<SEC-DOCUMENT>0001292814-16-003953.txt : 20160324
<SEC-HEADER>0001292814-16-003953.hdr.sgml : 20160324
<ACCEPTANCE-DATETIME>20160324145803
ACCESSION NUMBER:		0001292814-16-003953
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160331
FILED AS OF DATE:		20160324
DATE AS OF CHANGE:		20160324

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:		161526766

	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>vivo20160324_6k1.htm
<DESCRIPTION>MINUTES OF THE 291ST MEETING OF THE BOARD OF DIRECTORS
<TEXT>

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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: 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>

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   <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>

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

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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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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT><B><FONT style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif></FONT></B></FONT>&nbsp;</H1>

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

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>TELEF&#212;NICA BRASIL S.A.</FONT></B></FONT></H1>

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 0cm"><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>MINUTES OF THE 291<SUP>st</SUP> MEETING OF THE BOARD OF DIRECTORS OF</FONT></B></FONT></P>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>1. DATE, TIME AND PLACE: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>March 17, 2016, at 10 a.m., </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: both" color=black face=arial,sans-serif>at Telef&#244;nica Brasil S.A. (&#8220;Company&#8221;) headquarters, located at Av. Eng. </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: both" color=black face=arial,sans-serif>Luiz Carlos Berrini, 1376, Cidade Mon&#231;&#245;es, capital of the State of S&#227;o Paulo.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>2. PRESIDING BOARD: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=arial,sans-serif>Antonio Carlos Valente da Silva, Chairman of the Board of Directors and Breno Rodrigo Pacheco de Oliveira, Secretary of the Board of Directors.</FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>3. ATTENDANCE: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>The meeting was attended by the Directors that sign this minute, according to the article 19, paragraph 4 of the Bylaws, representing a quorum required for installation and deliberation.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>4. RESOLUTIONS:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=windowtext><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" color=windowtext face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>4.1.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> Due to new challenges to be undertaken by on Telefonica Group, Mr. Alberto Manuel Horcajo Aguirre, will leave today the position of Chief Financial Officer, Investor Relations and Corporate Resources Officer, replaced, as approved by the Board of Directors on February 8, 2016, by Mr. David Melcon Sanchez-Friera, after obtaining the necessary authorization to do so, to be issued by the Ministry of Labor and Employment.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>4.2.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> Because of the above resolution, the members of the Board unanimously approved that Mr. Amos Genish, Chief Executive Officer of the Company, will respond interim and cumulatively as the Chief Financial Officer, Investor Relations and Corporate Resources Officer of the Company until the effective investiture of Mr. David Melcon Sanchez-Friera.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Therefore, at the moment of the effective investiture of Mr. David Melcon Sanchez-Friera the Executive Board of the Company will be composed by Messrs. Amos Genish, Chief Executive Officer, David Melcon Sanchez-Friera, Chief Financial Officer, Investor Relations and Corporate Resources and Breno Rodrigo Pacheco de Oliveira, General Secretary and Legal Officer.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>On this occasion, the Board thanked to Mr. Alberto Manuel Horcajo Aguirre, wishing continued success in his new challenges.</FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 18pt 0pt 0cm" 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 291<SUP>st</SUP> MBD of 03.17.16 Page </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 style="DISPLAY: none"><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=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>/</FONT></B></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></FONT></B></P></DIV></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>TELEF&#212;NICA BRASIL S.A.</FONT></B></FONT></H1>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 0cm"><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>MINUTES OF THE 291<SUP>st</SUP> MEETING OF THE BOARD OF DIRECTORS OF</FONT></B></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>TELEF&#212;NICA BRASIL S.A.</FONT></B></FONT></H1>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Since there was no other business to be transacted, the meeting was closed and these minutes were drawn-up by the Secretary of the Board of Directors, which were approved and signed by the Directors present to the meeting, being following transcribed in the proper book. </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif>S&#227;o Paulo, March 17, 2016. (aa) Antonio Carlos Valente da Silva &#8211; Chairman of the Board of Directors; Santiago Fern&#225;ndez Valbuena &#8211; Vice-President of the Board of Directors; Amos Genish; 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 and Roberto Oliveira de Lima. </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Secretary of the Board of Directors: Breno Rodrigo Pacheco de Oliveira.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>I hereby certify that this is a faithful copy of the minutes of the 291<SUP>st</SUP> meeting of the Board of Directors of Telef&#244;nica Brasil S.A., held on March 17, 2016, which was drawn-up in the proper book.</FONT></FONT></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 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-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">Investor Relations Director</FONT></P></TD></TR></TABLE></DIV>

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