June 20,
2014 and attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time. 
 “Certificate of
Incorporation” shall mean the certificate of incorporation of the Company, including any certificates of designations, as restated or amended from time to time. 

“Company” shall mean JPMorgan Chase & Co., a Delaware corporation, and its successors. 

“Deposit Agreement” shall mean this agreement, as the same may be amended, modified or supplemented from time to time. 

“Depositary” shall mean Computershare Inc, a Delaware corporation having its principal executive office in the United States
and having a combined capital and surplus of at least $50,000,000, and any successor as depositary hereunder. 

 “Depositary Office” shall mean the principal office of the Depositary at which
at any particular time its business in respect of matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at Computershare Inc, 480 Washington Blvd. - 29th Floor, Jersey City, New
Jersey 07310. 
 “Depositary Share” shall mean the security representing a 1/400th fractional interest in a share of
Preferred Stock deposited with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock and held under this Deposit Agreement, all as evidenced
by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the powers, preferences and rights of the Preferred Stock represented by such Depositary Share
(including the dividend, voting, redemption and liquidation rights contained in the Certificate of Designations). 

“Depositary’s Agent” shall mean an agent appointed by the Depositary as provided, and for the purposes specified, in
Section 7.05. 
 “Dividend Payment Date” shall have the meaning set forth in the Certificate of Designations. 

“DTC” means The Depository Trust Company. 

“DTC Receipts” has the meaning set forth in Section 2.01. 

“Preferred Stock Series W” or “Preferred Stock” shall mean shares of the Company’s 6.30% Non-Cumulative
Preferred Stock, Series W (liquidation preference $10,000 per share), $1.00 par value per share, heretofore validly issued, fully paid and nonassessable. 

“Receipt” shall mean a receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or temporary
form, substantially in the form set forth as Exhibit A hereto. 
 “record date” shall mean the date fixed pursuant to
Section 4.04. 
 “Record holder” or “holder” as applied to a Receipt shall mean the individual,
entity or person in whose name a Receipt is registered on the books maintained by the Depositary for such purpose. 
 “redemption
date” has the meaning set forth under Section 2.03. 
 “redemption price” has the meaning set forth under
Section 2.03. 
 “Registrar” shall mean Computershare Inc or any bank or trust company appointed to register ownership
and transfers of Receipts and the deposited Preferred Stock, as herein provided. 
 “Reorganization Event” shall mean: 

  
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 (1) any consolidation or merger of the Company with or into another person (other
than a merger or consolidation in which the Company is the continuing corporation and in which the shares of Common Stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities other property of the
Company or another corporation); 
 (2) any sale, transfer, lease or conveyance to another person of all or substantially all
the property and assets of the Company; or 
 (3) any statutory exchange of securities of the Company with another Person
(other than in connection with a merger or acquisition) or any binding share exchange which reclassifies or changes its outstanding Common Stock. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Transfer Agent” shall mean Computershare Inc or any bank or trust company appointed to transfer the Receipts and the
deposited Preferred Stock, as herein provided. 
 ARTICLE II 

Form of Receipts, Deposit of Preferred Stock, Execution and Delivery, Transfer, 

Surrender and Redemption of Receipts 

SECTION 2.01 Form and Transferability of Receipts. Definitive Receipts shall be substantially in the form set forth in Exhibit A
annexed to this Deposit Agreement, in each case with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon, and pursuant to, the written order of the
Company delivered in compliance with Section 2.02 shall be authorized and instructed to, and shall, execute and deliver temporary Receipts which shall be substantially of the tenor of the definitive Receipts in lieu of which they are issued and
in each case with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by their execution of
such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for
definitive Receipts upon surrender of the temporary Receipts at the Depositary Office without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and
shall, execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense and
without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Stock deposited, as definitive Receipts. 

Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary; provided,
that if a Registrar for the Receipts (other than the Depositary) shall have been appointed then such Receipts shall also be 

  
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countersigned by manual or facsimile signature of a duly authorized signatory of the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on its books each Receipt executed as provided above and delivered as hereinafter provided. Receipts bearing the manual or
facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory ceased to hold such office prior to the execution and
delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 
 Receipts shall be in
denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance. 
 Receipts may be endorsed
with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary and approved by the Company, or which the Company has determined
are required to comply with any applicable law or regulation or with the rules and regulations of any securities exchange upon which the Depositary Shares may be listed for trading or to conform with any usage with respect thereto, or to indicate
any special limitations or restrictions to which any particular Receipts are subject, in each case as directed by the Company. 
 Title to
any Receipt (and to the Depositary Shares evidenced by such Receipt) that is properly endorsed, or accompanied by a properly executed instrument of transfer, or endorsement shall be transferable by delivery with the same effect as in the case of a
negotiable instrument; provided, however, that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.04, the Depositary may, notwithstanding any notice to the contrary, treat the
record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or payments with respect to the Preferred Stock, to exercise any redemption or
voting rights or to receive any notice provided for in this Deposit Agreement and for all other purposes. 
 Notwithstanding the foregoing,
upon request by the Company, the Depositary and the Company will make application to DTC for acceptance of all or a portion of the Receipts for its book-entry settlement system. In connection with any such request, the Company hereby appoints the
Depositary acting through any authorized officer thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the
acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded with book-entry settlement through DTC shall be
represented by one or more receipts (the “DTC Receipts”), which shall be deposited with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be
Cede & Co.). The Depositary or such other entity as is agreed to by DTC may hold the DTC Receipts as custodian for DTC. Ownership of beneficial interests in the DTC Receipts shall be shown on, and the transfer of such ownership shall be
effected through, records maintained by (i) DTC or its nominee for such DTC Receipts, or (ii) institutions that have accounts with DTC. 

  
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 If issued, the DTC Receipts shall be exchangeable for definitive Receipts only if (i) DTC
notifies the Company at any time that it is unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so
informed in writing, (ii) DTC notifies the Company at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so
informed in writing or (iii) the Company executes and delivers to DTC a notice to the effect that such DTC Receipts shall be so exchangeable. If the beneficial owners of interests in Depositary Shares are entitled to exchange such interests for
definitive Receipts as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so
exchanged, the Depositary is hereby directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipts, and the Company shall instruct the Depositary in writing to execute and deliver to the
beneficial owners of the Depositary Shares previously evidenced by the DTC Receipts definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipts shall be in such form and shall bear such legend or legends as may be
appropriate or required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time eligible for book-entry settlement
through DTC, delivery of shares of Preferred Stock and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless the holder of the relevant Receipt
otherwise requests and such request is reasonably acceptable to the Depositary and the Company. 
 SECTION 2.02 Deposit of Preferred
Stock; Execution and Delivery of Receipts in Respect Thereof. Concurrently with the execution of this Deposit Agreement, the Company is delivering to the Depositary a certificate or certificates, registered in the name of the Depositary and
evidencing 85,000 shares of Preferred Stock, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such
certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written order of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person
or persons stated in such order a Receipt or Receipts for the Depositary Shares representing such deposited Preferred Stock registered in such names specified in such written order. The Depositary acknowledges receipt of the aforementioned 85,000
shares of Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock in an account to be established by the Depositary at the Depositary Office or at such other office as the Depositary shall determine. The Company
hereby appoints Computershare Inc as the Registrar and Transfer Agent for the Preferred Stock deposited hereunder and Computershare Inc hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any
fractional shares) of deposited Preferred Stock held by it by notation, book-entry or other appropriate method. 
 Upon receipt by the
Depositary of a certificate or certificates for Preferred Stock deposited hereunder, together with the other documents specified above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and
conditions of this Deposit Agreement, shall execute and deliver to, or upon the order of, the 

  
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person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.02, a Receipt or Receipts for the number of whole Depositary
Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary Office, except that, at the
request, risk and expense of any person requesting such delivery, such delivery may be made at such other place as may be designated by such person. Other than in the case of splits, combinations or other reclassifications affecting the Preferred
Stock, or in the case of dividends or other distributions of Preferred Stock, if any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Certificate of Designations, as such may
be amended. To the extent that the Company issues shares of Preferred Stock in excess of the amount set forth in the Certificate of Designations as of the date hereof (which shares have been validly authorized by the Company), the Company shall
notify the Depositary of such issuance in writing. 
 SECTION 2.03 Optional Redemption of Preferred Stock for Cash. Whenever the
Company shall elect to redeem shares of deposited Preferred Stock for cash in accordance with the provisions of the Certificate of Designations, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 40
nor more than 70 days’ prior written notice of the date fixed for redemption of such Preferred Stock (the “redemption date”) and of the number of such shares of Preferred Stock held by the Depositary to be redeemed and the applicable
redemption price (the “redemption price”), as set forth in the Certificate of Designations. The Depositary shall mail, first-class, notice of the redemption of Preferred Stock and the proposed simultaneous redemption of the
Depositary Shares representing the Preferred Stock to be redeemed, not less than 30 and not more than 60 days prior to the redemption date, to the holders of record on the record date fixed for such redemption pursuant to Section 4.04 of the
Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to mail any such notice to one or more such holder nor any defect in any such
notice shall affect the validity of the proceedings for redemption except as to the holder to whom notice was defective or not given. 
 The
Company shall prepare and provide the Depositary with such notice, and each such notice shall state: (i) the redemption date; (ii) the redemption price (including any declared and unpaid dividends); (iii) the number of shares of
deposited Preferred Stock and Depositary Shares to be redeemed; (iv) if fewer than all Depositary Shares held by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (v) the place or
places where the Preferred Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the redemption price; and (vi) that on the redemption date dividends in respect of the Preferred Stock
represented by the Depositary Shares to be redeemed will cease to accrue. 
 In the event that notice of redemption has been made as
described in the immediately preceding paragraphs and the Company shall then have paid in full to the Depositary the redemption price (determined pursuant to the Certificate of Designations) of the Preferred Stock deposited with the Depositary to be
redeemed, the Depositary shall redeem the number of Depositary Shares representing such Preferred Stock so called for redemption by the Company and on the redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock
to be redeemed by it as set forth in the Company’s notice provided for in the 

  
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preceding paragraph), all dividends in respect of the shares of Preferred Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer
to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price (including any declared and unpaid dividends)) shall, to the extent of such Depositary Shares, cease and
terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be redeemed by the Depositary
at a redemption price per Depositary Share equal to 1/400th of the redemption price per share paid in respect of the shares of Preferred Stock, plus declared and unpaid dividends thereon to the date fixed for redemption. 

If less than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such
Receipt upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced by such
prior Receipt and not called for redemption; provided, however, that such replacement Receipt shall be issued only in denominations of whole Depositary Shares and cash will be payable in respect of fractional interests. 

If less than all of the Preferred Stock is redeemed pursuant to the Company’s exercise of its optional redemption right, the Depositary
will select the Depositary Shares to be redeemed pursuant to this Section 2.03 on a pro rata basis, by lot or in such other manner as the Depositary may determine to be fair and equitable. 

SECTION 2.04 Registration of Transfers of Receipts. The Company hereby appoints Computershare Inc as the Registrar and Transfer
Agent for the Receipts and Computershare Inc hereby accepts such appointment and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent
or representative properly endorsed or accompanied by a properly executed instrument of transfer or endorsement, together with evidence of the payment by the applicable party of any transfer taxes as may be required by law. Upon such surrender, the
Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

SECTION 2.05 Combinations and Split-ups of Receipts. Upon surrender of a Receipt or Receipts at the Depositary Office or such
other office as the Depositary may designate for the purpose of effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the
authorized denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

SECTION 2.06 Surrender of Receipts and Withdrawal of Preferred Stock. Any holder of a Receipt or Receipts may withdraw any number
of whole shares of deposited Preferred Stock represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts to the
Depositary or at such other office as the Depositary may 

  
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designate for such withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Preferred Stock (or money and other property, if any, represented thereby) which has
previously been called for redemption. If such holder’s Depositary Shares are being held by DTC or its nominee, DTC shall be deemed the holder hereunder for all purposes. It shall be the duty of the DTC participant or the beneficial owner to
request DTC to withdraw from the book-entry system the number of Depositary Shares specified above. Upon such surrender, upon payment of the fee of the Depositary for the surrender of Receipts to the extent provided in Section 5.06 and payment
of all taxes and governmental charges in connection with such surrender and withdrawal of Preferred Stock, and subject to the terms and conditions of this Deposit Agreement, without unreasonable delay, the Depositary shall deliver to such holder, or
to the person or persons designated by such holder as hereinafter provided, the number of whole shares of such Preferred Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts
so surrendered for withdrawal, but holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by the holder
to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of deposited Preferred Stock to be withdrawn, the Depositary shall
at the same time, in addition to such number of whole shares of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or (subject to Section 2.04) upon his order, a new Receipt or Receipts
evidencing such excess number of Depositary Shares. Delivery of such Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may
deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer. 
 If
the deposited Preferred Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Preferred Stock, such holder shall
execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal of such shares of Preferred Stock be properly endorsed in blank
or accompanied by a properly executed instrument of transfer or endorsement in blank. 
 The Depositary shall deliver the deposited
Preferred Stock and the money and other property, if any, represented by the Depositary Shares evidenced by Receipts surrendered for withdrawal at the Depositary Office, except that, at the request, risk and expense of the holder surrendering such
Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be designated by such holder. 

SECTION 2.07 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange of Receipts. As a
condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the following: (i) payment to
it of a sum sufficient for the payment (or, in the event that the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge and stock transfer or registration fee with respect thereto (including any

  
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such tax or charge with respect to the Preferred Stock being deposited or withdrawn); (ii) the production of evidence satisfactory to it as to the identity and genuineness of any signature
(or the authority of any signature); and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement as may be required by any securities exchange on
which the deposited Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed or any applicable self-regulatory body. 

The deposit of Preferred Stock may be refused, the delivery of Receipts against Preferred Stock may be suspended, the transfer of Receipts may
be refused, and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is
deemed reasonably necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any
other provision of this Deposit Agreement. 
 SECTION 2.08 Lost Receipts, etc. In case any Receipt shall be mutilated and
surrendered to the Depositary or destroyed or lost or stolen, the Depositary shall execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed,
lost or stolen Receipt; provided, that the holder thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a protected purchaser
and (ii) an indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary. 
 SECTION
2.09 Cancellation and Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the
Depositary is authorized, but not required, to destroy such Receipts so cancelled. 
 SECTION 2.10 No Pre-Release. The
Depositary shall not deliver any deposited Preferred Stock evidenced by Receipts prior to the receipt and cancellation of such Receipts or other similar method used with respect to Receipts held by DTC. The Depositary shall not issue any Receipts
prior to the receipt by the Depositary of the corresponding Preferred Stock evidenced by such Receipts. At no time will any Receipts be outstanding if such Receipts do not represent Preferred Stock deposited with the Depositary. 

ARTICLE III 
 Certain
Obligations of Holders of Receipts and the Company 
 SECTION 3.01 Filing Proofs, Certificates and Other Information. Any
person presenting Preferred Stock for deposit or any holder of a Receipt may be required from time to time to file with the Depositary such proof of residence, guarantee of signature or other information and to execute such certificates as the
Depositary may reasonably deem necessary or proper or the Company may reasonably require by written request to the Depositary. The 

  
 9 

 
Depositary or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock represented by
the Depositary Shares evidenced by any Receipt, the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof, until such proof or other information is filed, or such certificates are executed. 

SECTION 3.02 Payment of Fees and Expenses. Holders of Receipts shall be obligated to make payments to the Depositary of certain
fees and expenses and taxes or other governmental charges to the extent provided in Section 5.06, or provide evidence satisfactory to the Depositary that such fees and expenses and taxes or other governmental charges have been paid. Until such
payment is made, transfer of any Receipt or any withdrawal of the Preferred Stock or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other distribution may be withheld,
and any part or all of the Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable
number of days prior to such sale). Any dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder of such Receipt remaining liable for any deficiency. 

SECTION 3.03 Representations and Warranties as to Preferred Stock. In the case of the initial deposit of the Preferred Stock
hereunder, the Company represents and warrants that such Preferred Stock and each certificate therefor are validly issued, fully paid and nonassessable. Such representations and warranties shall survive the deposit of the Preferred Stock and the
issuance of Receipts. 
 SECTION 3.04 Representation and Warranty as to Receipts and Depositary Shares. The Company hereby
represents and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid 1/400 fractional interest in a share of deposited Preferred Stock
represented by such Depositary Share. Such representation and warranty shall survive the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary Shares. 

