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    VIVT4   BRVIVTACNPR7

TELEFÔNICA BRASIL S.A.

(VIVT4)
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Telefonica Brasil SA : 11/05/2012 - Notice of Material Fact - Buyback Program

11/05/2012 | 05:42pm EDT

TELEFÔNICA BRASIL S.A.

Publicly?held Company

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

NOTIC E OF MATERI AL FACT

The management of Telefônica Brasil S.A. ("Company") announces, in accordance with article 2, XV of CVM Instructions Nr. 358/02 as amended, that on this date the members of the Company´s Board of Directors approved, in accordance with article 17, item XV of Bylaws, the acquisition of shares issued by the own company for subsequent cancellation, disposal or maintenance in treasury as pursuant in CVM Instruction Nr. 10/80 as amended, as follows:
(i) Program Objective: acquisition of common and preferred shares issued by the Company for subsequent cancellation, disposal or maintenance in treasury without reduction in the capital stock, for the purpose of increasing shareholder value;
(ii) Resources: The repurchase will be effected through the use of part of the existing capital reserve constant in the last published balance sheet (R$ 2.7 billion), except the reserves referred in Article 7 subsection (a) to (d) of CVM Instruction Nr. 10/80;
(iii) Deadline: Beginning from the deliberation date of the Board of Directors, remaining in force until November 4, 2013, being the acquisitions carried out in BM&FBOVESPA at market prices and as responsibility of the Board to decide the moment and quantity of shares to be acquired, whether in a single operation, whether in a series of operations, as well as to define the parameters for carrying out the repurchase, within legal limits;
(iv) Quantity of Shares to be acquired: until a maximum of 2,894,534 common shares and until a maximum of 24,257,777 preferred shares, which account for less than 10% of the outstanding shares on this date, respectively;
(v) Quantity of Outstanding Shares: 31,208,300 common shares and 261,308,985 preferred shares, without considering the shares held by controllers shareholders; and
(vi) Intermediary Financial Institutions: the operation will be carried out through the following broker: Bradesco Corretora S.A. CTVM, headquarter at Avenida Paulista, 1,450 / 7th floor - São Paulo/SP.
São Paulo, November 5th, 2012. Gilmar Roberto Pereira Camurra
Investor Relations Officer

Telefônica Brasil S.A.

Investor Relations
Tel: +55 11 97420 1172

Email: ir.br@telefonica.com

Available information: www.telefonica.com.br/investidores

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© Publicnow 2012
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Managers and Directors
Christian Mauad Gebara Chief Executive Officer & Director
David Melcon Sanchez-Friera Chief Financial & Investor Relations Officer
Eduardo Navarro de Carvalho Chairman
Francisco Javier de Paz Mancho Director
Luiz Fernando Furlán Director
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