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Citi Appointed Successor Depositary For Telefônica Brasil S.A.'s Sponsored Level 2 ADR Program

Citi today announced that its Citi Transaction Services business, acting through Citibank N.A., has been appointed by Telefônica Brasil S.A. (Telefônica Brasil), one of the largest telecommunications companies in Brazil, as successor depositary bank for its sponsored Level 2 American Depositary Receipt (ADR) program. Telefônica Brasil’s ADR program trades on the NYSE under the symbol “VIV”, with each ADR representing 1 preferred share. Telefônica Brasil’s preferred shares are listed on the BM&F Bovespa Stock Exchange.

"We look forward to working with Citi to develop and improve our ADR program. Providing value for our ADR holders is an important commitment," said Gilmar Camurra, CFO of Telefônica Brasil.

“We are delighted that Telefônica Brasil has appointed Citi as successor depositary for its ADR program,” said Dirk Jones, Global Head of Securities and Fund Services Client Sales Management at Citi. “Citi’s vast expertise, comprehensive capabilities and powerful global network will provide Telefônica Brasil with the opportunity to continue to expand its investor base worldwide and maximize the visibility of its ADR program.”

Citi Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the fourth quarter of 2012, it held on average $428 billion in liability balances and over $13.2 trillion in assets under custody.

For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.

About Telefônica Brasil S.A. (source: company website)

Telefônica | Vivo is the largest telecommunications company in the country, with more than 91.9 million access, 76.8 million only in mobile operation, which holds the largest market share in the segment (29.7%) in national context, according results of 3Q12.

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