<SEC-DOCUMENT>0001292814-15-002287.txt : 20150922
<SEC-HEADER>0001292814-15-002287.hdr.sgml : 20150922
<ACCEPTANCE-DATETIME>20150922161258
ACCESSION NUMBER:		0001292814-15-002287
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150930
FILED AS OF DATE:		20150922
DATE AS OF CHANGE:		20150922

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:		151119493

	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>vivo20150922_6k.htm
<DESCRIPTION>MATERIAL FACT
<TEXT>

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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</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">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 September, 2015</FONT></B></P>

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

<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 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>

<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 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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   <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: 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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<IMG border=0 src="logo.gif"></FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT face=calibri,sans-serif><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=calibri,sans-serif>TELEF&#212;NICA BRASIL S.A.</FONT></B></FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=calibri,sans-serif>Publicly-Held Corporation</FONT></FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=calibri,sans-serif>CNPJ/MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></FONT></P>

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

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<H1 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><B><FONT style="LETTER-SPACING: 1.3pt; FONT-SIZE: 11.5pt" face=calibri,sans-serif>MATERIAL FACT</FONT></B></H1>

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>Telef&#244;nica Brasil S.A. ("</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>Company</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>" or "</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>Telef&#244;nica Brasil</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>"), in the manner and for the purposes of CVM Instruction No. 358/02, as amended, hereby informs that the Board of Directors approved today a proposal for corporate restructuring involving the Company, its wholly-owned subsidiary and its controlled companies, aiming to streamline the services developed by such companies and the concentration of the provision of such services into a single company ("</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>Corporate Restructuring</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>") under the following conditions:</FONT></P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>1. Background:</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif> As disclosed to the market in the Material Facts dated of May 12, 2015 and May 28, 2015:</FONT></P>

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0in 0.75in; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>The Company completed the acquisition of GVT Participa&#231;&#245;es S.A. (&#8220;</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>GVTPar</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>&#8221;) shares and of 675,571 shares of Global Village Telecom S.A. ("</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>GVT</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>"), as well as, in a subsequent act, the merger of GVTPar shares by the Company. As a result, the Company became the sole shareholder of GVTPar and the indirect controlling company of GVT, Pop Internet Ltda. ("</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>POP</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>") and Innoweb Ltda. ("</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>Innoweb</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>"); and</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt 0.25in; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0in 0.75in; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>(ii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>After the acquisition, the Board of Directors considered the proposal to simplify the corporate structure involving the Company, its wholly-owned subsidiary and its controlled companies, as described below. The proposed restructuring is subject to the necessary corporate and regulatory approvals.</FONT></P>

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; MARGIN: 0in 0in 0in 0.5in; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>2. Corporate Restructuring:</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif> Currently, GVTPar is a holding company wholly-owned by the Company and holds the direct control of GVT; GVT is a telecommunications and value-added services operator (as defined in article 61 of the General Telecommunications Law - "Value Added Services"); and POP develops activities related to computing, internet and other networks.</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>The Corporate Restructuring aims to unify the telecommunication services in the Company, through merger operations and split-up involving its wholly-owned subsidiary (GVTPar) and its indirectly controlled companies (GVT and POP), so that at the end of the process activities provided by GVT other than telecommunications services will be concentrated in POP and telecommunication services will be concentrated in the Company.</FONT></P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT face=calibri,sans-serif><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=calibri,sans-serif>TELEF&#212;NICA BRASIL S.A.</FONT></B></FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=calibri,sans-serif>Publicly-Held Corporation</FONT></FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=calibri,sans-serif>CNPJ/MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

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

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>In addition to the rationalization of service provision, the Corporate Restructuring aims to simplify the current organizational structure of the Company as well as assist the integration of its businesses with GVT.</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>3. Additional Information:</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif> Considering that at the implementation of the Corporate Restructuring all companies involved are wholly-owned or indirectly controlled by the Company, there will be no withdrawal rights to shareholders of the latter (in accordance with article 137 of Law 6,404/76, as amended), since the planned operations (i) will not affect the Company's ownership structure; and (ii) will not result in a capital increase and issue of new shares of the Company.</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>There is also no need to discuss withdrawal rights of minority shareholders of GVTPar, GVT, POP and Innoweb, given that the Company is the sole direct or inderect shareholder of these companies.</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>This Corporate Restructuring will be implemented only after prior approval of Ag&#234;ncia Nacional de Telecomunica&#231;&#245;es - ANATEL, currently under analysis.</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>A complementary Material Fact, containing more details regarding the terms and conditions of the Corporate Restructuring, should it be implemented, including costs and risks of the operation and main assets and liabilities that will form portions of the spun-off assets, in accordance with CVM Instruction No. 565/15, will be published in due course, as well as the respective Call Notice of the Company's Extraordinary Shareholders&#8217; Meeting, when applicable.</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; LINE-HEIGHT: 16pt; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=calibri,sans-serif>S&#227;o Paulo, September 22, 2015.</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=calibri,sans-serif>Alberto Manuel Horcajo Aguirre</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=calibri,sans-serif>Investor Relations Officer </FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=calibri,sans-serif>Telef&#244;nica Brasil &#8211; Investor Relations</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=calibri,sans-serif>Phone: +55 11 3430-3687</FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=calibri,sans-serif>E-mail: </FONT><FONT style="FONT-SIZE: 8pt" lang=PT-BR color=#0000ee face=calibri,sans-serif>ir.br@telefonica.com</FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=calibri,sans-serif>&nbsp; </FONT></P>

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=calibri,sans-serif>Information available at</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT><U><FONT style="FONT-SIZE: 8pt" lang=EN-US color=blue face=calibri,sans-serif>www.telefonica.com.br/ir</FONT></U></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>

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

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

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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">Date:</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">September 22, 2015</FONT></P></TD>

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

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

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

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

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