TELEFONICA BRASIL SA

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This annual report contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this Annual Report can be identified, in some instances, by the use of words such as “will,” “expect,” “aim,” “hope,” “anticipate,” “intend,” “believe” and similar language or the negative thereof or by the forward-looking nature of discussions of strategy, plans or intentions. These statements appear in a number of places in this Annual Report including, without limitation, certain statements made in “Item 3. Key Information—D. Risk Factors,” “Item 4. Information on the Company,” “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” and include statements regarding our intent, belief or current expectations with respect to, among other things:

•general economic, political, demographic and business conditions in Brazil and in the world (including any impact resulting from the ongoing war between Russia and Ukraine) and the cyclicality affecting the prices of our services, including, for example, inflation, interest rates, levels of employment, population growth, consumer confidence and liquidity in the credit, financial and capital markets;

•the size and growth rate of the Brazilian telecommunications market;

•our ability to successfully execute our strategic initiatives and capital expenditure plans and to accurately estimate demand forecasts;

•our ability to secure and maintain telecommunications spectrum and infrastructure licenses, rights-of-way and other regulatory approvals;

•our ability to comply with the terms of our concession agreements and our authorizations;

•decisions by applicable regulatory authorities to terminate, modify or renew our concession agreements and our authorizations or the terms thereof;

•new telecommunications regulations or changes to existing regulations;

•technological advancements in our industry and our ability to successfully implement them in a timely manner;

•network completion and product development schedules;

•the possible requirement to record impairment charges relating to goodwill and long-lived assets;

•increased competition in the Brazilian telecommunications sector and the relative success of competing networks, products and services;

•the cost and availability of financing;

•uncertainties relating to political and economic conditions in Brazil as well as those of other emerging markets;

•inflation and government measures to fight inflation;

•interest rate and exchange rate risks;

•the Brazilian government’s policies regarding the telecommunications industry and regulatory and legal developments affecting the telecommunications industry in Brazil;

•the Brazilian government’s tax policy, including government intervention resulting in changes to the economy, taxes and tariffs, including the effects of a possible tax reform in Brazil;

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•cyberattacks or data breaches with the ability to disrupt operations, compromise customer data and damage our reputation;

• extreme weather or climate-related events, which may disrupt infrastructure, increase costs or impact operations;

•adverse decisions in ongoing litigation; and

•other risk factors discussed under “Item 3. Key Information—D. Risk Factors.”

We undertake no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise. Because of these risks and uncertainties, the forward-looking information, events and circumstances discussed in this annual report might not occur. Our actual results and performance could differ substantially from those anticipated in our forward-looking statements.

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