<SEC-DOCUMENT>0001292814-16-006446.txt : 20161031
<SEC-HEADER>0001292814-16-006446.hdr.sgml : 20161031
<ACCEPTANCE-DATETIME>20161031065802
ACCESSION NUMBER:		0001292814-16-006446
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20161031
DATE AS OF CHANGE:		20161031

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:		161959979

	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>vivo20161031_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman">UNITED STATES<BR></FONT></B><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT style="FONT-SIZE: 16pt" lang=PT-BR face="Times New Roman">Washington, D.C. 20549<BR></FONT></B><B><FONT style="FONT-SIZE: 18pt" lang=EN-US 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 style="FONT-SIZE: 14pt" lang=EN-US 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 style="FONT-SIZE: 10pt" lang=EN-US 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 style="FONT-SIZE: 10pt" lang=EN-US 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 style="FONT-SIZE: 20pt" lang=EN-CA>TELEF&#212;NICA BRASIL S.A. <BR></FONT></B></FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US>(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 style="FONT-SIZE: 20pt" lang=PT-BR>TELEFONICA BRAZIL S.A.</FONT></B></FONT><FONT face="Times New Roman"><FONT style="FONT-SIZE: 20pt" lang=PT-BR>&nbsp;&nbsp;<BR></FONT></FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US>(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 style="FONT-SIZE: 12pt" lang=PT-BR>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 style="FONT-SIZE: 12pt" lang=PT-BR>S&#227;o Paulo, S.P. <BR></FONT></B></FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US>Federative Republic of Brazil<BR></FONT></B></FONT><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US>(Address of principal executive office)</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US 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 style="FONT-SIZE: 12pt" lang=EN-US 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 style="FONT-SIZE: 12pt" lang=EN-US 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 style="FONT-SIZE: 11pt" lang=PT-BR face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=calibri,sans-serif><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=calibri,sans-serif>
<IMG border=0 src="logo.gif"></FONT></FONT></P>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=calibri,sans-serif>Publicly-Held Company</FONT></FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>NOTICE TO THE MARKET</FONT></B></P>

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

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Telef&#244;nica Brasil S.A. ("</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Company</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>"), pursuant to CVM Instruction 358 from January 3, 2002, as amended, hereby informs its shareholders and the market in general that it has received a correspondence from the shareholder Telef&#243;nica Latinoam&#233;rica Holding, S.L. ("</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>TLH</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>") stating that Telef&#243;nica Internacional, S.A. ("</FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>TISA</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>") transferred to them their entire stake in the Company.</FONT></P>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>According to the correspondence received, TISA&#8217;s shareholding in the Company was fully transferred to TLH, a Spanish company whose entire capital and control is held by Telef&#243;nica, S.A. Consequently, TLH now holds 24.09% of the Company's capital, represented by 46,746,635 common shares (8.18% of such class) and 360,532,578 preferred shares (32.21% of such class).</FONT></P>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Furthermore, according to the correspondence, the transfer of shareholding was held due to a universal succession under an internal reorganization in the group, through which TISA was incorporated into TLH. </FONT></P>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>The transfer does not intend to change the Company's controlling group, administrative structure or regular operation.</FONT></P>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>The correspondence can be found attached to this notice in its original form.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>The Investor Relations Office remains available to shareholders to clarify any issues related to the object of this Notice through the telephone number +55 11 3430-3687 or through the e-mail</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>ir.br@telefonica.com.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>S&#227;o Paulo, October 31, 2016.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>Investor Relations Officer</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>Telef&#244;nica Brasil S.A. &#8211; Investor Relations</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>Tel: +55 11 3430-3687</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>Email: ir.br@telefonica.com</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>www.telefonica.com.br/ir</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Madrid, 31 de octubre de 2016.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">A</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Telef&#244;nica Brasil S.A.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Diretoria de Rela&#231;&#245;es com Investidores</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Av. Eng. Luiz Carlos Berrini, 1.376 &#8211; CEP 04571-936</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">S&#227;o Paulo/SP</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Att.: Sr. David Melcon Sanchez-Friera</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=ES-TRAD color=black face="Times New Roman">Diretor de Rela&#231;&#245;es com Investidores</FONT></U></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-TRAD color=black face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-TRAD color=black face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><U><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">Ref.: cambio de la participaci&#243;n accionarial &#8211; ICVM 358/2002.</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">Estimados se&#241;ores,</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">En cumplimiento de la Instru&#231;&#227;o CVM n&#186;&nbsp;358/2002, les comunicamos que la participaci&#243;n accionarial de Telef&#243;nica Internacional, S.A. (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">TISA</FONT></U><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">&#8221;) en Telef&#244;nica Brasil S.A. (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">Compa&#241;&#237;a</FONT></U><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">&#8221;) fue integralmente traspasada a Telef&#243;nica Latinoam&#233;rica Holding, S.L. (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">TLH</FONT></U><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">&#8221;), empresa espa&#241;ola cuyo accionista &#250;nico y controlador es Telef&#243;nica, S.A. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">En el &#225;mbito de una reorganizaci&#243;n interna del grupo, el traspaso de la participaci&#243;n accionaria es consecuencia de la fusi&#243;n por absorci&#243;n de TISA por TLH, sucediendo con car&#225;cter universal la segunda a la primera en todos sus derechos y obligaciones. La fusi&#243;n no modifica la composici&#243;n del control de la Compa&#241;&#237;a, de su estructura administrativa o de su funcionamiento regular.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">Como consecuencia de lo anterior, TLH ostenta el 24.09% do capital social da Compa&#241;&#237;a, representada por 46.746.635 acciones ordinarias (8.18% de esta clase) y 360.532.578 acciones preferentes (32.21% de esta clase).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">Quedamos a su disposici&#243;n para cualquier aclaraci&#243;n que estimen pertinente.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">Atentamente,</FONT></P>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">Telef&#243;nica Latinoam&#233;rica Holding, S.A.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">Diego Colchero Paetz</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=ES color=black face="Times New Roman">Secretario General</FONT></B></P>

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

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

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">October 31, 2016</FONT></P></TD>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ </FONT>Luis Carlos da Costa Plaster</P></TD></TR>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="37%">Luis Carlos da Costa Plaster</TD></TR>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Investor Relations Director</FONT></P></TD></TR></TABLE></DIV>

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