RESULTS1Q09

Vivo Participações S.A.May 08, 2009.

HIGHLIGHTS – Brazilian Corporate Law

*Excluding Telemig.

1Q08*1Q09

Net Service Revenue

Expenses

Ebitda

Ebitda Margin

Ebit

Net Results – R$ million

3.0

(2.4)

1.0

28.9%

0.3

97.6

3.7

(2.8)

1.2

29.9%

0.4

123.5

Δ %

21.4%

18.8%

25.2%

1.0 p.p.

34.5%

26.5%

R$ billion

HIGHLIGHTS - Combined

1Q09

Net Service Revenue

Expenses

Ebitda

Ebitda Margin

Ebit

3.7

(2.8)

1.2

29.9%

0.4

*Excluding the extraordinary effects of recovery of ICMS tax occurred in Telemig in 1Q08.

1Q08*

3.3

(2.6)

1.1

28.9%

0.3

Δ %

9.6%

7.6%

13.0%

1.0 p.p.

16.0%

R$ billion

OPERATION IN THE NORTHEASTMore than 440

thousand customers until the end of 1Q09

Beggining of operations

Customers Municipalities covered

Ceará Oct/15/08 171.8 20

Pernambuco Oct/16/08 224.4 20

Paraíba Feb/05/09 24.1 7

Alagoas Feb/06/09 12.9 4

Rio Grande do Norte Mar/19/09 6.7 6

Piauí Apr/16/09 2

AGENDAOperational Performance

Financial Performance

AGENDAOperational Performance

COMMERCIAL PERFORMANCEthousand

38,309

45,64144,945

+ 696

Pre PaidPost Paid

+ 7,332

Nationwide market leader

Market Share: 29.7% in Brazil

Revenue Share**: 33%

GSM + WCDMA: 73.1% of our customer base

Recharge Volume in R$: +19% YoY

* Combined with Telemig. **Estimated.

CUSTOMERS

SAC Blended

+ 31.1%

+ 10.2%

88

97

*Combined with Telemig.

Improved customer mix

Exchange devaluation

74

ARPU TREND

MAIN CAMPAIGNS

* Combined with Telemig.

27.0

- 7.2%

- 8.5%

29.5 29.1

MOU AND TRAFFIC TRENDS

MOU

- 9.4%

77

8577

- 0.3%

* Combined with Telemig.

OutgoingIncoming

VOICE TRAFFIC

- 6.1%

10,427

8,792

+ 18.6%

OutgoingIncoming

11,107

Million of minutes

AGENDAFinancial Performance

Desempenho Financeiro

NET SERVICE REVENUER$ million

- 3.1%

Network usage

Access and usageData and VAS

12.1% of Net Service Revenue

29% YoY growth

Data + VAS Revenue

3,3473,789

3,670

+ 9.6%

Others

* Combined with Telemig.

343379

443+ 16.6%

+ 29.0%

WAP + Internet 3G + E-mailing

SMS + MMSOthers

OPERATING EXPENSES**R$ million

* Combined with Telemig. **Excluding depreciation.

R$ million

BALANCE BETWEEN SALES AND PROFITABILITY

EBITDA AND MARGIN

Revenue YoY 9.6%

Costs YoY 7.6%

Ebitda YoY 13.0%

*Combined with Telemig and excluding the extraordinary effects of recovery of ICMS tax occurred in Telemig in 1Q08.

+ 1.0 p.p.

R$ million

CASH FLOW AND EBIT

CASH FLOW EBIT

*Combined with Telemig and excluding the extraordinary effects of recovery of ICMS tax occurred in Telemig in 1Q08.

NET RESULTSR$ million

* Brazilian Corporate Law.

NET DEBTGROSS DEBT

35%

55%

45%

55%

45%

FINANCIAL RESULTS**

FINANCIAL RESULTS, GROSS DEBT AND NET DEBTR$ million

4,969.5

8,003.1 7,713.1

- 3.6%

+ 55.2%

+ 5.2%

+ 150.3%

*Combined with Telemig. **Excluding the extraordinary effects of recovery of ICMS tax occurred in Telemig in 1Q08.

541.3

% Capex/Net Revenue

268.8

1,319.8

CAPEX

MAIN INVESTMENTS

R$ million

* Combined with Telemig.

Increase GSM network capacity

Increase WCDMA (3G) coverage

R$ million 1Q08* 4Q08 1Q09Network 138.4 978.4 375.9Technology 42.6 109.8 53.7Licenses - 74.8 -Others 87.8 156.8 111.7

DISCLAIMER

This presentation may contain forward-looking statements concerning future prospects and objectives regarding growth of the subscriber base, a breakdown of the various services to be offered and their respective results. The exclusive purpose of such statements is to indicate how we intend to expand our business and they should therefore not be regarded as guarantees of future performance.

Our actual results may differ materially from those contained in such forward-looking statements, due to a variety of factors, including Brazilian political and economic factors, the development of competitive technologies, access to the capital required to achieve those results, and the emergence of strong competition in the markets in which we operate.