<SEC-DOCUMENT>0001292814-17-000601.txt : 20170321
<SEC-HEADER>0001292814-17-000601.hdr.sgml : 20170321
<ACCEPTANCE-DATETIME>20170320180741
ACCESSION NUMBER:		0001292814-17-000601
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170331
FILED AS OF DATE:		20170321
DATE AS OF CHANGE:		20170320

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:		17702478

	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>vivo20170320_6k1.htm
<DESCRIPTION>MINUTES OF THE 316TH MEETING OF THE BOARD OF DIRECTORS
<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 March, 2017</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: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Form 20-F</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; TEXT-INDENT: 0in; MARGIN: 0in 2.85pt 0pt 0in"><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>MINUTES OF THE 316<SUP>th</SUP> MEETING OF THE BOARD OF DIRECTORS OF</FONT></B></FONT></P>

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

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 2.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>1. DATE, TIME AND PLACE: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>March 20, 2017, at 11 a.m., </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 11pt" lang=EN-US 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 style="LAYOUT-GRID-MODE: both; FONT-SIZE: 11pt" lang=PT-BR 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; LINE-HEIGHT: 115%; MARGIN: 0in 0in 2.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>2. CALL NOTICE AND ATTENDANCE: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The call notice was issued in accordance with the Company's Bylaws. The members of the Company's Board of Directors who subscribe to these minutes attended the Meeting, representing the necessary quorum under the terms of the Bylaws. The General Secretary and Legal Officer of the Company, Mr. Breno Rodrigo Pacheco de Oliveira, also attended the Meeting.&nbsp;&nbsp; </FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</H3>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>3. PRESIDING BOARD: </FONT></B><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN-US 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; LINE-HEIGHT: 115%; MARGIN: 0in 0in 2.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 2.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>4. AGENDA AND DELIBERATION: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>After examining and debating on the matter on the Agenda, the members of the Board of Directors deliberated unanimously, as described below:</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt 35.45pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US 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 style="FONT-SIZE: 11pt" lang=EN-US 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$350,000,000.00 (three hundred and fifty million reais), equivalent to a value of R$0.</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif>19437657929</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif> per common share and R$0.</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif>21381423722</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif> per preferred share, corresponding to a net value, after deducting the Withholding Income tax, of R$297,500,000.00 (two hundred and ninety-seven million and five hundred thousand reais), equivalent to a net value of R$0.</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif>16522009240</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif> per common share and R$0.</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif>18174210164</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif> </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif>per preferred share, based on the net profit accounted in the balance sheet of February 28, 2017, which are imputed to the minimum mandatory dividend of the fiscal year 2017 </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif>ad referendum</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US 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 2018, 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 March 31, 2017. After this date, the shares will be considered &#8220;ex-Interest on Own Capital&#8221;.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 2.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>5. CLOSING: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US 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. (aa) </FONT></FONT></P>

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

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

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

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; TEXT-INDENT: 0in; MARGIN: 0in 2.85pt 0pt 0in"><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>MINUTES OF THE 316<SUP>th</SUP> MEETING OF THE BOARD OF DIRECTORS OF</FONT></B></FONT></P>

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

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 2.85pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Eduardo Navarro de Carvalho &#8211; Chairman of the Board of Directors. Members of the Board of Directors: &#193;ngel Vil&#225; Boix; Antonio Carlos Valente da Silva; Antonio Gon&#231;alves de Oliveira; Francisco Javier de Paz Mancho; Jos&#233; Mar&#237;a Del Rey Osorio; Luis Francisco Javier Bastida Ibarg&#252;en; Luiz Fernando Furlan; Narc&#237;s Serra Serra; Ramiro S&#225;nchez de Ler&#237;n Garcia-Ovies; Roberto Oliveira de Lima and Sonia Julia Sulzbeck Villalobos. Secretary of the Board of Directors: Breno Rodrigo Pacheco de Oliveira.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>I hereby certify that this is a faithful copy of the minutes of the 316<SUP>th</SUP> meeting of the Board of Directors of Telef&#244;nica Brasil S.A., held on March 20, 2017, which was drawn-up in the proper book.</FONT></I></B></FONT></P>

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

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US 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>

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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>

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<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">March 20, 2017</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>
