Telefônica Brasil S A : 11/28/2019 Notice to the Market - Sale of Towers

TELEFÔNICA BRASIL S.A.

Publicly-Held Corporation

CNPJ 02.558.157/0001-62 - NIRE 35.3.0015881-4

NOTICE TO THE MARKET

Telefônica Brasil S.A. ("Company") announces to its shareholders and to the market in general that, on November 28, 2019, it entered into an agreement to sell 1,909 towers owned by the Company to Telxius Torres Brasil Ltda., indirect subsidiary of Telefónica S.A., for the total amount of R$ 641 million ("Transaction").

The Transaction ensures the continuity of the provision of personal mobile service (SMP), as it also includes the leasing of space in these infrastructures, as well as stablishes conditions for the expansion of rented space. The conclusion and consummation of the Transaction are subject to certain suspensive conditions common to this kind of Transaction, including approval by the Administrative Council for Economic Defense - CADE.

The Transaction aims to optimize the Company's capital allocation, generating value for its shareholders.

Finally, the Company informs that the amounts involved in the Transaction were supported by independent external report prepared by specialized company.

The Company will keep its shareholders and the market informed about the Transaction.

São Paulo, November 28, 2019.

David Melcon Sanchez-Friera

CFO and Investor Relations Officer

Telefônica Brasil - Investor Relations

Phone: [phone] | Email: [e-mail]

www.telefonica.com.br/ir