M a r c h , 2 0 2 1

The transformation of Vivo's revenue profile

CorporatePresentation

▪ Recognition as Industry Mover 2021 by S&P’s Sustainability Yearbook

▪ Conversion of Preferred Shares into Common Shares in 4Q20

▪ Winner of the CNN Notables Awards in Diversity

▪ “A list” on the CDP3, with the best grade in Climate Evaluation

Vivo is the market leader in Brazil and has the best assets to capture growth opportunities and generate even higher returns

2

Growth Opportunities

▪ Improvement of fiber take up and mobile services evolution

▪ New revenue streams in digital services and IoT

▪ 5G auction and regulatory framework modernization

▪ Digitalization and simplification driving resilient EBITDA

▪ Smart capex allocation improving returns

▪ Robust Shareholder Remuneration, combined with solid

investments, resulting in Payout of 113.6% and Yield of 7.0%²

▪ Core Businesses already represent c. 90% of Total Revenues

▪ Fiber deployment continues at full speed

▪ 80% of MSR¹ from postpaid customers, with leadership reaffirmed

▪ Multiple initiatives in the digital space

Evolution of Core

Businesses

ESG

Efficiency and Returns

Strong FCF and Net

Income evolution

Consistent focus on ESG

Resilient revenue base with

positive outlook for the

future

1 – Mobile Service Revenues. 2 – Proposed Payout and Dividend Yield, to be ratified in the General Shareholders Meeting of April 15th, 2021. 3 – Carbon Disclosure Project

Positive evolution of the regulatory framework and economic recovery will enable Vivo

to unlock significant value

Brazilian economic outlook1Positive evolution of the sector’s regulation with the new law 13.879

▪ The recovery of economic activity to be sustained

as a result of the vaccination process, along with the

Government’s new financial aid

▪ Low interest rates with inflation forecasts within

the target

▪ Economic reforms are underway to address fiscal

risks

20A 21E 22E 23E

GDP Growth % -4.1% +3.3% +2.5% +2.5%

CPI %, EoP 4.5% 4.0% 3.5% 3.3%

FX R$/US$ EoP 5.2 5.2 5.1 5.0

GR

OW

TH

OP

PO

RT

UN

ITIE

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31 – Source: Banco Central’s Focus Bulletin – March 05, 2021.

▪ Aimed at allowing fixed voice concessionaires to migrate to

an authorization framework

▪ Companies will be able to significantly reduce their legacy

spend and focus investments on modern, future-proof

solutions

▪ Permits for the automatic renewal of spectrum

▪ Likely to focus on coverage obligations

▪ Expected to take place towards the middle of the year

▪ 5G DSS already launched in several cities

5G spectrum auction

OU

TLO

OK

The market is witnessing positive trends across key segments, in which Vivo is the leading operator in Brazil

4

15.7mnFTTH¹ Homes-Passed

+4,7mn YoY

More than 1.600 stores

comparable to the largest retailers in Brazil

Top 8 brand in Brazil

US$ 2,2 billion¹

3rd biggest portal in the country

with more than 200 million visits per month

Meu Vivo e-care app18 million unique users

Increasing demand for high-speed

connectivityThe pandemic accelerated digital transformation and

demand for reliable, quality broadband access

Accelerated Fiber-to-the-home (FTTH)

expansion

Ultra broadband will maintain a double-digit growth in

the coming years

New revenue streams and IoT

massificationTelcoswill expand their reach in Digital Services

IoT will gain traction in Brazil, mainly in fleet management,

agro, smart buildings and smart cities

Market trends 2020 highlights

95mnTotal Accesses

+4 mn in Mobile Accesses YoY

Mobile

33.6%at historic highs

in Q4

45mnPostpaid Accesses

57% of Total Mobile Accesses

Postpaid

37.7%Lowest churn in

5 years

Fiber-to-the-home

20.3%+6 p.p. vs the

2nd player

Market share leadership in:

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1- Fiber-to-the-home (FTTH).