ARTICLE IV 
 The Preferred
Stock; Notices 
 SECTION 4.01 Cash Distributions. Whenever the Depositary shall receive any cash dividend or other cash
distribution on the deposited Preferred Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary shall, subject to Sections 3.01 and 3.02, distribute to record holders of
Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided,
however, that in case the Company or the Depositary shall be required by law to and shall withhold from any cash dividend or other cash distribution in respect of the Preferred Stock represented by the Receipts held by any holder an amount on
account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares represented by such 

  
 10 

 
Receipts subject to such withholding shall be reduced accordingly. The Depositary, however, shall distribute or make available for distribution, as the case may be, only such amount as can be
distributed without attributing to any holder of Receipts a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to registered holders entitled thereto and any balance not so
distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next succeeding distribution to record holders of such Receipts. Each holder of a Receipt shall provide the
Depositary with a properly completed Form W-8 (i.e., Form W-8BEN, Form W-8EXP, Form W-8IMY, Form W-8ECI or another applicable Form W-8) or Form W-9 (which form shall set forth such holder’s certified taxpayer identification number if requested
on such form), as may be applicable. Each holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence the Internal Revenue Code of 1986 as amended, may require withholding by the Depositary of a portion of any
of the distribution to be made hereunder. 
 SECTION 4.02 Distributions Other Than Cash. Whenever the Depositary shall receive
any distribution other than cash on the deposited Preferred Stock, the Depositary shall, subject to Sections 3.01 and 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of property
received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for
accomplishing such distribution. The Depositary shall not make any distribution of securities to the holders of Receipts unless the Company shall have provided to the Depositary an opinion of counsel stating that such securities have been registered
under the Securities Act or do not need to be registered. If in the opinion of the Depositary such distribution cannot be made proportionately among such record holders, or if for any other reason (including any requirement that the Company or the
Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and
practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the property thus received, or any part thereof, at such place or places and upon such terms as it may deem proper. The net proceeds of any
such sale shall be, subject to Sections 3.01 and 3.02, distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.01 in the case of a distribution received in
cash. 
 SECTION 4.03 Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be
offered to the persons in whose names deposited Preferred Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other
nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants
representing such rights, preferences or privileges); provided, however, that (a) if at the time of issue or offer of any such rights, preferences or privileges the Company determines upon advice of its legal counsel that it is
not lawful or feasible to make such rights, preferences or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (b) if and to the extent instructed by holders

  
 11 

 
of Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, if so directed by the Company and if applicable laws or the terms of such rights,
preferences or privileges so permit, sell such rights, preferences or privileges of such holders at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to
Sections 3.01 and 3.02, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.01 in the case of a distribution received in cash. The Depositary shall not make any distribution of such
rights, preferences or privileges, unless the Company shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not need to be registered. 

If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for
holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees that it will promptly notify the Depositary of such requirement, that it will promptly file a registration statement
pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its commercially reasonable efforts and take all steps available to it to cause such registration statement to become effective sufficiently
in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or
privilege to subscribe for or to purchase any securities unless and until such a registration statement shall have become effective or unless the offering and sale of such securities to such holders are exempt from registration under the provisions
of the Securities Act. 
 If any other action under the law of any jurisdiction or any governmental or administrative authorization, consent
or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees that it will promptly notify the Depositary of such requirement and to use its commercially reasonable efforts
to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

The Depositary will not be deemed to have any knowledge of any item for which it is supposed to receive notification under any Section of this
Deposit Agreement unless and until it has received such notification. 
 SECTION 4.04 Notice of Dividends; Fixing of Record Date for
Holders of Receipts. Whenever any cash dividend or other cash distribution shall become payable, any distribution other than cash shall be made, or any powers, preferences or rights shall at any time be offered, with respect to the deposited
Preferred Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders of such Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any election on
the part of the Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Preferred Stock) for the
determination of the holders of Receipts who shall be entitled to receive such dividend, distribution, powers, preferences or rights or the net proceeds 

  
 12 

 
of the sale thereof; to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or whose Depositary Shares are to be so redeemed. 

SECTION 4.05 Voting Rights. Upon receipt of notice of any meeting at which the holders of deposited Preferred Stock are entitled
to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (i) such information as is contained in such notice of meeting,
(ii) a statement that the holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to instruct the Depositary as to the exercise of
the voting rights pertaining to the amount of Preferred Stock represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of a holder of a
Receipt on such record date, the Depositary shall insofar as practicable vote or cause to be voted the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such
request. To the extent any such instructions request the voting of a fractional interest of a share of deposited Preferred Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with the same
voting instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions received in such requests. Each share of Preferred Stock is entitled to one vote and, accordingly, each Depositary Share
is entitled to 1/400th of a vote. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted. In the
absence of specific instructions from the holder of a Receipt, the Depositary will not vote Depositary Shares held by it. In the absence of authorization from the holder of a Receipt, the Depositary will abstain from voting (but, at its discretion,
not from appearing at any meeting with respect to the Preferred Stock unless directed to the contrary by the record holders of all the related Receipts) to the extent of the shares of Preferred Stock (or portion thereof) represented by the
applicable Depositary Shares evidenced by such Receipt. 
 SECTION 4.06 Changes Affecting Preferred Stock and Reorganization
Events. Upon any change in liquidation preference, par or stated value, split-up, combination or any other reclassification of the Preferred Stock, any Reorganization Event or any exchange of the Preferred Stock for cash, securities or other
property, the Depositary shall, upon the written instructions of the Company setting forth any of the following adjustments, (i) reflect such adjustments in the Depositary’s books and records in (a) the fraction of an interest
represented by one Depositary Share in one share of Preferred Stock and (b) the ratio of the redemption price per Depositary Share to the redemption price of a share of Preferred Stock, as may be required by or as is consistent with the
provisions of the Certificate of Designations to fully reflect the effects of such change in liquidation preference, par or stated value, split-up, combination or other reclassification of Preferred Stock, of such Reorganization Event or of such
exchange and (ii) treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or in respect of the Preferred Stock as new deposited property under this Deposit Agreement,
and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or in respect of such Preferred Stock. In any such case the Depositary may, upon the
receipt of written request of the Company, execute and deliver additional Receipts, or may call for the 

  
 13 

 
surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property. Anything to the contrary herein notwithstanding, holders of Receipts
shall have the right from and after the effective date of any such change in liquidation preference, par or stated value, split-up, combination or other reclassification of the Preferred Stock or any such recapitalization, reorganization, merger,
amalgamation or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares of stock and
other securities and property and cash into which the Preferred Stock represented by such Receipts might have been converted or for which such Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such
transaction. 
 SECTION 4.07 Inspection of Reports. The Depositary shall make available for inspection by record holders of
Receipts at the Depositary Office and at such other places as it may from time to time deem advisable during normal business hours any reports and communications received from the Company that are both received by the Depositary as the holder of
deposited Preferred Stock and made generally available to the holders of the Preferred Stock. In addition, the Depositary shall transmit, upon written request by the Company, certain notices and reports to the holders of Receipts as provided in
Section 7.04. 
 SECTION 4.08 Lists of Receipt Holders. Promptly upon request from time to time by the Company, the
Registrar shall furnish to the Company a list, as of a recent date specified by the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Registrar. 

ARTICLE V 
 The Depositary and
the Company 
 SECTION 5.01 Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar. The
Depositary shall maintain at the Depositary Office facilities for the execution and delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock and at the offices of the
Depositary’s Agents, if any, facilities for the delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock, all in accordance with the provisions of this Deposit
Agreement. 
 The Registrar shall keep books at the Depositary Office for the registration and transfer of Receipts, which books at all
reasonable times, shall be open for inspection by the record holders of Receipts as provided by applicable law. The Company may cause the Registrar to close such books, at any time or from time to time, when deemed expedient by it in connection with
the performance of its duties hereunder. 
 If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented by
such Depositary Shares shall be listed on the New York Stock Exchange or any other stock exchange, the Depositary may, with the written approval of the Company, appoint a registrar (acceptable to the Company) for registration of such Receipts or
Depositary Shares in 

  
 14 

 
accordance with the requirements of such exchange. Such registrar (which may be the Registrar if so permitted by the requirements of such exchange) may be removed and a substitute registrar
appointed by the Registrar upon the request or with the written approval of the Company. If the Receipts, such Depositary Shares or such Preferred Stock are listed on one or more other stock exchanges, the Registrar will, at the request and expense
of the Company, arrange such facilities for the delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such Preferred Stock as may be required by law or applicable stock exchange regulations. 

SECTION 5.02 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company.
None of the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent, or the Company shall incur any liability to any holder of any Receipt, if by reason of any provision of any present or future law or regulation thereunder of the
United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar or Transfer Agent, by reason of any provision, present or future, of the Certificate of Incorporation or,
in the case of the Company, the Depositary, the Depositary’s Agent, the Transfer Agent or the Registrar, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, any Depositary’s
Agent, the Transfer Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any
Depositary’s Agent, the Transfer Agent, any Registrar or the Company incur any liability to any holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this
Deposit Agreement provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement. 

SECTION 5.03 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. The Company does not
assume any obligation or shall be subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other than from acts or omissions arising out of conduct constituting gross negligence or willful misconduct in the
performance of such duties as are specifically set forth in this Deposit Agreement. Neither the Depositary nor any Depositary’s Agent nor any Transfer Agent or Registrar assumes any obligation or shall be subject to any liability under this
Deposit Agreement to holders of Receipts, the Company or any other person or entity other than for its gross negligence or willful misconduct (which gross negligence or willful misconduct must be determined by a final, non-appealable order,
judgment, decree or ruling of a court of competent jurisdiction). Notwithstanding anything to the contrary contained herein, neither the Depositary, nor any Depositary’s Agent nor any Transfer Agent or Registrar shall be liable for any special,
indirect, incidental, consequential, punitive or exemplary damages, including but not limited to, lost profits, even if such person or entity alleged to be liable has knowledge of the possibility of such damages. Any liability of the Depositary and
any Registrar or Transfer Agent under this Deposit Agreement will be limited to the amount of annual fees paid by the Company to the Depositary or any Registrar or Transfer Agent. 

None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the Company shall be under any obligation to appear
in, prosecute or defend any action, suit 

  
 15 

 
or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it
against all expense and liability be furnished as often as may be required. 
 None of the Depositary, any Depositary’s Agent, any
Registrar or Transfer Agent or the Company shall be liable for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock for deposit or any
holder of a Receipt. The Depositary, any Depositary’s Agent, any Registrar or Transfer Agent and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be
genuine and to have been signed or presented by the proper party or parties. 
 In the event the Depositary shall receive conflicting
claims, requests or instructions from any holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company, and shall incur no
liability and shall be entitled to the full indemnification set forth in Section 5.05 in connection with any action so taken. 
 The
Depositary shall not be responsible for any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action does not result from bad faith,
gross negligence or willful misconduct of the Depositary (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). The Depositary
undertakes, and any Registrar or Transfer Agent shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this
Agreement against the Depositary or any Registrar or Transfer Agent. 
 The Depositary, its parent, affiliate, or subsidiaries, any
Depositary’s Agent, and any Registrar or Transfer Agent may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which
the Company or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary or the. Depositary’s Agent hereunder. The Depositary may also act as transfer agent or
registrar of any of the securities of the Company and its affiliates or act in any other capacity for the Company or its affiliates. 
 It
is intended that neither the Depositary nor any Depositary’s Agent shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed
that the Depositary and any Depositary’s Agent are acting only in a ministerial capacity as Depositary for the deposited Preferred Stock; provided, however, that the Depositary agrees to comply with all information reporting and
withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary. 
 Neither the Depositary (or
its officers, directors, employees, agents or affiliates) nor any Depositary’s Agent makes any representation or has any responsibility as to the validity 

  
 16 

 
of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its
countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its representations in this Deposit Agreement.

 The Company agrees that it will register the deposited Preferred Stock and the Depositary Shares in accordance with the applicable
federal securities laws. 
 In the event the Depositary, the Depositary’s Agent or any Registrar or Transfer Agent believes any
ambiguity or uncertainty exists in any notice, instruction, direction, request or other communication, paper or document received by it pursuant to this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent or Registrar
shall promptly notify the Company of the details of such alleged ambiguity or uncertainty, and may, in its sole discretion, refrain from taking any action, and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall be fully
protected and shall incur no liability to any person from refraining from taking such action, absent bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final,
non-appealable order, judgment, decree or ruling of a court of competent jurisdiction), unless and until (i) the rights of all parties have been fully and finally adjudicated by a court of appropriate jurisdiction or (ii) the Depositary,
the Depositary’s Agent, Transfer Agent or Registrar receives written instructions with respect to such matter signed by the Company that eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, the Depositary’s
Agent, Transfer Agent or Registrar. 
 Whenever in the performance of its duties under this Deposit Agreement, the Depositary, the
Depositary’s Agent, Transfer Agent or Registrar shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and established by a certificate signed by any one of the Chief Executive Officer, any Vice Chairman, the Chief Financial Officer,
the Chief Operating Officer, any Executive Vice President, the Corporate Treasurer, any Managing Director, any Senior Vice President, any Vice President, the Corporate Secretary, any Deputy or Assistant Corporate Secretary or any Attorney-in-Fact of
the Company and delivered to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar; and such certificate shall be full and complete authorization and protection to the Depositary, the Depositary’s Agent, Transfer Agent or
Registrar and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall incur no liability for or in respect of any action taken, suffered or omitted by it under the provisions of this Deposit Agreement in reliance upon such
certificate. The Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall not be liable for or by reason of any of the statements of fact or recitals contained in this Deposit Agreement or in the Receipts (except its
countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

The Depositary, the Depositary’s Agent, Transfer Agent or Registrar will not be under any duty or responsibility to ensure compliance
with any applicable federal or state 

  
 17 

 
securities laws in connection with the issuance, transfer or exchange of the Receipts, Preferred Stock or Depositary Shares. 

Notwithstanding anything herein to the contrary, no amendment to the Certificate of Designations shall affect the rights, duties, obligations
or immunities of the Depositary, Transfer Agent, the Depositary’s Agent or Registrar hereunder. 
 The Depositary, Transfer Agent and
any Registrar hereunder: 
 (i) shall have no duties or obligations other than those specifically set forth herein (and no
implied duties or obligations), or as may subsequently be agreed to in writing by the parties; 
 (ii) shall have no
obligation to make payment hereunder unless the Company shall have provided the necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto; 

(iii) shall not be obligated to take any legal or other action hereunder; if, however, the Depositary determines to take any
legal or other action hereunder, and, where the taking of such action might in the Depositary’s judgment subject or expose it to any expense or liability, the Depositary shall not be required to act unless it shall have been furnished with an
indemnity satisfactory to it; 
 (iv) may rely on and shall be authorized and protected in acting or failing to act upon any
certificate, instrument, opinion, notice, letter, facsimile transmission or other document or security delivered to the Depositary and believed by the Depositary to be genuine and to have been signed by the proper party or parties, and shall have no
responsibility for determining the accuracy thereof; 
 (v) may rely on and shall be authorized and protected in acting or
failing to act upon the written, telephonic, electronic and oral instructions, with respect to any matter relating to the Depositary’s actions as depositary covered by this Deposit Agreement (or supplementing or qualifying any such actions) of
officers of the Company; 
 (vi) may consult counsel satisfactory to it, and the advice of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by the Depositary hereunder in accordance with the advice of such counsel; 

(vii) shall not be called upon at any time to advise any person with respect to the Depositary Shares or Receipts; 

(viii) shall not be liable or responsible for any recital herein, contained in any documents relating hereto or the Depositary
Shares or Receipts; and 
 (ix) shall not be liable in any respect on account of the identity, authority or rights of the
parties (other than with respect to the Depositary) executing or delivering or 

  
 18 

 
purporting to execute or deliver this Deposit Agreement or any documents or papers deposited or called for under this Deposit Agreement. 

The obligations of the Company set forth in this Section 5.03 shall survive the replacement, removal or resignation of any Depositary,
Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 
 SECTION 5.04 Resignation and
Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by notice of its election to do so delivered to the Company, such resignation to take effect upon the appointment of a
successor depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the
Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the
notice of resignation or removal, as the case may be, appoint a successor depositary. If a successor depositary shall not have been appointed and have accepted appointment in 60 days, the resigning Depositary may petition a court of competent
jurisdiction to appoint a successor depositary. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without
any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due
it and on the written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest
in the deposited Preferred Stock and any moneys or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. Any successor Depositary shall promptly mail notice of its
appointment to the record holders of Receipts. 
 Any corporation or other entity into or with which the Depositary may be merged,
consolidated or converted, or any corporation or other entity to which all or a substantial part of the assets of the Depositary may be transferred, shall be the successor of such Depositary without the execution or filing of any document or any
further act. Such successor depositary may execute the Receipts either in the name of the predecessor depositary or in the name of the successor depositary. 

