TELEFÔNICA BRASIL S.A.

Publicly-Held Corporation

CNPJ/MF nº 02.558.157/0001-62 - NIRE 35.3.0015881-4

MATERIAL FACT

Telefônica Brasil S.A. ("Company"), in the manner and for the purposes of Article 157, paragraph 4, of Law 6,404/76, as amended, and pursuant to CVM Instruction No. 358/12, as amended, hereby informs the following:

Pursuant to article 15, item XV, of the Bylaws, and the CVM Instruction No. 567/15, as a result of the conversion of all preferred shares issued by the Company into common shares, approved by the Extraordinary General Meeting and ratified by the Special General Meeting of the Company's Preferred Shareholders, both held on October 1, 2020 ("Conversion"), the Board of Directors approved on this date the update of the Shares Buyback Program of the Company, approved on July 28, 2020 ("Program"), to state that, where previously there was reference to the preferred shares issued by the Company, it should be considered as a reference to the common shares issued by the Company.

Information about the Program, including those required under the CVM Instructions No. 567/15 and No. 480/09, as amended, and complementary documents are available to shareholders at the Company's headquarters, on the Company's website (http://www.telefonica.com.br/ir), as well as on CVM and Bolsa de Valores (B3 - Brasil, Bolsa e Balcão) websites.

Finally, the Company informs that, due to the Conversion, it formalized the first amendment to the Market Maker Service Agreement signed with BTG Pactual Corretora de Títulos e Valores Mobiliários S.A. in order to adjust its terms and conditions.

São Paulo, November 25, 2020.

David Melcon Sanchez-Friera

CFO and Investor Relations Officer

Telefônica Brasil - Investor Relations

Phone: +55 11 3430 3687 | E-mail: ir.br@telefonica.com

Information available at: www.telefonica.com.br/ri

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