20% 16%12%

80% 84% 88%

4Q18 4Q19 4Q20

1 – Mobile Revenues: +1.6% YoY, Fixed Revenues: -7.7% YoY 2 – Includes FTTH, FTTC, IPTV, Data & ICT, Wholesale Revenues and others. 3 – Mobile Revenues includes Handset Sales

Vivo is transforming its revenue profile: Core Businesses represent 88% of total Revenues, with a positive outlook for the future

7,452 7,569

2,071 2,259

9,523 9,828

4Q19 4Q20

+1.6%

+3.2%

+9.1%

FTTx

Mobile

Data & ICT

IPTV

Core

ADSL

DTH

Non-Core

TotalRevenue¹ Composition R$ million, %

Non-Core

Core

Core Revenues by segmentR$ million

Fixed²

Mobile³

11,19311,086 11,377

+3.2%

YoY

-26.4%

YoY

-1.6%

Fixed Voice

Handsets

Digital Services

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SES

5

31.9%

32.9%

33.6%

Dec/18 Dec/19 Dec/20

Leadership reaffirmed as market share

remains at historic highs in Q4

Lowest churn in 5 years, for the second quarter

in a row

Mobile Market Share Postpaid Churn ex-M2M

Acceleration of Postpaid net

additions

Second to none quality of service and user experience driving another quarter of

strong mobile net additions, combined with churn at historically low levels

1.12%

1.65%

4Q20

4Q19

-0.53 p.p.

1 – Considers hybrid and pure postpaid net adds, ex-M2M and dongles. 2 – As of Dec/2020

Postpaid Market Share

37.7%

-263

426 638

2Q20 3Q20 4Q20

Mobile Postpaid¹ 45 million accesses²

Net Adds Thousand

Sustained Prepaid growth driven by

superior quality

Mobile Prepaid

267

1,466905

2Q20 3Q20 4Q20

34 million accesses²

Net Adds Thousand

6

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Vivo accelerated fiber deployment reaching 15.7 million HPs in 2020 and plans to reach >24 million by the end of 2024

1 – Includes Homes Passed of Neutral Fiber Network and Partnerships, excluding franchises. 2 – A+B+C Homes and B2B

LatAm’s Largest FTTH footprint Independent and Neutral Fiber Network (FiBrasil)

Almost 30% of Brazilian

Addressable Homes²

already passed

Equivalent to the sum of FTTH

HPs in UK, Germany,

Netherlands and Australia

Absolute leadership in

homes connected in the

FTTH market with 20.3%

market share, +6 p.p. vs the

2nd player

▪ The target is to expand to ~5.5 mn

HPs in selected areas, over the next 4

years, with Vivo as the anchor tenant

▪ Signing on March 2nd, 2021 with

Caisse de dépôt et placement du

Québec (CDPQ), a global investment

group

▪ Vivo to carve out 1.6 mn brownfield

HPs and will hold 25% of FiBrasil

(T. Infra 25% and CDPQ 50%)

▪ Next steps include regulatory and

antitrust approval. Expected to be

fully operational in 2H21.

FTTH HPs

11.015.7

>24

FY2019 FY2020 2024E¹

(million)

+4.7 mn

Homes Connected 2.5mn

+>8 mn

# of Cities

3.4mn

164 266

▪ New cities launched >2 years ago

have already reached the expected

penetration, confirming the

business case

7

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Vivo Ads RevenuesR$

25.0

30.0

35.0

40.0

45.0

50.0

55.0

60.0

65.0

70.0

2019 2020

Vivo is accelerating growth in services beyond connectivity, with initiatives across the digital space that are increasingly gaining traction

0.0

20.0

40.0

60.0

80.0

100 .0

120 .0

140 .0

160 .0

Oct/20 Dec/20

Initial results confirm strong potential

2.5x

High quality mobile

customers with

digital profile

(superior adoption

of Meu Vivo)

3Q20 4Q20

6.7xGross MerchandiseValueR$

Promising initial results at loja.vivo.com.br

New contracts/month

+14%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Oct/20 Dec/20

2.4x

Monthly credit originationR$

Expanding portfolio

of products as Vivo

becomes a one-stop

shop for tech and

connectivity-related

solutions

Cloud RevenuesR$

Unique and complete portfolio of B2B solutions

Capturing

opportunities in the

digital space by

offering an array of

B2B services

vivo empresasDouble digit expansion in Vivo Ads and number of visits to terra.com.br

