TELEFÔNICA BRASIL S.A.

Publicly-Held Company

CNPJ MF 02.558.157/0001-62 - NIRE 35.3.001.5881-4

NOTICE TO THE MARKET

Telefônica Brasil S.A. ("Company"), complementing the Notice to the Market published on July
29, 2015, informs its shareholders and the market in general, that received correspondences from Telefónica S.A. ("Telefónica") and Société d'Investissements et de Gestion 108 SAS
("SIG108"), company controlled by Vivendi S.A., informing that, in this date, the exchange of
shares was concluded, resulting in the transferring of 46,000,000 Telefónica's shares, held in treasury, to SIG108, in exchange for 58,400,000 Company´s preferred shares owned by SIG108 transferred to Telefónica.
Consequently, Telefónica shareholding position at the Company was increased by 5.2% in relation to the total preferred shares of the Company, and by 3.5% in relation to the total capital stock of the Company. In the opposite way, SIG108 shareholding position at the Company was reduced in the same proportion. Therefore, from this date on, SIG108 does not hold any stake at the Company.
The Investor Relations Office remains available to shareholders to clarify any issues related to the object of this Notice, through the telephone +55 11 3430-3687 or through the ir.br@telefonica.com e-mail.
São Paulo, September 16, 2015.

Alberto Manuel Horcajo Aguirre

Investor Relations Officer Telefônica Brasil S.A. - Investor Relations Tel: +55 11 3430-3687
Email: ir.br@telefonica.com
www.telefonica.com.br/ir

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