Debt and Issuers Programs

Issuer: Telefónica S.A.

January 2021 Commercial Paper

Issuer: Telefónica, S.A.

Law: Spanish

Issuer: Telefónica Emisiones S.A.U.

SHELF Program

SHELF Program 2018

Issuer: Telefónica, Emisiones S.A.U.

Law: State of New York/Spanish

SHELF Program 2009

Issuer: Telefónica Emisiones S.A.U.

Law: State of New York/Spanish

Currency: USD

Exchange: State of New York (NYSE)

SHELF Program 2006

Issuer: Telefónica Emisiones S.A.U.

Law: State of New York/Spanish

Currency: USD

Exchange: State of New York (NYSE)

EMTN Program (European Medium Term Note)

EMTN Program 2021

EMTN Program (European Medium Term Note)

Updated as of April 15th 2021

Issuer: Telefónica Emisiones S.A.U.

Law: Spanish / British

EMTN Program 2020

EMTN Program (European Medium Term Note)

Updated as of April 14th 2020

Issuer: Telefónica Emisiones S.A.U.

Law: Spanish / British

EMTN Program 2008

EMTN Program (European Medium Term Note)

Updated as of July 3rd 2008

Issuer: Telefónica Emisiones S.A.U.

Law: British / Spanish

EMTN Program 2007

EMTN Program (European Medium Term Note)

Updated as of July 3rd 2007

Issuer: Telefónica Emisiones S.A.U.

Law: British / Spanish

EMTN Program 2005

EMTN Program (European Medium Term Note)

Updated as of July 8th 2005

Issuer: Telefónica Emisiones S.A.U.

Law: British / Spanish