The provisions of this Section 5.04 as they apply to the Depositary apply to the Registrar and Transfer Agent, as if specifically
enumerated herein. 
 SECTION 5.05 Indemnification by the Company. The Company shall indemnify the Depositary, any
Depositary’s Agent and any Transfer Agent or Registrar against, and hold each of them harmless from, any loss, liability, damage, cost or expense (including the 

  
 19 

 
costs and expenses of defending itself) which may arise out of (i) acts performed or omitted in connection with this Deposit Agreement and the Receipts (a) by the Depositary, any
Transfer Agent or Registrar or any of their respective agents (including any Depositary’s Agent), except for any liability arising out of gross negligence or willful misconduct (each as determined by a final, non-appealable order, judgment,
decree or ruling of a court of competent jurisdiction) on the respective parts of any such person or persons, or (b) by the Company or any of its agents, or (ii) the offer, sale or registration of the Receipts or shares of Preferred Stock
pursuant to the provisions hereof. The obligations of the Company set forth in this Section 5.05 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of
this Deposit Agreement. In no event shall the Depositary have any right of set off or counterclaim against the Depositary Shares or the Preferred Stock. 

SECTION 5.06 Fees, Charges and Expenses. The Company shall pay all transfer and other taxes and governmental charges arising
solely from the existence of the depositary arrangements. The Company shall pay all charges of the Depositary in connection with the initial deposit of the Preferred Stock and the initial issuance of the Depositary Shares and any redemption of the
Preferred Stock at the option of the Company. All other transfer and other taxes and governmental charges and fees for the withdrawal of Preferred Stock upon surrender of Receipts shall be at the expense of holders of Depositary Shares. The
Depositary may refuse to effect any transfer of a Receipt or any withdrawal of shares of Preferred Stock evidenced thereby until all such taxes and charges with respect to such Receipt or shares of Preferred Stock are paid by the holder thereof If,
at the request of a holder of Receipts, the Depositary incurs charges or expenses for which it is not otherwise liable hereunder, such holder will be liable for such charges and expenses, provided, however, that the Depositary need not
incur such charges or expenses if repayment of such amounts is not reasonably assured to it All other charges and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar and Transfer Agent (including, in each case,
fees and expenses of counsel) incident to the performance of their respective obligations hereunder will be paid upon consultation and agreement between the Depositary and the Company as to the amount and nature of such charges and expenses. The
Depositary shall present its statement for charges and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree. 

ARTICLE VI 
 Amendment and
Termination 
 SECTION 6.01 Amendment. The form of the Receipts and any provision of this Deposit Agreement may at any time
and from time to time be amended by agreement between the Company and the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary may deem necessary or desirable; provided, however that
no such amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent that are payable by the Company) which (i) shall materially and adversely alter the rights of the holders of Receipts or (ii) would be
materially and adversely inconsistent with the rights granted to the holders of the Preferred Stock pursuant to the Certificate of Incorporation shall be effective unless such amendment shall have been approved by the holders of Receipts evidencing
at least a majority of the Depositary Shares then outstanding. In no event shall any amendment 

  
 20 

 
impair the right, subject to the provisions of Section 2.06 and Section 2.07 and Article III, of any holder of any Receipts evidencing such Depositary Shares to surrender any Receipt
with instructions to the Depositary to deliver to the holder the deposited Preferred Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. Every holder of an
outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. 

SECTION 6.02 Termination. This Deposit Agreement may be terminated by the Company or the Depositary only if (i) all
outstanding Depositary Shares shall have been redeemed pursuant to Section 2.03 or (ii) there shall have been made a final distribution in respect of the deposited Preferred Stock in connection with any liquidation, dissolution or winding
up of the Company and such distribution shall have been distributed to the holders of Depositary Shares pursuant to Section 4.01 or 4.02, as applicable. 

Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations
to the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar under Section 5.05 and Section 5.06. 
 ARTICLE
VII 
 Miscellaneous 

SECTION 7.01 Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto
on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a
signature page to this Deposit Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

SECTION 7.02 Exclusive Benefits of Parties. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their
respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

SECTION 7.03 Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the
Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby;
provided, however, that if such provision affects the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately. 

SECTION 7.04 Notices. Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall
be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Company at: 

JPMorgan Chase & Co. 

270 Park Avenue 

  
 21 

 
New York, New York 10017 
 Attention: Office of the Corporate Secretary 

or at any other address of which the Company shall have notified the Depositary in writing. 

Any notices to be given to the Depositary, Transfer Agent or Registrar hereunder or under the Receipts shall be in writing and shall be deemed
to have been duly given if personally delivered or sent by mail, or telecopier confirmed by letter, addressed to the Depositary: 

Computershare Inc 
 480 Washington
Blvd. - 29th Floor 
 Jersey City, NJ 07310 

Attention: Sean McLoughlin 

Facsimile: 201-680-5359 
 Any
notices given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures or personally
delivered or sent by mail, recognized next-day courier service or telecopier confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary; provided that any record
holder may direct the Depositary to deliver notices to such record holder at an alternate address or in a specific manner that is reasonably requested by such record holder in a written request timely filed with the Depositary and that is reasonably
acceptable to the Depositary. 
 Delivery of a notice sent by mail shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a facsimile message) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day courier service, when deposited with such courier, courier fees prepaid. The
Depositary or the Company may, however, act upon any facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message shall not subsequently be confirmed by letter as aforesaid. 

SECTION 7.05 Depositary’s Agents. The Depositary may from time to time appoint Depositary’s Agents to act in any respect
for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will notify the Company of any such
action. 
 SECTION 7.06 Holders of Receipts Are Parties. The holders of Receipts from time to time shall be deemed to be parties
to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof to the same extent as though such person executed this Deposit Agreement. 

  
 22 

 SECTION 7.07 Governing Law. This Deposit Agreement and the Receipts and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the law of the State of New York. 

SECTION 7.08 Inspection of Deposit Agreement and Certificate of Designations. Copies of this Deposit Agreement and the Certificate
of Designations shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at the Depositary Office by any holder of any Receipt. 

SECTION 7.09 Headings. The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in
Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or interpretation of any provision. 

  
 23 

 IN WITNESS WHEREOF, JPMorgan Chase & Co. and Computershare Inc have duly executed this
Deposit Agreement as of the day and year first above set forth and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof 

 

			
	JPMORGAN CHASE & CO.,
		
	By:	 	 /s/ James K. Paterson

	Name:	 	James K. Paterson
	Title:	 	Managing Director
	
	COMPUTERSHARE INC, as Depositary, Registrar and Transfer Agent,
		
	By:	 	 /s/ Sean McLoughlin

	Name:	 	Sean McLoughlin
	Title:	 	 Vice President
 Relationship
Manager

  
 24 

 EXHIBIT A 

Form of Face of Receipt; Form of Reverse of Receipt 

 UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS REQUESTED 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. 
 TRANSFERS OF
THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

 

			
	Aggregate Amount of Depositary Shares: $850,000,000
		
	Certificate Number 1	 	Number of Depositary Shares: 34,000,000
		
		 	CUSIP NO.: 481246 700

 RECEIPT FOR DEPOSITARY SHARES, 

Each Representing 1/400th Interest in a Share of 

6.30% Non-Cumulative Preferred Stock, Series W 

(par value $1.00 per share) 

(liquidation preference $10,000 per share) 

of 
 JPMORGAN CHASE & CO.

 Computershare Inc, as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of
34,000,000 Depositary Shares (“Depositary Shares”), equivalent to $850,000,000 aggregate amount, each Depositary Share representing 1/400th of one share of 6.30% Non-Cumulative Preferred
Stock, Series W, $1.00 par value per share and liquidation preference of $10,000 per share, of JPMorgan Chase & Co., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), on deposit
with the 

  

 
Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated June 23, 2014 (the “Deposit Agreement”), among the Company, the Depositary and the
holders from time to time of Receipts for Depositary Shares. By accepting this Receipt for the Depositary Shares, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt
shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if a Registrar in
respect of the Receipts (other than the Depositary) shall have been appointed, by the manual signature of a duly authorized officer of such Registrar. 

Dated: June 23, 2014 
  

			
	Computershare Inc,
	    as Depositary
		
	By:	 	  

		 	Authorized Signatory

  

 The following abbreviations when used in the instructions on the face of this receipt shall be
construed as though they were written out in full according to applicable laws or regulations. 
  

			
	TEN COM - as tenant in common	 	UNIF GIFT MIN ACT -
		
		 	Custodian                     
		 	                        (Cust)             
       (Minor)
		
	TEN ENT - as tenants by the entireties	 	Under Uniform Gifts to Minors Act
		
	 JT TEN - as joint tenants with right of survivorship and not as tenants in common
	 	  

	 	(State)

 Additional abbreviations may also be used though not in the above list. 

ASSIGNMENT 
 For value
received,                             hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE 

 
 PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS 
 INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

 

                          
   Depositary Shares, equivalent to                      aggregate amount, represented by the within Receipt, and do hereby irrevocably
constitute and appoint                              Attorney to transfer the said Depositary Shares on the
books of the within named Depositary with full power of substitution in the premises. 
  

			
	Dated                    	 	  

		 	NOTICE: The signature to the assignment must corresponds with the name as written upon the face of this Receipt in every particular, without alteration or enlargement

 SIGNATURE GUARANTEED 
 NOTICE:
The signature(s) should be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent. Guarantees by a notary public are not acceptable. 

  

 EXHIBIT B 

Certificate of Designations 

  

 CERTIFICATE OF DESIGNATIONS, POWERS, 

PREFERENCES AND RIGHTS 

OF THE 
 6.30%
NON-CUMULATIVE PREFERRED STOCK, SERIES W 
 ($10,000.00 liquidation preference per share) 

OF 
 JPMORGAN
CHASE & CO. 
  
  

Pursuant to Section 151 of the 

General Corporation Law of the State of Delaware 
  

 
 JPMORGAN
CHASE & CO., a Delaware corporation (the “Corporation”), HEREBY CERTIFIES that the following resolution was duly adopted by the Stock Committee of the Board of Directors of the Corporation (the “Board of Directors”) in
accordance with Section 151(g) of the General Corporation Law of the State of Delaware pursuant to the authority conferred upon the Board of Directors by the provisions of the Certificate of Incorporation of the Corporation and pursuant to the
authority duly delegated to the Stock Committee by the Board of Directors: 
 RESOLVED, that the Corporation be, and hereby is, authorized
to issue a new series of its preferred stock, par value $1.00 per share, with a liquidation preference, in the aggregate, of up to $977,500,000, on the following terms and with the following designations, powers, preferences and rights: 

1. Designation and Amount. The series of preferred stock, par value $1.00 per share, shall be designated as the “6.30%
Non-Cumulative Preferred Stock, Series W” (the “Series W Preferred Stock”). The Series W Preferred Stock shall be perpetual, subject to the provisions of Section 6 hereof, and the authorized number of shares of the Series
W Preferred Stock shall be 97,750 shares. 
 2. Dividends.  

(a) Holders of the Series W Preferred Stock shall be entitled to receive, when, as, and if declared by the Board of Directors or any duly
authorized committee of the Board of Directors, out of assets legally available for payment, non-cumulative cash dividends based on the liquidation preference of $10,000 per share of the Series W Preferred Stock. 

If declared by the Board of Directors or any duly authorized committee of the Board of Directors, the Corporation shall pay dividends on the
Series W Preferred Stock quarterly in arrears, on March 1, June 1, September 1 and December 1 of each year, beginning on September 1, 2014 (each such day on which dividends are payable a “Dividend Payment
Date”). In the event that any Dividend Payment Date falls on a day that is not a Business Day (as defined below), the dividend payment due on that date shall be postponed to the next day that is a Business Day and

  
 1 

 
no additional dividends shall accrue as a result of that postponement. The period from and including any Dividend Payment Date to but excluding the next Dividend Payment Date is referred to
herein as a “Dividend Period”, provided that the initial Dividend Period shall be the period from and including the original issue date of the Series W Preferred Stock to but excluding the next Dividend Payment Date. 

Dividends on each share of the Series W Preferred Stock shall accrue from the original issue date at a rate equal to 6.30% per annum on
the liquidation preference of $10,000 per share, for each Dividend Period. 
 Each such dividend shall be paid to the holders of record of
the shares of the Series W Preferred Stock as they appear on the stock register of the Corporation on such record date, not more than 30 days preceding the applicable Dividend Payment Date, as shall be fixed by the Board of Directors or any duly
authorized committee of the Board of Directors. The amount of dividends payable shall be calculated on the basis of a 360-day year of twelve 30-day months. Dollar amounts resulting from that calculation shall be rounded to the nearest cent, with
one-half cent being rounded upward. 
 A “Business Day” shall mean any weekday that is not a legal holiday in New York, New
York and is not a day on which banking institutions in New York, New York are authorized or required by law or regulation to be closed. 

(b) Dividends on shares of the Series W Preferred Stock shall be non-cumulative. To the extent that any dividends on shares of the Series W
Preferred Stock with respect to any Dividend Period are not declared and paid, in full or otherwise, on the Dividend Payment Date for such Dividend Period, then such unpaid dividends shall not cumulate and shall cease to accrue and be payable, and
the Corporation shall have no obligation to pay, and the holders of shares of the Series W Preferred Stock shall have no right to receive, accrued and unpaid dividends for such Dividend Period on or after the Dividend Payment Date for such Dividend
Period, whether or not dividends are declared for any subsequent Dividend Period with respect to the Series W Preferred Stock or for any future dividend period with respect to any other series of preferred stock or the common stock. The Corporation
shall not pay interest or any sum of money instead of interest in respect of any dividend that is not declared, or if declared is not paid, on the Series W Preferred Stock. 

(c) No full dividends shall be declared or paid or set aside for payment on preferred stock of any series ranking as to dividends on a parity
with or junior to the Series W Preferred Stock for any period unless full dividends on the shares of the Series W Preferred Stock for the most recently completed Dividend Period have been or contemporaneously are declared and paid (or have been
declared and a sum sufficient for the payment thereof has been set aside for such payment). When dividends are not paid in full as aforesaid upon the shares of the Series W Preferred Stock and any other series of preferred stock ranking on a parity
as to dividends with the Series W Preferred Stock, all dividends declared and paid upon the shares of the Series W Preferred Stock and any other series of preferred stock ranking on a parity as to dividends with the Series W Preferred Stock shall be
declared and paid pro rata. For purposes of calculating the pro rata allocation of partial dividend payments, the Corporation shall allocate dividend payments 

  
 2 

 
based on the ratio between the then-current dividends due on the shares of the Series W Preferred Stock and (i) in the case of any series of non-cumulative preferred stock ranking on a
parity as to dividends with the Series W Preferred Stock, the aggregate of the current and unpaid dividends due on such series of preferred stock and (ii) in the case of any series of cumulative preferred stock ranking on a parity as to
dividends with the Series W Preferred Stock, the aggregate of the current and accumulated and unpaid dividends due on such series of preferred stock. 

(d) So long as any shares of the Series W Preferred Stock are outstanding, (i) no dividend (other than a dividend in common stock or in
any other capital stock ranking junior to the Series W Preferred Stock as to dividends and upon liquidation, dissolution or winding-up) shall be declared or paid or a sum sufficient for the payment thereof set aside for such payment or other
distribution declared or made upon the common stock or upon any other capital stock ranking junior to the Series W Preferred Stock as to dividends or upon liquidation, dissolution or winding-up, and (ii) no common stock or other capital stock
ranking junior to or on a parity with the Series W Preferred Stock as to dividends or upon liquidation, dissolution or winding-up shall be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available
for a sinking fund for the redemption of any shares of any such capital stock) by the Corporation (except (1) by conversion into or exchange for capital stock ranking junior to the Series W Preferred Stock, (2) as a result of
reclassification into capital stock ranking junior to the Series W Preferred Stock, (3) through the use of the proceeds of a substantially contemporaneous sale of shares of capital stock ranking junior to the Series W Preferred Stock or, in the
case of capital stock ranking on a parity with the Series W Preferred Stock, through the use of the proceeds of a substantially contemporaneous sale of other shares of capital stock ranking on a parity with the Series W Preferred Stock, (4) in
the case of capital stock ranking on a parity with the Series W Preferred Stock, pursuant to pro rata offers to purchase all or a pro rata portion of the shares of the Series W Preferred Stock and such capital stock ranking on a parity with the
Series W Preferred Stock, (5) in connection with the satisfaction of the Corporation’s obligations pursuant to any contract entered into in the ordinary course prior to the beginning of the most recently completed Dividend Period, or
(6) any purchase, redemption or other acquisition of capital stock ranking junior to the Series W Preferred Stock pursuant to any employee, consultant or director incentive or benefit plans or arrangements of the Corporation or any of its
subsidiaries (including any employment, severance or consulting arrangements) adopted before or after the issuance of the Series W Preferred Stock), unless, in each case, full dividends on all outstanding shares of the Series W Preferred Stock shall
have been declared and paid or a sum sufficient for the payment thereof set aside for such payment in respect of the most recently completed Dividend Period. However, the foregoing will not restrict the ability of the Corporation or any of its
affiliates to engage in underwriting, stabilization, market-making or similar transactions in the capital stock of the Corporation in the ordinary course of business. 

