<SEC-DOCUMENT>0001066119-13-000009.txt : 20130207
<SEC-HEADER>0001066119-13-000009.hdr.sgml : 20130207
<ACCEPTANCE-DATETIME>20130207140129
ACCESSION NUMBER:		0001066119-13-000009
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20130207
FILED AS OF DATE:		20130207
DATE AS OF CHANGE:		20130207

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:		13581513

	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
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<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">UNITED STATES</FONT></B></P>
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<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
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<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Washington, D.C. 20549</FONT></B></P>
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<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">FORM 6-K</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=4 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>
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<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">For the month of February 2013</FONT></B><BR>
<BR>
<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Commission File Number: 001-14475</FONT></B></P>
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<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">TELEF&Ocirc;NICA BRASIL S.A.</FONT></B></P>
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<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(Exact name of registrant as specified in its charter)</FONT></B></P>
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<B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">TELEFONICA BRAZIL S.A.</FONT></B></P>
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<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(Translation of registrant&#146;s name into English)</FONT></B></P>
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<B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Rua Martiniano de Carvalho, 851 </FONT></B><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">&#150; </FONT></B><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">21</FONT></B><B><SUP><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">o </FONT></SUP></B><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">andar</FONT></B><BR>
<B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">S&atilde;o Paulo, S.P.</FONT></B><BR>
<B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Federative Republic of Brazil</FONT></B></P>
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<FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Address of principal executive office)</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">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>
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<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">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>
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<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">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>
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<P style="TEXT-ALIGN: center"><B><FONT size=4 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">TELEF&#212;NICA BRASIL S.A.</FONT></B><BR><BR><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">TABLE OF CONTENTS</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item</FONT></B></P>

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   <TD vAlign=top width="2%" noWrap><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Press Release entitled &#8220;</FONT><I><FONT size=3 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">Telef&#244;nica Brasil S.A. </FONT></I><I><FONT size=3 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">&#8211; </FONT></I><I><FONT size=3 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">Call notice for General Shareholders Meeting</FONT></I><I><FONT size=3 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">&#8221; </FONT></I><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">dated on February 5th, 2013.</FONT> </TD></TR></TABLE>

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<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial,Bold,Arial,Helvetica,sans-serif>TELEF&#212;NICA BRASIL S.A.</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>Publicly-held Company</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>CNPJ/MF 02.558.157/0001-62 </FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>&#8211; </FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>NIRE 35.3.0015881-4</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial,Bold,Arial,Helvetica,sans-serif>Extraordinary General </FONT></B><B><FONT size=3 face=Arial,Bold,Arial,Helvetica,sans-serif>Shareholders&#8217; Meeting</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial,Bold,Arial,Helvetica,sans-serif>CALL NOTICE</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>The Shareholders of Telef&#244;nica Brasil S.A. are hereby called to the Extraordinary General Shareholders&#180; Meeting to be held at 11:00 a.m. on March 1st, 2013 at Avenida Eng. Luiz Carlos Berrini, 1376, 20th floor, auditorium, Brooklin neighborhood, in the Capital of the State of S&#227;o Paulo, this location is different from the Company's current headquarters, but situated in the same locality (S&#227;o Paulo municipality) in the form of the Law. The General Meeting will address the matters on the following agenda:</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=3 face=Arial,Bold,Arial,Helvetica,sans-serif>1. </FONT></B><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>To deliberate the proposal of changes regarding to Company&#8217;s Bylaws, as </FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>follows:</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=3 face=Arial,Bold,Arial,Helvetica,sans-serif>1.1 - </FONT></B><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>To change the article 20 of Bylaws, which addresses the composition of the Board to: (i) establish that the Board shall consist of at least four (4) members; (ii) abolish the office of Controller and; (iii) change the designation of the post of Chief Financial and Investor Relations Officer, which will be renamed Chief Financial, Control and Investor Relations Officer.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>1.2 - To change the article 23 of Bylaws, which addresses the specific duties of the Executive Officers, to be in accordance with the new composition proposed.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=3 face=Arial,Bold,Arial,Helvetica,sans-serif>2. </FONT></B><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>To approve the Consolidated Bylaws.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=3 face=Arial,Bold,Arial,Helvetica,sans-serif>GENERAL INSTRUCTIONS:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>(i) In order to confer more celerity and efficiency to the work of the General</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>Meeting, according to the paragraph 2nd, article 12 of the Company&#8217;s Bylaws, </FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>the corresponding powers-of-attorney for the General Meeting must be filed at Avenida Eng. Luiz Carlos Berrini, 1376, 30rd floor (telephones +55 11 3430.5987 and 3430-5985), Brooklin neighborhood, in the Capital of the State of S&#227;o Paulo, on business days, from Monday to Friday, between 9:00 a.m. and</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>6:00 p.m. and until 11:00 a.m. on February 27, 2013. Such powers-of-attorney must have special authorities and be accompanied by certified copies of the Bylaws and by the corporate acts that prove the power of the corporate entity, as well identity card and CPF of legal representatives, and investment funds also shall submit, a certified copy of its regulation. The documents drawn up abroad in a foreign language should be notarized, consularized, translated to Portuguese and its translations recorded in the Registry of Deeds and Documents.