Growth in Vivo Ads

driven by superior

advertising products

and visits to the Terra

Portal, given

improved media

coverage

Terra Portal visits¹avg. per month; million

155211

2019 2020

+35%

1 – Visits at terra.com.br

vivo marketplace

00

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

4Q19 4Q20

00

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

4Q19 4Q20

CybersecurityR$

+77% +116%

8

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F C

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US

INES

SES

22,978 22,440

2019 2020

Continuous cost optimization driven by digitalization and efficiency initiatives

Recurring Costs

ex-COGS¹ R$ million

Inflation 12M 4.3% 4.5%

1 – Recurring costs excluding Costs of Goods Sold.

Recurring Costs 26,327 25,394 -3.5%

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-2.3%

Constant cost control,

resulting in acontraction

of -6.5% YoY in real terms

Billing

Call

Center

Collection

e-billing penetration

(+12 p.p. YoY)

84% 64%

# Call center calls

Payments using digital

platforms

-24%

Digital

Sales

Growth in digital sales

YoY

+61%

Customer

care 25%Digital tech

support

37%of recharges

made digitally

Digital

Top-Ups

8,8447,789

20.0%

18.1%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

0

2,000

4,000

6,000

8,000

10,000

12,000

2019 2020

Smart capex allocation to be benefitted by sharing initiative with TIM

-11.9%YoY

▪ 70.7% of Capex invested in growth

▪ 31.0% invested in FTTH and IPTV

Capex¹ (R$ million)

Capex¹/Sales

Capex

2G Network shutdown

Switch-off of 2G sites, with cost

efficiency and refarming of

frequencies ▪ Start of roll out expected for

3Q21

▪ All initiatives to be up and running in 2021 with important

evolution in coverage expansion

▪ Reaffirming the relevance and value of the opportunity

Coverage Expansion

4G coverage expansion with

less Capex intensity

Network Consolidation

Single-Grid model in cities

below 30k inhabitants, with

improved quality

Initiatives Deliverables

▪ Pilot in 50 cities started, with

conclusion and decision on

agreement expansion in 2021

▪ Pilot started (final tests in 1H21)

▪ 348 cities by Feb 21 (≈174 for each

operator)

▪ 730 cities in 1H21 (≈365 each)

Network Sharing with TIM

▪ Full potential of 1.6k cities (≈ 800 for each operator)

1 – Excludes IFRS-16 effects and licenses

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1 – Up to January 2021. 2 – Includes R$ 1.6 billion proposed by the Board of Directors held on February 19th, 2021 and to be approved by the General Shareholders Meeting of April 15th, 2021. 3 – Interest on Capital. 4 – Considers the amounts deliberated to the preferred shares until the unification of share classes held on November 23rd, 2020.

Conclusion of the Unification of Share Classes and strong dividend payout, reinforcing our solid governance and shareholder remuneration practices

vivt3▪ Trading with one ticker in B3

and ADRs backed by voting

shares in NYSE as of November

23rd, 2020

Proposed Remuneration² based on 2020 net income:

Gross/Share4

R$ 3.25Dividend Yield4

7.0%

R$ 5.4 billion

IOC³

R$ 2.6 billion

R$ 2.8 billion

Dividends

First Tranche:

Second Tranche:

R$ 2.6 bn

R$ 2.8 bn

Net Income and Proposed Shareholder Remuneration2

2020R$ million

4,771

5,418

Net Income Shareholder

Remuneration

▪ Granting all shareholders tag-

along and voting rights,

aligned with the best

governance practices

Jul 13th, 2021

Oct 05th, 2021

Dividend

Payout

113.6%

Share Buyback

▪ Acquisition¹ of R$ 58.4 million

through the new program,

representing 1.3 million shares

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Effective financial management and rational capex allocation resulting in Free Cash Flow increase of 12.6% YoY in 2020

Solid cash generation resulting in net cash position

1.1

(3.0)

Dec/19 Dec/20

Net (Cash) Debt3

R$ billion

5.02.8

Dec/19 Dec/20

Gross Debt3 R$ billion

-45%

8,235 9,140 9,610

(209)1,055

281 1,119(1,342) 470

0

2,000

4,000

6,000

8,000

10,000

12,000

FY2019 FCF After Leasing

EBITDA Capex Interest and Income Taxes

Working Capital Leasing Payment FY2020 FCF After Leasing

One-Off Items² FY2020 FCF After Leasing and One-

Off Items

Free Cash Flow¹ R$ million and YoY Δ

-1.2% -11.9% -25.1% +63.6% +89.3% +12.6%YoY%

Variations

1 – FCF does not include dividends, IOC and withholding tax payments. 2 – Net proceeds from the sale of towers in February 2020. 3 – Numbers do not consider impacts from IFRS 16.

