BOARD OF DIRECTORS AND BOARD COMMITTEES

REGULATION AND INSTITUTIONAL AFFAIRS COMMITTEE

Duties

Notwithstanding other duties it may be assigned by the Board of Directors, the Regulation and Institutional Affairs Committee shall have at least the following functions:

1. To carry out, through study, analysis and discussion, permanent monitoring of the main matters and themes of the regulatory order that affect the Telefónica Group at all times.

2. To provide a channel for communication and information between the Management Team and the Board of Directors in statutory matters and, when appropriate, to bring to the knowledge of the latter matters that are considered important or relevant to the Company, or to any of the companies in the Group and on which it may be necessary or convenient to adopt a decision or to establish a specific strategy.

3. To review, report and propose to the Board of Directors the principles that must guide the Group’s Sponsorship and Patronage policy, monitor such policy and individually approve all sponsorships or patronages that exceed the limit set by the Board, and that have to be approved by the Board.

Composition

The composition of the Regulation and Institutional Affairs Committe is as follows:

OTHER ADVISORY OR MONITORING COMMITTEES

• Audit and Control Committee
• Nominating, Compensation and Corporate Governance Committee
• Sustainability and Quality Committee
• Strategy and Innovation Committee