Outstanding Debentures&Bonds

Issuer: Telefónica Europe B.V.

Undated Deeply Subordinated Reset Rate Guaranteed Securities with the subordinated guarantee of Telefónica, S.A.

Issuer: Telefonica Europe, B.V.

Date: September 2019

If you are a U.S., Australian, Canadian, South African or Japanese resident or have U.S., Australian, South African, Canadian or Japanese nationality.

If you are not a U.S., Australian, Canadian, South African or Japanese resident nor have U.S., Australian, Canadian, South African or Japanese nationality.

Outstanding Debentures&Bonds

Issuer: Telefónica Europe B.V.

Undated Deeply Subordinated Reset Rate Guaranteed Securities with the subordinated guarantee of Telefónica, S.A.

Issuer: Telefonica Europe, B.V.

Date: September 2019

If you are a U.S., Australian, Canadian, South African or Japanese resident or have U.S., Australian, South African, Canadian or Japanese nationality.

If you are not a U.S., Australian, Canadian, South African or Japanese resident nor have U.S., Australian, Canadian, South African or Japanese nationality.

Outstanding Debentures&Bonds

Issuer: Telefónica Europe B.V.

Undated Deeply Subordinated Reset Rate Guaranteed Securities with the subordinated guarantee of Telefónica, S.A.

Issuer: Telefonica Europe, B.V.

Date: September 2019

If you are a U.S., Australian, Canadian, South African or Japanese resident or have U.S., Australian, South African, Canadian or Japanese nationality.

If you are not a U.S., Australian, Canadian, South African or Japanese resident nor have U.S., Australian, Canadian, South African or Japanese nationality.

Outstanding Debentures&Bonds

Issuer: Telefónica Europe B.V.

Undated Deeply Subordinated Reset Rate Guaranteed Securities with the subordinated guarantee of Telefónica, S.A.

Issuer: Telefonica Europe, B.V.

Date: September 2019

If you are a U.S., Australian, Canadian, South African or Japanese resident or have U.S., Australian, South African, Canadian or Japanese nationality.

If you are not a U.S., Australian, Canadian, South African or Japanese resident nor have U.S., Australian, Canadian, South African or Japanese nationality.