<SEC-DOCUMENT>0001292814-16-003839.txt : 20160314
<SEC-HEADER>0001292814-16-003839.hdr.sgml : 20160314
<ACCEPTANCE-DATETIME>20160314172806
ACCESSION NUMBER:		0001292814-16-003839
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160331
FILED AS OF DATE:		20160314
DATE AS OF CHANGE:		20160314

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:		161504890

	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>vivo20160314_6k.htm
<DESCRIPTION>MINUTES OF THE 140TH MEETING OF THE FISCAL BOARD OF TELEFONICA BRASIL S.A. HELD ON MARCH 14, 2016.
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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<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>

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<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>

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<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 March, 2016</FONT></B></P>

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<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>

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<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>

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<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>

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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 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>

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<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>

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<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>

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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>

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

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>TELEF&#212;NICA BRASIL S.A.</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Publicly-held Company</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CNPJ/MF 02.558.157/0001-62 - NIRE 35.3.0015881-4</FONT></FONT><FONT face=arial,sans-serif></FONT></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>MINUTES OF THE 140th MEETING OF THE FISCAL BOARD OF TELEF&#212;NICA BRASIL S.A. HELD ON MARCH 14, 2016.</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>On March 14, 2016 at 10:00 a.m. at the Company&#8217;s headquarters, located in the capital of the State of S&#227;o Paulo, at Av. Eng. Luiz Carlos Berrini, 1376, 32<SUP>nd</SUP> floor, Cidade Mon&#231;&#245;es, a meeting was held by the undersigned members of the Fiscal Board of Telef&#244;nica Brasil S.A. (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Company</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>&#8221;). </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Were also present the Company&#8217;s Business Development and Projects Officer, Mr. Carlos Raimar Schoeninger, and the representative of Ernst &amp; Young Auditores Independentes S.S., enrolled in the CNPJ/MF under the No. 61.366.936/0001-25, Mr. H&#233;ctor Ezequiel Rodriguez Padilla</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>At the meeting, held as an extraordinary session, it was presented the proposed corporate restructuring involving the Company, its wholly-owned subsidiary and its subsidiaries, culminating in the merger, by the Company, of </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>GVT Participa&#231;&#245;es S.A.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>, a private company with headquarters in the City &#8203;&#8203;of S&#227;o Paulo, State of S&#227;o Paulo, at Avenida Eng. Luiz Carlos Berrini, 1376, 6th floor, side B, enrolled with the CNPJ/MF under No. 10.242.813/0001-41 ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>GVTPart</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>") after the merger, by GVTPart, of the spun-off portion of Global Village Telecom S.A. ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>GVT</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>") concerning the assets, rights and obligations related to telecommunications activities ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Corporate Restructuring</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>").</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>It was also reported, at the end of the corporate restructuring, that is intention is to rationalize the services developed by such companies, with (i) the concentration of the provision of such services in a single company, the Company; and (ii) the migration of activities provided by GVT other than telecommunications services for POP Internet Ltda. ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>POP</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>").</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Thus, after studies conducted, it was understood that the simplification of the corporate structure and the concentration of the provision of telecommunications services in a single legal entity will promote a convergence environment, facilitating the consolidation and confluence in the provision of telecommunication services and simplification of service packages offerings, as well as the consequent optimization of administrative and operational costs, and standardization of operations of the companies involved in the Corporate Restructuring.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>It was also clarified that the intended Corporate Restructuring was submitted to the appreciation and prior consent of Ag&#234;ncia Nacional de Telecomunica&#231;&#245;es - ANATEL, which approved it under Act No. 50,169 of January 22, 2016, published in the Official Gazette of January 28, 2016, with the conditions set out therein ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Act of Consent</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>").</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>The following documents related to the corporate restructuring proposal were subjected to analysis and evaluation of the counselors, namely:</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=right><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Minutes of the 140<SUP>th</SUP> Meeting of the Fiscal Board Pg. </FONT></B><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1</FONT></B></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>/</FONT></B></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>2</FONT></B></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>TELEF&#212;NICA BRASIL S.A.</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Publicly-held Company</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CNPJ/MF 02.558.157/0001-62 - NIRE 35.3.0015881-4</FONT></FONT><FONT face=arial,sans-serif></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>MINUTES OF THE 140th MEETING OF THE FISCAL BOARD OF TELEF&#212;NICA BRASIL S.A. HELD ON MARCH 14, 2016.</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>(i) the appraisal report of the shareholders&#8217; equity of GVTPart, assessed based on its book value at the date of December 31, 2015, and the Independent Auditors&#8217; Report of Fair Assurance on the Combined Financial Information of GVTPart and the portion of the spun-off net assets of GVT object of incorporation by GVTPart also assessed at book value on the same basis date (both together, "</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>GVTPart&#8217;s Appraisal Report</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>"), which establish, once considered the absorption of the spun-off portion of the equity of GVT by GVTPart, the value of the equity of GVTPart to be incorporated by the Company as R$ 11,009,942,567.85 (eleven billion, nine million, nine hundred and forty-two thousand, five hundred and sixty-seven reais and eighty-five cents), prepared by the specialized appraisal company Ernst &amp; Young Auditores Independentes S.S., for purposes of the merger of GVTPart by the Company; and</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>(ii) the draft of the Protocol and Justification Instrument of the Merger of GVTPart by the Company, to be signed by the Administrators of GVTPart and of the Company, relating to the merger of GVTPart by the Company ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Merger Protocol</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>").</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Taking into consideration the explanations provided by the Board, as well as the documents analyzed, the members of the Fiscal Board approved the proposal for Corporate restructuring, and stated that understood that the terms of the Merger Protocol, whose draft was submitted to them, in its entirety, with all its conditions, as well as other documents submitted meet the applicable legal provisions, and recommend its approval, without reservations, by the Extraordinary Shareholders&#8217; Meeting that will be held for this purpose in accordance with Law No. 6,404/76, as amended, and CVM instruction No. 565/15.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>No further business to be discussed the meeting was closed and these minutes drawn up in the proper book. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif>S&#227;o Paulo, March 14, 2016.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif>Fl&#225;vio Stamm&nbsp;</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif>Fiscal Counselor</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif>Crem&#234;nio Medola Netto<BR></FONT></B><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif>Fiscal Counselor</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Charles Edwards Allen&nbsp;<BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Fiscal Counselor&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif><FONT style="FONT-SIZE: 11pt" face=Arial>C</FONT>arolina Sim&#245;es Cardoso<BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Secretary of the Meeting</FONT></P></TD></TR></TABLE></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=right><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Minutes of the 140<SUP>th</SUP> Meeting of the Fiscal Board Pg. </FONT></B><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2</FONT></B></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>/</FONT></B></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif>2</FONT></B></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif></FONT></FONT></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"><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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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">March 14, 2016</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">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>
