<SEC-DOCUMENT>0001292814-14-002198.txt : 20140919
<SEC-HEADER>0001292814-14-002198.hdr.sgml : 20140919
<ACCEPTANCE-DATETIME>20140919072744
ACCESSION NUMBER:		0001292814-14-002198
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140930
FILED AS OF DATE:		20140919
DATE AS OF CHANGE:		20140919

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:		141111026

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA ENGENHEIRO LUIS CARLOS BERRINI,
		STREET 2:		1376, CIDADE MONCOES
		CITY:			SAO PAULO-SP
		STATE:			D5
		ZIP:			04571-936
		BUSINESS PHONE:		55 11 3430-3687

	MAIL ADDRESS:	
		STREET 1:		AVENIDA ENGENHEIRO LUIS CARLOS BERRINI,
		STREET 2:		1376, CIDADE MONCOES
		CITY:			SAO PAULO-SP
		STATE:			D5
		ZIP:			04571-936

	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>vivo20140919_6k1.htm
<DESCRIPTION>MATERIAL FACT
<TEXT>

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   <TITLE>vivo20140919_6k1.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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

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

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

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" 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 lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For the month of September, 2014</FONT></B></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-CA style="FONT-SIZE: 10pt" 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><FONT face="Times New Roman"><B><FONT lang=EN-CA style="FONT-SIZE: 20pt">TELEF&#212;NICA BRASIL S.A. </FONT></B></FONT></P>

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

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

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="Times New Roman"><FONT face="Times New Roman"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt">Av. Eng&#176; Lu&#237;s Carlos Berrini, 1376 -&nbsp; 28&#186; andar</FONT></B></FONT></FONT></P>

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

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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 lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>

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

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

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

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

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

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

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

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

<P></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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 lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>

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

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

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

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

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

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

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

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<P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 12pt" 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 lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>

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

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

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

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

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

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

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

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<IMG alt=image005 src="x14091902565900.gif" width=286 align=left height=67><FONT face=calibri,sans-serif></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" 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 lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>Publicly-Held Corporation</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 1.3pt" color=black face=calibri,sans-serif></FONT></B>&nbsp;</H1>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: 1.3pt" color=black face=calibri,sans-serif>M</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; LETTER-SPACING: 1.3pt" color=black face=calibri,sans-serif> </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: 1.3pt" color=black face=calibri,sans-serif>A T E R I A L&nbsp; F A C T</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Telef&#244;nica Brasil S.A. ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Company</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>" or &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Vivo</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8221;), in compliance with Ruling No. 358 of January 3rd, 2002, of the Brazilian Securities Exchange Commission (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Comiss&#227;o de Valores Mobili&#225;rios</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> - CVM), as amended, announces to the market and to the general public, complementing the Material Facts disclosed on August 5<SUP>th</SUP>, 2014, August 28<SUP>th</SUP>, 2014 and August 29<SUP>th</SUP>, 2014, that it was executed, on this date, between the Company, as Purchaser, and Vivendi S.A. (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Vivendi</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8221;) and its subsidiaries, as Sellers, the Stock Purchase Agreement and Other Covenants, by which the totality of shares issued by </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>GVT Participa&#231;&#245;es S.A. (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>GVTPar</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&#8221;), controlling shareholder of </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>Global Village Telecom S.A. (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>Operating GVT</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>&#8221;, being GVTPar, jointly with Operating GVT, herein referred to as &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>GVT</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>&#8221;), will be acquired by the Company (the &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>Agreement</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>&#8221;). The execution of the Agreement and related documents was duly approved by the Company&#8217;s Board of Directors at meeting held on this date.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As consideration for the acquisition of GVT shares, as disclosed in the Material Fact of August 28<SUP>th</SUP>, 2014, the Company will pay to the Sellers a portion of the price in financial funds and a portion in shares to be issued by the Company, as follows: </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>(i) &#8364;4,663,000,000.00 (four billion, six hundred sixty three thousand Euros), to be paid in cash on the closing date, after the adjustments provided for in the Agreement (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Cash Portion</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&#8221;), and (ii) shares issued by the Company equivalent to 12% common shares and 12% preferred shares of the Company after the merger of the GVTPar shares (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Share Portion</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>The implementation of the transaction is subject to obtaining all applicable corporate and regulatory authorizations, including by the Administrative Council for Economic Defense - CADE and by the National Agency for Telecommunications &#8211; ANATEL, as well as other few conditions among those usually applicable to this type of transaction.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The Company may fund the payment of the Cash Portion with a capital increase by public subscription, which terms and conditions will be timely provided by the Board of Directors pursuant to the Bylaws, and, in this regard, a proposal for the increase of the authorized capital limit shall be submitted to the shareholders, pursuant to article 168 of Law No. 6,404, of December 15<SUP>th</SUP>, 1976, as amended (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Brazilian Corporations Law</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&#8221;), in order to allow the capital increase through a Board of Directors resolution, granting greater agility to the transaction.</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 36pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The payment of the Share Portion in shares issued by the Company will be made by a merger </FONT>


<FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>of GVTPar shares into de Company, followed by the delivery of common and preferred shares issued by the Company to GVTPar&#8217;s shareholders in exchange for the merged GVTPar&#8217;s shares, subject to the number of shares to be granted to the Sellers pursuant to the negotiation held between the parties and provided for in the Agreement, being the management required to timely define and disclose the other terms and conditions of this merger of shares, after the approval of the transaction by ANATEL and CADE. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" 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 lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>Publicly-Held Corporation</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Whereas the acquisition of GVT shares by the Company represents a relevant investment, pursuant to article 256 of Brazilian Corporations Law, such acquisition shall be submitted to the Company&#8217;s shareholders, and it shall be timely convened an extraordinary shareholders&#8217; meeting for such purpose, as provided for in the law. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The Company also informs that the resolutions regarding the transaction aforementioned shall grant to the dissenting Company&#8217;s shareholders the right to withdraw. In this regard, the Company informs that shall be entitled to the right to withdraw, by the receipt of the relevant net equity per share amount, those shareholders that hold common and/or preferred shared issued by the Company on this date, including it. The amount per share to be paid due to the exercise of the right to withdraw will be announced by the time of the convening of the shareholders meeting that shall resolve on the matters object of this Material Fact. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>Finally, the Company informs that, on this date, Telef&#243;nica S.A. has announced, in the markets where its shares are traded, material fact regarding the execution of the Agreement, the contents of which are reproduced below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>This Material Fact has informative purposes only and does not constitute an offer to sell nor a solicitation of an offer for the acquisition of shares issued or to be issued by Telef&#244;nica Brasil S.A..</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>S&#227;o Paulo, September 18</FONT><SUP><FONT lang=PT-BR style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>th</FONT></SUP><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>, 2014.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>Alberto Manuel Horcajo Aguirre</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>Investor Relations Officer</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>Telef&#244;nica Brasil &#8211; Investor Relations</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>Tel: +55 11 3430-3687</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>Email: </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LETTER-SPACING: -0.05pt" color=windowtext face=calibri,sans-serif>ir.br@telefonica.com</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>&nbsp; </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>www.telefonica.com.br/investidores</FONT></P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=PT-BR style="FONT-SIZE: 13pt" face="telefonica text">&#8220;</FONT></I><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Calibri,sans-serif>RAMIRO S&#193;NCHEZ DE LER&#205;N GARC&#205;A-OVIES</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 15pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">TELEF&#211;NICA, S.A. de conformidad con lo establecido en el art&#237;culo 82 de la Ley del Mercado de Valores, procede por medio del presente escrito a comunicar el siguiente</FONT></I></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 15pt"><B><I><FONT style="FONT-SIZE: 11.5pt; LETTER-SPACING: 1.3pt" color=black face="telefonica text">HECHO RELEVANTE</FONT></I></B></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">Como continuaci&#243;n al Hecho Relevante registrado por Telef&#243;nica, S.A.&nbsp; el 29 de agosto de 2014 (n&#250;mero de registro 210238), Telef&#243;nica, S.A. informa que se ha formalizado con Vivendi, S.A. el contrato definitivo para la adquisici&#243;n por Telef&#243;nica Brasil, S.A. de Global Village Telecom, S.A. y su sociedad holding GVT Participa&#231;&#245;es, S.A (conjuntamente denominadas &#8220;GVT&#8221;). </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">El precio de adquisici&#243;n del 100% de GVT ser&#225; el contenido en la oferta presentada a GVT el 28 de agosto de 2014, esto es, un pago en efectivo de 4.663 millones de Euros, as&#237; como en la entrega de acciones de nueva emisi&#243;n representativas de un 12,0% del capital social de Telef&#243;nica Brasil, S.A. tras la combinaci&#243;n de &#233;sta con GVT. </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">Tal y como se anunci&#243; en anteriores Hechos Relevantes, la contraprestaci&#243;n en efectivo ser&#225; financiada mediante una ampliaci&#243;n de capital en Telef&#243;nica Brasil, S.A. en la que Telef&#243;nica, S.A. suscribir&#225; su parte proporcional, financiada, a su vez, mediante una ampliaci&#243;n de capital.&nbsp; </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">Asimismo, se informa que Vivendi, S.A. ha aceptado el ofrecimiento de Telef&#243;nica, S.A. de adquirir una participaci&#243;n en Telecom Italia, S.p.A. (&#8220;Telecom Italia&#8221;), concretamente, la adquisici&#243;n de 1.110 millones de acciones ordinarias de Telecom Italia, que representan actualmente una participaci&#243;n del 8,3% del capital con derecho a voto de Telecom Italia (equivalente a un 5,7% de su capital social), a cambio de un 4,5% del capital que Vivendi, S.A. recibir&#225; de la sociedad resultante tras la combinaci&#243;n de Telef&#243;nica Brasil, S.A. y GVT y que representa todas las acciones ordinarias recibidas por Vivendi, S.A. y un n&#250;mero de acciones preferentes (representativas de un 0,7% de dicha clase de acciones).</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">El cierre de la transacci&#243;n est&#225; sujeto a la obtenci&#243;n de las pertinentes autorizaciones regulatorias (incluyendo en materia de telecomunicaciones y de defensa de la competencia) y al cumplimiento de otras condiciones habituales en este tipo de transacciones. </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">Madrid, a 18 de septiembre de 2014. </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><I><FONT lang=PT-BR style="FONT-SIZE: 11pt" face="telefonica text">COMISI&#211;N NACIONAL DEL MERCADO DE VALORES&#8221;</FONT></I></B></P><FONT style="LINE-HEIGHT: 115%" face="telefonica text"></FONT>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT color=white><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=white face="times new roman">TEXT_SP</FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" color=white face="times new roman">&nbsp; </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" color=white face="times new roman">8589311v1</FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" color=white face="times new roman">&nbsp; </FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" color=white face="times new roman">2523/917 </FONT></FONT></FONT><FONT color=white face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face="times new roman">TEXT_SP/8560698v5/2523/917</FONT></FONT></P></DIV></DIV>