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>(ii) The shareholders participating in the Stock Exchange Custody Program for Nominal Shares shall submit an abstract with the respective shareholder stake, issued by the custodian body as of February 27, 2013, including.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>(iii) The documents and information related to the agenda of the day are available to shareholders at the Company headquarters, also able for consulting on the websites of CVM </FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>&#8211; </FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>Securities Commission </FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>&#8211; </FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>(www.cvm.gov.br), BM&amp;F Bovespa S.A. </FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>&#8211; </FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>Bolsa de Valores, Mercadorias e Futuros</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>(www.bmfbovespa.com.br) and the Company&#8217;s one (www.telefonica.com.br</FONT><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>/ir), since February 5, 2013, in accordance with the provisions of the Corporations Law and CVM Instruction #481/2009.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>S&#227;o Paulo, February 5</FONT><SUP><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>th</FONT></SUP><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>, 2013.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=3 face=Arial,Arial,Helvetica,sans-serif>Antonio Carlos Valente da Silva</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial,Bold,Arial,Helvetica,sans-serif>Chairman of the Board of Directors</FONT></B></P>

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<P style="text-align: center;">
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">TELEF&Ocirc;NICA BRASIL S.A.</FONT></B><BR>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Publicly-held company</FONT><BR>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CNPJ.02.558.157/0001-62 - NIRE 35.3.0015881-4</FONT></P>
<P style="text-align: center;">
<B><FONT size=3 face="Arial,Bold,Arial,Helvetica,sans-serif">EXTRAORDINARY GENERAL SHAREHOLDERS&#146; MEETING</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Proposed Changes to Bylaws Featured</FONT></B><BR>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">(According to article 11 (I) CVM Instruction 481)</FONT></B></P>
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<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">BYLAWS</FONT></B></P>
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<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">CHAPTER I - COMPANY CHARACTERISTICS</FONT></B></P>
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<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">LEGAL SYSTEM</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Article 1 </FONT><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">- Telef&ocirc;nica Brasil S.A. </FONT></I><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is a corporation ruled by these present Bylaws and other legal applicable provisions, with indeterminate duration.</FONT></P>
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<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">CORPORATE PURPOSE</FONT></B></P>
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Article 2 - The purpose of the Company is:</FONT></P>
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a) the exploration of telecommunication services; and</FONT></P>
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b) the development of activities necessary or useful to execute these services, in compliance with concessions, authorizations and permits granted thereto.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Sole Paragraph - In the execution of its purpose, the Company may incorporate third party assets and rights into its capital, as well as:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">I - </FONT><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">hold equity interest in other companies, aiming at complying with Brazil&#146;s national </FONT><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">telecommunications policy;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">II - incorporate wholly-owned subsidiaries to perform the activities covered by its purpose and which are advised to be decentralized;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">III - promote goods and services imports necessary to perform the activities covered by its purpose;</FONT></P>
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">IV - provide technical support services to the telecommunication companies, by performing common interest activities;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">V - conduct studies and researches, aiming the development of the telecommunications industry;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">VI - execute agreements and covenants with other telecommunication companies or any individuals or entities, with a view to ensuring the operation of services, without prejudice to the duties and responsibilities;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">VII - perform other related or similar activities assigned thereto by the Brazilian Telecommunications Regulatory Agency - ANATEL; and</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>VIII - trade equipment and supplies necessary or useful to explore telecommunications services.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>HEAD OFFICES</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 3 - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The Company&#8217;s head offices are located in the City and State of S o Paulo, and </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>may establish and extinguish branches, agencies, local offices, departments and delegations, by decision of the Board of Executive Officers, as provided for in Article 22, (vii) of these Bylaws.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>CHAPTER II -CAPITAL</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>AUTHORIZED CAPITAL</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 4 - The Company is authorized to increase its capital stock until the limit of 1,350,000,000 (one billion, three hundred and fifty million) common or preferred shares, and the Board of Directors is the body authorized to resolve on the capital increase and accordingly, the issue of new shares, within the limit of authorized capital.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 1 - The capital increases do not require to maintaining symmetry between the number of shares of each type, however, observing that the number of non-voting or restricted vote preferred shares cannot exceed 2/3.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 2 - Shareholders will be entitled to preemptive right for capital increase subscription, proportionally to the number of shares they hold. By decision of the Board of Directors, the preemptive right may be removed in the issue of shares, debentures convertible into shares and warrants, whose placement is held on the stock exchanges or via public subscription, share swap in a takeover bid, pursuant to Articles 257 and 263 of the Brazilian Corporation Law, as well as the utilization of tax benefits, pursuant to special laws, as authorized by Article 172 of Law 6,404/76.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>SUBSCRIBED CAPITAL</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 5 - The subscribed capital stock, fully paid-up is thirty-seven billion, seven hundred, ninety-eight million, one hundred, nine thousand, seven hundred, forty-five reais and three centavos (R$37,798,109,745.03), divided into one billion, one hundred, twenty-five million, six hundred, one thousand, nine hundred and thirty (1,125,601,930) shares, of which three hundred, eighty-one million, five hundred, eighty-seven thousand, one hundred and eleven (381,587,111) are common shares and seven hundred, forty-four million, fourteen thousand, eight hundred and nineteen (744,014,819) are preferred shares, all of them are non-par, book-entry shares.