<SEC-DOCUMENT>0001292814-16-006246.txt : 20161011
<SEC-HEADER>0001292814-16-006246.hdr.sgml : 20161011
<ACCEPTANCE-DATETIME>20161011061812
ACCESSION NUMBER:		0001292814-16-006246
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160930
FILED AS OF DATE:		20161011
DATE AS OF CHANGE:		20161011

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:		161929200

	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>vivo20161010_6k1.htm
<DESCRIPTION>FORM 6-K
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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 October, 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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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" 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=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>Publicly-held Corporation</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: 9pt" face=calibri,sans-serif>CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></FONT></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt; LETTER-SPACING: 1.3pt" color=black face=calibri,sans-serif></FONT></B>&nbsp;</H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt; LETTER-SPACING: 1.3pt" color=black face=calibri,sans-serif>M A T E R I A L&nbsp;&nbsp; F A C T</FONT></B></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Telef&#244;nica Brasil S.A. ("Company"), in compliance with Ruling No. 358 of January 3<SUP>rd</SUP>, 2002, of the Brazilian Securities and Exchange Commission (Comiss&#227;o de Valores Mobili&#225;rios - CVM), announces to its shareholders and to the general public that, in a meeting held on October 7<SUP>th</SUP>, 2016, its Board of Directors was notified by Mr. Amos Genish of his personal decision to step down as Chief Executive Officer of the Company effective by the end of 2016, remaining, however, as a Member of the Board.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Due to this announcement, the Board of Directors has decided that, replacing Mr. Amos Genish, Mr. Eduardo Navarro de Carvalho will be appointed to the position of Chief Executive Officer of the Company, whose term will start, at the time of his election and possession, which is scheduled to take place on January 1<SUP>st</SUP>, 2017, by resolution of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>For the remainder of 2016, Amos Genish and Eduardo Navarro de Carvalho will work together in the transition process of the Company&#8217;s management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>We also inform that Mr. Genish will lead the newly created Strategy Committee, which will also have the participation of Mr. &#193;ngel Vil&#225; Boix and Mr. Luiz Fernando Furlan, all current members of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>During Mr. Amos Genish&#8217;s tenure, Telef&#244;nica Brasil achieved important goals set for the years 2015 and 2016. Concluded successfully the integration with GVT, delivering synergies above targets and establishing a results-oriented culture, based on a solid performance. At the same time, Mr. Genish led Telefonica Brazil to solidify its leadership and outperform the market in financial and operating metrics. In addition, Mr. Genish built a strong management team that will continue to lead Telef&#244;nica Brazil to reach its full potential.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Telef&#244;nica Brasil will hold an extraordinary call with investors, in which Amos Genish and David Melcon, CFO and Investor Relations Officer of the company, will address the contents of this material fact. The details to access this conference call are as follows:</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" 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=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>Publicly-held Corporation</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: 9pt" face=calibri,sans-serif>CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Conference Call (english):</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;October 10<SUP>th</SUP>, 2016 (Monday)&nbsp;by&nbsp;9:00 am Brazil (08:00 am US EDT).<BR>&nbsp;<BR></FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Connection:</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif><BR>Phone: 1 (412) 317-5493<BR>Conference Call ID: Telef&#244;nica Brasil<BR><BR></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Participants are requested to call 15 minutes prior to the beginning of the conference call.<BR><BR></FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Replay:</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif><BR>Will be available 1 hour after the end of the conference&nbsp;until October 18</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=arial,sans-serif>th</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>, 2016.<BR></FONT><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=arial,sans-serif>Phone: 1 (412) 317-0088<BR>Code: 10094587#</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-GB style="FONT-SIZE: 11pt; LETTER-SPACING: -0.05pt" face=calibri,sans-serif>S&#227;o Paulo, October 9, 2016. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 2.45pt 0pt 0in" align=center><B><FONT lang=EN-GB style="FONT-SIZE: 11pt" face=calibri,sans-serif>David Melcon Sanchez-Friera</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-GB style="FONT-SIZE: 11pt" face=calibri,sans-serif>CFO and Investor Relations Officer</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 2.45pt 0pt 0in" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif>Telef&#244;nica Brasil &#8211; Investor Relations</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.45pt 0pt 0in" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif>Tel: +55 11 3430 3687</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 2.45pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Email: </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=windowtext face=calibri,sans-serif>ir.br@telefonica.com</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=windowtext face=calibri,sans-serif>www.telefonica.com.br/ri</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>We have replicated below the free translation of the press release being disclosed today by Telef&#244;nica Brasil.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" 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=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>Publicly-held Corporation</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: 9pt" face=calibri,sans-serif>CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><B><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="telefonica text">S&#227;o Paulo, October 9th, 2016</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.25in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="telefonica headline light">TELEF&#211;NICA APPOINTS EDUARDO NAVARRO AS PRESIDENT AND CEO OF TELEF&#211;NICA BRASIL</FONT></B></P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">The Brazilian executive, currently Chairman of Telef&#243;nica Brasil&#8217;s Board of Directors, will take over from Amos Genish at the helm of the Company.</FONT> </LI></UL>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: normal"><B><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="telefonica text">S&#227;o Paulo, October 9th 2016.- </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">The Board of Directors of Telef&#244;nica Brasil has appointed, on a meeting held on October 7<SUP>th</SUP>, 2016, Eduardo Navarro de Carvalho, current CCDO &#8211;Chief Commercial Digital Officer&#8211; of Telef&#243;nica S.A. and Chairman of the Board of Telef&#244;nica Brasil, as new President and CEO of the Company starting on January 1<SUP>st</SUP> 2017. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">This appointment follows the announcement made today in which the current CEO, Amos Genish, has notified the Board of Directors of Telef&#244;nica Brasil of his intention to step down as President and CEO of the Company effective by the end of 2016. The Board has also approved today the creation of a Strategy Committee which will be chaired by Amos Genish, who will also remain as a Member of the Board.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">This marks the beginning of a new phase for Telef&#244;nica Brasil, after completing the first part of the integration process with GVT which started almost eighteen months ago when the acquisition was approved. &nbsp;This integration has enhanced Telef&#244;nica Brasil&#8217;s competitiveness and leadership in the country with its main financial metrics (revenues, OIBDA and cash flow generation) performing above the market average as well as high quality levels. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Eduardo Navarro* currently is Chief Commercial Digital Officer (CCDO) of Telef&#243;nica S.A. He is also a member of the Telef&#243;nica Group Executive Committee, and Chairman of the Telef&#244;nica Brasil Board since last June. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">As CCDO, he is responsible for driving revenue growth globally, developing a holistic view for the consumer and enterprise segments, curating the commercial offer and evolving the channels to ensure the best commercial experience for Telef&#243;nica customers.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Since his appointment as Telef&#244;nica Brasil&#8217;s President and CEO in 2015, Amos Genish led Telef&#244;nica Brasil to successfully complete the integration of GVT, delivering synergies above targets, and establishing a solid results-oriented and performance-based culture. In addition, he built a strong management team, which will continue to lead Telef&#244;nica Brasil to its full potential. He also set the strategic foundations to transform Telef&#244;nica Brasil with a strengthened business model. At the same time, he led Telef&#244;nica Brasil to solidify its market leadership and outperform the market in key financial and operational metrics.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">After successfully completing this initial transformation and integration phase, Amos Genish has taken the decision to leave the company by the end of 2016 due to personal reasons. Until then, he will collaborate with Eduardo Navarro and the management team ensuring a smooth and productive transition for the company in Brazil. </FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Jos&#233; Mar&#237;a &#193;lvarez-Pallete, Chairman and CEO of Telef&#243;nica S.A., thanked Amos Genish for his dedication and commitment, which have been key to successfully address the integration of GVT into Vivo and achieve a set of differential results against a difficult backdrop. He also stressed that he is very pleased with the appointment </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">of Eduardo Navarro as the new President and CEO of Telef&#244;nica Brasil, highlighting his impressive track record since he joined the Group in 1999.</FONT></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Eduardo Navarro, for his part, said: &#8220;I am honored to be appointed as the next President and CEO of Telef&#244;nica Brasil. From Telef&#243;nica&#8217;s headquarters in Madrid and as Chairman of Telef&#244;nica Brasil, I have been impressed with Telef&#244;nica Brasil&#8217;s strong performance and transformation. I am excited by the opportunities ahead and fully confident that, jointly with the excellent management team of Telef&#244;nica Brasil, we will be able to continue building on Telef&#244;nica Brasil&#8217;s strong foundations. On behalf of the Board of Directors, I would like to thank Amos for his contributions and extraordinary achievements.&#8221; </FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Amos Genish thanked the employees and the Board of Directors of Telef&#244;nica Brasil and Telef&#243;nica for their support: &#8220;I am grateful for the honor of leading Telef&#244;nica Brasil during 2015 and 16, and pleased to have been able to accomplish all the key objectives we had set for ourselves at the beginning of 2015. Today, thanks to its best-in-class management team, Telef&#244;nica Brasil is the absolute leader in the Brazilian telecom market, with the best operational and financial performance. I thank the employees and the Board of Directors for their support during this period.&nbsp; I have full confidence that Telef&#244;nica Brasil, led by Eduardo, will continue to outperform and execute on its strategic plan.&#8221;</FONT></P>

