<SEC-DOCUMENT>0001292814-17-001247.txt : 20170509
<SEC-HEADER>0001292814-17-001247.hdr.sgml : 20170509
<ACCEPTANCE-DATETIME>20170509170758
ACCESSION NUMBER:		0001292814-17-001247
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170630
FILED AS OF DATE:		20170509
DATE AS OF CHANGE:		20170509

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:		17827421

	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>vivo20170509_6k.htm
<DESCRIPTION>VIVO20170509_6K
<TEXT>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt" face="Times New Roman">UNITED STATES<BR></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 16pt" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 16pt" face="Times New Roman">Washington, D.C. 20549<BR></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 18pt" face="Times New Roman">FORM 6-K</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face="Times New Roman">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For the month of May, 2017</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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<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 lang=PT-BR style="FONT-SIZE: 14pt" 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=EN-US style="FONT-SIZE: 10pt" 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 lang=PT-BR style="FONT-SIZE: 10pt" face=calibri,sans-serif>CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4</FONT></FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>NOTICE TO SHAREHOLDERS</FONT></B></H4>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>PAYMENT OF INTEREST ON OWN CAPITAL AND INTERIM DIVIDENDS</FONT></B></H4>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>YEAR 2016</FONT></B></H4>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; FONT-WEIGHT: normal" face=calibri,sans-serif>I. The Board of Telef&#244;nica Brasil S.A. (&#8220;Company&#8221;) announces to its shareholders, as approved at its meeting held on May 9, 2017, that will start the payment of Interim Dividends and Interest on Own Capital ("IOC") for the fiscal year of 2016, as follows: </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>(a) August 22, 2017:</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; FONT-WEIGHT: normal" face=calibri,sans-serif>the Company</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; FONT-WEIGHT: normal" face=calibri,sans-serif>will start the payment of amounts related to IOC deliberated and published through Notices to Shareholders on the dates of the Meetings of the Board of Directors held on February 19, 2016, March 18, 2016, April 18, 2016, June 17, 2016 and September 19, 2016. Such proceeds were ratified and approved by the General Shareholders&#8217; Meeting held on April 26, 2017 ("GSM"), as follows:</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif> </FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Proceeds</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Deliberation Date</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Record Date</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Gross Amount per Share (R$)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Net Amount per Share (R$)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>ON</FONT></P></TD>

   <TD style="HEIGHT: 14.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>PN*</FONT></P></TD>

   <TD style="HEIGHT: 14.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>ON</FONT></P></TD>

   <TD style="HEIGHT: 14.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>PN*</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>IOC</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>02/19/2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>02/29/2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.11107235782</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>IOC</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.15908338450</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>IOC</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.12217959361</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.10385265457</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>IOC</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>06/30/2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.08941324805</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.08360138692</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>IOC</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>09/19/2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>09/30/2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.39708367924</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.30683738850</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.33752112735</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>(*) 10% higher than the amount granted to each common share, in accordance with article 7 of the Company&#8217;s Bylaws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.25pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>In accordance to the articles 28 of the Company&#8217;s Bylaws, such Interest on Own Capital were charged to the mandatory minimum dividend for the fiscal year of 2016, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>ad referendum</FONT></I><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif> of the General Shareholders&#8217; Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.25pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.25pt 6pt 0in"><B><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>(b) December 13, 2017:</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif> the Company will start the payment of amounts related to IOC deliberated and published through Notice to Shareholders on the date of the Meeting of the Board of Directors held on December 19, 2016, and Dividends declared at the GSM. Such proceeds were ratified and approved by the GSM, 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: 14pt" 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=EN-US style="FONT-SIZE: 10pt" 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 lang=PT-BR style="FONT-SIZE: 10pt" 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="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Proceeds</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Deliberation Date</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Record Date</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Gross Amount per Share (R$)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Net Amount per Share (R$)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>ON</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>PN*</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>ON</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>PN*</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>IOC</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>12/19/2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>12/30/2016</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.33551896714</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.36907086385</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.28519112207</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>0.31371023427</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Dividends</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>04/26/2017</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>04/26/2017</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1.06295487663</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1.1692503643</FONT><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1.06295487663</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1.1692503643</FONT><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.25pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>(*) 10% higher than the amount granted to each common share, in accordance with article 7 of the Company&#8217;s Bylaws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.25pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>In accordance to the articles 27 and 28 of the Company&#8217;s Bylaws, such Dividends and Interest on Own Capital were charged to the mandatory minimum dividend for the fiscal year of 2016, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>ad referendum</FONT></I><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif> of the General Shareholders&#8217; Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>II. WITHHOLDING INCOME TAX, ACCORDING TO CURRENT LEGISLATION </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.2pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>1 &#8211; Interest on Own Capital</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.2pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>An income tax of 15% is withheld at the source when paying Interest on Own Capital. No income tax will be withheld in the case of immune or exempt legal entities that provide proof of such condition within the established deadline.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.2pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>2 &#8211; Dividends</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.2pt 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Dividends are exempt from Income Tax Withholding, according to the Law 9,249/95.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>III. ADDITIONAL INFORMATION:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Dividends not claimed within the period of 03 (three) years after the date of the payment beginning will be forfeited in favor of the Company (Law 6,404 of December 15, 1976, Article 287, II, a).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face=calibri,sans-serif>S&#227;o Paulo, May 9, 2017.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" 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-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>CFO and Investor Relations Officer</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>Telef&#244;nica Brasil &#8211; Investor Relations</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Tel: +55 11 3430-3687</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Email: ir.br@telefonica.com&nbsp; </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Information available at: www.telefonica.com.br/ir</FONT></P></TD></TR></TABLE></DIV>

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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">May&nbsp;9, 2017</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">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 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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