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Sole Paragraph - Shares will be held in a deposit account at a financial institution on behalf of its holders, without issuing certificates.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>CHAPTHER III - SHARES</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>COMMON SHARES</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 6 - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Each common share corresponds to one vote at the General Shareholders&#8217;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Meetings resolutions.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>PREFERRED SHARES</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 7 - Preferred shares are not entitled to vote, except for the assumptions provided for in Articles 9 and 10 below, ensuring them priority in capital reimbursement, without</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>premium, and to receive dividend ten per cent (10%) higher than that one assigned to each common share.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Sole Paragraph - Full voting right will be granted to preferred shares, should the Company fail to pay the minimum dividends to which these shares are entitled during three (3) consecutive fiscal years, right that will prevail until payment of dividends.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>CHAPTER IV - </FONT></B><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>GENERAL SHAREHOLDERS&#8217; MEETING</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 8 - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>General Shareholders&#8217; Meetings shall be held: (i) ordinarily, once a year, within </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the first four (4) months following the end of each fiscal year, pursuant to Article 132 of Law</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>6,404/76 and, (ii) extraordinarily, whenever necessary, whether due to company&#8217;s interests </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or provisions hereof, or when the applicable laws so require.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Sole Paragraph - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>General Shareholders&#8217; Meeting shall be called by the Board of Direct</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ors, and its Chairman shall reiterate this act.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 9 - The following shall be submitted to the previous approval of the General</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Shareholders&#8217; Meeting (i) the execution of agreements with related parties, whose terms </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and conditions are more burdensome for the Company than those usually adopted by market in agreements of same nature, observing in any case, the provisions of Article 117 of Law 6,404/76; and (ii) the execution of managerial service agreements, including technical support services with for</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>eign entities linked to the Company&#8217;s controlling </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shareholder, in this case, preferred shareholders will be entitled to vote.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Sole Paragraph: In addition to the matters referred to in the &#8220;caput&#8221; of this Article, preferred </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shares will have voting right to (i) elect one (1) member of the Board of Directors in a separate vote and (ii) in resolutions referring to Bylaws amendments aiming at annulling </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>preferred shareholders&#8217; right to elect in a separate vote a member of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 10 - Without prejudice to Paragraph 1, Article 115 of Law 6,404/76, preferred </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shareholders will be entitled to vote at the Shareholders&#8217; Meetings resolutions referred to in</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 9, as well as those referring to the amendment or revocation of the following Bylaws provisions:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(i) - Article 9;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(ii) - Sole Paragraph of Article11; and</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(iii) - Article 30.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 11 - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The General Shareholders&#8217; Meetings shall be presided over by the Chairman of </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the Board of Directors, who shall appoint the Secretary among the attendees. In the event the Chairman of the Board of Directors is absent, shareholders will nominate the Chairman and the secretary of the presiding board.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Sole Paragraph - in the assumptions of Article 136 of Law 6,404/76, the first call of the General </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Shareholders&#8217; Meeting shall occur at least, thirty (30) days in advance, and at </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>least, ten (10) days in advance upon second call.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 12 - Only shareholders whose shares are registered with their names in the</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Company&#8217;s records may participate and vote at the General Shareholders&#8217; Meeting, within </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>seventy-two (72) hours before the date scheduled for said meeting.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 1 - The call notice may determine that the shareholder to attend the meeting </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shall file at the Company&#8217;s head offices a proof of its </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shareholder capacity issued by the</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Company or by the Company shares depositary institution, at least, seventy-two (72) hours </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>before the date scheduled for the General Shareholders&#8217; Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 2 - The call notice may also determine that the shareh</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>older&#8217;s representation by proxy at the meeting shall file the respective power of attorney at the Company&#8217;s head </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>offices, at least, seventy-two (72) hours before the date scheduled for the General </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Shareholders&#8217; Meeting.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>CHAPTER V - MANAGEMENT OF THE COMPANY</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 13 - The management of the Company is incumbent upon the Board of Directors and Board of Executive Officers, with powers granted by laws and by these present Bylaws. Its members shall be elected for a three-(3) year term of office, and reelection is authorized. They are exempted from offering management pledge.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 1 - All members of the Board of Directors and Board of Executive Officers shall take office by signing the corresponding instruments and remaining in respective office until the effective investiture of their successors.