<SEC-DOCUMENT>0001292814-16-006023.txt : 20160919
<SEC-HEADER>0001292814-16-006023.hdr.sgml : 20160919
<ACCEPTANCE-DATETIME>20160919163528
ACCESSION NUMBER:		0001292814-16-006023
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160930
FILED AS OF DATE:		20160919
DATE AS OF CHANGE:		20160919

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:		161892100

	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>vivo20160919_6k1.htm
<DESCRIPTION>FORM-6K
<TEXT>

<HTML>
<HEAD>
   <TITLE>vivo20160919_6k1.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P></P>

<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>

<P></P>

<P></P>

<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></P>

<P></P>

<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></P>

<P></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></P>

<P></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></P>

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

<P></P>

<P></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>

<P></P>

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

<FONT lang=PT-BR><BR clear=all></FONT>

<P></P>

<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></P>

<P></P>

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

<P></P>

<P></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></P>

<P></P>

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

<P></P>

<P></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>

<P></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></P>

<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>

<P></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></P>

<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>

<P></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></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></P>

<P></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></P>

<P></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>

<P></P>

<P></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>

<P></P>

<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>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 37.75pt">

   <TD style="HEIGHT: 37.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

<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>

<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>
   <IMG border=0 src="logo.gif"></FONT></B></FONT></H1>

<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>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT></FONT></H1>

<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 301<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>September 19, 2016, at 11 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>Eduardo Navarro de Carvalho, 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%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>4.1. DISTRIBUTION OF INTEREST ON OWN CAPITAL OF THE COMPANY: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>The Board of Directors approved, by unanimous decision, the proposal of distribution of Interest on Own Capital to the Company&#8217;s shareholders, in the gross amount of R$650,000,000.00 (six hundred and fifty million reais), equivalent to a value of R$0.36098516294 per common share and R$0.39708367924 per preferred share, corresponding to a net value, after deducting the Withholding Income tax, of R$552,500,000.00 (five hundred and fifty-two million, five hundred thousand reais), equivalent to a net value of R$0.30683738850 per common share and R$0.33752112735 per preferred share, based on the net profit accounted in the balance sheet of August 31, 2016, which are imputed to the minimum mandatory dividend of the fiscal year 2016 </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>ad referendum</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> of the General Shareholders Meeting. The payment of such Interest on Own Capital will be carried out before the end of 2017, in a date to be defined by the Company&#8217;s Board. The Interest on Own Capital shall be credited individually to shareholders, in accordance to the shareholder registry book position by the end of September 30, 2016. After this date, the shares will be considered &#8220;ex-Interest on Own Capital&#8221;.</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>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, September 19, 2016. (aa) Eduardo Navarro de Carvalho &#8211; Chairman of the Board of Directors; Antonio Carlos Valente da Silva; Amos Genish; Antonio Gon&#231;alves de Oliveira; Francisco Javier de Paz Mancho; Narc&#237;s </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif>Serra Serra; Luiz Fernando Furlan; Luis Francisco Javier Bastida Ibarguen; &#193;ngel Vil&#225; Boix; Ramiro S&#225;nchez de L&#233;rin Garcia-Ovies; Sonia Julia Sulzbeck Villalobos 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>

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

<P style="TEXT-ALIGN: right; MARGIN: 0cm 18pt 0pt 0cm" align=right><B><FONT><FONT face=arial,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<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></FONT></B></FONT></FONT></B>&nbsp;</P>

<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 301<SUP>st</SUP> MBD of 09.19.16 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>

<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>

<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>
<IMG border=0 src="logo.gif"></FONT></B></FONT></H1>

<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>

<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 301<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></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 301<SUP>st</SUP> meeting of the Board of Directors of Telef&#244;nica Brasil S.A., held on September 19, 2016, which was drawn-up in the proper book.</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>

<DIV align=left>

<TABLE style="WIDTH: 100%" 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="99%" colSpan=2>

   <P style="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></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD width="99%" colSpan=2>

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

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Breno Rodrigo Pacheco de Oliveira</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="99%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><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</FONT></FONT></P></TD></TR>

<TR>

   <TD width="99%" colSpan=2></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="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></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="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></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD width="52%">&nbsp;</TD>

   <TD width="47%">&nbsp;</TD></TR></TABLE></DIV>

<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></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></FONT></B></FONT>&nbsp;</P>