Subject to the conditions in this Section 2, and not otherwise, dividends (payable in cash, capital stock, or otherwise), as may be
determined by the Board of Directors or a duly authorized committee of the Board of Directors, may be declared and paid on the common stock and any other capital stock ranking junior to or on a parity with the Series W Preferred Stock from time to
time out of any assets legally available for such payment, and the holders of the Series W Preferred Stock will not be entitled to participate in those dividends. 

  
 3 

 3. Liquidation Preference. 

(a) Upon the voluntary or involuntary liquidation, dissolution or winding-up of the Corporation, the holders of the shares of the Series W
Preferred Stock shall be entitled to receive and to be paid out of the assets of the Corporation legally available for distribution to its stockholders, before any payment or distribution shall be made on the common stock or on any other capital
stock ranking junior to the Series W Preferred Stock upon liquidation, dissolution or winding-up of the Corporation, the amount of $10,000 per share, plus an amount equal to any declared and unpaid dividends on each such share without accumulation
of undeclared dividends. 
 (b) After the payment to the holders of the shares of the Series W Preferred Stock of the full preferential
amounts provided for in this Section 3, the holders of the Series W Preferred Stock as such shall have no right or claim to any of the remaining assets of the Corporation. 

(c) If, upon any voluntary or involuntary liquidation, dissolution or winding-up of the Corporation, the amounts payable with respect to the
shares of the Series W Preferred Stock and any other shares of capital stock ranking as to any such distribution of assets of the Corporation on a parity with the shares of the Series W Preferred Stock are not paid in full, the holders of the shares
of the Series W Preferred Stock and of such other shares shall share ratably in any such distribution of assets of the Corporation in proportion to the full respective distributions to which they are entitled. 

(d) Neither the sale of all or substantially all of the property or business of the Corporation, nor the merger or consolidation of the
Corporation into or with any other entity or the merger or consolidation of any other entity into or with the Corporation, shall be deemed to be a liquidation, dissolution or winding-up, voluntary or involuntary, of the Corporation for the purposes
of this Section 3. 
 4. Preemption and Conversion. The holders of the Series W Preferred Stock shall not have any preemptive or
conversion rights. 
 5. Voting Rights.  

(a) The Series W Preferred Stock shall have no voting rights, except as provided below or as otherwise specifically required by law. 

(b) Whenever, at any time or times, dividends on the shares of the Series W Preferred Stock have not been paid for an aggregate of six or more
quarterly Dividend Periods, whether or not consecutive, the authorized number of directors of the Corporation shall automatically be increased by two and the holders of the Series W Preferred Stock shall have the right, with holders of shares of any
other class or series of Parity Preferred Stock outstanding at the time upon which like voting rights have been conferred and are exercisable (“Voting Parity Stock”), voting together as a class, to elect two directors (hereinafter
the “Preferred Directors” and each a “Preferred Director”) to fill such newly created directorships at the Corporation’s next annual meeting of stockholders and at each subsequent annual meeting of stockholders
until full dividends have been paid on the Series W Preferred Stock for at least four quarterly consecutive Dividend Periods at 

  
 4 

 
which time such right shall terminate, except as herein or by law expressly provided, subject to revesting in the event of each and every subsequent default of the character above mentioned. 

Upon any termination of the right of the holders of shares of the Series W Preferred Stock and Voting Parity Stock as a class to vote for
directors as provided above, the Preferred Directors shall cease to be qualified as directors, the term of office of all Preferred Directors then in office shall terminate immediately and the authorized number of directors shall be reduced by the
number of Preferred Directors elected pursuant hereto. Any Preferred Director may be removed and replaced at any time, with cause as provided by law or without cause by the affirmative vote of the holders of shares of the Series W Preferred Stock
voting together as a class with the holders of shares of Voting Parity Stock, to the extent the voting rights of such holders described above are then exercisable. Any vacancy created by removal with or without cause may be filled only by the
affirmative vote of the holders of shares of the Series W Preferred Stock voting together as a class with the holders of shares of Voting Parity Stock, to the extent the voting rights of such holders described above are then exercisable. If the
office of any Preferred Director becomes vacant for any reason other than removal from office as aforesaid, the remaining Preferred Director may choose a successor who shall hold office for the unexpired term in respect of which such vacancy
occurred. 
 (c) So long as any shares of the Series W Preferred Stock remain outstanding, the Corporation shall not, without the
affirmative vote of the holders of at least 66 2/3% in voting power of the Series W Preferred Stock and any Voting Parity Stock, voting together as a class, authorize, create or issue any capital stock ranking senior to the Series W Preferred Stock
as to dividends or upon liquidation, dissolution or winding-up, or reclassify any authorized capital stock into any such shares of such capital stock or issue any obligation or security convertible into or evidencing the right to purchase any such
shares of capital stock. So long as any shares of the Series W Preferred Stock remain outstanding, the Corporation shall not, without the affirmative vote of the holders of at least 66 2/3% in voting power of the Series W Preferred Stock, amend,
alter or repeal any provision of this Certificate of Designations or the Certificate of Incorporation of the Corporation, including by merger, consolidation or otherwise, so as to adversely affect the powers, preferences or special rights of the
Series W Preferred Stock. 
 Notwithstanding the foregoing, (1) any increase in the amount of authorized common stock or authorized
preferred stock, or any increase or decrease in the number of shares of any series of preferred stock, or the authorization, creation and issuance of other classes or series of capital stock, in each case ranking on a parity with or junior to the
shares of the Series W Preferred Stock as to dividends and upon liquidation, dissolution or winding-up, shall not be deemed to adversely affect such powers, preferences or special rights and (2) a merger or consolidation of the Corporation with
or into another entity in which (a) the shares of the Series W Preferred Stock remain outstanding or (b) are converted into or exchanged for preference securities of the surviving entity or any entity, directly or indirectly, controlling
such surviving entity and such new preference securities have powers, preferences or special rights that are not materially less favorable than the Series W Preferred Stock shall not be deemed to adversely affect the powers, preferences or special
rights of the Series W Preferred Stock. 

  
 5 

 (d) In exercising the voting rights set forth in this Section 5 or when otherwise granted
voting rights by operation of law or by the Corporation, each share of the Series W Preferred Stock shall be entitled to one vote. 
 (e)
The foregoing voting provisions shall not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required or upon which the holders of the Series W Preferred Stock shall be entitled to vote shall be
effected, all outstanding shares of the Series W Preferred Stock shall have been redeemed or shall have been called for redemption by the giving of notice thereof pursuant to Section 6(c) below and sufficient funds shall have been irrevocably
deposited in trust to effect such redemption. 
 6. Redemption. 

(a) The Corporation, at the option of the Board of Directors or any duly authorized committee of the Board of Directors, may redeem out of
assets legally available therefor the Series W Preferred Stock on any Dividend Payment Date on or after September 1, 2019 in whole, or from time to time in part, at a redemption price equal to $10,000 per share, plus any declared and unpaid
dividends on the shares of the Series W Preferred Stock called for redemption up to the redemption date. Subject to Section 6(e), dividends shall cease to accrue on such shares on the redemption date, without accumulation of undeclared
dividends. 
 (b) At any time within 90 days after a Capital Treatment Event (as defined below), the Corporation, at the option of the Board
of Directors or any duly authorized committee of the Board of Directors, may provide notice of its intent to redeem the Series W Preferred Stock in accordance with the procedures described below, and the Corporation may subsequently redeem, out of
assets legally available therefor, the Series W Preferred Stock in whole, but not in part, at a redemption price equal to $10,000 per share, plus any declared and unpaid dividends on the shares of the Series W Preferred Stock called for redemption
up to the redemption date. Subject to Section 6(e), dividends shall cease to accrue on such shares on the redemption date, without accumulation of undeclared dividends. 

“Capital Treatment Event” shall mean the good faith determination by the Corporation that, as a result of any: 

(i) amendment to, or change or any announced prospective change in, the laws or regulations of the United States or any
political subdivision of or in the United States that is enacted or becomes effective after the initial issuance of any shares of the Series W Preferred Stock; 

(ii) proposed change in those laws or regulations that is announced or becomes effective after the initial issuance of any
shares of the Series W Preferred Stock; or 
 (iii) official administrative decision or judicial decision or administrative
action or other official pronouncement interpreting or applying those laws or regulations that is announced or becomes effective after the initial issuance of any shares of the Series W Preferred Stock,

  
 6 

 
there is more than an insubstantial risk that the Corporation shall not be entitled to treat an amount equal to the full liquidation amount of all shares of the Series W Preferred Stock then
outstanding as “additional Tier 1 capital” (or its equivalent) for purposes of the capital adequacy guidelines or regulations of the appropriate federal banking agency, as then in effect and applicable, for as long as any share of the
Series W Preferred Stock is outstanding. 
 (c) Notice of every redemption of shares of the Series W Preferred Stock shall be mailed by
first class mail, postage prepaid, addressed to the holders of record of such shares to be redeemed at their respective last addresses appearing on the stock register of the Corporation. Such mailing shall be at least 30 days and not more than 60
days before the date fixed for redemption. Any notice mailed as provided in this Section 6(c) shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure to duly give such notice by mail,
or any defect in such notice or in the mailing thereof, to any holder of shares of the Series W Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of the Series W
Preferred Stock. Each notice of redemption shall state (i) the redemption date; (ii) the number of shares of the Series W Preferred Stock to be redeemed and, if fewer than all the shares held by such holder are to be redeemed, the number
of such shares to be redeemed from such holder; (iii) the redemption price; (iv) the place or places where the certificates representing such shares are to be surrendered for payment of the redemption price; and (v) that dividends on
the shares to be redeemed shall cease to accrue on the redemption date. Notwithstanding the foregoing, if the Series W Preferred Stock is held in book-entry form through The Depository Trust Company, the Corporation may give such notice in any
manner permitted or required by The Depository Trust Company. 
 (d) In the case of any redemption of only part of the shares of the Series
W Preferred Stock at the time outstanding, the shares of the Series W Preferred Stock to be redeemed shall be selected either pro rata from the holders of record of the Series W Preferred Stock in proportion to the number of Series W Preferred Stock
held by such holders or by lot or in such other manner as the Board of Directors or any duly authorized committee of the Board of Directors may determine to be fair and equitable. Subject to the provisions of this Section 6, the Board of
Directors or any duly authorized committee of the Board of Directors shall have full power and authority to prescribe the terms and conditions upon which shares of the Series W Preferred Stock shall be redeemed from time to time. 

(e) If notice of redemption has been duly given and if on or before the redemption date specified in the notice all funds necessary for the
redemption have been irrevocably set aside by the Corporation, separate and apart from its other assets, in trust for the pro rata benefit of the holders of the shares called for redemption, so as to be and continue to be available therefor, or
deposited by the Corporation with a bank or trust company selected by the Board of Directors or any duly authorized committee of the Board of Directors, which bank or trust company may be an affiliate of the Corporation (the “Depositary
Company”), in trust for the pro rata benefit of the holders of the shares called for redemption, then, notwithstanding that any certificate for any share so called for redemption has not been surrendered for cancellation, on and after the
redemption date all shares so called for redemption shall be cancelled and shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue after such redemption date, and all other rights with respect to such shares
shall forthwith on such redemption date cease and 

  
 7 

 
terminate, except for the right of the holders thereof to receive the amount payable on such redemption from the Depositary Company at any time after the redemption date from the funds so
deposited, without interest. The Corporation shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any such
interest. Any funds so deposited and unclaimed at the end of three years from the redemption date shall, to the extent permitted by law, be released or repaid to the Corporation, and in the event of such repayment to the Corporation, the holders of
record of the shares so called for redemption shall look only to the Corporation for an amount equivalent to the amount deposited as stated above for the redemption of such shares and so repaid to the Corporation, but shall in no event be entitled
to any interest. 
 (f) Shares of the Series W Preferred Stock that have been issued and reacquired in any manner, including shares
purchased or redeemed, shall (upon compliance with any applicable provisions of the laws of the State of Delaware) be retired and have the status of authorized and unissued shares of the class of preferred stock undesignated as to series and may be
redesignated and reissued as part of any series of preferred stock. 
 7. Amendment of Resolution. The Board of Directors reserves
the right from time to time to increase or decrease the number of shares that constitute the Series W Preferred Stock (but not below the number of shares thereof then outstanding) and in other respects to amend this Certificate of Designations
within the limitations provided by law, this resolution and the Certificate of Incorporation. 
 8. Rank. Any capital stock of any
class or series of the Corporation shall be deemed to rank: 
 (a) senior to shares of the Series W Preferred Stock, either as to dividends
or upon liquidation, dissolution or winding-up, or both, if the holders of capital stock of such class or series shall be entitled by the terms thereof to the receipt of dividends or of amounts distributable upon liquidation, dissolution or
winding-up, as the case may be, in preference or priority to the holders of shares of the Series W Preferred Stock (and as used herein, the term “senior to the Series W Preferred Stock” and like terms refer to any class or series of
capital stock that ranks senior to the Series W Preferred Stock, either as to dividends or upon liquidation, dissolution or winding-up, or both, as the context may require); 

(b) on a parity with shares of the Series W Preferred Stock, either as to dividends or upon liquidation, dissolution or winding-up, or both,
whether or not the dividend rates, dividend payment dates, or redemption or liquidation preferences per share thereof be different from those of the Series W Preferred Stock, if the holders of capital stock of such class or series shall be entitled
by the terms thereof to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding-up, as the case may be, in proportion to or otherwise based on their respective dividend rates or liquidation preferences, without
preference or priority of one over the other as between the holders of such capital stock and the holders of shares of the Series W Preferred Stock (and as used herein, the term “Parity Preferred Stock,” and “on a parity
with the Series W Preferred Stock” and like terms refer to any class or series of capital stock that ranks 

  
 8 

 
on a parity with the shares of the Series W Preferred Stock, either as to dividends or upon liquidation, dissolution or winding-up, or both, as the context may require); and 

(c) junior to shares of the Series W Preferred Stock, either as to dividends or upon liquidation, dissolution or winding-up, or both, if such
class or series shall be common stock or if the holders of the Series W Preferred Stock shall be entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding-up, as the case may be, in preference or
priority to the holders of capital stock of such class or series (and as used herein, the term “junior to the Series W Preferred Stock” and like terms refer to the common stock and any other class or series of capital stock over
which the Series W Preferred Stock has preference or priority, either as to dividends or upon liquidation, dissolution or winding-up, or both, as the context may require). 

The Series W Preferred Stock shall rank as to dividends and upon liquidation, dissolution or winding-up on a parity with the
Corporation’s Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series I, 5.50% Non-Cumulative Preferred Stock, Series O, 5.45% Non-Cumulative Preferred Stock, Series P, Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Q,
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series R, Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S, 6.70% Non-Cumulative Preferred Stock, Series T, Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series U and
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series V. 

  
 9 

 IN WITNESS WHEREOF, the undersigned, being duly authorized thereto, does hereby affirm, that this
certificate is the act and deed of the Corporation and that the facts herein stated are true, and accordingly has hereunto set his hand as of this 20th day of June, 2014. 

 

			
	JPMORGAN CHASE & CO.
		