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<P style="MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Telef&#244;nica Brasil will hold an extraordinary investor call, in which Amos Genish and David Melcon, CFO, will address the contents of this press release. Please find below conference call details:</FONT></P>

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<P style="MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Conference Call (english): October 10th, 2016 (Monday) by 9:00 am Brazil (08:00 am US EDT).</FONT></P>

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<P style="MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Connection: </FONT></P>

<P style="MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Phone: 1 (412) 317-5493</FONT></P>

<P style="MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Conference Call ID: Telef&#244;nica Brasil</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0in 0.25in" align=center><I><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="telefonica text">***</FONT></I></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">(*) </FONT></I><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Eduardo Navarro de Carvalho</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">, holds a Metallurgical Engineering Degree from the Federal University at Minas Gerais, Brazil, and is the current CCDO of Telef&#243;nica S.A. He joined Telef&#243;nica in 1999, at a time when the company was taking part in significant M&amp;A activity in Brazil. During his 17-year tenure with Telef&#243;nica, he has held various key positions, including managing roles with several of the company&#8217;s Brazilian operations. He was Corporate Strategy and Regulatory Affairs Vice President for Telef&#244;nica Brasil and Director of Strategic Planning and Regulatory Affairs for Telefonica International. Prior to his current role, Navarro was Director of Strategy and Alliances for Telef&#243;nica Group.</FONT></I></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="telefonica text">Before joining Telef&#243;nica, Eduardo Navarro was a consultant for McKinsey &amp; Company, focusing on Infrastructure and Telecommunications projects in Latin America, Europe and Africa. He began his career as an engineer in the Brazilian steel industry with the ARBED Group.</FONT></I></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">October&nbsp;10, 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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   <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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//,=T7,=V?,=X;!0! 0 [

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