<SEC-DOCUMENT>0001292814-17-001528.txt : 20170609
<SEC-HEADER>0001292814-17-001528.hdr.sgml : 20170609
<ACCEPTANCE-DATETIME>20170609164656
ACCESSION NUMBER:		0001292814-17-001528
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170630
FILED AS OF DATE:		20170609
DATE AS OF CHANGE:		20170609

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:		17903530

	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>vivo20170609_6k.htm
<DESCRIPTION>VIVO20170609_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>

<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 June, 2017</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Commission File Number: 001-14475</FONT></B></P>

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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>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="Times New Roman"><B><FONT lang=PT-BR style="FONT-SIZE: 20pt">TELEFONICA BRAZIL S.A.</FONT></B></FONT><FONT face="Times New Roman"><FONT lang=PT-BR style="FONT-SIZE: 20pt">&nbsp;&nbsp;<BR></FONT></FONT><FONT face="Times New Roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt">(Translation of registrant&#8217;s name into English)</FONT></B></FONT></P>

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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: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Form 40-F</FONT></P></TD>

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

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

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

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

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>MINUTES OF THE 319<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><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>TELEF&#212;NICA BRASIL S.A. HELD ON JUNE 9, 2017</FONT></B></FONT></FONT></B><B><FONT><FONT color=black face=arial,sans-serif></FONT></FONT></B></P></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>1. DATE, TIME AND PLACE: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>June 9, 2017, at 11 a.m., </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: both" color=black face=arial,sans-serif>at Telef&#244;nica Brasil S.A.&#8217;s (&#8220;Company&#8221;) headquarters located at Av. Eng. Luiz Carlos Berrini, 1376, Cidade Mon&#231;&#245;es, S&#227;o Paulo &#8211; SP.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>2. ATTENDANCE: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>All Directors of the Company, who subscribe to these minutes, representing a quorum required in accordance with the Bylaws, pursuant to article 19, paragraph 4 of the Bylaws.</FONT></FONT></P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>3. PRESIDING BOARD: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" face=arial,sans-serif>Eduardo Navarro de Carvalho, Chairman of the Board of Directors and Breno Rodrigo Pacheco de Oliveira, Secretary of the Board of Directors.</FONT></H3>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>4. RESOLUTIONS AND DELIBERATIONS:</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>4.1. PROGRAM FOR THE BUYBACK OF SHARES ISSUED BY THE COMPANY: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Having analyzed the market conditions, the administration considered appropriate to approve a program for the buyback of common and preferred shares issued by the Company ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Program</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>").</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Therefore, the Board of Directors, pursuant to article 17, item XV of Bylaws, unanimously approved the Program, in accordance with CVM Instruction No. 567, of September 17, 2015 ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>ICVM 567</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>"), which was authorized as follows:</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>(i) </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Program Objective:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> acquisition of common and preferred shares issued by the Company for subsequent cancellation, sale or holding in treasury, with no capital reduction, for the purpose of increasing shareholder value through the efficient application of available cash, optimizing the Company&#8217;s capital allocation.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>(ii) </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Resources:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> the buybacks will be made through the use of the capital reserve balance constant in the latest balance sheet published on March 31, 2017 (R$ 1.8 billion), except the reserves referred to in Article 7, &#167; 1, of ICVM 567.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>iii) </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Deadline:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> beginning from the date of the Board of Directors' resolution, shall remain in force up to December 8, 2018, and the acquisitions will be made in </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Bolsa de Valores (B3 &#8211; Brasil, Bolsa e Balc&#227;o) </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>at market prices, observing the legal limits.</FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=right><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Minutes of the 319<SUP>th</SUP> MBD of 07.09.2017 Page </FONT></B><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1</FONT></B></FONT></FONT></B><B><FONT><FONT style="DISPLAY: none"><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>/2</FONT></B></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

