Telefônica Brasil S A : Minutes of the 186th of Meeting of the Fiscal Board

TELEFÔNICA BRASIL S.A.

Public-held Company

CNPJ/MF Nº. 02.558.157/0001-62 - NIRE 35.3.0015881-4

MINUTES OF THE 186th MEETING OF THE FISCAL BOARD OF TELEFÔNICA

BRASIL S.A., HELD ON SEPTEMBER 17, 2020.

1. DATE, TIME AND PLACE: September 17, 2020, at 10:00 a.m., exceptionally held remotely, due to the COVID-19 pandemic, pursuant to the article 19, paragraph 1 of the Internal Regulations of the Board of Directors and of the Technical and Advisory
   Committees of Telefônica Brasil S.A. ("Company").
2. CALL NOTICE AND ATTENDANCE: The call was waived, in view of the presence of all members of the Fiscal Board, who subscribe these minutes, as provided for in Article 13, paragraph 2 of the Internal Regulations of the Fiscal Board of the Company. In addition, Ms. Carolina Simões Cardoso, the Director of Corporate Affairs, attended the Meeting as Secretary of the Meeting.
3. AGENDA AND DELIBERATION: After examining and debating on the matter on the Agenda, the Fiscal Board members, who attended the Meeting, deliberated unanimously, as described below:

3.1. DISTRIBUTION OF INTEREST ON OWN CAPITAL OF THE COMPANY: The proposal of distribution of Interest on Own Capital ("IOC") to be submitted to the deliberation of the Company's Board of Directors, in the following terms:

"Proposal of deliberation of IOC based on the balance sheet of August 31, 2020, in the gross amount of R$ 650,000,000.00, which is equivalent to R$ 552,500,000.00 net of income tax. The interest per share equals R$ 0.36098521785 per common share (R$ 0.30683743517 net of income tax) and R$ 0.39708373964 per preferred share (R$ 0.33752117869 net of income tax).

The Interest on Own Capital shall be credited individually to shareholders, in accordance to the shareholder registry book position by the end of September 28, 2020. After this date, the shares will be considered "ex-Interest on Own Capital".

The Interest on Own Capital will be imputed to the minimum mandatory dividend of the fiscal year 2020 ad referendum of the General Shareholders Meeting, and the payment will be carried out before the end of 2021, in a date to be defined by the Company's Board."

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TELEFÔNICA BRASIL S.A.

Public-held Company

CNPJ/MF Nº. 02.558.157/0001-62 - NIRE 35.3.0015881-4

The Fiscal Board members unanimously issued a favorable opinion to the proposal, according to which consider such document in accordance to the applicable legislation.

4. CLOSING: Since there was no other business to be transacted, the meeting was closed, and these minutes were drawn-up. São Paulo, September 17, 2020.

Gabriela Soares Pedercini	Cremênio Medola Netto
Fiscal Board Member	Fiscal Board Member

Charles Edwards Allen	Nathalia Pereira Leite
Fiscal Board Member	Secretary of the Meeting

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