	By:	 	 /s/ Anthony J. Horan

	Name:	 	Anthony J. Horan
	Title:	 	Corporate Secretary

  
 10EX-4.2

 Exhibit 4.2 
  

 
  

THIRD SUPPLEMENTAL INDENTURE 

among 
 TELEFÓNICA
EMISIONES, S.A.U., 
 as Issuer, 

TELEFÓNICA, S.A., 
 as
Guarantor 
 and 

THE BANK OF NEW YORK MELLON, 

as Trustee, Paying Agent, Registrar, Transfer Agent and Calculation Agent 

June 23, 2014 
 $500,000,000

 FLOATING RATE SENIOR NOTES DUE 2017 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
			
	 Section 1.01.
	 	 Definitions
	  	 	1	  
	 Section 1.02.
	 	 Conflict with Trust Indenture Act
	  	 	5	  
	 Section 1.03.
	 	 Effect of Headings and Table of Contents
	  	 	5	  
	 Section 1.04.
	 	 Successors and Assigns
	  	 	5	  
	 Section 1.05.
	 	 Separability Clause
	  	 	5	  
	 Section 1.06.
	 	 Benefits of Supplemental Indenture
	  	 	5	  
	 Section 1.07.
	 	 Governing Law
	  	 	5	  
	 Section 1.08.
	 	 Execution in Counterparts
	  	 	5	  
	 Section 1.09.
	 	 Recitals by the Issuer and the Guarantor
	  	 	5	  
	 Section 1.10.
	 	 Ratification and Incorporation of Original Indenture
	  	 	6	  
	
	ARTICLE 2	  
	DESIGNATED SECURITIES	  
			
	 Section 2.01.
	 	 Creation of Designated Securities
	  	 	6	  
	 Section 2.02.
	 	 Limitation on Aggregate Principal Amount of Designated Securities
	  	 	6	  
	 Section 2.03.
	 	 Payment of Principal
	  	 	6	  
	 Section 2.04.
	 	 Interest and Interest Rate
	  	 	7	  
	 Section 2.05.
	 	 Calculation Agent
	  	 	8	  
	 Section 2.06.
	 	 Paying Agent
	  	 	11	  
	 Section 2.07.
	 	 Place of Payment
	  	 	13	  
	 Section 2.08.
	 	 Denominations
	  	 	14	  
	 Section 2.09.
	 	 Listing
	  	 	14	  
	 Section 2.10.
	 	 Security Certificates
	  	 	14	  
	 Section 2.11.
	 	 Defeasance and Covenant Defeasance
	  	 	15	  
	 Section 2.12.
	 	 Additional Amounts
	  	 	15	  
	 Section 2.13.
	 	 Redemption
	  	 	16	  
	 Section 2.14.
	 	 Procedures; Payment Statement
	  	 	17	  
	 Section 2.15.
	 	 Maintenance of Tax Procedures
	  	 	18	  
	 Section 2.16.
	 	 Certificated Securities
	  	 	18	  
	 Section 2.17.
	 	 USA Patriot Act
	  	 	18	  
	 Section 2.18.  
	 	 Additional Rights
	  	 	18	  
		
	 EXHIBIT A   Form of Security Certificate Representing Designated Securities
	  	 	A-1	  
	 EXHIBIT B   Procedures to be Performed by the Issuer, the Guarantor and the Paying Agent in
Connection with Spanish Law 13/1985, of May 25, as amended, and Royal Decree 1065/2007, of July 27, as amended by Royal Decree 1145/2011, of July 29
	  	 	B-1	  

  
 i 

 THIS THIRD SUPPLEMENTAL INDENTURE, dated as of June 23, 2014, 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, as trustee (the “Trustee”, which term includes any successor Trustee), paying agent (the
“Paying Agent”, which term includes any successor Paying Agent), Registrar (the “Registrar”, which term includes any successor Registrar), transfer agent (the “Transfer Agent”, which term includes
any successor Transfer Agent) and calculation agent (the “Calculation Agent”, which term includes any successor Calculation Agent). 

WHEREAS, the Issuer has heretofore entered into an Indenture, dated as of May 22, 2012 (as amended and supplemented, the
“Original Indenture”), with the Guarantor and the Trustee; 
 WHEREAS, the Original Indenture is incorporated
herein by reference and the Original Indenture, as supplemented by this Supplemental Indenture with respect to the Designated Securities (as this term is defined in Section 2.01 below), is herein called the “Indenture”; 

WHEREAS, the Issuer proposes to create a new series of Securities under the Indenture; 

WHEREAS, Mr. Eduardo José Álvarez Gómez, as Joint and Several Director (Administrador Solidario) of the
Issuer and exercising the delegation to issue debt securities approved by the Guarantor as sole shareholder of the Issuer on May 9, 2012 and April 10, 2014 in favor of the Joint and Several Directors (Administradores Solidarios) of
the Issuer, hereby resolves to issue the Designated Securities in an aggregate principal amount of $500,000,000 and with the terms and conditions referred to in this Supplemental Indenture; and 

WHEREAS, all things necessary to make this Supplemental 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 Designated Securities by the
Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Designated Securities, as follows: 

ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 Section 1.01. Definitions. For all purposes of this Supplemental 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; 

  
 1 

 (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 issued by the International Accounting Standards Board, which do not differ for the purposes of the Guarantor
and its consolidated subsidiaries from 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” means an
Article or a Section, as the case may be, of this Supplemental Indenture; 
 (e) the words “herein”,
“hereof” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(f) all terms used but not defined in this Supplemental Indenture, which are defined in the Original Indenture, shall have the meanings
assigned to them in the Original Indenture. 
 “Business Day” means a day other than a Saturday, a Sunday or any
other day on which banking institutions in New York, New York or the city of Madrid, Spain, are authorized or required by law or executive order to close. 

“Calculation Agent” means the Person named as “Calculation Agent” in the first paragraph of this Supplemental
Indenture. 
 “Daily Interest Amount” has the meaning ascribed in Section 2.04(b). 

“Depositary” means The Depository Trust Company and its successors. 

“Determination Date” with respect to any Interest Period will be the second London Banking Day preceding the first day of
that Interest Period. 
 “Designated Guarantee” means that certain guarantee dated June 23, 2014, executed and
delivered by the Guarantor and endorsed on each Security Certificate representing Designated Securities, pursuant to which, among other things, the Guarantor shall unconditionally and irrevocably guarantee to the Holders of the Designated Securities
the due and punctual payment of principal of, premium, if any, and interest and all other amounts due under the Indenture and the Designated Securities. 

  
 2 

 “Designated Securities” has the meaning ascribed in Section 2.01. 

“Floating Rate Business Day” means 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. 

“Guarantor” means the Person named as “Guarantor” in the first paragraph of this Supplemental Indenture. 

“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the
Issuer and the Guarantor. 
 “Interest Payment Date” has the meaning ascribed in Section 2.04(c). 

“Interest Period” has the meaning ascribed in Section 2.04(d). 

“Issuer” means the Person named as “Issuer” in the first paragraph of this Supplemental Indenture. 

“LIBOR” with respect to each Interest Period shall be the rate (expressed as a percentage per annum) for deposits in United
States dollars for a three-month period beginning on the first day of such Interest Period that appears on Reuters LIBOR01 Page (as defined below) as of 11:00 a.m., London time, on the Determination Date (as defined above). If the Reuters LIBOR01
Page as of 11:00 a.m., London time, does not include the applicable rate or is unavailable on the Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as
selected by the Calculation Agent (after consultation with the Issuer), to provide that bank’s offered quotation (expressed as a percentage per annum) as of approximately 11:00 a.m., London time, on the Determination Date to prime banks in the
London interbank market for deposits in a Representative Amount (as defined below) for a three-month period beginning on the first day of that Interest Period. If at least two offered quotations are so provided, LIBOR for the Interest Period will be
the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of those quotations. If fewer than two quotations are so provided, the Calculation Agent (after consultation with the Issuer) will request each of three
major banks in New York City, as selected by the Calculation Agent, to provide that bank’s rate (expressed as a percentage per annum), as of approximately 11:00 a.m., New York City time, on the Determination Date for loans in a Representative
Amount to leading European banks for a three-month period beginning on the first day of that Interest Period. If at least three rates are so provided, LIBOR for the Interest Period will be the arithmetic mean (rounded upward if necessary to the
nearest whole multiple of 0.00001%) of those rates. If fewer than three rates are so provided, then LIBOR for the Interest Period will be LIBOR in effect with respect to the immediately preceding Interest Period. 

  
 3 

 “London Banking Day” is any day on which dealings in United States dollars are
transacted or, with respect to any future date, are expected to be transacted in the London interbank market. 
 “New York Business
Day” means a day other than a Saturday, a Sunday or any other day on which banking institutions in New York, New York are authorized or required by law or executive order to close. 

“Paying Agent” means the Person named as “Paying Agent” in the first paragraph of this Supplemental Indenture. 

“Payment Statement” means the statement to be delivered to the Issuer and the Guarantor by the Paying Agent, substantially in
the form set forth in Annex I to Exhibit B, pursuant to Section 2.14. 
 “Prospectus Supplement” means the Final Prospectus
Supplement dated June 10, 2014 and filed with the SEC on June 12, 2014 relating to the offering of the Designated Securities. 

“Redemption Date” has the meaning ascribed in Section 2.13(a). 

“Redemption Price” has the meaning ascribed in Section 2.13(a). 

“Regular Record Date” means the tenth New York Business Day prior to the applicable Interest Payment Date. 

“Representative Amount” means a principal amount of not less than US$1,000,000 for a single transaction in the relevant
market at the relevant time. 
 “Reuters LIBOR01 Page” means the display designated on page LIBOR01 on the Reuters Page (or
such other page as may replace the LIBOR01 page on the Reuters Page or such other service as may be nominated by the ICE Benchmark Administration Limited for the purpose of displaying London interbank offered rates for U.S. Dollar deposits).

 “Reuters Page” means the display on Reuters Money 3000 Service, or any successor service. 

“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 means the first date on which, the full amount of such moneys having been so received and made available for payment to Holders, notice to
that effect is duly given to the Holders in accordance with the Indenture. 
 “Stated Maturity” means June 23, 2017.

  
 4 

 “Supplemental Indenture” means this instrument as originally executed or as it
may from time to time be supplemented or amended in accordance with the terms of the Indenture. 
 “Trustee” means the
Person named as “Trustee” in the first paragraph of this Supplemental Indenture. 
 Section 1.02. 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 the Indenture, the provision of the Trust Indenture Act shall control.
If any provision of this Supplemental 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 Supplemental Indenture as so
modified or to be excluded, as the case may be. 
 Section 1.03. 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 1.04. Successors and Assigns. All covenants and agreements in this Supplemental Indenture by the Issuer or the Guarantor
shall bind their respective successors and assigns, whether so expressed or not. 
 Section 1.05. Separability Clause. In case
any provision in this Supplemental Indenture, the Designated Securities or the Designated Guarantee 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 1.06. Benefits of Supplemental Indenture. Nothing in the Supplemental Indenture, the Designated
Securities or the Designated Guarantee, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders of Designated Securities, any benefit or any legal or equitable right, remedy or claim
under the Indenture. 
 Section 1.07. Governing Law. Pursuant to Section 5-1401 of the General Obligations Law of the State
of New York, this Supplemental Indenture, the Designated Securities and the Designated Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 1.08. Execution in Counterparts. This Supplemental 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. 

Section 1.09. Recitals by the Issuer and the Guarantor. The recitals in this Supplemental Indenture are made by the Issuer and the
Guarantor only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, 

  
 5 

 
immunities, powers and duties of the Trustee shall be applicable in respect of the Designated Securities, the Designated Guarantee and of this Supplemental Indenture as fully and with like effect
as if set forth herein in full. 
 Section 1.10. Ratification and Incorporation of Original Indenture. As supplemented
hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

ARTICLE 2 

DESIGNATED SECURITIES 

Section 2.01. Creation of Designated Securities. There is hereby created a new series of Securities to be issued under the
Indenture, to be designated as Floating Rate Senior Notes due 2017 (the “Designated Securities”). The Designated Securities have been designated as series Q of the Issuer in the public deed of issuance executed by one of the Joint
and Several Directors (Administradores Solidarios) of the Issuer on June 11, 2014 and registered with the Mercantile Registry of Madrid on June 17, 2014. 

Section 2.02. Limitation on Aggregate Principal Amount of Designated Securities. The aggregate principal amount of the
Designated Securities shall initially be limited to $500,000,000 (except for Designated Securities represented by any Security Certificate authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Designated Securities pursuant to Section 2.4, 2.5, 2.7, 9.6 or 11.7 of the Original Indenture and except for any Designated Securities which, pursuant to Section 2.3 of the Original Indenture, are deemed never to have been authenticated
and delivered under the Indenture). The Issuer may from time to time, without the consent of the Holders of Designated Securities, create and issue further securities having the same terms and conditions as the previously issued Designated
Securities 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 Designated
Securities; 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 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. 

Section 2.03. Payment of Principal. The principal of the Outstanding Designated Securities shall be due and payable at the Stated
Maturity. 

  
 6 

 Section 2.04. Interest and Interest Rate.  

(a) The Designated Securities will bear interest from June 23, 2014 or from the most recent date through which the Issuer has paid or
provided for interest on the Designated Securities. 
 (b) The interest rate per annum for the Designated Securities will be reset on the
first day of each Interest Period and will be equal to LIBOR plus 0.650% as determined by the Calculation Agent. The amount of interest for the Designated Securities for each day the Designated Securities are Outstanding (the “Daily Interest
Amount”) will be calculated by dividing the applicable interest rate in effect for that day by 360 and multiplying the result by the aggregate outstanding principal amount of Designated Securities on that day. The amount of interest to be
paid on the Designated Securities for each Interest Period will be calculated by adding the applicable Daily Interest Amounts for each day in the Interest Period. 

(c) The Issuer or the Guarantor, as the case may be, will pay interest on the Designated Securities on each
March 23, June 23, September 23 and December 23 of each year beginning on September 23, 2014 until the Stated Maturity, and on the Stated Maturity (each an “Interest Payment Date”). If any Interest
Payment Date would fall on a day that is not a Floating Rate Business Day, other than the Interest Payment Date that is also the Stated Maturity, that Interest Payment Date will be postponed to the following day that is a Floating Rate Business Day,
except that if such next Floating Rate Business Day is in a different month, then that Interest Payment Date will be the immediately preceding day that is a Floating Rate Business Day. 

(d) Except as described below for the first Interest Period, on each Interest Payment Date, the Issuer or the Guarantor, as the case may be,
will pay interest on the Designated Securities for the period commencing on and including the immediately preceding Interest Payment Date and ending on and including the day immediately preceding such relevant Interest Payment Date. The first
Interest Period will begin on and include June 23, 2014 and, subject to the immediately preceding paragraph, will end on and include September 22, 2014. Each period for which interest is payable on the Designated Securities is referred to
as an “Interest Period”. 
 (e) If the Stated Maturity of any Designated Security is not a Floating Rate Business Day,
payment of principal and interest on the applicable Designated Security will be made on the next succeeding day that is a Floating Rate Business Day, and no interest will accrue for the period from and after such Stated Maturity. 

(f) The interest rate on the Designated Securities will in no event be higher than the maximum rate permitted by New York law as the same may
be modified by United States law of general application. 
 (g) Interest on each Designated Security will be paid only to the Person in
whose name such Designated Security was registered at the close of business on the Regular Record Date for the applicable Interest Payment Date. 

  
 7 

 Section 2.05. Calculation Agent.  

(a) Upon the terms and subject to the conditions contained herein, the Issuer hereby appoints The Bank of New York Mellon as the initial
Calculation Agent under the Indenture for the purpose of performing the functions of the Calculation Agent with respect to the payments of interest, principal and Additional Amounts, if any, in the manner and at the times provided in the Security
Certificates representing Designated Securities and the Indenture. 
 (b) The Calculation Agent shall exercise due care to determine the
payment amounts of interest, principal and Additional Amounts, if any, for each Designated Security and all other matters which are required to be determined or provided by the Calculation Agent pursuant to the terms of each such Designated Security
and as described in this Supplemental Indenture, and shall communicate the same to the Issuer, the Trustee and any Paying Agent at least three Business Days prior to such determination or performance. 

(c) The Calculation Agent will, upon the request of any registered holder of the Designated Securities, the Issuer, the Guarantor, the Paying
Agent or the Trustee, provide the interest rate on the Designated Securities then in effect. 
 (d) All calculations of the Calculation
Agent in respect of the Designated Securities, in the absence of manifest error, shall be conclusive for all purposes and binding on the Issuer, the Guarantor and the Holders of Designated Securities. 

(e) The Calculation Agent accepts its obligations set forth herein, upon the terms and subject to the conditions hereof, including the
following, to all of which the Issuer and the Guarantor agree: 
 (i) The Calculation Agent shall be entitled to such
compensation as may be agreed in writing with the Issuer and the Guarantor for all services rendered by the Calculation Agent, and the Issuer and the Guarantor promise to pay such compensation and to reimburse the Calculation Agent for the
reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by it in connection with the services rendered by it hereunder upon receipt of such invoices as the Issuer and the Guarantor shall reasonably require. The
Issuer and the Guarantor agree to indemnify the Calculation Agent for, and to hold it harmless against, any and all loss, liability, damage, claims or expenses (including the costs and expenses of defending against any claim of liability) incurred
by the Calculation Agent that arises out of or in connection with its acting as Calculation Agent hereunder, except such as may result from the negligence, willful misconduct or bad faith of the Calculation Agent or any of its agents or employees.
The Calculation Agent shall incur no liability and shall be indemnified and held harmless by the Issuer and the Guarantor for, or in respect of, any actions taken, omitted to be taken or suffered to be taken in good faith by the Calculation Agent in
reliance upon (1) the written opinion of counsel satisfactory to it and upon obtaining the prior written consent of the Issuer or the Guarantor (which consent shall not be unreasonably withheld) or (2) written

  
 8 

 
instructions from the Issuer and the Guarantor. The Calculation Agent shall not be liable for any error resulting from the use of or reliance on a source of information used in good faith and
with due care to calculate the payment amounts of interest, principal and Additional Amounts, if any, for each Designated Security or in determining any other matter required to be determined by the Calculation Agent pursuant to the terms of each
such Designated Security. The provisions of this paragraph shall survive the termination of this Supplemental Indenture. 