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 2 - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The General Shareholders&#8217; Meeting shall define the Company&#8217;s</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Management global compensation, including benefits of any nature and procuration fees, and the Board of Directors is liable for distributing this compensation among its members and executive officers.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 3 - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The General Shareholders&#8217; Meeting may attribute Company&#8217;s profit sharing </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>to the Management, as long as the provision of Article 152, Paragraphs 1 and 2 of Law 6,404/76 are obs</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>erved, as per Management&#8217;s proposal.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 4 - The Company and its controlling shareholder shall maintain during concession term and its renewal, the effective existence in national territory of centers of deliberation and implementation of strategic, managerial and technical decisions involved in the compliance with the concession agreements to which the Company is party.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>BOARD OF DIRECTORS</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>STRUCTURE</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 14 - The Board of Directors shall be composed of, at least, five (5) and at most (17) membe</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>rs, all Company&#8217;s shareholders, elected and removed from office by general shareholders&#8217; meeting, observing the applicable laws provisions, including in this figure, the </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>member elected by preferred shareholders pursuant to sole paragraph of Article 9 hereof and the member elected by minority shareholders, where applicable.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Sole Paragraph - The Board of Directors shall appoint among its members, the Chairman of the Board, or his deputy, in the event of vacancy. The Vice Chairman of the Board of Directors may be appointed and/or removed from office at the discretion of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>REPLACEMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 15 - In the event of impediment or absence of Chairman of the Board of Directors, he shall be replaced by Vice Chairman, if any. During the absence of Vice Chairman, the Chairman shall be replaced by another board member appointed by him.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 1 - In the event of impediment or absence of any other member of the Board of Directors, the impeded or absent board member shall appoint in writing his deputy among</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>other members of the Board of Directors to represent him and approve resolutions at the </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>meeting to which he will not be able to attend, pursuant to Paragraph 3 of Article 19 hereof.</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 2 - The members of the Board of Directors appointing representatives, as </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>provided for in the previous paragraph, shall be deemed, for all legal purposes, as </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>attendees of respective meeting.</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 16 - In the event of vacant position of members of the Board of Directors, remaining </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a number lower than the minimum number of members provided for in Article 14 above, a </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>General Shareholders&#8217; Meeting shall be called to elect the deputies.</FONT><BR><BR><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>POWERS OF THE BOARD OF DIRECTORS</FONT></B><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 17 - The Board of Directors shall be liable for:</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(i) - establishing the Compa</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ny&#8217;s general business guidance;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(ii) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>approving the Company&#8217;s budget and annual business plan;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(iii) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>calling for the General Shareholders&#8217; Meetings;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(iv)- </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>approving the Company&#8217;s financial statements and the Management report and submit </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>them to the G</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>eneral Shareholders&#8217; Meeting;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(v) - electing or removing from office, at any time, the members of the Board of Executive </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Officers, defining their duties, in compliance with legal and bylaws provisions;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(vi) - approving the creation of technical and advisory Committees that will advise in issues </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of the Company&#8217;s interest, electing members of these Committees and approving their </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>charters, which shall contain specific rules related to the structure, duties, powers, </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>compensation and operation;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(vii) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>overseeing the Company&#8217;s Management, examining, at any time, the Company&#8217;s </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>records, requesting information about agreements executed or to be executed, or any other </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>acts;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(viii) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>approving the Company&#8217;s organizational structure, and may establish limits </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>to the </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Board of Executive Officers in performance of their duties, observing legal and Bylaws </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>provisions;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(ix) - approving and amending the charter of the Board of Directors;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(x) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>resolving on the Company&#8217;s issue of shares, including capital increase, w</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ithin the limit </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of authorized capital, defining the terms and conditions of this issue;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xi) - resolving on the issue of warrants;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xii) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>resolving, by delegation of the General Shareholders&#8217; Meeting on the following </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>aspects referring to the issue of debentures by the Company: (i) issue opportunity, (ii) </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>period and maturity, amortization or redemption conditions, (iii) period and payment </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>conditions for interest rates, profit sharing and reimbursement premium, if any, (iv) mode of </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>subscription or placement and, (v) type of debentures;</FONT><BR><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xiii) - resolving on the issue of unsecured non-convertible debentures;</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xiv) - resolving on the issue of promissory notes for public offering ("Commercial Papers") and on the submission of the Company shares to the deposit system to trade respective certificates ("Depositary Receipts");</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xv) - authorizing the acquisition of the Company shares to be cancelled or to be held in treasury and subsequent disposal;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xvi) - authorizing the disposal of assets directed connected to telecommunications public utilities;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xvii) - authorizing the disposal of real properties, creation of security interest and tendering of guarantees for third parties obligations, and may establish limits to the Board of Executive Officers practice these acts;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xviii) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>establish in the Company&#8217;s rules the limits to the Board of Executive Officers </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>authorize the disposal or encumbrance of permanent assets, including those related to telecommunications public utilities which are out of service or unworthy;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xix) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>approving the Company&#8217;s participation in consortia in general, as well as the terms of </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this participation, and may delegate this duty to the Board of Executive Officers, within the limits to be established, always aiming the development of the </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Company&#8217;s activities;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xx) - setting the limits so that the Board of Executive Officers authorizes the practice of reasonable gratuitous acts to the benefit of employees or the community where the Company operates, including the donation of unworthy goods to the Company;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xxi) - approving the creation and the shutting down of the Company's subsidiaries, in the country or abroad;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xxii) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>approving the assumption of any liability not foreseen in the Company&#8217;s budget in </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>amount exceeding two hundred and fifty million reais (R$250,000,000.00);</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xxiii) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>authorizing the execution of agreements, not foreseen in the Company&#8217;s budget, in </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>amount exceeding two hundred and fifty million reais (R$250,000,000.00);</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xxiv) - approving investments and asset acquisition, not foreseen in the budget, in amount exceeding two hundred and fifty million reais (R$250,000,000.00);</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xxv) - authorizing the acquisition of equity interest on a permanent basis in other companies and the encumbrance or the disposal of equity interest;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xxvi) - approving the distribution of interim dividends;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xxvii) - appointing or removing from office the independent auditors;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xxviii) - appointing or removing from office the head of internal audit; and</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xxix) - approving the job position and salary plan, incentive and professional development</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>policies, regulation and the Company&#8217;s staff, as well as the terms and condition</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>s of collective bargaining agreements to be settled with unions that represent the professional </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>categories of the Company&#8217;s employees, the adhesion or termination of supplementary pension plans, all the aforementioned related to the Company&#8217;s employees, an</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>d the Board of Directors, when necessary, may establish limits to the Board of Executive Officers resolve on these matters.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 18 - Specific duties of the Chairman of the Board of Directors include: (a) to represent the Board when the General Shareh</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>olders&#8217; Meeting is called; (b) preside over the</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>General Shareholders&#8217; Meeting and appoint his secretary among attendees; and (c) call </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and preside over the Board of Directors meetings.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>MEETINGS</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 19 - The Board of Directors shall meet (i) ordinarily, once every three months and (ii) extraordinarily, through call of its Chairman, drawing up the minutes of these meetings.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 1 - The Board meetings shall be called in writing, at least, forty-eight (48) hours in advance, and call shall contain the agenda and the matters to be discussed in said meeting.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 2 - The Board of Directors shall approve resolutions by majority vote with the attendance of the majority of its acting members, and Chairman shall be liable for the casting vote, in addition to his common vote, in the events of tie vote.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 3 - Any member of the Board may be represented by another board member in the meetings to which he will not be able to attend, provided that proxy powers are granted through written instrument.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 4 -Without prejudice to the subsequent signature of respective minutes, the Board of Directors meetings may also be held via conference call, video conference or any other means of communication that allows to identifying the attendees, as well as their simultaneous communication. The board members may also vote in writing, even if they do not physically attend the meeting.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>BOARD OF EXECUTIVE OFFICERS</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>STRUCTURE</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 20- The Board of Executive Officers shall be composed of, at least, </FONT><B><U><STRIKE><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>five (5) </FONT></STRIKE></U></B><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>four (4) </FONT></U></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and, at most, fifteen (15) members, shareholders or not, resident in the country, who shall be elected by the Board of Directors, as follows: (a) Chief Executive Officer; (b) General and Executive Officer ; (c) Chief Financial</FONT><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>, </FONT></B><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>Control </FONT></U></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and Investor Relations Officer; (d) </FONT><B><U><STRIKE><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>Controller</FONT></STRIKE></U></B><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>; (d</FONT></U></B><B><U><STRIKE><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>e</FONT></STRIKE></U></B><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>) </FONT></U></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>General Secretary and Legal Officer; (</FONT><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>e</FONT></B><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>f</FONT></STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>) other officers without specific designation.