<SEC-DOCUMENT>0001292814-12-002749.txt : 20121126
<SEC-HEADER>0001292814-12-002749.hdr.sgml : 20121126
<ACCEPTANCE-DATETIME>20121126080845
ACCESSION NUMBER:		0001292814-12-002749
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20121126
DATE AS OF CHANGE:		20121126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEFONICA BRASIL S.A.
		CENTRAL INDEX KEY:			0001066119
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14475
		FILM NUMBER:		121223199

	BUSINESS ADDRESS:	
		STREET 1:		RUA MARTINIANO DE CARVALHO, 851
		STREET 2:		21ST FLOOR
		CITY:			SAO PAULO-SP BRAZIL
		STATE:			D5
		ZIP:			01321-001
		BUSINESS PHONE:		55 11 3549 7200

	MAIL ADDRESS:	
		STREET 1:		RUA MARTINIANO DE CARVALHO, 851
		STREET 2:		21ST FLOOR
		CITY:			SAO PAULO-SP BRAZIL
		STATE:			D5
		ZIP:			01321-001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELESP HOLDING CO
		DATE OF NAME CHANGE:	20051028

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELESP PARTICIPACOES SA
		DATE OF NAME CHANGE:	19980716
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>vivo20121126_6k.htm
<DESCRIPTION>NOTICE TO MARKET
<TEXT>

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   <TITLE>vivo20121126_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman">UNITED STATES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 16pt" lang=PT-BR face="Times New Roman">Washington, D.C. 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 18pt" lang=EN-US face="Times New Roman">FORM 6-K</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the month of November, 2012</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Commission File Number: 001-14475</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>

<HR align=center color=#000000 width="15%">



<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-CA face="Times New Roman"></FONT>&nbsp;</P><FONT lang=PT-BR><BR clear=all></FONT>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 20pt" lang=EN-CA face="Times New Roman">TELEF&#212;NICA BRASIL S.A. </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Exact name of registrant as specified in its charter) </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 22pt" lang=EN-CA face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 20pt" lang=PT-BR face="Times New Roman">TELEFONICA BRAZIL S.A.</FONT></B><FONT style="FONT-SIZE: 20pt" lang=PT-BR face="Times New Roman"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Translation of registrant&#8217;s name into English)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">Rua Martiniano de Carvalho, 851 &#8211; 21<SUP>o</SUP> andar</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">S&#227;o Paulo, S.P. </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Federative Republic of Brazil</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Address of principal executive office)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><FONT lang=PT-BR><BR clear=all></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Form 20-F</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">X</FONT></P></DIV></TD>

   <TD vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Form 40-F</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></P></DIV></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=center>

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<TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Yes </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></TD>

   <TD vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">X&nbsp; </FONT></P></DIV></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Yes </FONT></P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></TD>

   <TD vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">No</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">X&nbsp; </FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT style="FONT-SIZE: 14pt" lang=PT-BR face=calibri,sans-serif>TELEF&#212;NICA BRASIL S.A.</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Publicly&#8208;held </FONT></FONT><FONT face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Company</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>CNPJ MF 02.558.157/0001-62 - NIRE</FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>35.3.001.5881-4</FONT></FONT><FONT>&nbsp;</FONT></P></DIV>

<H4 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 3pt" align=center><B><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>NOTICE TO MARKET</FONT></B></H4>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif>ANNOUNCEMENT AND PAYMENT OF INTERIM DIVIDENDS 2012</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif>Continuing the Notice to the Shareholders of November 5, 2012, published on November 6, 2012, Telef&#244;nica Brasil S. A. (&#8220;Company&#8221;) </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>hereby informs its shareholders that</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif>, there were no acquisitions of shares within the</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif> Share Buyback Program of the Company </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>to be held in treasury to subsequent disposal and/or cancellation, according to the Notice of Material Fact of November </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif>5, 2012. Therefore the amount &#8203;&#8203;per share for the interim dividends deliberate by </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>Board of Directors</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif> on November 5, 2012, remains unchanged, as described in the table below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 19.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Type of shares</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Common</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Preferred (*)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 12pt" face=calibri,sans-serif>Amount per share: R$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>0,937416718636</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>1,031158390499</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif>(*) 10% higher than the amount granted to each common share, in accordance with article 7 of the Company&#8217;s Bylaws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif>The correspondent credit will be accounted, on individual basis for each shareholder holder of common and preferred shares, in accordance to the shareholder registry book position by the end of the day, on November 23, 2012. After this date, the shares will be considered as &#8220;ex-dividends&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif>The payment of these interim dividends will be carried out starting as of December 12, 2012.</FONT></U></I></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face=calibri,sans-serif>S&#227;o Paulo, November 23<SUP>th</SUP>, 2012.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Gilmar Roberto Pereira Camurra </FONT></P>

<H6 style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 14.2pt" align=center><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>Chief Financial and Investor Relations Officer</FONT></H6>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 14.2pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 14.2pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 14.2pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 14.2pt" align=center>&nbsp;</P>

<DIV align=center>&nbsp;</DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<HR align=left color=#000000 SIZE=2 noShade>



<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SIGNATURE</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="35%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 20pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 20pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="55%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 20pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TELEF&#212;NICA BRASIL S.A.</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Date:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">November 26, 2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="45%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-CA face="Times New Roman">Carlos Raimar Schoeninger</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-CA face="Times New Roman">Carlos Raimar Schoeninger</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Title:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Investor Relations Director</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