(ii) In acting under the Indenture and in connection with the Designated Securities, the Calculation Agent is acting solely as
agent of the Issuer and the Guarantor and does not assume any obligations to, or relationship of agency or trust for or with, any of the Holders of the Designated Securities. 

(iii) The Calculation Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted to
be taken or anything suffered by it in reliance upon the terms of the Designated Securities, any notice, direction, certificate, affidavit, statement or other paper, document or communication reasonably believed by it to be genuine and to have been
approved or signed by the proper party or parties. 
 (iv) The Calculation Agent shall be obligated to perform only such
duties as are herein specifically set forth and any duties necessarily incidental thereto, and no implied duties or obligations shall be read into the Indenture against the Calculation Agent. 

(v) Unless herein otherwise specifically provided, any order, certificate, notice, request, direction or other communication
from the Issuer or the Guarantor made or given by it under any provision of the Indenture shall be sufficient if signed by any proper officer or an authorized person of the Issuer or the Guarantor, as the case may be. 

(vi) The Calculation Agent may, upon obtaining the prior written consent of the Issuer and the Guarantor, perform any duties
hereunder either directly or by or through agents or attorneys, and the Calculation Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

(f) (i) The Calculation Agent may at any time resign as Calculation Agent by giving written notice to the Issuer and the Guarantor of such
intention on its part, specifying the date on which its desired resignation shall become effective; provided, however, that such date shall not be earlier than 60 days after the receipt of such notice by the Issuer and the Guarantor, unless the
Issuer and the Guarantor agree in writing to accept less notice. The Calculation Agent may be removed (with or without cause) at any time by the filing with it of any instrument in writing signed on behalf of the Issuer and the Guarantor by any
proper officer or an authorized person thereof and specifying such removal and the date when it is intended to become effective, subject to (if such Calculation Agent is not the Trustee) the 

  
 9 

 
written consent of the Trustee, which consent shall not be unreasonably withheld. Such resignation or removal shall take effect only upon the date of the appointment by the Issuer and the
Guarantor, as hereinafter provided, of a successor Calculation Agent. If within 60 days after notice of resignation or removal has been given, a successor Calculation Agent has not been appointed, the Calculation Agent may petition a court of
competent jurisdiction to appoint a successor Calculation Agent. A successor Calculation Agent shall be appointed by the Issuer and the Guarantor by an instrument in writing signed on behalf of the Issuer and the Guarantor, as the case may be, by
any proper officer or an authorized person thereof and the successor Calculation Agent. Upon the appointment of a successor Calculation Agent and acceptance by it of such appointment, the Calculation Agent so superseded shall cease to be such
Calculation Agent hereunder. Upon its resignation or removal, the Calculation Agent shall be entitled to the payment by the Issuer and the Guarantor of its compensation, if any is owed to it, for services rendered hereunder and to the reimbursement
of all reasonable out-of-pocket expenses incurred in connection with the services rendered by it hereunder. 
 (ii) Any
successor Calculation Agent appointed hereunder shall execute and deliver to its predecessor and to the Issuer and the Guarantor an instrument accepting such appointment hereunder, and thereupon such successor Calculation Agent, without any further
act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as such Calculation Agent hereunder, and such predecessor,
upon payment of its charges and disbursements then unpaid, shall thereupon become obliged to transfer and deliver, and such successor Calculation Agent shall be entitled to receive, copies of any relevant records maintained by such predecessor
Calculation Agent. 
 (iii) Any Person into which the Calculation Agent may be merged or converted or with which the
Calculation Agent may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Calculation Agent shall be a party, or any Person succeeding to all or substantially all of the assets and business of the
Calculation Agent, or all or substantially all of the corporate trust business of the Calculation Agent shall, to the extent permitted by applicable law and provided that it shall have an established place of business in The City of New York, be the
successor Calculation Agent under the Indenture without the execution or filing of any paper or any further act on the part of any of the parties hereto. Notice of any such merger, conversion, consolidation or sale shall forthwith be given to the
Issuer and the Guarantor within 30 days of such merger, conversion, consolidation or sale. 
 (g) Any notice, communication or other
document required to be given by the Calculation Agent to any person hereunder shall be given in accordance with Section 1.5 of the Original Indenture. Any notice, communication or other document required to be given to the Calculation Agent
shall be delivered in person or sent by letter, to the following address (or to any other address of which the Calculation Agent shall have notified the others in writing): The Bank of New York Mellon, 101 Barclay Street, 7E, New York, New York
10286, Attention: International Corporate Trust. Any notice, communication or other document hereunder given or delivered by telephone or letter shall be deemed to be received when in the ordinary course of transmission or post, as the case may be,
it would be received 

  
 10 

 Section 2.06. Paying Agent.  

(a) Upon the terms and subject to the conditions contained herein, the Issuer hereby appoints The Bank of New York Mellon as the initial
Paying Agent under the Indenture for the purpose of performing the functions of the Paying Agent with respect to the Designated Securities. 

(b) The Paying Agent shall exercise due care in performing the functions of the Paying Agent for the Designated Securities. 

(c) The Paying Agent accepts its obligations set forth herein, upon the terms and subject to the conditions hereof, including the following,
to all of which the Issuer and the Guarantor agree: 
 (i) The Paying Agent shall be entitled to such compensation as may be
agreed in writing with the Issuer and the Guarantor for all services rendered by the Paying Agent, and the Issuer and the Guarantor promise to pay such compensation and to reimburse the Paying Agent for the reasonable out-of-pocket expenses
(including reasonable counsel fees and expenses) incurred by it in connection with the services rendered by it hereunder upon receipt of such invoices as the Issuer and the Guarantor shall reasonably require. The Issuer and the Guarantor agree to
indemnify the Paying Agent for, and to hold it harmless against, any and all loss, liability, damage, claims or expenses (including the costs and expenses of defending against any claim of liability) incurred by the Paying Agent that arises out of
or in connection with its acting as Paying Agent hereunder, except such as may result from the negligence, willful misconduct or bad faith of the Paying Agent or any of its agents or employees. The Paying Agent shall incur no liability and shall be
indemnified and held harmless by the Issuer and the Guarantor for, or in respect of, any actions taken, omitted to be taken or suffered to be taken in good faith by the Paying Agent in reliance upon (A) the written opinion of counsel
satisfactory to it and upon obtaining the prior written consent of the Issuer or the Guarantor or (B) written instructions from the Issuer and the Guarantor. The provisions of this paragraph shall survive the termination of this Supplemental
Indenture. 
 (ii) In acting under the Indenture and in connection with the Designated Securities, the Paying Agent is acting
solely as agent of the Issuer and the Guarantor and does not assume any obligations to, or relationship of agency or trust for or with, any of the Holders of the Designated Securities. 

(iii) The Paying Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted to be
taken or anything suffered 

  
 11 

 
by it in reliance upon the terms of the Designated Securities, any notice, direction, certificate, affidavit, statement or other paper, document or communication reasonably believed by it to be
genuine and to have been approved or signed by the proper party or parties. 
 (iv) The Paying Agent shall be obligated to
perform only such duties as are herein specifically set forth and any duties necessarily incidental thereto, and no implied duties or obligations shall be read into the Indenture against the Paying Agent. 

(v) Unless herein otherwise specifically provided, any order, certificate, notice, request, direction or other communication
from the Issuer or the Guarantor made or given by it under any provision of the Indenture shall be sufficient if signed by any proper officer or an authorized person of the Issuer or the Guarantor, as the case may be. 

(vi) The Paying Agent may perform any duties hereunder either directly or by or through agents or attorneys, and the Paying
Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

(d) (i) The Paying Agent may at any time resign as Paying Agent by giving written notice to the Issuer and the Guarantor of such
intention on its part, specifying the date on which its desired resignation shall become effective; provided, however, that such date shall not be earlier than 60 days after the receipt of such notice by the Issuer and the Guarantor,
unless the Issuer and the Guarantor agree in writing to accept less notice. The Paying Agent may be removed (with or without cause) at any time by the filing with it of any instrument in writing signed on behalf of the Issuer and the Guarantor by
any proper officer or an authorized person thereof and specifying such removal and the date when it is intended to become effective, subject to (if such Paying Agent is not the Trustee) the written consent of the Trustee, which consent shall not be
unreasonably withheld. Such resignation or removal shall take effect only upon the date of the appointment by the Issuer and the Guarantor, as hereinafter provided, of a successor Paying Agent. If within 60 days after notice of resignation or
removal has been given, a successor Paying Agent has not been appointed, the Paying Agent may petition a court of competent jurisdiction to appoint a successor Paying Agent. A successor Paying Agent shall be appointed by the Issuer and the Guarantor
by an instrument in writing signed on behalf of the Issuer and the Guarantor, as the case may be, by any proper officer or an authorized person thereof and the successor Paying Agent. Upon the appointment of a successor Paying Agent and acceptance
by it of such appointment, the Paying Agent so superseded shall cease to be such Paying Agent hereunder. Upon its resignation or removal, the Paying Agent shall be entitled to the payment by the Issuer and the Guarantor of its compensation, if any
is owed to it, for services rendered hereunder and to the reimbursement of all reasonable out-of-pocket expenses incurred in connection with the services rendered by it hereunder. 

  
 12 

 (ii) Any successor Paying Agent appointed hereunder shall execute and deliver to its predecessor
and to the Issuer and the Guarantor an instrument accepting such appointment hereunder, and thereupon such successor Paying Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts,
immunities, duties and obligations of such predecessor with like effect as if originally named as such Paying Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obliged to
transfer and deliver, and such successor Paying Agent shall be entitled to receive, copies of any relevant records maintained by such predecessor Paying Agent. 

(iii) Any Person into which the Paying Agent may be merged or converted or with which the Paying Agent may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which the Paying Agent shall be a party, or any Person succeeding to all or substantially all of the assets and business of the Paying Agent, or all or substantially all of the corporate
trust business of the Paying Agent shall, to the extent permitted by applicable law and provided that it shall have an established place of business in The City of New York, be the successor Paying Agent under the Indenture without the execution or
filing of any paper or any further act on the part of any of the parties hereto. Notice of any such merger, conversion, consolidation or sale shall forthwith be given to the Issuer and the Guarantor within 30 days of such merger, conversion,
consolidation or sale. 
 (iv) Any notice, communication or other document (other than a notice, communication or other document delivered
pursuant to the procedures set forth in Exhibit B, including a Payment Statement) required to be given by the Paying Agent to any person hereunder shall be given in accordance with Section 1.5 of the Original Indenture. Any notice,
communication or other document (other than a notice, communication or other document delivered pursuant to the procedures set forth in Exhibit B, including a Payment Statement) to be given to the Paying Agent shall be delivered in person, sent by
letter or communicated by telephone (subject, in the case of communications by telephone, to confirmation dispatched within twenty-four hours by letter), to the following address (or to any other address of which the Paying Agent shall have notified
the others in writing): The Bank of New York Mellon, 101 Barclay Street, 4E, New York, New York 10286, Attention: International Corporate Trust. Any notice, communication or other document hereunder given or delivered by telephone or letter shall be
deemed to be received when in the ordinary course of transmission or post, as the case may be, it would be received. 

Section 2.07. Place of Payment.  

(a) The place or places where, subject to the provisions of Section 10.2 of the Original Indenture, the principal of, and any premium and
interest on, and any Additional Amounts in respect of, the Designated Securities shall be payable, Security Certificates representing the Designated Securities may be surrendered for exchange or conversion of the Designated Securities represented
thereby and notices and demands to or upon the Issuer or the Guarantor in respect of the Designated Securities and this Indenture may be served shall be the Corporate Trust Office of the Trustee. 

(b) Upon the deposit with the Paying Agent of a sum sufficient to pay the principal of, or any premium or interest on, or any Additional
Amounts in respect of, as the case may be, the Designated Securities on or prior to the Relevant Date, the Issuer or the Guarantor, as the case may be, will have fully complied with its payment obligations under Section 10.3(b) of the Original
Indenture with respect to any such amount. 

  
 13 

 Section 2.08. Denominations. The Designated Securities may be issued in denominations
of $1,000 and integral multiples thereof. 
 Section 2.09. Listing. From and including the issue date of the Designated
Securities to and including the first Interest Payment Date in respect of the Designated Securities, the Issuer will use its reasonable best efforts to obtain or maintain, as applicable, a listing of the Designated Securities on the New York Stock
Exchange or another organized market in an OECD country. 
 Section 2.10. Security Certificates.  

(a) The Designated Securities shall initially be represented by one or more Global Certificates substantially in the form of Exhibit A, which
shall be deposited with a custodian for the Depositary and the Designated Securities represented thereby will be registered in the name of a nominee of the Depositary, for the accounts of participants in the Depositary. 

(b) Designated Securities represented by a 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. 
 (c) Beneficial interests in any Designated Securities represented by a Global Certificate will be exchangeable for Designated
Securities represented by Definitive Certificates 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
Designated Securities represented by Definitive Certificates or (iii) there shall have occurred and be continuing an Event of Default with respect to the Designated Securities and the Designated Securities will be accelerated in accordance with
their terms and the terms of the Indenture. 
 (d) Upon the occurrence of any of the events specified in (i), (ii) or (iii) of
(c) above, Designated Securities represented by Definitive Certificates shall be (i) delivered by the Trustee in exchange for beneficial interest in Designated Securities represented by Global Certificates 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. 

  
 14 

 Section 2.11. Defeasance and Covenant Defeasance. The provisions of Sections 4.3 and
10.8 of the Original Indenture will apply to the Designated Securities, except that the opinion of counsel to be provided under Section 4.3(c) of the Original Indenture must state that it is based on a change in law or a ruling received from
the U.S. Internal Revenue Service. 
 Section 2.12. Additional Amounts.  

(a) Except as otherwise provided in this Section 2.12, the provisions of Section 10.4 of the Original Indenture will apply to the
Designated Securities; provided, however, that the Issuer and the Guarantor will not be required to pay any Additional Amounts in respect of any Designated Security: 

(i) in respect of which the Holder (or the Beneficial Owner for whose benefit it holds such Designated Security) is liable for
such taxes, duties, assessments or governmental charges by reason of it (or the Beneficial Owner for whose benefit it holds such Designated Security) having some connection with the Kingdom of Spain other than the mere holding of such Designated
Security (or such beneficial interest); 
 (ii) in respect of which the Issuer or the Guarantor has not received such
information as may be necessary to allow payments on such Designated 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 13/1985 of May 25, as amended, and Royal Decree 1065/2007 of July 27, as amended by Royal Decree 1145/2011 of July 29, 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; 
 (iv) presented for payment (where presentation is required) more than 30 days after the Relevant Date,
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; 

(v) where the withholding or deduction is imposed on a payment to or for the benefit of an individual and is required to be
made pursuant to European Council Directive 2003/48/EC or any other directive amending, implementing or replacing such Directive or any law implementing or complying with, or introduced in order to conform to, such Directive; 

(vi) 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 Designated Security to another paying agent; 

  
 15 

 (vii) any withholding or deduction that is imposed pursuant to Sections 1471
through 1474 of the 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; or 

(viii) in the event that the Designated Securities are redeemed pursuant to Section 2.13(b) hereof, 

provided further that Additional Amounts in respect of the Designated Securities will also not be paid with respect to any payment to a Holder of any
Designated Securities 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. 

(b) In the event of an early redemption of the Designated Securities pursuant to Section 2.13(b) of this Supplemental Indenture, the Issuer or
the Guarantor, as the case may be, will be required to withhold tax and will pay interest in respect of the principal amount of the Designated Securities redeemed net of the Spanish withholding tax applicable to such payments. If this were to occur,
Beneficial Owners will have to follow the Direct Refund from Spanish Tax Authorities Procedures set forth in Annex A to the Prospectus Supplement in order to apply directly to the Spanish tax authorities for any refund to which they may be entitled.

 Section 2.13. Redemption.  