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<IMG alt=image005 src="x14091902565900.gif" width=286 align=left height=67><FONT face=calibri,sans-serif></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" 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 lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>Publicly-Held Corporation</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Free Translation of the Material Fact disclosed by Telef&#243;nica, S.A. and above transcribed:</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT lang=ES-TRAD style="FONT-SIZE: 10pt" face=calibri,sans-serif>&#8220;RAMIRO S&#193;NCHEZ DE LER&#205;N GARC&#205;A-OVIES</FONT></I></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=ES-TRAD style="FONT-SIZE: 10pt" face=calibri,sans-serif>General Secretary and</FONT></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=ES-TRAD style="FONT-SIZE: 10pt" face=calibri,sans-serif>Secretary to the Board of Directors</FONT></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT lang=ES-TRAD style="FONT-SIZE: 10pt" face=calibri,sans-serif>TELEF&#211;NICA, S.A.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">TELEF&#211;NICA, S.A., as provided in article 82 of the Spanish Securities Market Act (Ley del Mercado de Valores), hereby reports the following:</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11.5pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT lang=ES-TRAD style="FONT-SIZE: 11.5pt" face="telefonica text">MATERIAL FACT</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">Following the Material Fact registered by Telef&#243;nica on August 29, 2014 (registration No. 210238), Telef&#243;nica S.A. informs that a definitive agreement with Vivendi S.A. for the acquisition by Telef&#244;nica Brasil S.A. of Global Village Telecom S.A. and its holding company GVT Participa&#231;&#245;es S.A. (jointly referred to as "GVT") has been formalized.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">The acquisition value of 100% of GVT will be the one contained in the Offer submitted to GVT on August 28, 2014, i.e., a consideration in cash of 4.663 billion Euros and newly issued shares representing 12.0% of the share capital of Telef&#244;nica Brasil S.A., subsequently to its combination with GVT.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">As announced in previous Material Facts, the cash consideration will be funded through a capital increase of Telef&#244;nica Brasil S.A., in which Telef&#243;nica, S.A. will subscribe its proportional share, funded, in turn, through a capital increase.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">Moreover, it is hereby informed that Vivendi S.A. has accepted Telef&#243;nica, S.A. offer for the acquisition of a stake in Telecom Italia, S.p.A. (&#8220;Telecom Italia&#8221;), more specifically, the acquisition of 1.110 billion common shares of Telecom Italia, currently representing a stake of 8.3% of Telecom Italia voting share capital (corresponding to 5.7% of its total share capital), in exchange for 4.5% of the share capital of the company resulting from the combination between Telef&#244;nica Brasil S.A. and GVT that will be received by Vivendi S.A., which represents all common shares and a portion of preferred shares (representing 0.7% of such class of shares) received by Vivendi, S.A.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">The closing of the transaction is subject to obtaining the relevant regulatory authorizations (including telecommunications and antitrust matters) and the fulfillment of other conditions customary in this kind of transaction.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">Madrid, September 18, 2014.</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text"></FONT></I>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 18pt"><B><I><FONT lang=ES-TRAD style="FONT-SIZE: 11pt" face="telefonica text">SPANISH NATIONAL SECURITIES MARKET COMMISSION &#8211; MADRID&#8221;</FONT></I></B></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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>

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

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

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

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

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">September 19, 2014</FONT></P></TD>

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

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ </FONT>Luis Carlos da Costa Plaster</P></TD></TR>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">Luis Carlos da Costa Plaster</TD></TR>

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

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

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