<SEC-DOCUMENT>0001292814-17-002235.txt : 20170905
<SEC-HEADER>0001292814-17-002235.hdr.sgml : 20170905
<ACCEPTANCE-DATETIME>20170905062037
ACCESSION NUMBER:		0001292814-17-002235
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20170905
DATE AS OF CHANGE:		20170905

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:		171067360

	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>vivo20170904_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

<HTML>
<HEAD>
   <TITLE>vivo20170904_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

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

<P></P>

<P></P>

<DIV style="BORDER-TOP: windowtext 4.5pt double; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 1pt; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P></P>

<P></P>

<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&nbsp; <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></P>

<P></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>

<P></P>

<P></P>

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

<P></P>

<P></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">For the month of September, 2017</FONT></B></P>

<P></P>

<P></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>

<P></P>

<HR align=center color=#000000 width="15%">

<FONT lang=PT-BR><BR clear=all></FONT>

<P></P>

<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></P>

<P></P>

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

<P></P>

<P></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>

<P></P>

<P></P>

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

<P></P>

<P></P>

<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>

<P></P>

<HR align=center color=#000000 width="15%">

<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=PT-BR><BR clear=all></FONT>

<P></P>

<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>

<P></P>

<DIV align=center>

<DIV align=center>

<TABLE style="WIDTH: 30%; MARGIN-LEFT: 55pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Form 20-F</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">X</FONT></P></DIV></TD>

   <TD vAlign=top width="20%">

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

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

   <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>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></DIV></TD></TR></TABLE></DIV>

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

<P></P>

<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>

<P></P>

<DIV align=center>

<DIV align=center>

<TABLE style="WIDTH: 30%; MARGIN-LEFT: 55pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></TD>

   <TD vAlign=top width="20%">

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

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">No</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">X&nbsp; </FONT></P></DIV></TD></TR></TABLE></DIV>

<DIV align=center>&nbsp;</DIV>

<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>

<DIV align=center>

<TABLE style="WIDTH: 30%; MARGIN-LEFT: 55pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></TD>

   <TD vAlign=top width="20%">

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

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">No</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">X&nbsp; </FONT></P></DIV></TD></TR></TABLE></DIV>

<P></P>

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

<P></P>

<P></P>

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

<P></P>

<P></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 4.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P></P>

<P></P>

<DIV>

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

<P></P>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_1"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader1"></a><DIV>

<DIV align=center>
<IMG border=0 src="logo_02.gif"></DIV>

<DIV align=center>

<TABLE style="WIDTH: 0px" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 38.8pt">

   <TD style="HEIGHT: 38.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

<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 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 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 323<SUP>rd</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 SEPTEMBER 4, 2017</FONT></B></FONT></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 lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</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>

<P style="MARGIN: 0in 0in 0pt">&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>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>September 4, 2017, at 17 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. (&#8220;Company&#8221;) headquarters, located at Av. Eng. </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: both" 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; MARGIN: 0in 0in 2.85pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=PT-BR 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. CALL NOTICE AND 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>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; 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. AGENDA AND DELIBERATION: </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>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; 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. ELECTION OF MEMBER OF THE COMPANY&#8217;S BOARD OF DIRECTORS:</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> The Directors took note of the resignation of Mr. &#193;ngel Vil&#225; Boix from the positions of member of the Board of Directors and Chairman of the Strategy Committee, due to new challenges assumed in the Telef&#243;nica Group. The members of the Board thanked for the invaluable contribution that Mr. &#193;ngel Vil&#225; Boix rendered to the Board of Directors and to the Company and wished him the best of success.</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>In view of the foregoing, the election of Mr. Julio Esteban Linares Lopez, Spanish, married, engineer, bearer of Passport No. PAE986482, resident and domiciled in Madrid, Spain, with a commercial address at Ronda de la Comunicaci&#243;n s/n&#186;, Central Building, 1st Floor, in the City of Madrid, Spain, 28050, for the position of member of the Company's Board of Directors was approved, replacing Mr. &#193;ngel Vil&#225; Boix, in complement to the current mandate. The mandate of the Board member hereby elected starts on this date and will end on the date of the Annual Shareholders&#8217; Meeting to be held in 2019.</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>Furthermore, the Board Member hereby elected informed the Board of Directors that he was not under legal impediments to the exercise of his position and that he was in a position to sign the declaration of clearing referred to in paragraph 4 of art. 147 of Law No. 6404/76, as amended ("Brazilian Corporate Law") and CVM Instruction 367/2002. The aforementioned director will be </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>invested in his position by signing an instrument of investiture, which will be filed at the Company's headquarters.</FONT></FONT></P>