(a) The provisions of Article 11 of the Original Indenture will apply to the Designated Securities. The “Redemption Price”
means: (A) with respect to any Designated Securities to be redeemed other than pursuant to Section 11.8 of the Original Indenture or Section 2.13(b) of this Supplemental Indenture, an amount equal to the greater of: (x) 100% of the
principal amount of such Designated Securities to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date (as defined below) of such Designated Securities and (y) as determined by the Independent Investment
Banker, the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued thereon to the Redemption Date and assuming that LIBOR through the Stated Maturity would remain
constant as of the Redemption Date) discounted to 

  
 16 

 
the Redemption Date of the Designated Securities being redeemed on a bond-equivalent yield basis (using the same interest rate convention as that used in computing interest on the Designated
Securities) at a rate per annum equal to LIBOR as of the Redemption Date plus 10 basis points for the Designated Securities being redeemed, plus accrued and unpaid interest on the principal amount of such Designated Securities (or any portion
thereof) being redeemed to, but excluding, the Redemption Date of the Designated Securities (or any portion thereof) being redeemed; and (B) with respect to any Designated Securities to be redeemed pursuant to Section 11.8 of the Original
Indenture or Section 2.13(b) of this Supplemental Indenture, an amount equal to their principal amount, together with accrued and unpaid interest, if any, thereon to but excluding the Redemption Date. The “Redemption Date” of any
Designated Securities to be redeemed will be any Floating Rate Business Day fixed by the Issuer for redemption of such Designated Securities and specified in the applicable notice of redemption provided by the Issuer to the Trustee pursuant to
Section 11.2 of the Original Indenture; provided, however, that the Redemption Date of any Designated Securities to be redeemed pursuant to Section 11.8(a) of the Original Indenture shall be an Interest Payment Date. 

(b) In addition, if the Designated Securities are not listed on an organized market in an OECD country no later than 45 days prior to the
first Interest Payment Date, 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 the Designated Securities and upon proper notice as provided in this Indenture (which notice shall be irrevocable) redeem all of the Outstanding Designated Securities at the applicable Redemption Price
specified in Section 2.13(a)(B) of this Supplemental Indenture; provided that from and including the issue date of the Designated Securities to and including such Interest Payment Date, the Issuer will use its reasonable best efforts to
obtain or maintain such listing, as applicable. 
 Section 2.14. Procedures; Payment Statement. The Issuer, the Guarantor, the
Paying Agent and the Calculation Agent shall, in connection with any Interest Payment Date or Redemption Date (other than a Redemption Date in respect of an early redemption of the Designated Securities pursuant to Section 2.13(b) of this
Supplemental Indenture), comply with the procedures set forth in Exhibit B, including the timely provision by the Paying Agent of a duly executed and completed Payment Statement to the Issuer and the Guarantor. Compliance with the procedures set
forth in Exhibit B, including the timely provision by the Paying Agent of a duly executed and completed Payment Statement to the Issuer and the Guarantor, shall not be required in connection with an early redemption of the Designated Securities
pursuant to Section 2.13(b) of this Supplemental Indenture. If the timely provision of a duly executed and completed Payment Statement is no longer necessary under Spanish law to allow payments on the Designated Securities to be made free and clear
of Spanish withholding tax or deduction on account of Spanish taxes, this Section 2.14 of this Supplemental Indenture shall cease to be in effect and the Issuer, the Guarantor, the Paying Agent and the Calculation Agent shall no longer be required
to comply with the procedures set forth in Exhibit B, including the timely provision by the Paying Agent of a duly executed and completed Payment Statement to the Issuer and the Guarantor with respect to any Interest Payment Date or Redemption Date
occurring on or after the date on which the timely 

  
 17 

 
provision of such Payment Statement is no longer necessary under Spanish law to allow payments on the Designated Securities to be made free and clear of Spanish withholding tax or deduction on
account of Spanish taxes. Notwithstanding anything contained herein to the contrary, the Paying Agent shall not be liable for any amounts owed to any person due to its failure to properly comply with the tax procedures referred to in Section 2.14
and Section 2.15 of this Supplemental Indenture, except such as may result from the negligence, willful misconduct or bad faith of the Paying Agent or any of its agents or employees. 

Section 2.15. Maintenance of Tax Procedures. So long as any principal amount of the Designated Securities remains outstanding, the
Issuer and the Guarantor shall, insofar as it is practicable, maintain, implement or arrange for the implementation of procedures to facilitate the timely provision by the Paying Agent of a duly executed and completed Payment Statement in respect of
the payments referred to in Section 2.14 of this Supplemental Indenture under the Designated Securities or the collection of any other documentation concerning the Designated Securities that may be required under Spanish law to allow payments on the
Designated Securities to be made free and clear of Spanish withholding tax. 
 Section 2.16. Certificated Securities. Any
Certificated Securities issued in exchange for Beneficial Interests in the Designated Securities represented by Global Certificates pursuant to Section 2.5 of the Original Indenture shall be issued in the State of New York. 

Section 2.17. 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, 2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions, is required to obtain, verify, and
record information that identifies each person or legal entity that opens an account. The parties to this Supplemental Indenture agree that they will provide the Trustee with such information regarding the identification of the Issuer and the
Guarantor as the Trustee may request in order for the Trustee to satisfy the requirements of the USA Patriot Act. 
 Section 2.18.
Additional Rights. In addition to their rights under the Original Indenture, the parties hereto shall be provided with the following additional rights: 

(a) The permissive rights of the Trustee enumerated herein shall not be construed as duties. 

(b) 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. 

  
 18 

 (c) Under no circumstances will any party to this Supplemental Indenture be liable to any other
party to this Supplemental 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. 

  
 19 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Third Supplemental 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:	 	 Joint and Several Director
 (Administrador
Solidario)

	
	 TELEFÓNICA, S.A.,
 as
Guarantor

		
	By:	 	 /s/ Miguel Escrig Meliá

		 	Name:	 	Miguel Escrig Meliá
		 	Title:	 	Authorized Officer
	
	 THE BANK OF NEW YORK MELLON,
 as
Trustee, Paying Agent, Registrar, Transfer Agent and Calculation Agent

		
	By:	 	 /s/ Catherine F. Donohue

		 	Name:	 	Catherine F. Donohue
		 	Title:	 	Vice President

 THIRD SUPPLEMENTAL INDENTURE 

 EXHIBIT A 

FORM OF SECURITY CERTIFICATE REPRESENTING DESIGNATED SECURITIES 

TELEFÓNICA EMISIONES, S.A.U. 

Floating Rate Senior Notes due 2017 

Guaranteed by 

TELEFÓNICA, S.A. 
  

			
	No.    	  	CUSIP No. 87938WAS2
		  	ISIN No. US87938WAS26

 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. 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY 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 pay to Cede & Co., or registered assigns, the
principal sum of $500,000,000 on June 23, 2017, and to pay interest thereon from June 23, 2014, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, in arrears on
March 23, June 23, September 23 and December 23 of each year, beginning on September 23, 2014 until the Stated Maturity, and on the Stated Maturity.  

The interest rate per annum will be equal to LIBOR plus 0.650% as determined by the Calculation Agent. 

  
 A-1 

 The Designated Securities are issuable in denominations of $1,000 and integral multiples thereof.

 The amount of interest for the Designated Securities (as defined herein) for each day such Designated Securities are outstanding, which
is referred to as the “Daily Interest Amount,” will be calculated by dividing the applicable interest rate in effect for that day by 360 and multiplying the result by the aggregate outstanding principal amount of Designated
Securities on that day. The amount of interest to be paid on the Designated Securities for each Interest Period will be calculated by adding the applicable Daily Interest Amounts for each day in the Interest Period. If any Interest Payment Date
falls on a day that is not a Floating Rate Business Day, other than an Interest Payment Date that is also the Stated Maturity, that Interest Payment Date shall be postponed to the following day that is a Floating Rate Business Day, except that if
such next Floating Rate Business Day is in a different month, then that Interest Payment Date will be the immediately preceding day that is a Floating Rate Business Day. If the Stated Maturity of the Designated Securities is not a Floating Rate
Business Day, payment of principal and interest on the Designated Securities will be made on the next succeeding day that is a Floating Rate Business Day and no interest will accrue for the period from and after the Stated Maturity. 

Except as described below for the first Interest Period, on each Interest Payment Date, the Issuer or the Guarantor (as defined herein), as
the case may be, shall pay interest on the Designated Securities for the period commencing on and including the immediately preceding Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. The
first Interest Period shall begin on and include June 23, 2014 and, subject to the immediately preceding paragraph, shall end on and include September 22, 2014. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to
the Person in whose name the Designated Securities represented hereby (or one or more Predecessor Securities) are registered at the close of business on the Regular Record Date for such Interest Payment Date, which shall be the tenth New York
Business Day prior to the applicable 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
the Designated Securities represented hereby (or one or more Predecessor Securities) are 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 Designated Securities 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 Designated Securities
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 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 the aggregate principal amount of the Designated Securities was equivalent to €368,052,999.6, based on the Noon Buying Rate as determined and published by the Federal Reserve, as
of June 13, 2014, for the Euro of $1.3585 per €1.00. Amounts due under the Designated Securities shall not under any circumstances whatsoever be payable in any currency other than U.S. dollars or such coin or currency of the United States
as at the time of payment shall be legal tender for the payment of public and private debts. 

  
 A-2 

 The Bank of New York Mellon shall initially act as Trustee, Paying Agent, Registrar, Transfer
Agent and Calculation Agent with respect to the Designated Securities. 
 Reference is hereby made to the further provisions of the
Designated Securities 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 Designated Securities represented by this Security Certificate shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

The public deed of issuance (escritura de emisión) related to the Designated Securities represented hereby was granted on
June 11, 2014 before Mr. José Miguel García Lombardía, Notary of Madrid with the number 2,315 of his files. 

  
 A-3 

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

							
	Dated: June 23, 2014	 		 	TELEFÓNICA EMISIONES, S.A.U.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 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. 
  

							
	Dated: June 23, 2014	 		 	 THE BANK OF NEW YORK MELLON
 as
Trustee

				
		 		 	Manually By:	 	  

		 		 	 Name:
	 	
		 		 	 Title:
	 	Authorized Officer
		 		 	

 The Designated Securities represented by this Security Certificate are unconditionally and irrevocably
guaranteed by Telefónica, S.A. on the terms set forth in the within-mentioned Designated Guarantee pursuant to the Indenture. 
  

							
	Dated: June 23, 2014	 		 	TELEFÓNICA, S.A.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 A-4 

 REVERSE OF SECURITY CERTIFICATE 

This Security Certificate is one of the Security Certificates representing a duly authorized issue of Floating Rate Senior Notes due 2017 (the
“Designated Securities”), issued under an Indenture, dated as of May 22, 2012 (as amended and supplemented, the “Original Indenture”), 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, a New York banking corporation,
as Trustee (herein called the “Trustee”, which term includes any other successor trustee under the Indenture), as supplemented with respect to the Designated Securities by the Third Supplemental Indenture, dated as of June 23,
2014 among the Issuer, the Guarantor and The Bank of New York Mellon, as Trustee, Paying Agent, Registrar, Transfer Agent and Calculation Agent (the “Third Supplemental Indenture” and, together with the Original Indenture, as
supplemented, 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 Designated Securities and of the terms upon which each Security Certificate representing the Designated Securities is, and is to be, authenticated and delivered. 

The Designated Securities will be subject to redemption at any time, as a whole or in part, at the election of the Issuer at a Redemption
Price which is equal to the greater of: (i) 100% of the principal amount of the Designated Securities to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date of the Designated Securities to be redeemed;
and (ii) as determined by the Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued thereon to the Redemption Date and assuming
that LIBOR through the Stated Maturity would remain constant as of the Redemption Date) discounted to the Redemption Date of the Designated Securities being redeemed on a bond-equivalent yield basis (using the same interest rate convention as that
used in computing interest on the Designated Securities) at a rate per annum equal to LIBOR as of the Redemption Date plus 10 basis points for the Designated Securities being redeemed, plus accrued and unpaid interest on the principal amount of such
Designated Securities (or any portion thereof) being redeemed to, but excluding, the Redemption Date of the Designated Securities (or any portion thereof) being redeemed. Any such redemption will be made in accordance with the terms of the
Indenture. 
 The Issuer may from time to time, without the consent of the Holders of Designated Securities, create and issue further
Securities having the same terms and conditions as the previously issued Designated Securities 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 Designated Securities; 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 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. 
 The Designated Securities may be redeemed upon not less than 30 nor more than 60
days’ notice (ending on a day upon which interest is payable) given as provided in the Indenture, 

  
 A-5 

 
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 administrative interpretation or administration of any such laws or regulations which becomes effective on or after the date of issuance of the Designated Securities, (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 Designated
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 and unpaid interest, if any, thereon to but excluding the Redemption Date.

 If the Designated Securities are not listed on an organized market in an OECD country no later than 45 days prior to the first Interest
Payment Date on such Designated Securities, the Issuer or the Guarantor, as the case may be, may, at its 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
Interest Payment Date) to the Holders of such Designated Securities and upon proper notice as provided in the Indenture, which notice shall be irrevocable, redeem all of the Outstanding Designated Securities at their principal amount, together with
accrued and unpaid interest, if any, thereon to but not including the Redemption Date; provided that from and including the issue date of such Designated Securities to and including such Interest Payment Date, the Issuer will use its
reasonable best efforts to obtain or maintain such listing, as applicable. In the event of an early redemption of the Designated Securities for the reason set forth in the immediately preceding sentence, the Issuer or the Guarantor, as the case may
be, will be required to withhold tax and will pay interest in respect of the principal amount of the Designated Securities redeemed net of the Spanish withholding tax applicable to such payments. If this were to occur, Beneficial Owners will have to
follow the Direct Refund from Spanish Tax Authorities Procedures set forth in Annex A to the Prospectus Supplement in order to apply directly to the Spanish tax authorities for any refund to which they may be entitled. 

In the event of redemption of the Designated Securities represented by this Security Certificate in part only, a new Security Certificate
representing the unredeemed portion of the Designated Securities represented hereby will be issued and registered in the name of the Holder of the Designated Securities represented hereby upon the cancellation hereof. 

All amounts payable (whether in respect of principal, redemption amount, interest or otherwise) in respect of the Designated Securities and
the Designated 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 the Designated Securities

  
 A-6 

 
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 Designated Security: 
 (i) in respect of which the Holder (or the Beneficial
Owner for whose benefit it holds such Designated Security) is liable for such taxes, duties, assessments or governmental charges by reason of it (or the Beneficial Owner for whose benefit it holds such Designated Security) having some connection
with the Kingdom of Spain other than the mere holding of such Designated Security (or such beneficial interest); 
 (ii) in
respect of which the Issuer or the Guarantor has not received such information as may be necessary to allow payments on such Designated 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 13/1985 of May 25, as amended, and Royal Decree 1065/2007 of July 27, as amended by Royal Decree 1145/2011 of July 29, 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; 

(iv) presented for payment (where presentation is required) more than 30 days after the Relevant Date, 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; 

(v) where the withholding or deduction is imposed on a payment to or for the benefit of an individual and is required to be
made pursuant to European Council Directive 2003/48/EC or any other directive amending, implementing or replacing such Directive or any law implementing or complying with, or introduced in order to conform to, such Directive; 

(vi) 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 Designated Security to another paying agent; 

(vii) any withholding or deduction that is imposed pursuant to Sections 1471 through 1474 of the 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; or 

(viii) in the event that the Designated Securities are redeemed pursuant to Section 2.13(b) of the Third Supplemental
Indenture. 

  
 A-7 

 provided further that Additional Amounts in respect of the Designated Securities will also not be paid
with respect to any payment to a Holder of any Designated Securities 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 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 made available for payment to Holders, notice
to that effect is 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 the Designated Securities represented by this Security Certificate shall be conclusive and binding upon such Holder and
upon all future Holders of the Designated Securities represented by this Security Certificate and of the Designated Securities represented by any Security Certificate issued upon the registration of transfer of the Designated Securities represented
by this Security Certificate or in exchange thereof or in lieu thereof, whether or not notation of such consent or waiver is made upon this Security Certificate. 

As set forth in, and subject to, the provisions of the Indenture, if any Event of Default shall occur in relation to the Designated Securities
(taking into account any applicable grace period), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Designated Securities may, by written notice to the Issuer, at the Corporate Trust Office (and to the Trustee
if given by the Holders), declare that the Designated Securities, including principal and all interest then accrued and unpaid on the Designated Securities, 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 Additional Amounts, if any, payable in respect thereof without

  
 A-8 

 
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 Designated Securities shall have been cured. 
 No reference herein to the Indenture and no provision of the Designated
Securities or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest and, to the extent that payment of such interest shall be legally enforceable, interest on
any overdue principal or premium on any overdue interest, on the Designated Securities at the rate or rates herein prescribed. 
 Except as
set forth in the Indenture, the Designated Securities represented hereby 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. Beneficial interests in a Designated Security represented by a Global Certificate will be
exchangeable for Certificated Securities of this series only if: (a) 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, (b) the Issuer notifies the Trustee in writing that it has reasonably elected to cause the issuance of
Certificated Securities of this series or (c) there shall have occurred and be continuing an Event of Default with respect to the Designated Securities and the Designated Securities will be accelerated in accordance with their terms and the
terms of the Indenture. Upon the occurrence of any of the events specified in (a), (b) or (c) above, Certificated Securities of this series shall be (x) delivered by the Trustee in exchange for beneficial interest in Designated
Securities represented by Global Certificates and (y) 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. 

