Telef nica Brasil S.A. announced to its shareholders and to the market in general that the Board of Directors, in a meeting, deliberated that, due to new challenges to be undertaken on Telef nica Group, Mr. Alberto Manuel Horcajo Aguirre will leave the position of Chief Financial Officer, Investor Relations and Corporate Resources Officer, being replaced, as deliberated by the Board of Directors on February 8, 2016, by Mr. David Melcon Sanchez-Friera, after obtaining the necessary authorization to do so, to be issued by the Ministry of Labor and Employment. Mr. Amos Genish, the Chief Executive Officer of the Company, will respond interim and cumulatively as Chief Financial Officer, Investor Relations and Corporate Resources until the effective investiture of Mr. David Melcon Sanchez-Friera.