<SEC-DOCUMENT>0001292814-15-000987.txt : 20150428
<SEC-HEADER>0001292814-15-000987.hdr.sgml : 20150428
<ACCEPTANCE-DATETIME>20150428065954
ACCESSION NUMBER:		0001292814-15-000987
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150630
FILED AS OF DATE:		20150428
DATE AS OF CHANGE:		20150428

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14475
		FILM NUMBER:		15796575

	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/A
<SEQUENCE>1
<FILENAME>vivo20150427_6ka.htm
<DESCRIPTION>EXPLANATORY NOTE
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman">UNITED STATES<BR></FONT></B><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT style="FONT-SIZE: 16pt" lang=PT-BR face="Times New Roman">Washington, D.C. 20549<BR></FONT></B><B><FONT style="FONT-SIZE: 18pt" lang=EN-US face="Times New Roman">FORM 6-K/A</FONT></B></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the month of April, 2015</FONT></B></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 20pt" lang=EN-CA>TELEF&#212;NICA BRASIL S.A. <BR></FONT></B></FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US>(Exact name of registrant as specified in its charter) </FONT></B></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 20pt" lang=PT-BR>TELEFONICA BRAZIL S.A.</FONT></B></FONT><FONT face="Times New Roman"><FONT style="FONT-SIZE: 20pt" lang=PT-BR>&nbsp;&nbsp;<BR></FONT></FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US>(Translation of registrant&#8217;s name into English)</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="Times New Roman"><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR>Av. Eng&#176; Lu&#237;s Carlos Berrini, 1376 -&nbsp; 28&#186; andar<BR></FONT></B></FONT></FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR>S&#227;o Paulo, S.P. <BR></FONT></B></FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US>Federative Republic of Brazil<BR></FONT></B></FONT><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US>(Address of principal executive office)</FONT></FONT></P>

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

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

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

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

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face=calibri,sans-serif>Explanatory Note</FONT></U></B></P>

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face=calibri,sans-serif>This Form 6-K/A is being filed to amend and restate in its entirety the Form 6-K filed by Telef&#244;nica Brasil S.A. on April 27, 2015 (the &#8220;Original 6-K&#8221;) in order to correct a typographical error contained in the Minutes of the 268th Meeting of the Board of Directors of Telef&#244;nica Brasil S.A. dated April 27, 2015 which was contained in the Original 6-K.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face=calibri,sans-serif>TELEF&#212;NICA BRASIL S.A.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=PT-BR color=black face=calibri,sans-serif>PUBLICLY-HELD COMPANY</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=PT-BR color=black face=calibri,sans-serif>CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>MINUTES OF THE 268<SUP>th </SUP>MEETING OF THE BOARD OF DIRECTORS</FONT></B></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>1. DATE, HOUR AND VENUE: </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>April 27, 2015, at 7 p.m., at the office of Telef&#244;nica Brasil S.A. (&#8220;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>Company</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>&#8221;), located at Av. Eng. Luiz Carlos Berrini, 1376, Brooklin, S&#227;o Paulo &#8211; SP.</FONT></P>

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

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>2. CHAIRMAN AND SECRETARY: </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>Mr. Antonio Carlos Valente da Silva &#8211; Chairman of the Board of Directors; and Mr. Breno Rodrigo Pacheco de Oliveira &#8211; Secretary of the Board of Directors.</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>3. PARTICIPANTS: </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>Directors that subscribed the minutes, as prescribed by article 19, paragraph 4, of the Bylaws, with necessary quorum for holding and resolution.</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>4. DISCUSSIONS AND RESOLUTIONS: </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>The Directors approved, by unanimous decision, the following matters:</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>Approve the unitary issuance price of common shares, nominative, no par value, issued by the Company ("Common Shares"), and the unitary issuance price of the preferred shares, nominative, no par value, issued by Company ("Preferred Shares" and, together with the Common Shares, the "Shares"), including in the form of American Depositary Shares ("ADSs"), each ADS representing one preferred share and represented by an American Depositary Receipt ( "ADR"), under the Public Offering for Primary Distribution of Shares to be held simultaneously in Brazil, in non-organized over the counter market ("Brazilian Offering") and abroad ("International Offering" and, together with the Brazilian Offering, "Global Offering") by means of relevant registration with the </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>Comiss&#227;o de Valores Mobili&#225;rios</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif> ("CVM"), pursuant to CVM Instruction 400, of December 29, 2003, as amended ("CVM Instruction 400"), and with the Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended. The issuance price of R$47.00 (forty-seven reais) per Preferred Share was determined after completion of the procedure of collection of investment intentions from institutional investors ("Bookbuilding Procedure"), in accordance with Article 23, paragraph 1, and Article 44 of CVM Instruction 400, and in accordance with the provisions of Article 170, paragraph 1, item III, of Law No. 6,404 of December 15, 1976, as amended ("Law of Corporations"), which was conducted by intermediary financial institutions contracted by the Company to assist it in the implementation of the Global Offering, and had as a parameter (a) the price of preferred shares issued by the Company on BM&amp;FBOVESPA, and (b) the indications of interest, depending on the quality and amount of demand (volume and price), collected with institutional investors during the bookbuilding process being, therefore, the market price criterion justified, given that such price will not promote unjustified dilution of other shareholders of the Company. The issuance price of R$38.47 (thirty-eight reais and forty-seven cents) per Common Share was determined as the price per Preferred Share determined after the completion of the bookbuilding process, applying a discount of 18.14%, which represents the average discount rate of trading price of the common shares issued by the Company in relation to the trading price of the preferred shares issued by the Company in the three (3) months prior to March 26, 2015, to assess, as </FONT>


<FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>faithfully as possible, the market price of the two species of shares, properly reflecting market conditions relationships between these species as a result of significantly lower liquidity of the common shares compared to preferred shares. In the International Offering, the unitary issuance price of ADSs was set at US$16.08 (sixteen dollars and eight cents) per ADS ("Price per ADS"). The conversion of the issuance price was based on the exchange rate (PTAX, option "accounting prices", currency United States dollar) provided by the Central Bank of Brazil, through the Central Bank Information System - SISBACEN on April 27, 2015;</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>4.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approve the allocation of all funds raised by the Company with the Global Offering to the Company&#8217;s capital stock account;</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>4.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approve the increase of the Company's capital stock, within the limits of its authorized capital provided for in Article 4 of the Company's Bylaws and with the exclusion of preemptive rights of the Company's current shareholders, pursuant to Article 172 of Law of Corporations, in the amount of R$15,812,000,038.80 (fifteen billion, eight hundred and twelve million, thirty-eight reais and eighty cents), the Company's capital stock increasing from R$37,798,109,745.03 (thirty-seven billion, seven hundred and ninety-eight million, one hundred and nine thousand, seven hundred and forty-five reais and three cents) to R$53,610,109,783.83 (fifty-three billion, six hundred and ten million, one hundred and nine thousand, seven hundred and eighty-three reais and eighty-three cents) through the issuance of 121,711,240 (one hundred and twenty-one million, seven hundred and eleven thousand, two hundred and forty) Common Shares at an unitary issuance price of R$38.47 (thirty-eight reais and forty-seven cents), and 236,803,588 (two hundred and thirty-six million, eight hundred and three thousand, five hundred and eighty-eight) Preferred Shares, at an unitary issuance price of R$47.00 (forty-seven reais). The common shares, preferred shares and ADSs issued as a result of the capital increase will entitle their holders, from the date of disclosure of the Global Offering announcement of commencement, the same rights assigned respectively to the holders of common shares, preferred shares and ADSs, currently outstanding, under the Company's Bylaws and the Law of Corporations, fully participating in dividends and other distributions that may be declared from the date of publication of the Global Offering announcement of commencement;</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>4.4.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approve the content of the final prospectus of the Brazilian Offering and of the pricing and final prospectuses;</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>4.5.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>Reiterate the authorization granted to the Company's Management to perform any and all acts necessary for the attainment of the Global Offering, including the celebration of all contracts and documents necessary for the realization of the Global Offering.</FONT></P>

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

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>With nothing else to address, the Meeting was adjourned and this minutes was drafted by the Board&#8217;s Secretary, which was approved and signed by the attending Directors, and drafted in the book of minutes. </FONT><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face=calibri,sans-serif>S&#227;o Paulo, April 27, 2015. (a.a.) Antonio Carlos Valente da Silva &#8211; Board of Directors&#8217; Chairman; Santiago Fern&#225;ndez Valbuena &#8211; Board of Directors&#8217; Vice-Chairman; Antonio Gon&#231;alves de Oliveira; Eduardo Navarro de Carvalho; Francisco Javier de Paz Mancho; Jos&#233; Fernando de Almansa Moreno-Barreda; Luciano Carvalho Ventura; Luis Javier Bastida Ibarguen; Luiz Fernando Furlan; Narc&#237;s Serra Serra; Roberto Oliveira de Lima. Board of Directors&#8217; Secretary: Mr. Breno Rodrigo Pacheco de Oliveira.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif>This counterpart is a true copy of the minutes of the 268th Board of Directors&#8217; Meeting of Telef&#244;nica Brasil S.A., held on April 27, 2015, drafted in the book of minutes.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 35.45pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face=calibri,sans-serif>Breno Rodrigo Pacheco de Oliveira</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 35.45pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face=calibri,sans-serif>Board of Directors&#8217; Secretary</FONT></P></DIV>

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

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

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">April 28, 2015</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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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">Luis Carlos da Costa Plaster</TD></TR>

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

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