<a name="_bclFooter1"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="DISPLAY: none" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif>1</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=right><B><FONT><FONT face=arial,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_2"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader2"></a><DIV align=center>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P align=center>
<IMG border=0 src="logo_02.gif"></P>

<TABLE style="WIDTH: 0px" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 38.8pt">

   <TD style="HEIGHT: 38.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

<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 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 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 323<SUP>rd</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 SEPTEMBER 4, 2017</FONT></B></FONT></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 lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P></TD></TR></TABLE>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B></FONT></B>&nbsp;</H1></DIV>




<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>The Board member hereby elected is a resident and domiciled abroad and has constituted a proxy in Brazil under the terms of paragraph 2 of article 146 of the Brazilian Corporate Law.</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>In addition, the election of Mr. Julio Esteban Linares Lopez, previously qualified, as Chairman of the Strategy Committee was approved, with a mandate that will end with the mandate as member of the Company's Board of Directors. Consequently, the Strategy Committee will now be composed as follows: Mr.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> Julio Esteban Linares Lopez</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>, previously qualified, as Chairman of the Strategy Committee; and Messrs.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> Luiz Fernando Furlan</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>, Brazilian, married, engineer, bearer of Identity Card RG No. 2.985.393-X, registered with the CPF/MF under No. 019.489.978-00, resident and domiciled in the City of S&#227;o Paulo, State of S&#227;o Paulo, with business address at Avenida Engenheiro Luiz Carlos Berrini, 1376, in the City of S&#227;o Paulo, State of S&#227;o Paulo, CEP 04571-936; and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Jos&#233; Mar&#237;a Del Rey Osorio</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>, Spanish, married, economist and business administrator, bearer of Passport no. PAD723809, resident and domiciled in Madrid, Spain, with business address at Gran V&#237;a, 28, in the City of Madrid, Spain, 28013, as members of the Strategy Committee.</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%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>4.2. ELECTION OF MEMBER OF THE COMPANY&#8217;S AUDIT AND CONTROL COMMITTEE ("COMMITTEE"):</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif> The election of Mr. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Jos&#233; Mar&#237;a Del Rey Osorio</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>, previously qualified, as a member of the Committee was approved, with a mandate that will end with the mandate as member of the Company&#8217;s Board of Directors. Consequently, the Committee will be composed of 04 (four) members, namely: Mr. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Luis Francisco Javier Bastida Ibarg&#252;en</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>, Spanish, married, licensed in business sciences, bearer of Passport No. AAH274604, resident and domiciled in Madrid , Spain, with business address at Gran Via, 28 - 12th Floor, in the City of Madrid, Spain, 28013, as Chairman of the Committee; Mr. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Narc&#237;s Serra Serra</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>, Spanish, married, economist, bearer of Passport No. AAH407154, resident and domiciled in Barcelona, &#8203;&#8203;Spain, with a business address at Calle Ramon Trias Fargas n&#186; 25-27, Campus de la Ciutadella, in the City of Barcelona, &#8203;&#8203;Spain, 08005; Mr. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Antonio Gon&#231;alves de Oliveira</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>, Brazilian, married, sociologist, bearer of identity card RG 3.074.227-4, enrolled with CPF/MF under No. 050.148.678-04, resident and domiciled in the City of S&#227;o Paulo, State of S&#227;o Paulo, with business address at Avenida Engenheiro Luiz Carlos Berrini, 1376, in the City of S&#227;o Paulo, State of S&#227;o Paulo, CEP 04571-936; and Mr. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>Jos&#233; Mar&#237;a Del Rey Osorio</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>, previously qualified, as members of the Committee.</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 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. CLOSING: </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>Since there was no other business to be transacted, the Chairman of the Board of Directors declared the meeting closed and these minutes were drawn up. S&#227;o Paulo, September 4, </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>2017. (aa) Eduardo Navarro de Carvalho &#8211; Chairman of the Board of Directors. Members of the Board of Directors: 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>

