X0306 4 2014-10-06 0 0001084384 ELEPHANT TALK COMMUNICATIONS CORP ETAK 0001379375 VAN SANTE YVES ROGER SCHIPHOL BOULEVARD 249 SCHIPHOL P7 1118BH NETHERLANDS 1 0 0 0 Common Stock 2014-10-06 4 A 0 26518 A 26518 D Common Stock 1243128 I Through Rising Water Capital A.G Common Stock 37334 I Through Q.A.T. Investments SA Common Stock 8473 I Through CMV Invest CVA Common Stock 381195 I Through CMV Invest II CVA The shares of Common Stock were issued to the reporting person pursuant to the Issuer's Amended and Restated 2008 Long-Term Incentive Compensation Plan, as amended, in respect of Q3 2014 service as a non-employee director. The grant for Q3 2014 service represented a value of US $20,000.00. The number of shares issued was determined based on the average closing price of the Common Stock for the 10 trading days prior to the close of the quarter, discounted by 25%. These shares are held by Rising Water Capital, A.G. ("RWC"). The Reporting Person holds an approximate 9.26% ownership interest in QAT Investments SA ("QAT"), which holds an approximate 51.3% ownership interest in RWC. The number of shares shown here indicates the Reporting Person's proportionate interest in the Issuer's securities through RWC. The Reporting Person is not a controlling shareholder nor has or shares the investment control over such shares and thus disclaims beneficial ownership over such shares. These shares are held by QAT. The Reporting Person holds an approximate 9.26% ownership interest in QAT and the number of shares shown here indicates the Reporting Person's proportionate interest in the Issuer's securities through QAT. The Reporting Person is not a controlling shareholder nor has or shares the investment control over such shares and thus disclaims beneficial ownership over such shares. These shares are held by CMV Invest CVA ("CMV"). The Reporting Person holds an approximate 0.55% ownership interest in CMV and the number of shares shown here indicates the Reporting Person's proportionate interest in the Issuer's securities through CMV. The Reporting Person is not a controlling shareholder nor has or shares the investment control over such shares and thus disclaims beneficial ownership over such shares. These shares are held by CMV Invest II CVA ("CMV II"). The Reporting Person holds an approximate 0.20% ownership interest in CMV II individually and holds a 50% ownership interest in Amelia & Associates ("Amelia") which holds an approximate 21.54% interest in CMV II. The number of shares shown here indicates the Reporting Person's proportionate interest in the Issuer's securities through CMV II. The Reporting Person is not a controlling shareholder nor has or shares the investment control over such shares and thus disclaims beneficial ownership over such shares. /s/ Alex Vermeulen, Attorney-in-Fact for Yves Roger Van Sante 2014-10-08