+11.0%

Improvement due to execution of working capital initiatives

n.a.

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Important ESG results strengthen Vivo's commitment to being a protagonist in building a more sustainable society

SocialEnvironment Governance

Industry Mover 2021in S&P’s Sustainability Yearbook

also listed on ISE/B3 for the

9th consecutive year and on

the newCarbon Efficient Index (ICO2/B3) 2021

R$ 59.4 mn invested in education,

2.4 mn people benefitted

by Fundação Telefônica

Vivo’s social projects in 2020,

and an additional R$36.6 mn to COVID relief efforts

7.7 tonsof electronic waste collected

(+15% YoY)

with Recycle with Vivo, a program

oriented to the recycling and correct

disposal of electronic waste

Recognition of Vivo as the winner in the Diversity category

by CNN Notables Award due to

its commitment to promote

diversity and inclusion

DSC 10000 Certification

Obtained for the Vivo

Compliance Program

(#VivoDeAcordo) covering the

certification standards based on

the Brazilian anticorruption laws

and regulations

“A list” of the Carbon Disclosure Project (CDP)

first local submission to

(CDP), guaranteeing the

best grade in Climate

Evaluation

ES

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Investor Relations

F o r f u r t h e r i n f o r m a t i o n :

+55 11 3430.3687

i r.b r@te le fon ica .comwww.te le fon ica .com.br/ i r

4Q20 highlights

1 – Since 2Q20, due to the atypical results mainly related to the COVID-19 pandemic, the Company has been considering Reported EBITDA as Recurring EBITDA. In 1Q20: positive effect of the sale of towers and rooftops in the amount of R$75.7 million. In 3Q19: positive effect of the sale of Data Centers in the amount of R$64.3 million. In 4Q19: positive effect of R$1.4 million related to the reversal of organizational restructuring costs; and positive effect of R$126.5 million related to the adequacy of international intellectual property. 2 – Free Cash Flow after leasing payments. In 1Q20: it includes R$470 million in proceeds from the sale of towers and rooftops. In 3Q19: includes R$446 million in proceeds from the sale of Data Centers. In 1Q19 and 2Q19: payment related to the corporate restructuring of R$44 million and R$43 million, respectively. 3 – Total Company’s revenues excluding fixed voice, xDSL and DTH. 4 – Fixed voice, xDSL and DTH revenues.

15

NET OPERATING REVENUES 11,193 (1.6) 43,126 (2.6)

Net Mobile Revenues 7,569 1.6 28,421 (0.9)

Net Fixed Revenues 3,623 (7.7) 14,705 (5.7)

OPERATING COSTS (6,316) (1.5) (25,318) (3.1)

Recurring Operating Costs 1 (6,316) (3.4) (25,394) (3.5)

EBITDA 4,877 (1.8) 17,808 (1.8)

EBITDA Margin 43.6% (0.1) p.p. 41.3% 0.3 p.p.

Recurring EBITDA 1 4,877 0.8 17,733 (1.2)

Recurring EBITDA Margin 1 43.6% 1.0 p.p. 41.1% 0.6 p.p.

NET INCOME 1,293 1.5 4,771 (4.6)

CAPEX EX-LICENSES | EX-IFRS 16 2,429 3.1 7,789 (11.9)

FREE CASH FLOW2 708 (72.8) 9,610 12.6

TOTAL SUBSCRIBERS (THOUSAND) 95,051 1.5 95,051 1.5

Mobile Subscribers 78,532 5.3 78,532 5.3

Fixed Subscribers 16,519 (13.3) 16,519 (13.3)

Core Revenues3 9,828 3.2 37,030 1.5

Core Revenues / Net Operating Revenues 87.8% 4.1 p.p. 85.9% 3.5 p.p.