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 1 - The individual duties of Officers without specific designation shall be defined by the Board of Directors, which also may establish specific designation for said offices.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 2 - same Officer may be elected to accumulate the duties of another executive officer.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 21 - In the event of temporary absences and impediments, the Chief Executive Officer shall designate among the members of the Board of Executive Officers, his deputy as well as the Officers. In the event of vacant position in the Board of Executive Officers, the respective replacement shall be resolved by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>POWERS OF </FONT></B><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>THE BOARD OF EXECUTIVE OFFICERS AND COMPANY&#8217;S</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>REPRESENTATION</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 22 - The Board of Executive Officers is the body that actively and inactively represents the Company and its members shall be individually liable for, where applicable, to comply with and cause the compliance with these Bylaws, the resolutions of the Board of</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Directors and General Shareholders&#8217; Meeting, as well as practice all the acts necessary or convenient to manage the Company&#8217;s businesses. Jointly, the Board of Executive Officers </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shall be liable for the following:</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(i) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>proposing the Company&#8217;s general plans and programs to the Board of Directors, </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>specifying the investment plans concerned with the plant expansion and remodeling;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(ii) - authorizing, within the limits established by Board of Directors in its appropriate charter, the disposal or encumbrance of permanent assets, including those related to telecommunications public utilities which are out of service or unworthy, as well as submitting to said body the disposal or encumbrance of assets exceeding these limits;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(iii) - submitting to the Board of Directors and Fiscal Council, the Annual Management</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Report and the Financial Statements accompanied by independent auditors&#8217; report, as well as a proposal for the allocation of year&#8217;s </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>profits;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(iv) - approving, according to the limits established by the Board of Directors: a) purchase of supplies, equipment, goods, works and services; b) assets disposal;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(v) - approving the execution of other agreements, not mentioned above, according to the limits imposed by Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(vi)- annually approving the financial operations planning and on a quarterly basis, a summary of compliance with said planning;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(vii) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>approving the creation and shutting down of the Company&#8217;s bran</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ches, offices, agencies and delegations in the country;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(viii) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>approving, when assigned by the Board of Directors, the Company&#8217;s organizational </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>structure, keeping the Board of Directors informed about it;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(ix) - ensuring the compliance with the Company</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>&#8217;s ethics standards established by the </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(x) - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>preparing and proposing the Company&#8217;s institutional responsibility policies to the</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Board of Directors, such as environment, health, safety and social responsibility and implement the policies approved;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xi) - authorizing, according to the limits established by the Board of Directors, the practice of reasonable gratuitous acts to the benefit of employees or the community where the Company operates, including the donation of unworthy goods to the Company; and</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(xii) - approving the creation of technical and advisory Committees that will advise in issues </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of the Company&#8217;s interest, electing members of these Committees and approving their </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>charters, which shall contain specific rules related to the structure, duties, powers, compensation and operation.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 1 - </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The Board of Executive Officers&#8217; resolutions shall be taken by majority vote </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of its members and the Chief Executive Officer, besides his common vote, shall be liable for the casting vote, in the events of tie vote.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 2 - Except for the cases provided for in Paragraph 4 and observing the provisions contained herein, the Company may be legally bound as follows: i) by the joint signature of two (2) officers appointed pursuant to Bylaws, except for urgent cases, which shall authorize the individual signature of the Chief Executive Officer or General and Executive Officer and subject to the approval of the Board of Executive Officers, pursuant to Article 23, A-5 and B-4 hereof; ii) by the signature of one (1) Officer appointed pursuant to Bylaws jointly with one (1) attorney-in-fact; and iii) by the joint signature of two (2) attorneys-in-fact, as long as they are vested of specific powers.</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 3 - Except for the cases provided for in Paragraph 4, the powers of attorney shall always be granted by two (2) Officers and shall specify the powers granted, and except for those powers of attorney for legal purposes, they shall be valid for at most one (1) year.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 4 -The Company may be represented by only one Officer or one Attorney-in-Fact, vested of specific powers to practice the following acts:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(i) receipt and payment;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(ii) signature of instrument not creating liabilities for the Company;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(iii) Company&#8217;s representation at </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>meetings and partners meetings of companies in which it holds interest;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(iv) granting of proxy to attorney for legal representation or in administrative proceedings;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(v) representation in court or in administrative proceedings, except for the practice of acts that imply waiver of rights;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(vi) representation in public bids and private contest biddings in which the Company participates, aiming the rendering of services covered by its purpose; and</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(vii) practice of administrative routines, including before public agencies, mixed public-private corporation, boards of trade, labor court, INSS (Brazilian Social Security Institute), FGTS (Government Severance Indemnity Fund for Employees) and related.