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

<a name="_bclFooter2"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 18pt 0pt 0cm" align=right><B><FONT><FONT face=arial,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<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: 10pt" face=arial,sans-serif>Continuation of </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>Minutes of the 301<SUP>st</SUP> MBD of 09.19.16 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>2</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>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 18pt 0pt 0cm" align=right><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></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">September 19, 2016</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
M1TE&.#EA*0%( /<        0'P 4)  8)@ <*P @+@ E,P H-@$L.0@F,PDI
M-PDL.@(P/0LQ/A,R/@(S0 LT00PY10T[2!(U0A(Z114]21DU01@[1AH]22$\
M1R,]21= 3!Q"3AU&41])4R5"3BM#3B-&421+5B9-6"A&42M+52M.62U17#!,
M5S-.6C)273I47BY68#168#)98S=?:CE68#M;93Q>:#UC;4-;9$%>:$M>:$1B
M:TID;45G<$1J<DQF<$QI<E)L=55O>%5Q>5IT?%QX?V%U?0!RP0!UP@!VQ !X
MPP!YQ !]Q@5ZQ 5\Q0!^R E^Q@U]QA)^QE=Y@EYV@%MX@6!W@&-[@VE]A&I_
MB " QP" R : R N QPJ!R!" QQ*"R!6(RAJ&RAR(RR.+S"J-S"V0SC*1SC63
MT#F5T#R5T#Z8TF> AV&!BFF AVR#BFJ*D6R*D7*%BW*(CGF*CW2*D7F-DW>0
ME7R0EGZ3F4&9TD2:TD6<TT>>U$B<TTJ>U$V>TTR>U$VAU5&BU52FV%6IV5JD
MUERFV%ZHUUVMVV.KV6FMVFFNW&VOVVVQW'.SW7RWWGJXWWVYX("0EH*5FX28
MGHF9GH::H(N=HI2=H8Z@I9&AII.EJI6IKIF@I)BFJYJIKIRKL)ZQMJ&NLJ.Q
MM:"SN*&TN::SN*:UN:>YO:FUMZFUN:RYO+&VN;"[OX&ZX(2ZX(6\X8F]X8R_
MXZZ\P+*]P+B_PXW XI/#Y)S&YIS(YI_*Z+3 P[K#Q;S&R+[)S*/+YZ3,Z*G.
MZ:W1ZK'2ZK+5[+74Z[76[+;8[;O6[;S9[KS<\,+&R,+*S<C-SL3-T,G.T,;1
MT\S2U,[5V,S8VM#5UM'7V-7;W-G=WL/;[L3=\-G>X,3A\<WD\]?@XMSAXM+E
M\]7H]-CE\]GI]=SJ]=WL]N'DY>3FZ.7IZ>KL[>#J]N#L]N3N]^7N^.WO\.KO
M^.7P^.[P\>OS^>_X_/+S]/'V^O+W_/7V^?3W_/;X^OCV]OGZ^OGZ_/K\_/SZ
M^OSZ_/S\^_[^_@       "'Y! $  /\ +      I 4@   C_ /L)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+%/]AW,BQH\>/($.*'+E0(\F3*%.J7,D2I<F6
M,&/*G$ESY,N:.'/JW(GS)L^?0(,*M>ASJ-&C2(<63<HTIJA238\NC4H5Y9,T
M585.S<KU8QHV77]N#4O68IHV976.3<OVX=F<\=#M"[NVK5V%;VFB<[6G#*%?
M^;C6O4NX8%Z9W_ 4.7*D2)-5@:L.+DSY<,Q#1)!<V7R$2;"LDRD3MMSR&Y@C
MFU,3010Y:FB,\,AMFT:[-K7;M7-?<X9JTSB.\*;I0H4)E;-R;4FS/,9%<^HK
M1?RXDWP2GBY,:V:T*/$AQ(?O)$R<_^#^O?QW#1\>P<,X#5(,$SAXM*AP0<4D
M=6F5K^SV!?7SU:TU]5I$XU B P0$)'@ !R:T$$,,-\R ( 0N/&AA##C0D<P]
M!)&3RRCD/%0.'1<8@,,IUY S3C(]%%! '1214PDER.&DWTJ8.7?%$5D, YI(
MH*AP  $&F+!&)[ML4PX\]?33#AT-4(#*/??48V4]\W!(4#V4I+  #34R-,T-
M!#3 B98#D7.# #Q,!,\4!1CP24XWJ@3.'8L=0403K,Q%W4?\7 *! 0:HL(DX
M!\&SA@$+=.(0* @0F8E#T\!   2G(-0# 9Q,! T$ B"@"IUHT72.(W:4\8<O
M^ @&4BP3&/]P0 _4(-0.$ 84$(0]#<'#@ZPJ(,J0F@0<  E"NWSPQGH2E;.#
M!7$P6U.=+-4S'5T?P=/B 3>$B! =A%:0C$.Q0'" L0WI\P:A,N!GT#R88()F
ML]+,HQ.U"V43S#<-?1-,-@C-X\XZ[OA94#S&&"-/0]D,@PY#^("#S<3F&)S1
M1\Y08$ $N224B[D' (%0/=+V8P^N!W0P34'YS%-R/[G$"@$J"-W3SDCUS)L2
MO@?A8\PA7S011C$+#1-&$U\88DRK _5RQQA0#\(-0>S4<L<63@S"CD+U,,)%
M$V2X @Y"X+CB!QA<I!W&'[.,?;%'NSQ@@ LO#Z2M 0P\$$M!\.#_,L4-/4C"
M;#(4('# &@2UHXH0./1 R<WP./,K AUT@LKEL> 2"RB<A-E/.<^<<LFX L&S
M"R60.%,0.<[DXFV:IU3!PQ28>*[/-JA0(@<=G2QS\T8\%^1.(DT<@0021)"1
M3D+NE)$9$D=H<<BUQ7"1YQ%#Z'%M-64P=CP1K2@43!+&,P8&+P&Z\\IIQA]_
M/&-AT!+/1 ,R),X) HB,T,>&RU RBPOXP 6(Y*A^+ H!%5"=0'2! P2 8 +%
M@H4T@M !!#S@ 1"(@ 8[$($&+$@.\"B',SHQA1A4@ %S0\XR;.#! HA@94Z"
M! P6T*V!E.,2*3  "6AP@ *L04O)F (&_R)@ @S(B@(= UZI'F(+XZ4&"4F@
M14)HD00=,4:*_5A$$9[#(V/T(QY_&((54G,$,(1C9'WPSV:&$ :W]>,;?V#,
M<^;(&$&<0R+U8P@G"N4N@U#A  \XP"4(@@D+"& *UP %"B<U#0X@P !3$,@]
M*.$  KAA&YA   ).P8PZG$"3(@!%+%21BRE$Z@;+N$<G:, !%00A#BUXI OL
M<0H*-  "#- DS?I!"0,4JU,"H48/?(F&;<!#!P+ P>?D ,$8Q&(;;7ADL#@2
M/(*TPHEDM,.U"I*.[M%Q%0(IA!JO@(0L?,8=9!CGCAR!D%\P04?D],+4^A$.
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>