Non-core Revenues4 1,365 (26.4) 6,096 (21.7)

Non-core Revenues / Net Operating Revenues 12.2% (4.1) p.p. 14.1% (3.5) p.p.

∆% YoYConsolidated in R$ million 4Q20 ∆% YoY 2020

4Q20 mobile and fixed revenues

NET OPERATING REVENUES | MOBILE SERVICES

NET OPERATING MOBILE REVENUES 7,163 0.0 20,852 (1.7)

Net Mobile Service Revenues 6,453 (1.0) 19,188 (0.8)

Net Handset Revenues 710 10.1 1,664 (11.2)

0

NET OPERATING REVENUES | FIXED SERVICES

NET OPERATING FIXED REVENUES 3,628 (6.6) 11,082 (5.1)

Broadband1 1,509 5.4 4,470 6.2

FTTH 828 56.0 2,164 49.4

Pay TV 410 (9.0) 1,241 (10.6)

IPTV 288 26.9 811 26.1

Corporate Data and ICT 651 (9.0) 2,041 2.6

Fixed Voice and Others 1,058 (17.8) 3,296 (18.7)

9M20 ∆% YoY

9M20 ∆% YoY3Q20 ∆% YoY

∆% YoY3Q20

Consolidated in R$ million

Consolidated in R$ million

1 – Broadband revenues include residential and SME customers. 2 – FTTx, IPTV, Corporate Data and ICT, Wholesale. 3 – Fixed Voice, xDSL and DTH. 16

NET OPERATING REVENUES | MOBILE SERVICES

NET OPERATING MOBILE REVENUES 7,163 0.0 20,852 (1.7)

Net Mobile Service Revenues 6,453 (1.0) 19,188 (0.8)

Net Handset Revenues 710 10.1 1,664 (11.2)

0

NET OPERATING REVENUES | FIXED SERVICES

NET OPERATING FIXED REVENUES 3,628 (6.6) 11,082 (5.1)

Broadband1 1,509 5.4 4,470 6.2

FTTH 828 56.0 2,164 49.4

Pay TV 410 (9.0) 1,241 (10.6)

IPTV 288 26.9 811 26.1

Corporate Data and ICT 651 (9.0) 2,041 2.6

Fixed Voice and Others 1,058 (17.8) 3,296 (18.7)

9M20 ∆% YoY

9M20 ∆% YoY3Q20 ∆% YoY

∆% YoY3Q20

Consolidated in R$ million

Consolidated in R$ million

NET MOBILE REVENUES 7,569 1.6 28,421 (0.9)

Net Mobile Service Revenues 6,760 2.1 25,948 (0.1)

Net Handset Revenues 809 (2.4) 2,473 (8.5)

2020 ∆% YoY∆% YoY4Q20 Consolidated in R$ million

NET FIXED REVENUES 3,623 (7.7) 14,705 (5.7)

Broadband1 1,486 (1.6) 5,956 4.1

FTTH 896 52.9 3,060 50.4

Others 589 (36.2) 2,895 (21.4)

Pay TV 418 (4.8) 1,660 (9.2)

IPTV 313 28.3 1,124 26.7

DTH 105 (46.2) 535 (43.1)

Corporate Data and ICT and Others 710 (4.2) 2,784 0.7

Fixed Voice 1,010 (18.2) 4,306 (18.6)

Growing Businesses² 2,259 9.1 8,609 10.2

Legacy Businesses³ 1,365 (26.4) 6,096 (21.7)

1- Broadband revenues include residential and SME customers.

2- FTTx, IPTV, Corporate Data and ICT, Wholesale.

3- Fixed voice, xDSL and DTH.

Consolidated in R$ million 4Q20 ∆% YoY 2020 ∆% YoY

4Q20 mobile operating figures

17

Thousand 4Q20 ∆% YoY 2020 ∆% YoY

TOTAL SUBSCRIBERS 78,532 5.3 78,532 5.3

Postpaid 44,870 3.9 44,870 3.9

M2M 10,452 3.5 10,452 3.5

Prepaid 33,663 7.2 33,663 7.2

MARKET SHARE1 33.6% 0.6 p.p. 33.6% 0.6 p.p.