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

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

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

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>MINUTES OF THE 319<SUP>th</SUP> MEETING OF THE BOARD OF DIRECTORS OF TELEF&#212;NICA BRASIL S.A. HELD ON JUNE 9, 2017</FONT></B></FONT><FONT color=black face=arial,sans-serif></FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>(iv) </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Number of Shares to be acquired:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> up to a maximum of 870,781 common shares and 41,510,761 preferred shares.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>(v) </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Number of Outstanding Shares:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>31,609,446 </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>common shares and </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>415,111,003 </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>preferred shares; considering the 2,290,164 common shares and 339 preferred shares in treasury; and excluding shares held by controlling shareholders, by persons related to them, and by administrators, under Article 8, section I, &#167; 3 of ICVM 567.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>(vi) </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Intermediary</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Financial Institutions:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> the operation will be performed through Bradesco Corretora S.A. CTVM, headquartered at Avenida Paulista, 1450 / 7th floor - S&#227;o Paulo/SP.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Finally, pursuant to art. 5 of ICVM 567, the members of the Company's Board of Directors provided the information contained in </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>Annex I</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> to these minutes the members of the Board of Directors authorized the Executive Board to take all actions necessary for the full execution of the Program.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>5. CLOSING: </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>With no further business to discuss, the Chairman of the Board of Directors declared the meeting closed and these minutes were drawn up. S&#227;o Paulo, June 9, 2017. (aa) Eduardo Navarro de Carvalho &#8211; Chairman 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; Sonia Julia Sulzbeck Villalobos; Luis Javier Bastida Ibarguen; Luiz Fernando Furlan; Narc&#237;s Serra Serra, Ramiro S&#225;nchez de Ler&#237;n Garcia-Ovies and Roberto Oliveira de Lima. Secretary of the Board of Directors: Breno Rodrigo Pacheco de Oliveira.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>I hereby certify that this is a faithful copy of the minutes of the 319<SUP>th</SUP> meeting of the Board of Directors of Telef&#244;nica Brasil S.A., held on June 9, 2017, which was drawn-up in the proper book.</FONT></FONT></P>

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

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

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

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>ANNEX I OF THE MINUTES OF THE 319<SUP>th</SUP> MEETING OF THE BOARD OF DIRECTORS OF TELEF&#212;NICA BRASIL S.A. HELD ON JUNE 9, 2017</FONT></B></FONT><FONT color=black face=arial,sans-serif></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Annex 30-XXXVI of the CVM Instruction No. 480/09, as amended</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Trading of Shares Issued by the Company</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>1. Justify in detail the purpose and expected economic effects of the operation:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The program for the buyback of shares issued by Telef&#244;nica Brasil S.A. ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Company</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>") approved at the meeting of the Board of Directors held on June 9, 2017 aims to acquire common and preferred shares issued by the Company for subsequent cancellation, sale or hold in treasury, without capital stock reduction, for the purpose of increasing shareholder value through the efficient application of available cash, optimizing the allocation of the Company's capital;</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>2. Inform the number of shares (i) outstanding and (ii) already held in treasury:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The amount of Company's shares (i) outstanding is 31,609,446 common shares and 415,111,003 preferred shares, excluding the shares held by controlling shareholders, by persons related to them, and by administrators, under Article 8, item I, &#167; 3 of CVM Instruction No. 567, of September 17, 2015 ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>ICVM 567</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>"); and (ii) held in treasury is 2,290,164 common shares and 339 preferred shares.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>3. Inform the number of shares that may be acquired or disposed of:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>To a maximum of 870,781 common shares and 41,510,761 preferred shares, considering the 2,290,164 common shares and 339 preferred shares held in treasury.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>4. Describe the main characteristics of the derivative instruments that the company were to use, if any:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Not applicable.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>5. Describe, if any, any existing agreements or voting instructions between the company and the counterparty of operations:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Not applicable.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>6. In the case of transactions carried out in organized securities markets, inform: a. the maximum price (minimum) for which the shares will be acquired (sold); </FONT></B></FONT>


<FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>and b. if applicable, the reasons to perform the operation at prices more than 10% (ten percent) higher, in the case of purchase, or more than 10% (ten percent) lower, in the case of sale, than the average price, weighted by volume, within ten (10) trading days prior:</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=right><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Annex I of the Minutes of the 319<SUP>th</SUP> MBD of 07.09.2017 Page 1/3</FONT></B></FONT></FONT></B></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" color=black face=Arial,sans-serif></FONT></B></FONT>&nbsp;</H1>

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

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

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>ANNEX I OF THE MINUTES OF THE 319<SUP>th</SUP> MEETING OF THE BOARD OF DIRECTORS OF TELEF&#212;NICA BRASIL S.A. HELD ON JUNE 9, 2017</FONT></B></FONT><FONT color=black face=arial,sans-serif></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Not applicable.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>7. Inform, if any, the impacts that the trading will have on the composition of the shareholding control or management structure of the corporation:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Not applicable.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>8. Identify counterparties, if known, and, in the case of related party company, as defined by accounting rules that address this matter, provide the information required by art. 8 of CVM Instruction No. 481, of December 17, 2009:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Not applicable.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>9. State the allocation of resources earned, if any:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>In case of disposal of the shares acquired within the program, the allocation of funds will be decided in due course, when there will be proper communication to the market.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>10. State the deadline for the settlement of authorized operations:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Beginning from the date of the Board of Directors' resolution, shall remain in force up to December 8, 2018, </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=Thames>and the acquisitions will be made in </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>Bolsa de Valores (B3 &#8211; Brasil, Bolsa e Balc&#227;o) </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=Thames>at market prices, observing the legal limits.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>11. Identify institutions that act as intermediaries, if any:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The operation will be performed through Bradesco Corretora S.A. CTVM, headquartered at Avenida Paulista, 1450 / 7th floor - S&#227;o Paulo/SP.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>12. Specify the resources to be used, according to art. 7, &#167; 1, of CVM Instruction No. 567, of September 17, 2015:</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=right><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Annex I of the Minutes of the 319<SUP>th</SUP> MBD of 07.09.2017 Page 3/3</FONT></B></FONT></FONT></B></P>

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

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

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

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>ANNEX I OF THE MINUTES OF THE 319<SUP>th</SUP> MEETING OF THE BOARD OF DIRECTORS OF TELEF&#212;NICA BRASIL S.A. HELD ON JUNE 9, 2017</FONT></B></FONT><FONT color=black face=arial,sans-serif></FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The resources from the capital reserve balance will be used: R$ 1.8 billion as the Interim Financial Statements based on March 31, 2017. This figure already excludes the reserves referred to in Article 7, &#167; 1, of CVM Instruction 567.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>13. Specify the reasons why members of the board of directors are comfortable that the share buyback shall not affect the fulfillment of obligations to creditors or the payment of mandatory dividends, fixed or minimum:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>According to the Interim Financial Statements based on March 31, 2017, the Company's cash is R$ 6.3 billion. For illustrative purposes, in the event of a possible repurchase using all the available resources, the amount that would be allocated to perform the operation would amount to R$ 1.8 billion, corresponding to less than 29% of the Company's cash.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>The Board of Directors of the Company believes the Company's current financial position, its capital structure, as well as its high capacity for cash generation and its low level of debt, as well as the perspective existing today and, based on current information, for the evolution of the financial situation during the term of the Program, give it flexibility and sufficient financial capacity to implement the share buyback under this program by applying available resources without prejudice to its ability to fulfillment of the obligations to creditors, as well as the payment of mandatory fixed or minimum dividends.</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>*&nbsp;*&nbsp;*&nbsp;*&nbsp;*</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=right><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Annex I of the Minutes of the 319<SUP>th</SUP> MBD of 07.09.2017 Page 3/3</FONT></B></FONT></FONT></B></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"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 20pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">TELEF&#212;NICA BRASIL S.A.</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">June 09, 2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

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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>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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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>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 5.75pt" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 5.75pt" vAlign=top width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">

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

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

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

<DIV>

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