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>DUTIES OF THE BOARD OF EXECUTIVE OFFICERS</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 23- These are the following specific duties of the Board of Executive Officers:</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>A - CHIEF EXECUTIVE OFFICER:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1. To represent the Company in or out of court, before shareholders and general public, and may appoint attorneys-in-fact jointly with another Officer and designate agents, delegate duties to other Officers to practice specific acts;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2. To follow up and oversee the implementation of Board of Directors&#8217; decisions in relation </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>to their activities and duties;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3. To set out guidelines and oversee activities of institutional relations, including the </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>regulation and external communication, audit and Funda&#231; o Telef&#244;nica, as well as oversee </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the activities performed by </FONT><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Chief Financial and Investor Relations Officer, by General Secretary and Legal Officer and by </FONT></STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>General and Executive Officer </FONT><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>and by General Secretary and Legal Officer</FONT></U></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4. Call for the Board of Executive Officers meetings;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5. To practice urgent acts subject to the approval of the Board of Executive Officers; and</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>6. To perform other duties assigned by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>B - GENERAL AND EXECUTIVE OFFICER</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1. </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>To establish guidelines, coordinate and oversee the Company&#8217;s activities related to: </FONT><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>(a) Financial and Control; (b) Corporative Resources; (c) Human Resources; (d) Network and Services to Clients; (e) Strategy and New Business; (f) Information Technology;</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify"><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>(g) Individuals; (h) Companies; (i) Digital Business and; (j) Business and Relationship with Costumers; </FONT></U></B><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(a) strategies and new businesses</FONT></STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>; </FONT><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(b) resources; (c) coordination and compliance; (d) Companies Executive Board of Officers; (e) Individual Market Executive Board of Officers; (f) Network; (g) Systems and (h) Customer Service;</FONT></STRIKE></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2. </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>To follow up and oversee the implementation of the Board of Directors&#8217; decisions in </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>relation to their activities and duties; </FONT><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and</FONT></STRIKE></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3. To practice urgent acts subject to the approval of the Board of Executive Officers</FONT><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></STRIKE><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>; </FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>and 4. Perform other duties as may be determined by the Board of Directors.</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>C - CHIEF FINANCIAL</FONT></B><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>, CONTROL </FONT></U></B><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>AND INVESTOR RELATIONS OFFICER:</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1. To set out guidelines and oversee Company&#8217;s activities in the economic</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>-financial area and management of securities issued by Company, </FONT><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>accounting and management control</FONT></U></B><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>, </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>as well as oversee the supplementary private pension fund management;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2. To represent the Company before the Brazilian Securities and Exchange Commission -CVM, stock exchanges and other stock market watchdogs;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3. To delegate, where applicable, the powers to other Officers in order to practice specific acts;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4. To represent the Company as provided for herein; </FONT><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>and</FONT></U></B></P>

<P style="TEXT-ALIGN: justify"><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5. Oversee the activities performed by Controller; and</FONT></STRIKE></P>

<P style="TEXT-ALIGN: justify"><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>5</FONT></U></B><B><STRIKE><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>6</FONT></STRIKE></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>. Execute other activities assigned to him by the Board of Directors and/or </FONT><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>at the General </FONT></STRIKE><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Shareholders&#8217; Meeting</FONT></STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><B><STRIKE><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>D - CONTROLLER:</FONT></STRIKE></B></P>

<P style="TEXT-ALIGN: left"><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1. To establish the guidelines and oversee the Company&#8217;s activities in the accounting area </FONT></STRIKE><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and management control;</FONT></STRIKE></P>

<P style="TEXT-ALIGN: left"><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2. To delegate powers, where applicable, to other Officers in order to practice specific acts;</FONT></STRIKE></P>

<P style="TEXT-ALIGN: left"><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3. To represent the Company as provided for herein; and</FONT></STRIKE></P>

<P style="TEXT-ALIGN: left"><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4. To perform other activities assigned to him by the Board of Directors and/or at the </FONT></STRIKE><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>General Shareholders&#8217; Meeting.</FONT></STRIKE></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>D</FONT></B><B><STRIKE><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>E </FONT></STRIKE></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>- </FONT><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>GENERAL SECRETARY AND LEGAL OFFICER:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1. </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>To establish the guidelines and oversee the Company&#8217;s activities in the legal area in </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>general;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2. To delegate powers, where applicable, to other Officers in order to practice specific acts;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3. To represent the Company as provided for herein; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4. To perform other activities assigned to him by the Board of Directors </FONT><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and/or at the </FONT></STRIKE><STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>General Shareholders&#8217; Meeting</FONT></STRIKE><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>E</FONT></U></B><B><STRIKE><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>F</FONT></STRIKE></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>- </FONT><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>OFFICERS WITHOUT SPECIFIC DESIGNATION:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1. To perform the individual duties and responsibilities assigned by the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2. To jointly sign with another Officer appointed pursuant to Bylaws the documents and acts requiring the signature of two Officers; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3. To represent the Company as provided for herein.