Declaration of Compliance

The Government Commission for the German Corporate Governance Code (Regierungskommission Deutscher Corporate Governance Kodex) adopted the Code on 26 February 2002. This Code is usually amended annually. The Code provides recommendations and suggestions for the management and supervision of German, publicly-listed companies. It is thereby geared towards internationally and nationally recognized standards of good and responsible corporate governance. The Code contains recommendations and suggestions on Corporate Governance in relation to shareholders and general shareholders' meetings, the management board and the supervisory board, transparency, accounting and annual audits. There is no obligation to comply with the recommendations or suggestions of the Code. German stock corporation law solely obligates the management board and supervisory board to declare annually that the recommendations of the Code were and are observed or to declare which recommendations were and are not complied with and why. The current version of the German Corporate Governance Code can be inspected here. Please find in the following the current and former Compliance Declarations by the management and supervisory board of Telefónica Deutschland Holding AG pursuant to Section 161 of the German Stock Corporation Act (AktG) regarding the German Corporate Governance Code: Declaration of Compliance - October 13/14, 2015 Update Declaration of Compliance - December 19, 2014 Declaration of Compliance - October 13/14, 2014 Declaration of Compliance - February 11, 2014 Declaration of Compliance - February 28, 2013 Declaration of Compliance - November 5, 2012