<SEC-DOCUMENT>0001292814-15-003111.txt : 20151217
<SEC-HEADER>0001292814-15-003111.hdr.sgml : 20151217
<ACCEPTANCE-DATETIME>20151217161129
ACCESSION NUMBER:		0001292814-15-003111
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20151217
DATE AS OF CHANGE:		20151217

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:		151293774

	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>vivo20151217_6k.htm
<DESCRIPTION>NOTICE TO SHAREHOLDERS
<TEXT>

<HTML>
<HEAD>
   <TITLE>vivo20151217_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Arial';font-size: 10pt;">



<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

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

<DIV style="BORDER-TOP: windowtext 4.5pt double; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 1pt; 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; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; MARGIN: 0cm 0cm 0pt; PADDING-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<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<BR></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 16pt" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 16pt" face="Times New Roman">Washington, D.C. 20549<BR></FONT></B><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">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 December, 2015</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">Commission File Number: 001-14475</FONT></B></P>

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

<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. <BR></FONT></B></FONT><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;&nbsp;<BR></FONT></FONT><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<BR></FONT></B></FONT></FONT><FONT face="Times New Roman"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt">S&#227;o Paulo, S.P. <BR></FONT></B></FONT><FONT face="Times New Roman"><B><FONT lang=EN-US style="FONT-SIZE: 12pt">Federative Republic of Brazil<BR></FONT></B></FONT><FONT face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt">(Address of principal executive office)</FONT></FONT></P>

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

<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>

<DIV align=center>

<DIV align=center>

<TABLE style="WIDTH: 30%; MARGIN-LEFT: 55pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT 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; BORDER-LEFT: medium none; MARGIN: 0cm 0cm 0pt; 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 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>

<DIV align=center>

<DIV align=center>

<TABLE style="WIDTH: 30%; MARGIN-LEFT: 55pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT 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">No</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; BORDER-LEFT: medium none; MARGIN: 0cm 0cm 0pt; 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>

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

<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>

<DIV align=center>

<TABLE style="WIDTH: 30%; MARGIN-LEFT: 55pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT 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">No</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; BORDER-LEFT: medium none; MARGIN: 0cm 0cm 0pt; 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>

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

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 4.5pt double; 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; BORDER-LEFT: medium none; MARGIN: 0cm 0cm 0pt; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV>

<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></DIV>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_1"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader1"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 14pt" face=calibri,sans-serif>
<IMG border=0 src="logo.gif"></FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 14pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

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

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

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>DELIBERATION OF INTEREST ON OWN CAPITAL</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Telef&#244;nica Brasil S.A. &#8211; (&#8220;Company&#8221;) announces to its shareholders that the Board of Directors, at its meeting held on December 17, 2015, deliberated, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>ad referendum</FONT></I><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif> of the General Shareholders&#8217; Meeting, the credit of Interest on Own Capital (&#8220;IOC&#8221;), related to the fiscal year of 2015, in accordance with article 28 of the Company&#8217;s Bylaws, article 9 of the Law 9,249/95 and CVM&#180;s Instruction n&#186; 683/2012, in the gross amount of R$ 302,925,000.00 (three hundred and two million, nine hundred and twenty-five thousand reais), subject to withholding tax of 15%, resulting in a net amount of R$ 257,486,250.00 (two hundred and fifty-seven million, four hundred and eighty-six thousand, two hundred and fifty reais), based on the net profit shown in the balance sheet of November 30, 2015. The estimated value per share is described in the table below:</FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 30pt">

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Amount per share (R$)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Immune or Exempt Legal Entities (gross value)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="22%">

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>(15%)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=middle width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Taxed Legal Entities and Individuals (Net value)</FONT></P></TD></TR>

<TR style="HEIGHT: 29.95pt">

   <TD style="HEIGHT: 29.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif>Common shares</FONT></P></TD>

   <TD style="HEIGHT: 29.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif>0.16823296997</FONT></P></TD>

   <TD style="HEIGHT: 29.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif>0.02523494549</FONT></P></TD>

   <TD style="HEIGHT: 29.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif>0.14299802448</FONT></P></TD></TR>

<TR style="HEIGHT: 28.4pt">

   <TD style="HEIGHT: 28.4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif>Preferred shares (*)</FONT></P></TD>

   <TD style="HEIGHT: 28.4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif>0.18505626697</FONT></P></TD>

   <TD style="HEIGHT: 28.4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif>0.02775844004</FONT></P></TD>

   <TD style="HEIGHT: 28.4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif>0.15729782693</FONT></P></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.25pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>In accordance to the article 28 of the Company&#8217;s Bylaws, such Interest on Own Capital will be charged to the mandatory minimum dividend for the fiscal year of 2015, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>ad referendum</FONT></I><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif> of the General Shareholders&#8217; Meeting.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>The credit of Interest on Own Capital will be made on individual basis for each shareholder, in accordance to the shareholder registry book position by the end of the day, on December 30, 2015, including. After this date the shares will be considered as &#8220;ex-Interest on Own Capital&#8221;. The payment of these proceeds will be carried out before the end of the fiscal year of 2016, in a date to be defined by the Company&#8217;s Board.</FONT></P>

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

<a name="_bclFooter1"></a><DIV>

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

<HR align=center SIZE=2 width="100%" noShade>



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

<A name="page_2"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader2"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 14pt" face=calibri,sans-serif>
<IMG border=0 src="logo.gif"></FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=Calibri></FONT>&nbsp;</P>

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>The Immune or Exempt Legal Entities, according to the current legislation, must provide proof of such condition until January 08, 2016 to the &#8220;Departamento de A&#231;&#245;es e Cust&#243;dia&#8221; of Banco Bradesco S.A., the depositary bank, located at Cidade de Deus, Amarelo Velho Building, subsoil &#8211; Vila Yara &#8211; Zip code: 06029-900 &#8211; Osasco &#8211; SP. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>Note: Values of Interest on Capital per common and preferred share may suffer future adjustments until December 30, 2015, due to possible acquisitions of shares within the Program for the Buyback of Shares to be held in treasury for subsequent sale and/or cancellation, according to Material Fact of December 09, 2015.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>S&#227;o Paulo, December 17, 2015.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif>Alberto Manuel Horcajo Aguirre </FONT></B></P>

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

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif>Telef&#244;nica Brasil &#8211; Investor Relations</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Tel: +55 11 3430-3687</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Email: ir.br@telefonica.com&nbsp; </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Information available at: www.telefonica.com.br/ir</FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif></FONT></DIV></DIV>

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

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



<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>

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

<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>

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

<DIV align=left>

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



<TR>

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

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

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

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

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

   <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>

<TR>

   <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>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">December 17, 2015</FONT></P></TD>

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

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

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

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

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

   <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>

<TR>

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

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

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

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

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

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

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

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

   <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>

<TR>

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

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

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

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

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

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

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

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

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

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

   <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>

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

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

<DIV>

<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></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.gif
<TEXT>
begin 644 logo.gif
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M.V1FCOA$'A^6!_^1/"[D'J>0@[ *0HT0:)(#,.3E @@0A?6 P@ 86%D=#H"
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M8@')DIP3_U#)EGS)F)S)FKS)G-S)GOS)H!S*HCS*I%S*IGS*J)S*JIS* 0$
!.P$!

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