<a name="_bclFooter2"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif>2</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=right><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_3"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader3"></a><DIV align=center>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P align=center>
<IMG border=0 src="logo_02.gif"></P>

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

<TABLE style="WIDTH: 0px" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 38.8pt">

   <TD style="HEIGHT: 38.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

<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 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 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 323<SUP>rd</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 SEPTEMBER 4, 2017</FONT></B></FONT></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 lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<a name="_bclHeader3"></a><DIV>&nbsp;</DIV>

<a name="_bclHeader3"></a><DIV>&nbsp;</DIV>




<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><I><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 323<SUP>rd</SUP> meeting of the Board of Directors of Telef&#244;nica Brasil S.A., held on September 4, 2017, which was drawn-up in the proper book.</FONT></I></B></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>

<DIV align=center>

<TABLE style="WIDTH: 632pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="97%" colSpan=3>

   <P style="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></FONT></B></FONT>&nbsp;</P></TD>

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

   <P style="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></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD width="97%" colSpan=3>

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

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

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

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

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

   <P style="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></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="97%" colSpan=3>

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

<TR>

   <TD width="97%" colSpan=3></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">

   <P style="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></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="45%">

   <P style="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></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="6%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD width="49%">&nbsp;</TD>

   <TD width="45%">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD></TR></TABLE></DIV>

<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></FONT></B></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></FONT></B></FONT>&nbsp;</P>

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

<a name="_bclFooter3"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif>3</FONT></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></FONT></FONT>&nbsp;</P>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<HR align=left color=#000000 SIZE=2 noShade>



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

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

<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>

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

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="35%" colSpan=2>

   <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="10%">

   <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">September&nbsp;5, 2017</FONT></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 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="10%">

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="45%" colSpan=2>

   <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>

   <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">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>

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

<HR align=center SIZE=2 width="100%" noShade>



<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0.25in 0pt 0in" align=right><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo_02.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo_02.gif
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MV& OG=,&&C?2)9 ]O24NT#ZAS2,.+^-TK9<[[CB:]F=*Q;3;TPIQO9<8!*"
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M"]<<PX8"R$X!L;"</^3A#W@, PU8(( (#, '</2F# K00 .4$*LH">,-5!"
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M @CHHH?>."@3>C8/7:11 Q4PQF_T$88$:.  J//++$HG@%IP=Q=[I( 4\A"
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M8AC\ @05* ")X#%X0$(2, /2Y11[P0<$8 ".L!<'_U:#">!1[_ 26D  ,4
M70!O:) K4><-AZ4$!# [3Q E7O,20S !)4  [:<7\< #).  !" ' N,2+96%
M,S$-02!<+1 #3_@.19 !"4 !+V #[2<<_0 -\C & C" *  ,_G -0=!]$D
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M#3"T0#(V.PS@7GP!!8-9<FO@*!;Y(+3)-<,0CA2  3.@#'KA!P^  NVF"^^
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M=K,7ZS R)^( 8V &+!  1_ +WN -JVHZ;O:,JVI7*N %:% % P "8_!H:Q
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?4![E4B$74@[E3'[E6)[E6K[E7-[E7O[E8&X1 0$ .P$!

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