Postpaid1 37.7% (1.7) p.p. 37.7% (1.7) p.p.

Prepaid1 29.3% 2.4 p.p. 29.3% 2.4 p.p.

ARPU (R$/month) 29.1 (2.4) 28.6 (2.5)

Postpaid (Human) 51.0 (3.0) 50.7 (3.1)

M2M 3.1 2.7 3.0 0.8

Prepaid 13.4 1.7 12.9 2.4

MONTHLY CHURN 2.9% (0.4) p.p. 3.1% (0.2) p.p.

Postpaid (ex-M2M) 1.1% (0.5) p.p. 1.3% (0.4) p.p.

Prepaid 4.8% (0.6) p.p. 5.1% (0.1) p.p.

1 – In December 2020.

4Q20 fixed operating figures

18

Thousand 4Q20 ∆% YoY 2020 ∆% YoY

TOTAL SUBSCRIBERS1 16,519 (13.3) 16,519 (13.3)

Fixed Broadband 6,276 (9.1) 6,276 (9.1)

FTTH 3,378 36.3 3,378 36.3

Others 2,899 (34.6) 2,899 (34.6)

Pay TV 1,248 (5.5) 1,248 (5.5)

IPTV 891 24.7 891 24.7

DTH 357 (41.0) 357 (41.0)

Voice 8,995 (16.8) 8,995 (16.8)

ARPU | Broadband (R$/month) 78.2 9.1 75.7 14.8

ARPU | Pay TV (R$/month) 111.2 2.4 108.6 3.4

ARPU | Voice (R$/month) 34.3 (3.5) 34.5 (3.2)

CORE FIXED SUBSCRIBERS2 5,975 4.1 5,975 4.1

NON-CORE FIXED SUBSCRIBERS3 10,544 (20.8) 10,544 (20.8)

1 – Does not include Corporate data Link (115 thousand in 4Q20). 2 – FTTx and IPTV accesses. 3 – Fixed voice, xDSL and DTH.

4Q20 IFRS income statement

19

Consolidated in R$ million 4Q20 ∆% YoY 2020 ∆% YoY

GROSS OPERATING REVENUE 16,562 (2.2) 63,195 (5.1)

Gross Operating Mobile Revenue 10,998 (0.7) 41,041 (4.7)

Gross Operating Fixed Revenue 5,564 (5.0) 22,154 (5.7)

NET OPERATING REVENUE 11,193 (1.6) 43,126 (2.6)

Net Operating Mobile Revenue 7,569 1.6 28,421 (0.9)

Net Operating Fixed Revenue 3,623 (7.7) 14,705 (5.7)

OPERATING COSTS (6,316) (1.5) (25,318) (3.1)

Personnel (910) (8.6) (3,741) (0.4)

Costs of Services Rendered (2,513) 10.3 (10,173) 5.8

Interconnection (301) 17.5 (1,333) 22.5

Taxes and Contributions (411) 10.5 (1,690) 5.8

Third-party Services (1,525) 16.8 (5,788) 5.0

Others (276) (19.9) (1,362) (4.1)

Cost of Goods Sold (934) 1.3 (2,879) (8.8)

Commercial Expenses (1,890) (9.2) (7,854) (9.0)

Provision for Bad Debt (380) (8.9) (1,740) 3.4

Third-party Services (1,440) (10.0) (5,888) (11.9)

Others (71) 8.7 (225) (14.4)

General and Administrative Expenses (312) (8.0) (1,216) (4.5)

Other Net Operating Revenue (Expenses) 244 18.1 544 78.9

EBITDA 4,877 (1.8) 17,808 (1.8)

EBITDA Margin % 43.6% (0.1) p.p. 41.3% 0.3 p.p.

DEPRECIATION AND AMORTIZATION (2,922) (2.2) (11,228) 2.8

EBIT 1,954 (1.2) 6,581 (8.8)

FINANCIAL RESULT (287) 56.5 (573) (30.1)

GAIN (LOSS) ON INVESTMENTS (0) n.a. 1 0.0

TAXES (INCOME TAX/SOCIAL CONTRIBUTION) (374) (28.3) (1,238) (11.2)

NET INCOME 1,293 1.5 4,771 (4.6)