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 Designated Securities and of transfers of Designated Securities. 

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 any Designated Security represented hereby, 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 Designated Security is registered as the owner of such Designated Security for the purpose of receiving payment of principal
of and any premium and (subject to Section 2.8 of the Original Indenture) any interest on such Designated Security and for all other purposes whatsoever, whether or not such Designated 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. 

  
 A-9 

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

The Designated Securities and this Security Certificate will be deemed to have been issued in the State of New York. 

All terms used in this Security Certificate which are not otherwise defined herein shall have the meanings assigned to them in the Indenture.

  
 A-10 

 EXHIBIT B 

PROCEDURES TO BE PERFORMED BY THE ISSUER, THE GUARANTOR AND THE PAYING AGENT IN CONNECTION WITH SPANISH LAW 13/1985, OF MAY 25, AS AMENDED, AND
ROYAL DECREE 1065/2007, OF JULY 27, AS AMENDED BY ROYAL DECREE 1145/2011, OF JULY 29 
 These procedures set forth the steps to be
followed by 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, as paying agent (in such capacity, the “Paying Agent”, which term includes any successor
Paying Agent) in connection with the Floating Rate Senior Notes due 2017 (the “Designated Securities”) pursuant to Section 2.14 of the Third Supplemental Indenture (as defined below). The Designated Securities were issued under an
Indenture, dated as of May 22, 2012 (as amended and supplemented, the “Original Indenture”), among the Issuer, the Guarantor and The Bank of New York Mellon, as Trustee, as supplemented with respect to the Designated Securities
by the Third Supplemental Indenture, dated as of June 23, 2014, among the Issuer, the Guarantor and The Bank of New York Mellon, as Trustee, Paying Agent, Registrar, Transfer Agent and Calculation Agent (the “Third Supplemental
Indenture” and, together with the Original Indenture, as supplemented, the “Indenture”). All terms used in this Exhibit B which are not otherwise defined herein shall have the meanings assigned to them in the Indenture.

 “DTC” means The Depository Trust Company. 

“Payment Amount” means (i) with respect to an Interest Payment Date, the aggregate amount of interest payable on such
date, and (ii) with respect to a Redemption Date (other than a Redemption Date in respect of an early redemption of the Designated Securities pursuant to Section 2.13(b) of the Third Supplemental Indenture), the aggregate amount of the
difference, if any, between the aggregate Redemption Price of the Designated Securities being redeemed on such date and the aggregate principal amount of such Designated Securities. 

“Payment Date” means an Interest Payment Date or a Redemption Date (other than a Redemption Date in respect of an early
redemption of the Designated Securities pursuant to Section 2.13(b) of the Third Supplemental Indenture), as applicable. 
  

	(1)	At least 15 New York Business Days prior to a Payment Date, the Issuer or the Guarantor, as the case may be, shall (a) provide an issuer announcement to The Depository Trust Company (“DTC”) that
will form the basis for a DTC important notice (the “Important Notice”) regarding the relevant payment and tax relief entitlement information for the Designated Securities, and (b) request DTC to post such Important Notice on
its website. 

  

	(2)	In the case of a Redemption Date (other than a Redemption Date in respect of an early redemption of the Designated Securities pursuant to Section 2.13(b) of the Third Supplemental Indenture), no later than 5:00 p.m. New
York Time on the New York Business Day prior to such Redemption Date, the Issuer or the Guarantor, as the case may be, shall notify the Paying Agent of the Payment Amount. 

  
 B-1 

	(3)	On or prior to each Payment Date, prior to giving the instruction referred to in step (6) or step (7) below, as applicable, the Issuer1 shall deposit with
the Paying Agent an amount of funds sufficient to pay the applicable Payment Amount gross of Spanish withholding tax, in accordance with Section 10.3(b) of the Original Indenture, together with any other amounts to be deposited thereunder.

  

	(4)	No later than 1:00 a.m. New York Time on each Payment Date, the Paying Agent shall deliver an executed Payment Statement to the Issuer and the Guarantor, which the Paying Agent shall reasonably believe to be duly
completed, substantially in the form set forth in Annex I hereto, setting forth certain details relating to the Designated Securities, including the relevant Payment Date, the Payment Amount to be paid by the Issuer1 on such Payment Date, and the portion of the Payment Amount corresponding to each clearing agency located outside Spain (including DTC). 

The Payment Statement shall be dated as of the business day immediately preceding the relevant Payment Date (“PD-1”), shall
set forth information as of the close of business of PD-1 and shall be executed after the close of business of PD-1. 
  

	(5)	The Issuer or the Guarantor, as the case may be, shall review the Payment Statement submitted by the Paying Agent as soon as practicable. If the Issuer or the Guarantor, as the case may be, believes that the information
contained in the Payment Statement is incomplete or inaccurate or that the Payment Statement is otherwise not in compliance with the applicable regulation, it will notify the Paying Agent and state the reasons for such belief. Following such
notification, the Paying Agent shall deliver to the Issuer and the Guarantor a further executed Payment Statement, revised, if necessary, as reasonably determined by the Paying Agent and which the Paying Agent shall reasonably believe to be duly
completed, as soon as possible but in any event no later than 9:30 a.m. New York Time on the relevant Payment Date (the “First Statement Deadline”). 

 

	(6)	Upon receipt of a duly executed and completed Payment Statement no later than the First Statement Deadline, the Issuer or the Guarantor, as the case may be, shall, no later than 10:00 a.m. New York Time on the relevant
Payment Date, instruct the Paying Agent to pay the Payment Amount free and clear of Spanish withholding tax. 

  

	(7)	If the Paying Agent fails or for any reason is unable to deliver a duly executed and completed Payment Statement to the Issuer and the Guarantor by the First Statement Deadline, the Issuer or the Guarantor, as the case
may be, shall, no later than 10:00 a.m. New York Time on the relevant Payment Date, instruct the Paying Agent to pay the Payment Amount net of Spanish withholding tax, currently at the rate of 21%. The Paying Agent shall retain any amount so
withheld (the “Amount Withheld”) until such Amount Withheld is either reimbursed to DTC Participants pursuant to step (10) below or transferred to the Issuer pursuant to step (11) below, as applicable. In addition, the
Paying Agent, no later than 11:00 a.m. New York Time on the relevant Payment Date, shall send an email to DTC at Internationaltax@dtcc.com (or to such email address as DTC shall have notified the Paying Agent in writing) stating:
“The payment of income made 

  

	1 	 Reference to the “Issuer” shall be deemed to be to the “Guarantor” in the case of an assignment by the Issuer to the Guarantor of
the relevant payment obligation or if the Issuer fails to perform the relevant payment obligation. 

  
 B-2 

	 	
today on the Floating Rate Senior Notes due 2017 of Telefónica Emisiones, S.A.U. (CUSIP: 87938WAS2; ISIN: US87938WAS26) was made net of Spanish withholding tax, at the rate of [indicate
the applicable withholding tax rate], since the Issuer and the Guarantor did not receive a duly executed and completed Payment Statement from the Paying Agent on a timely basis.” 

Procedures applicable if the Paying Agent does not deliver a duly executed and completed Payment Statement to the Issuer and the
Guarantor by the First Statement Deadline 
  

	(8)	If the Paying Agent fails or for any reason is unable to deliver a duly executed and completed Payment Statement to the Issuer and the Guarantor by the First Statement Deadline, the Paying Agent undertakes to make all
reasonable efforts to provide an executed Payment Statement to the Issuer and the Guarantor, which the Paying Agent shall reasonably believe to be duly completed, as soon as possible but no later than 4:00 p.m. New York Time on the 10th calendar day
of the month immediately following the relevant Payment Date (or if such day is not a New York Business Day, the first New York Business Day immediately preceding such day). The Payment Statement shall be dated as of PD-1 and shall set forth
information as of the close of business of PD-1. 

  

	(9)	The Issuer or the Guarantor, as the case may be, shall review the Payment Statement submitted by the Paying Agent as soon as practicable. If the Issuer or the Guarantor, as the case may be, believes that the information
contained in the Payment Statement is incomplete or inaccurate or that the Payment Statement is otherwise not in compliance with the applicable regulation, it will notify the Paying Agent and state the reasons for such belief. Following such
notification, the Paying Agent shall deliver to the Issuer and the Guarantor a further executed Payment Statement, revised, if necessary, as reasonably determined by the Paying Agent and which the Paying Agent shall reasonably believe to be duly
completed, as soon as possible but in any event no later than 5:00 p.m. New York Time on the 10th calendar day of the month immediately following the relevant Payment Date (or if such day is not a New York Business Day, the first New York Business
Day immediately preceding such day) (the “Second Statement Deadline”). 

  

	(10)	If the Issuer and the Guarantor receive a duly executed and completed Payment Statement by the Second Statement Deadline, the Issuer or the Guarantor, as the case may be, shall, no later than the 18th calendar day of
the month immediately following the relevant Payment Date (or if such day is not a New York Business Day, the first New York Business Day immediately preceding such day), instruct the Paying Agent to, within one New York Business Day of such date,
transfer to each DTC Participant the portion of the Amount Withheld initially withheld from such DTC Participant for the benefit of Beneficial Owners. 

  

	(11)	If the Paying Agent fails or for any reason is unable to deliver a duly executed and completed Payment Statement to the Issuer and the Guarantor by the Second Statement Deadline, the Paying Agent shall, within one New
York Business Day of the date of the Second Statement Deadline, transfer the Amount Withheld to the Issuer. If this were to occur, Beneficial Owners will have to follow the Direct Refund from Spanish Tax Authorities Procedures set forth in Annex A
to the Prospectus Supplement in order to apply directly to the Spanish tax authorities for any refund to which they may be entitled. 

  
 B-3 

 Original copies 

 

	(12)	The Paying Agent must deliver an original copy of any duly executed and completed Payment Statement issued hereunder to the Issuer and the Guarantor no later than the 15th calendar day of the month immediately following
the relevant Payment Date. 

 Notices, etc. 

Any notice, statement or other paper, document or communication made or given by the Issuer or the Guarantor, as the case may be, to the Paying
Agent pursuant to the procedures set forth in this Exhibit B shall be sent by email or fax or communicated by telephone, as follows (or as the Paying Agent shall have notified the others in writing): timothy.burke@bnymellon.com; Fax: +1 724
540 6328; Tel.: +1 212 815 5811. Any notice, statement or other paper, document or communication made or given by the Paying Agent to the Issuer or the Guarantor, as the case may be, pursuant to the procedures set forth in this Exhibit B, other than
a Payment Statement, shall be sent by email or fax or communicated by telephone, as follows (or as the Issuer or the Guarantor, as the case may be, shall have notified the Paying Agent in writing): lorena.munozdomper@telefonica.es; Fax: +34
91 727 1484; Tel.: +34 91 482 3704. Non-original copies of a Payment Statement shall be sent by email or fax to the Issuer and the Guarantor. The original copy of a duly executed and completed Payment Statement shall be sent by posted mail to the
Issuer and the Guarantor at the following address: Lorena Muñoz-Domper, Distrito Telefónica, Edificio Central Plta. 2, Ronda de la Comunicación, s/n, 28050 Madrid. 

  
 B-4 

 Annex I 

FORM OF PAYMENT STATEMENT TO BE DELIVERED BY THE PAYING AGENT 

[English translation provided for informational purposes only] 

Modelo de declaración a que se refieren los apartados 3, 4 y 5 del artículo 44 del Reglamento General de las actuaciones y los
procedimientos de gestión e inspección tributaria y de desarrollo de las normas comunes de los procedimientos de aplicación de los tributos1 

Model declaration form referred to in paragraphs 3, 4 and 5 of section 44 of the General Regulations of conduct and procedures relating to tax administration
and inspection and the development of general rules of procedures for the enforcement of taxes 
 Don (nombre), con número de
identificación fiscal (1) (...), en nombre y representación de (entidad declarante), con número de identificación fiscal (1) (....) y domicilio en (...) en calidad de (marcar la letra que proceda):

 Mr. (name), with tax identification number (1) (...), in the name and on behalf of (declaring entity), with tax identification number
(1) (...), with domicile in (address) acting in its capacity as (check as appropriate) 
  

	(a)	Entidad Gestora del Mercado de Deuda Pública en Anotaciones 

  

	(a)	Managing Entity of the Public Debt Book-Entry Market 

  

	(b)	Entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero 

  

	(b)	Clearing and settlement entity located outside Spain 

  

	(c)	Otras entidades que mantienen valores por cuenta de terceros en entidades de compensación y liquidación de valores domiciliadas en territorio español 

 

	(c)	Other entities that hold securities on behalf of third parties in clearing and settlement systems domiciled in Spain 

  

	(d)	Agente de pagos designado por el emisor 

  

	(d)	Paying Agent appointed by the issuer 

  

	1 	The Paying Agent will only need to provide responses to the questions set forth in Section 2 of this form (i.e., questions 2.1 to 2.6). 

  

 Formula la siguiente declaración, de acuerdo con lo que consta en sus propios
registros: 
 Files the following statement, in accordance with the information set forth in its own registers: 

 

	1.	En relación con los apartados 3 y 4 del artículo 44: 

  

	1.	Regarding sections 3 and 4 of section 44: 

  

	1.1	Identificación de los valores 

  

	1.1.	Identification of the securities 

  

	1.2	Fecha de pago de los rendimientos (o de reembolso si son valores emitidos al descuento o segregados) 

  

	1.2.	Date on which payment will be made (or reimbursement date in case of securities issued at a discount or segregated securities) 

  

	1.3	Importe total de los rendimientos (o importe total a reembolsar, en todo caso, si son valores emitidos al descuento o segregados) 

 

	1.3	Total amount of payment (or total amount to be reimbursed, in any event, in case of securities issued at a discount or segregated securities) 

 

	1.4	Importe de los rendimientos correspondiente a contribuyentes del Impuesto sobre la Renta de las Personas Físicas, excepto cupones segregados y principales segregados en cuyo reembolso intervenga una Entidad
Gestora 

  

	1.4.	Amount of payment corresponding to Spanish Individual Income Tax taxpayers, except with respect to segregated coupons and segregated principal the payment of which is handled by a Managing Entity 

 

	1.5	Importe de los rendimientos que conforme al apartado 2 del artículo 44 debe abonarse por su importe íntegro (o importe total a reembolsar si son valores emitidos al descuento o segregados)

  

	1.5.	Amount of payment that, pursuant to section 2 of section 44, must be paid in full (or the total amount to be reimbursed in the case of securities issued at a discount or segregated securities) 

 

	2.	En relación con el apartado 5 del artículo 44: 

  

	2.	Regarding section 5 of section 44: 

  

	2.1	Identificación de los valores 

  

	2.1.	Identification of the securities 

  

	2.2	Fecha de pago de los rendimientos (o de reembolso si son valores emitidos al descuento o segregados) 

  

	2.2.	Date on which payment will be made (or reimbursement date in case of securities issued at a discount or segregated securities) 

  

	2.3	Importe total de los rendimientos (o importe total a reembolsar si son valores emitidos al descuento o segregados) 

  

	2.3	Total amount of payment2 (or total amount to be reimbursed, in any event, in case of securities issued at a discount or segregated securities) 

 

	2.4	Importe correspondiente a la entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero A 

 

	2.4.	Amount of payment2 corresponding to clearing and settlement entity “A”3 located outside Spain

  

	2.5	Importe correspondiente a la entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero B 

 

	2.5.	Amount of payment2 corresponding to clearing and settlement entity “B”3 located outside Spain

  

	2.6	Importe correspondiente a la entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero C 

 

	2.6.	Amount of payment2 corresponding to clearing and settlement entity “C”3 located outside Spain4 

 Lo que declaro en
                                         a
    
de                                         de
     
  

	2 	Refers to: (i) with respect to an Interest Payment Date, the aggregate amount of interest payable on such date, and (ii) with respect to a Redemption Date (other than in the event of an early redemption of the
Designated Securities pursuant to Section 2.13(b) of the Third Supplemental Indenture), the aggregate amount of the difference between the Redemption Price and the principal amount of the Designated Securities being redeemed on such date.

	3 	References to A, B and C, respectively, shall be replaced by the complete denomination of the relevant foreign clearing and settlement entity (such as DTC). 

	4 	To be complemented as appropriate if the relevant payment of income is made through more than three different clearing and settlement entities outside Spain. 

  

 I declare the above in [location] on the [day] of [month] of [year]. 

 

	(1)	En caso de personas, físicas o jurídicas, no residentes sin establecimiento permanente se hará constar el número o código de identificación que corresponda de conformidad con su
país de residencia. 

  

	(1)	In case of individuals or corporations that are not resident in Spain and do not act through a permanent establishment in Spain, please include the identification number or code that corresponds in accordance with the
laws of their country of residence.

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