UNDERWRITING AGREEMENT FOR THE CAPITAL INCREASE WITH PREFERENTIAL SUBSCRIPTION RIGHTS FOR CASH VALUE OF €3,048,350,915 THROUGH THE ISSUANCE OF 281,213,184 ORDINARY SHARES OF TELEFÓNICA, S.A. March 25, 2015Underwriting Agreement • March 26th, 2015 • Telefonica S A • Telephone communications (no radiotelephone)
Telefónica, S.A., a public limited company (sociedad anónima) incorporated under the laws of the Kingdom of Spain (“Telefónica” or the “Company”), proposes to issue 281,213,184 new shares of common stock of the Company, of €1.00 par value (the “New Shares”), to be offered and subscribed for pursuant to preferential subscription rights (“Rights”) in a preferential rights offering on the terms and conditions set forth below (the “Rights Offering”): (a) offered on a pro rata basis to the Company’s shareholders who are entitled (“legitimados”) to them according to the book-entry records of the securities registration, clearing and settlement service known as Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A.U. (“Iberclear”) at 11:59 p.m. (Madrid time) on the day of publication of the official notice of the Capital Increase (as defined below) in the Commercial Registry Official Gazette (Boletín Oficial del Registro Mercantil; “BORME”) (the “Sharehol
