Slide 1: Business Valuation of Global Village Telecom S.A. (GVT) - DCF Method
— planconsult Telef6nica Brasil S.A. BUSINESS VALUATION OF GLOBAL VILLAGE TELECOM S.A. (GVT) DISCOUNTED CASH FLOW METHOD VOLUME ONE Base Date: December/2014
Slide 2: GVTPar - Corporate Structure - Pre Operation
GvTPar - Corporate Structure - Pre Operation =“ —
Slide 3: Estimated Corporate Structure - Post Operation
Estimated Corporate Structure - Post Operation Public TelefénicaBrasil expanded
Slide 4: Client list of companies valued
1) Alicante Comércio, Importaco e Exportacdo Ltda. 2) Allied S.A. 3) Aricanduva S.A. AculER 4) Banco do Brasil - BB — Banco de Investimentos S.A. a Brasilveiculos Companhia de Seguros ARICANOUVA BA Brasilcap Capitalizacao S.A. Companhia de Seguros Alianca do Brasil Brasilsatide Companhia de Seguros
Slide 5: Client list of groups and companies
Grupo Electrolux (Prosdécimo, Electrolux e WAP) © Electrolux Grupo Eucatex Grupo Julio Simées_ Original Veiculos Ltda. Gurpo LTH Grupo Marchesan Marchesan Implementos e Maquinas Agricolas “Tatu” S/A Marchesan Agro Industrial e Pastoril S/A Grupo Votorantim ‘Companhia de Cimento Portland Itai Geral d
Slide 6: Planconsult experience in valuation and mergers
Besides know-how, facilities, personnel and own computer systems, has the necessary and indispensable experience in mergers, acquisitions and reorganizations of companies, performing: I. Business Valuation: a Economic valuation - DCF (including amortization of goodwill); a Net worth at market value;
Slide 7: Specific experience in appraisals and feasibility studies
‘Specific experience in appraisals, engineering investigation and technical-economic~ financial Feasbity studies. In PLANCONSULT as managing partner and responsible engineer, has participated ‘actively in the activites of the Company over the years as a Business and Asset Valuation, feasbilty, Priva
Slide 8: R$ thousand historical figures
RS thousand ‘Source: Information provided by the Company. 2012 201 201 Source: Information provided by the Company. % EBITDA aus a ‘Source: Information provided by the Company.
Slide 9: Data Market revenue forecast for Brazil 2013-2018
Data Market revenue forecast for Brazil 2013-2018 The market data continues to expand with little slowdown every year, especially in large companies (Source: Frost & Sullivan 2013).
Slide 10: Growth Rate - Data and Internet
Growth Rate -Data and Intemet 5% 121% 0.9% ” 99% 91% 8.7% 3,8%| 349 3,1 3 20132014 20152016. «20172018, LARGE SME 3,56 317337 2012 2013-2014 «201520162017
Slide 11: Macroeconomic assumptions used in the report
4.4 Macroeconomic assumptions used in the preparation of the report This economic and financial valuation of GVT was developed under the prevailing economic environment on the base date of December 31, 2014. The macroeconomic assumptions used in the projection of free cash flow were prepared jointly
Slide 12: Operational Expenses
7.4 Operational Expenses Operational expenses were estimated based on the percentage of Gross Operating Revenue, obtained from the historical data of the 2012 to 2014 income statement, provided by the management of GVT and market forecasts provided by the management of Telefônica Brasil . 7.5 Admini
Slide 13: Net Sales Revenue
Net Sales Revenue Evolution % Projected. 15.3% 15.9% iss% 139% 9.7% 9.7% 2015 2016 2017 «2018 «2019 ~—«2020+~—«2021~”=«2022 2023,
Slide 14: Net Revenues Projected
jet Revenues Projected
Slide 15: SG&A
S.GRA
Slide 16: EBITDA
EBITDA RS milion
Slide 17: EBITDA
EBITDA Net operating R
Slide 18: Net income
Netincome RS milion
Slide 19: Investments R$ million
Slide 20: Signature
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. TELEFÔNICA BRASIL S.A. Date: May 14, 2015 By: /s/ Luis Carlos da Costa Plaster Name: Luis Carlos da Cost