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>CHAPTER VI - FISCAL COUNCIL</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 24 - The Fiscal Council, on a permanent basis, shall be composed of at least, three (3) and at most five (5) sitting members and equal number of deputies.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 1 - The compensation of Fiscal Council members, besides the reimbursement for commuting and accommodation expenses necessary to perform their duties, shall be </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>defined at the General Shareholders&#8217; Meeting to elect them and cannot be lower than 10% </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>for each acting member, which on average is attributed to each Officer, not including benefits of any nature, procuration fees and profit sharing.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 2 - In the event of vacant position of Fiscal Council member, he/she shall be replaced by his/her respective deputy. In the event of vacant position of most of positions, the General Shareholders' Meeting shall be called to elect the deputies.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 3 - The Fiscal Council shall meet, (i) ordinarily, once every quarter and, (ii) extraordinarily, through call of the Chairman of the Board of Directors, or two (2) members of the Fiscal Council, drawing up the minutes of the meetings.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 4 - The Fiscal Council meetings shall be called in writing, at least, forty-eight (48) hours in advance, and call shall include the agenda, a list of the matters to be discussed at the respective meeting.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>CHAPTER VII - FISCAL YEAR AND FINANCIAL STATEMENTS</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>FISCAL YEAR</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 25 - The fiscal year shall coincide with calendar year and half-yearly or quarterly balance sheets may be drawn up, besides the annual balance sheet.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>PROFIT ALLOCATION</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 26 - Together with the financial statements, the Board of Directors shall submit to the Annual Shareholders' Meeting a proposal for (i) Management and employees profit sharing and (ii) the full allocation of net income.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 1 - Out of net income for the year: (i) five percent (5%) shall be set aside to legal reserve, aiming at ensuring the physical integrity of the capital stock, restricted to twenty percent (20%) of paid-up capital stock; (ii) twenty-five percent (25%) of the adjusted net income as provided for in sections II and III, Article 202 of Law 6,404/76 shall be mandatorily distributed as mandatory minimum dividend to all shareholders; and (iii) the remaining balance, after complying with the provisions contained in previous items of this article, shall have the </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>allocation resolved at the General Shareholders&#8217; Meeting, based on the Board of Directors&#8217; proposal contained in the financial statements. If balance of profit reserves exceeds capital stock, the General Shareholders&#8217; Meeting shall resolve on using </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the surplus to pay or increase capital stock or on distributing additional dividends to shareholders.</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_16"></A><BR>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraph 2 Dividends not claimed within three (3) years, as of resolution on its distribution shall revert to the Company.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 27 - By decision of the Board of Directors, the Company may declare dividends: (i) to the profit account verified in half-yearly balance sheets; (ii) to the account of profits verified in quarterly balance sheets, as long as total dividends paid each half year do not exceed the amount of capital reserves referred to in Paragraph 1, Article 182 of Law 6,404/76, or (iii) to the retained earnings account or profit reserve account verified in the last annual or half-yearly balance sheet.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Sole Paragraph - Interim dividends distributed pursuant to this Article shall be attributed to the mandatory minimum dividend.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 28 - By resolution of the Board of Directors and observing legal provisions, the Company may pay interest on equity to its shareholders, which may be attributed to the </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>mandatory minimum dividend, subject to the approval of the general shareholders&#8217; meeting.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial,Bold,Arial,Helvetica,sans-serif>CHAPTER VIII - FINAL PROVISIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 29 - The Company shall enter into liquidation in cases provided for by laws, and the </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>General Shareholders&#8217; Meeting shall d</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>etermine the mode of liquidation and appoint the liquidator.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 30- The Company's approval through its agents of merger, spin-off, amalgamation or dissolution operations of its subsidiaries shall be preceded by an economic and financial analysis prepared by internationally renowned independent company, reiterating that equal treatment has been given to all related companies, whose shareholders shall have broad access to the referred analysis report.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Article 31 - Referring to the issues not covered by these present Bylaws, the Company shall be ruled by legal and applicable provisions.</FONT></P>

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<!--$$/page=-->
<A name="page_17"></A><BR>

<P style="text-align: center;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">SIGNATURE</FONT></P>
<P style="text-align: left;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">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>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=7%></TD>
     <TD width=32%></TD>
     <TD width=16%></TD>
     <TD width=11%></TD>
     <TD width=32%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">TELEF&Ocirc;NICA BRASIL S.A.</FONT></B></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Date:</FONT></TD>
	<TD align=left>
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">February 7th, 2013</FONT></TD>
	<TD align=left>
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">By:</FONT></TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.400024pt">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">/s/ Carlos Raimar Schoeninger</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Name:</FONT></TD>
	<TD align=left>
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Carlos Raimar Schoeninger</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Title:</FONT></TD>
	<TD align=left>
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Investor Relations Director</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>


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